The business continues to deteriorate with accelerating revenue declines, negative operating cash flow, and a rapidly shrinking cash balance. The failed sale process at $4.00-$4.25/share (well above the current ~$2.15 stock price) signals limited near-term M&A optionality. Monitor for further Nasdaq compliance updates and any new inbound acquisition interest.
Price Chart
Executive Summary
PetMed Express reported Q4 FY2026 net sales of $42.8M, down 15.6% YoY, and a net loss of $4.1M ($0.19/share), narrowing from a $11.6M loss in the prior year. Full-year sales fell 21.1% to $179.0M, with a net loss of $57.3M including a $26.7M goodwill impairment. The company disclosed it received two non-binding acquisition proposals at $4.00-$4.25/share in December 2025 but the Board determined not to proceed, though it remains open to future inbound interest.
Key Financial Metrics
Key Facts
- Q4 net sales $42.8M, down 15.6% YoY from $50.8M
- Q4 net loss $4.1M ($0.19/diluted share) vs $11.6M loss ($0.56) prior year
- Full-year net sales $179.0M, down 21.1% YoY from $227.0M
- Full-year net loss $57.3M ($2.74/share) vs $6.3M loss ($0.30) prior year
- Full-year adjusted EBITDA -$15.4M vs +$0.7M prior year
- Goodwill impairment charge of $26.7M recorded in Q1 FY2026
- Operating cash flow -$28.4M for FY2026 vs +$4.7M prior year
- Cash and equivalents fell to $21.4M from $54.7M at year start
- Received two non-binding acquisition proposals at $4.00-$4.25/share in Dec 2025; Board decided not to proceed
- Prior cross-filing: Nasdaq delinquency notice for late Q1/Q2 FY2026 10-Q filings
Financial Impact
Revenue decline of 15.6% QoQ and 21.1% YoY; net loss widened to $57.3M for the year; cash burn of $33.3M
Risk Factors
- Nasdaq delisting risk due to continued late filing of Q1/Q2 FY2026 10-Qs
- Cash burn rate of $33.3M/year implies ~8 months of runway at current $21.4M cash balance
- Failed sale process removes near-term takeout premium
- Whistleblower investigation costs and professional fees continue to weigh on earnings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001040130-26-000016 |
| Document: pets-20260602.htm | 0001040130-26-000016 |
| Document: 0001040130-26-000016-index-headers.html | 0001040130-26-000016 |
| Document: 0001040130-26-000016-index.html | 0001040130-26-000016 |
| Document: 0001040130-26-000016.txt | 0001040130-26-000016 |
| 8-K Data (Synthetic) | 0001040130-26-000016 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 2, 2026 24d ago | Press Release | $1.32 $1.26 | ▼ −4.55% | ▼ −4.97% | $1.16 (−12.05%) |
Sep 21, 2026 5w ago | 8-K | $1.60 $1.41 | ▼ −12.19% | ▼ −11.17% | $1.16 (−27.44%) |
Sep 17, 2026 5w ago | 8-K | $1.62 $1.56 | ▼ −4.01% | ▼ −4.61% | $1.16 (−28.33%) |
Sep 17, 2026 5w ago | Press Release | $1.62 $1.56 | ▼ −3.70% | ▼ −4.55% | $1.16 (−28.33%) |
Jun 26, 2026 17w ago | 8-K | $1.82 $1.96 | ▲ +7.69% | ▲ +6.30% | $1.16 (−36.21%) |
Jun 25, 2026 17w ago | DEFA14A | $1.76 $1.98 | ▲ +12.50% | ▲ +10.33% | $1.16 (−34.03%) |
Jun 2, 2026 20w ago | 8-K | $1.78 $1.72 | ▲ +3.37% | ▼ −0.45% | $1.16 (+34.78%) |
Jun 2, 2026 20w ago | Press Release | $1.78 $1.72 | ▲ +3.37% | ▼ −0.45% | $1.16 (+34.78%) |
May 29, 2026 21w ago | Press Release | $2.17 $1.68 | ▼ −22.58% | ▼ −20.06% | $1.16 (−46.50%) |
Apr 22, 2026 26w ago | Press Release | $2.23 $2.26 | ▲ +1.35% | ▼ −0.13% | $1.16 (−47.94%) |
US Market Status
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