$PETS

PETMED EXPRESS INC

CIK:0001040130|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 41,015	$ 51,180
Cost of sales	29,682	36,777
Gross profit	11,333	14,403
Operating expenses:
General and administrative	11,197	12,948
Advertising	4,220	6,046
Depreciation and amortization	2,148	2,283
Impairment of goodwill and intangible assets	0	27,258
Total operating expenses	17,565	48,535
Loss from operations	(6,232)	(34,132)
Other income:
Interest (expense) income, net	(338)	(198)
Other, net	438	187
Total other income (expense)	100	(11)
Loss before provision for income taxes	(6,132)	(34,143)
Provision for income taxes	13	9
Net loss	$ (6,145)	$ (34,152)
Basic net loss per share (in dollars per share)	$ (0.28)	$ (1.65)
Diluted net loss per share (in dollars per share)	$ (0.28)	$ (1.65)
Basic weighted-average common shares outstanding (in shares)	21,682,381	20,755,416
Diluted weighted-average common shares outstanding (in shares)	21,682,381	20,755,416

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (6,145)	$ (34,152)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,148	2,283
Impairment of goodwill and intangible assets	0	27,258
Share based compensation	198	591
Bad debt (recovery) expense	0	(6)
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Accounts receivable	202	718
Inventories	5,140	(2,156)
Prepaid income taxes	162	0
Prepaid expenses and other current assets	2,122	(1,170)
Operating lease right-of-use assets, net	117	112
Accounts payable	(8,608)	(3,523)
Sales tax payable	(1,658)	127
Accrued expenses and other current liabilities	(1,164)	(1,287)
Lease liabilities	(121)	(113)
Deferred revenue	(60)	(977)
Income taxes payable	(20)	24
Net cash used in operating activities	(7,687)	(12,271)
Cash flows from investing activities:
Purchases of property and equipment	(641)	(1,292)
Net cash used in investing activities	(641)	(1,292)
Cash flows from financing activities:
Dividends paid	0	(1)
Cash paid for tax withholding on net settlement of restricted stock	(5)	(29)
Net cash used in financing activities	(5)	(30)
Net decrease in cash and cash equivalents	(8,333)	(13,593)
Cash and cash equivalents, at beginning of period	21,412	54,720
Cash and cash equivalents, at end of period	13,079	41,127
Supplemental disclosure of cash flow information:
Cash paid for income taxes net of refunds	(120)	(4)
Dividends payable in accrued expenses and other current liabilities	0	23
Non-cash investing activity for property and equipment additions	$ 155	$ 478

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Current assets:
Cash and cash equivalents	$ 13,079	$ 21,412
Accounts receivable, less allowance for credit losses of $0 and $25, respectively	1,706	1,908
Inventories, net	8,468	13,608
Prepaid expenses and other current assets	4,256	6,378
Prepaid income taxes	96	258
Total current assets	27,605	43,564
Noncurrent assets:
Property and equipment, net	25,213	26,326
Intangible and other assets, net	10,549	10,789
Operating lease right-of-use assets	395	512
Total noncurrent assets	36,157	37,627
Total assets	63,762	81,191
Current liabilities:
Accounts payable	12,298	20,906
Sales tax payable	20,603	22,261
Accrued expenses and other current liabilities	6,654	7,665
Current operating lease liabilities	414	493
Deferred revenue	629	689
Income taxes payable	0	20
Total current liabilities	40,598	52,034
Deferred tax liabilities, net	175	175
Operating lease liabilities, net of current lease liabilities	0	42
Total liabilities	40,773	52,251
Commitments and contingencies (Note 7)
Shareholders' equity:
Common stock, $.001 par value, 40,000,000 shares authorized; 21,682,381 and 21,385,638 shares issued and outstanding, respectively	22	21
Additional paid-in capital	19,840	19,647
Retained earnings	3,118	9,263
Total shareholders' equity	22,989	28,940
Total liabilities and shareholders' equity	63,762	81,191
Convertible Preferred Stock
Shareholders' equity:
Preferred stock	9	9
Series A Junior Participating Preferred Stock
Shareholders' equity:
Preferred stock	$ 0	$ 0