What caused PET's Q3 2024 earnings to plummet?

The Q3 2024 earnings of Wag! Group Co. (NASDAQ: PET) were negatively impacted by a combination of factors:

1. **Revenue Decline**: The company experienced a significant drop in revenue, with a 39% decrease from the previous year, totaling $13.2 million. This decline was due to inefficient marketing strategies and changes in Google's algorithm, which particularly affected the Wellness segment.
2. **Adjusted EBITDA Loss**: Wag! Group reported an adjusted EBITDA loss of $1.9 million for the quarter. This financial loss indicates that the company's expenses exceeded its revenues during this period.
3. **Debt and Cash Flow Issues**: The company was operating with a significant debt burden and was quickly burning through cash. This financial strain could have contributed to the earnings decline, as the company had to allocate resources to meet debt obligations and maintain cash flow.

In summary, the Q3 2024 earnings of Wag! Group Co. were negatively impacted by a combination of revenue decline, adjusted EBITDA loss, and debt and cash flow issues.