Petmed Express 2025 Q4 Earnings Wider Losses and Lingering Filing Delays

Petmed Express (PETS) reported its fiscal 2025 Q4 earnings on October 14, 2025. The company missed expectations with declining revenue and significantly wider net losses. No earnings guidance was provided, as the company continues to work through SEC filing delays and internal reforms.

Revenue

The total revenue of Petmed Express decreased by 22.0% to $46.47 million in 2025 Q4, down from $59.53 million in 2024 Q4.

Earnings/Net Income

Petmed Express's losses deepened to $0.56 per share in 2025 Q4 from a loss of $0.24 per share in 2024 Q4 (137.6% wider loss). Meanwhile, the company's net loss widened to $-11.64 million in 2025 Q4, representing a 132.1% increase from the $-5.02 million loss recorded in 2024 Q4. The results reflect a deteriorating financial performance, with EPS indicating a significant worsening in profitability.

Price Action

The stock price of Petmed Express has climbed 3.23% during the latest trading day, has edged up 0.79% during the most recent full trading week, and has tumbled 8.57% month-to-date.

Post-Earnings Price Action Review

Board Chair and Interim CEO Leslie C. G. Campbell expressed gratitude for shareholder patience during the recent SEC filing delays and emphasized the company’s focus on operational execution and long-term value creation. He highlighted the completion of the Form 10-K filing and internal process improvements as enablers for renewed operational focus. The CEO reiterated the company’s commitment to delivering trusted pet care services and positioned the business as a 30-year digital pharmacy industry pioneer. His tone was forward-looking and optimistic, with a focus on returning to normal quarterly reporting and resuming earnings calls once SEC filings are current.

CEO Commentary

Board Chair and Interim CEO Leslie C. G. Campbell expressed gratitude for shareholder patience during the recent SEC filing delays and emphasized the company’s focus on operational execution and long-term value creation. He highlighted the completion of the Form 10-K filing and internal process improvements as enablers for renewed operational focus. The CEO reiterated the company’s commitment to delivering trusted pet care services and positioned the business as a 30-year digital pharmacy industry pioneer. His tone was forward-looking and optimistic, with a focus on returning to normal quarterly reporting and resuming earnings calls once SEC filings are current.

Guidance

The company expects to file its Quarterly Reports on Form 10-Q for the quarters ended June 30, 2025, and September 30, 2025, as soon as practicable, followed by the corresponding earnings results and announcements. While exact dates for these filings and related earnings calls remain undetermined, the company anticipates resuming its normal quarterly reporting cadence promptly once filings are current. No specific financial guidance is provided for future periods beyond the resumption of reporting.

Additional News

PetMed Express is under investigation by national shareholder rights firm Hagens Berman, which is examining whether the company intentionally misled investors about its financial reporting. The firm highlighted a series of disclosures beginning on June 16, 2025, when PetMed announced delays in filing its annual report. This led to an internal audit triggered by a whistleblower complaint about improper revenue recognition related to autoship orders and a $50 coupon campaign. The investigation intensified after the abrupt departure of the Audit Committee chair and the resignations of the CEO and CFO. On October 7, 2025, the company admitted to overstating net sales by $6.969 million and $9.01 million for the years ended March 31, 2024 and 2023, respectively, and admitted to improper timing of product shipments. As of October 9, 2025, the company had not filed its annual or most recent quarterly reports. Hagens Berman is seeking information from investors and whistleblowers who may have insights into the firm’s accounting practices.