Jul. 1 at 12:40 PM
$PETS PetMed Express says unable to file 2025 Form 10-K within extension period
PetMed Express provided an update on the status of its fourth quarter and FY 2025 results and 10-K filing. On June 16, 2025, the Company filed a Form 12b-25 disclosing that the Company would be unable to file its Form 10-K for the year ended March 31, 2025 within the prescribed period without unreasonable effort or expense. The extension period provided under Rule 12b-25 expires on July 1, 2025. The Company will be unable to file its 2025 Form 10-K within the extension period because the Company is continuing to compile, review, and analyze the information necessary to complete its financial statements and related disclosures to be included in the 2025 Form 10-K.
Specifically, the Audit Committee of the Company's Board of Directors has advised management that it has received anonymous reporting through the Company's third-party-administered whistleblower hotline regarding: the timing of revenue recognition with respect to certain autoship orders in the fiscal fourth quarter of 2025, some of which resulted in customer complaints; a fiscal fourth quarter 2025
$50 coupon promotion to customers and its potential impact on Company key-performance indicators regarding new customers; and the Company's culture and control environment.
The Audit Committee has engaged external legal counsel with other external advisors to investigate these reports. The investigation is still ongoing, no conclusions have been reached, and the Company cannot predict its duration or outcome. However, based on evidence gathered to date, the Company does not currently expect that this investigation will have a material impact on its previously announced preliminary financial results for the fourth quarter and fiscal year ended March 31, 2025 or the Company's previously filed financial results. The Company is working diligently to complete its review and file the 2025 Form 10-K as soon as practicable.
