Food delivery service Waitr was $291M in the red for 2019

LAFAYETTE, La. (AP) — Louisiana-based food delivery service Waitr was over $290 million in the red in 2019, but its CEO says there are plans to increase cash flow.

The company's yearly and fourth quarter financial results were reported in a news release Monday.

Last year's revenue for Waitr Holdings Inc. was reported at $191.7 million, while it experienced a net loss of $291.3 million.

The company “encountered various management and personnel changes” last year, which distracted from its focus on customers and operations, Chairman and CEO Carl Grimstad said in the release.

Grimstad became CEO in January after the former chief executive, Adam Price, resigned in December.

Waitr is working to improve its service quality with restaurants, diners and drivers, Grimstad said in the release. The company also plans to provide more services to restaurant owners to help them grow their businesses. And, the company is almost done transitioning its drivers to “an independent contractor model” which Grimstad said would allow them to earn more on their own terms.

“I continue to be confident in the future of Waitr,” Grimstad said.