Olo Inc. Reports Strong Revenue Growth in Q3 2024

Olo, Inc. ( (OLO) ) has released its Q3 earnings. Here is a breakdown of the information Olo, Inc. presented to its investors.

Olo Inc. is a prominent restaurant technology provider offering solutions for ordering, payment processing, and guest engagement, serving over 700 restaurant brands through its open SaaS platform. The company recently reported a significant 24% increase in revenue for the third quarter of 2024, reaching $71.9 million, while also seeing a 15% rise in average revenue per unit year-over-year. Notably, active locations climbed to approximately 85,000, indicating a robust expansion strategy. Key financial highlights include a gross profit of $39.0 million and a reduced net loss of $3.6 million compared to the previous year. Additionally, Olo’s platform revenue and non-GAAP metrics showed commendable growth, with non-GAAP net income rising to $10.4 million. The company is actively expanding its enterprise partnerships, integrating new functionalities into its product suites, and enhancing its payment processing capabilities. Looking ahead, Olo projects continued revenue growth and a positive non-GAAP operating income for the remainder of 2024, signaling confidence in its strategic direction and market positioning.