Toast, Inc. Class A ( (TOST) ) has released its Q3 earnings. Here is a breakdown of the information Toast, Inc. Class A presented to its investors.
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Toast, Inc., an all-in-one digital technology platform, focuses on providing comprehensive solutions for the restaurant industry, including software and financial technology services. The company recently reported its financial results for the third quarter of 2024, showcasing significant growth in several key areas.
In the latest quarter, Toast added approximately 7,000 net new locations, bringing the total to nearly 127,000 locations served. The company achieved a 28% increase in its annualized recurring run-rate (ARR), reaching $1.6 billion. Toast reported a net income of $56 million and an adjusted EBITDA of $113 million, reflecting strong financial performance.
Key financial metrics reveal a 24% year-over-year increase in Gross Payment Volume (GPV) to $41.7 billion. The gross profit from subscription services and financial technology solutions rose by 35% year-over-year, reaching $365 million on a GAAP basis. Moreover, Toast’s operational efficiency improved with a GAAP income from operations of $34 million compared to a loss in the previous year.
Looking ahead, Toast is optimistic about its future, projecting continued growth in its non-GAAP subscription services and financial technology solutions gross profit, with expectations to achieve between $1,395 million to $1,405 million by year-end. The company remains committed to expanding its platform and innovating to enhance value for its customers, aiming for durable, efficient growth over the long term.
