Toast Inc. Reports Strong First Quarter Results
Toast Inc. (TOST) reported its first-quarter financial results on Tuesday after the market close. The company delivered strong top-line growth and margin expansion, exceeding analyst expectations.
Earnings per share (EPS): Loss of 15 cents, beating estimates of a 14-cent loss.
Increased 32% to $1.3 billion as of March 31.
Increased 30% year-over-year to $34.7 billion.
Added over 6,000 net new locations in the first quarter, bringing the total to approximately 112,000, a 32% year-over-year increase.
scaling restaurant locations; driving ARR by delivering products customers love; continuing to expand our addressable market; and building operating leverage as we scale."
Toast expects second-quarter subscription services and financial technology solutions gross profit in the range of $320 million to $330 million, representing growth of 20% to 24% compared to the prior year's quarter.
The company anticipates second-quarter adjusted EBITDA of $55 million to $65 million. Full-year 2024 adjusted EBITDA is expected to be between $250 million and $270 million.
Toast shares were up 4.51% after hours at $24.80 at the time of publication.