Restaurants

Toast lifts Q3 2023 sales, improves loss

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November 8, 2023

Toast Inc., a manufacturer of restaurant POS technology, including self-order kiosks, lifted its sales and improved its loss for Q3 2023 against the prior year period, according to a press release. Highlights include:

• Net sales rose 37% from $752 million in Q3 2022 to $1.03 billion in the quarter ending Sept. 30, 2023.
• Net loss improved from $98 million to $31 million in the comparative quarters.
• Net loss per share improved from 19 cents to 6 cents on a basic basis and from 19 cents to 9 cents on a diluted basis.

Shares traded at $17.25 Tuesday against a 52-week range of $15.53 to $27.

The $1.03 billion in quarterly revenue was in line with analyst expectation while the GAAP EPS loss of 9 cents beat expectations by one cent, according to Seeking Alpha.

"Toast delivered solid results in the third quarter. ARR grew 40% to over $1.2 billion with our consistent go-to-market execution driving strong net location additions combined with continued ARPU growth," CEO Chris Comparato said in the press release. "Our focus on balancing durable top line growth with efficiency led to our seventh consecutive quarter of adjusted EBITDA margin expansion."

For the fourth quarter ending Dec. 31, 2023, Toast expects to report revenue in the range of $1 billion to $1.03 billion and adjusted EBITDA in the range of $5 million to $15 million.