Toast posts optimistic outlook, aiming to be restaurants’ ‘technology backbone’
Toast Inc. shares. gained nearly 7% after trading hours Thursday after the maker of payment technology for the restaurant industry topped revenue expectations for its most recent quarter and issued an optimistic forecast.
The company recorded a net loss of $ 23 million, or 20 cents a share, compared to a loss of $ 99 million, or 48 cents a share, last year. Analysts tracked by FactSet expect a loss of 13 cents a share.
Toast TOST,
reported a $ 45 million loss based on adjusted earnings before interest, taxes, depreciation and amortization (Ebitda), while it logged positive adjusted Ebitda of $ 4 million in the year-prior quarter. FactSet’s consensus for a $ 58 million loss is based on the adjusted Ebitda, which is a non -GAAP measure.
Toast revenue nearly doubled to $ 535 million from $ 282 million a year earlier, while analysts tracked by FactSet projected $ 488 million.
Gross payment volume (GPV) increased to $ 17.8 billion from $ 9.0 billion last year. FactSet consensus on $ 16.0 billion in GPV. The company saw its overall location grow to about 62,000 in the quarter, up nearly 45% from a year earlier.
“The restaurant industry is still in the early days of its transition to digital,” Toast Chief Executive Chris Comparato said in a release, adding that Toast sees itself as “well positioned to be the backbone of technology in the restaurant industry and take advantage of this important market opportunity. ”
For the June quarter, Toast expects revenue of $ 635 million to $ 665 million, while analysts tracked by FactSet plan for $ 574 million. The company also expects $ 50 million to $ 60 million in losses based on the adjusted Ebitda. FactSet’s consensus for a $ 58 million amended loss on Ebitda.
Toast has raised its outlook for the entire year and now expects $ 2.50 billion to $ 2.55 billion in revenue along with $ 175 million to $ 195 million in adjusted loss to Ebitda. Its initial forecast calls for $ 2.349 billion to $ 2.409 million in revenue and a $ 200 million to $ 240 million loss based on adjusted Ebitda.
Claudia Assis of San Francisco contributed to this report
