Toast posts Optimistic outlook, aiming to be restaurants ” technology backbone ”

Shares of Toast Inc. Earned around 7% in after-hours trading Thursday after the maker’s payments technology for the restaurant industry topped revenue expectations for its latest quarter and issued an optimistic forecast.

The company logged a net loss of $ 23 million, or 20 cents a share, compared with a loss of $ 99 million, or 48 cents a share, in the year-ago period. Analysts tracked by FactSet were expecting a loss of 13 cents a share.

Toast TOST,
+ 4.90%
reported a $ 45 million loss on the basis of adjusted earnings before interest, taxes, depreciation and amortization (Ebitda), while it logged positive adjusted Ebitda of $ 4 million in the year-prior quarter. The FactSet consensus was for a $ 58 million loss on the basis of adjusted Ebitda, which is a non-GAAP metric.

Toast’s revenue doubled to $ 535 million from $ 282 million a year ago, while analysts tracked by FactSet had been projecting $ 488 million.

Gross payment volume (GPV) increased from $ 17.8 billion to $ 9.0 billion a year ago. The FactSet consensus was for $ 16.0 billion in GPV. The company saw its total locations grow to about 62,000 in the quarter, up nearly 45% from a year ago.

“The restaurant industry is still in the early days of its shift to digital,” Toast Chief Executive Chris Comparato said in a release, adding that Toast sees itself as “well positioned to be the restaurant industry’s technology backbone and capitalize on this significant market opportunity.” . “

For the June quarter, Toast anticipates revenue of $ 635 million to $ 665 million, while analysts tracked by FactSet had been projecting $ 574 million. The company also expects a $ 50 million to $ 60 million loss on the basis of adjusted Ebitda. The FactSet consensus was for a $ 58 million adjusted Ebitda loss.

Toast upped its outlook for the full year and now expects $ 2.50 billion to $ 2.55 billion in revenue along with a $ 175 million to $ 195 million adjusted Ebitda loss. Its prior forecast called for $ 2.349 billion to $ 2.409 million in revenue and a $ 200 million to $ 240 million loss on the basis of adjusted Ebitda.

Toast’s stock has plummeted 58.8% year to date through Thursday, while the S&P 500 index SPX,
+ 2.39%
has shed 17.5%.

Claudia Assis in San Francisco contributed to this report

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