▾ G11 Media Network: | ChannelCity | ImpresaCity | SecurityOpenLab | GreenCity | Italian Channel Awards | Italian Project Awards | ...

Toast Announces First Quarter 2024 Financial Results

Toast (NYSE: TOST), the all-in-one digital technology platform built for restaurants, today reported financial results for the first quarter ended March 31, 2024. “Toast is off to a strong start in ...

Business Wire

Added over 6,000 net new Locations in first quarter 2024

Annualized recurring run-rate (ARR) as of March 31, 2024 grew 32% to $1.3 billion

First quarter net loss was $(83) million and Adjusted EBITDA was $57 million

BOSTON: Toast (NYSE: TOST), the all-in-one digital technology platform built for restaurants, today reported financial results for the first quarter ended March 31, 2024.

“Toast is off to a strong start in 2024. Our first quarter results demonstrate strong topline growth and margin expansion that we will continue to build on throughout the year. We executed well against our priorities: scaling restaurant locations; driving ARR by delivering products customers love; continuing to expand our addressable market; and building operating leverage as we scale,” said Toast CEO and Co-Founder Aman Narang. “With a differentiated business model that scales efficiently, we are positioned for durable growth and ongoing margin expansion, while investing in exciting new growth vectors to expand our long-term opportunity. Thank you to our entire Toast team for a great start to the year. Our confidence and enthusiasm for the future has never been stronger.”

Financial Highlights for the First Quarter of 2024

  • ARR as of March 31, 2024 was $1.3 billion, up 32% year over year.
  • Gross Payment Volume (GPV) increased 30% year over year to $34.7 billion.
  • Total Locations increased 32% year over year to approximately 112,000.
  • GAAP subscription services and financial technology solutions gross profit was up 32% year over year from Q1 2023 to $291 million. Non-GAAP subscription services and financial technology solutions gross profit grew 33% year over year to $303 million.
  • GAAP gross profit of $249 million was up 43% year over year from Q1 2023. Non-GAAP gross profit grew 42% year over year to $268 million.
  • GAAP net loss was $(83) million in Q1 2024 compared to $(81) million in Q1 2023. Adjusted EBITDA was $57 million in Q1 2024 compared to Adjusted EBITDA of $(17) million in Q1 2023.
  • Net cash (used in) operating activities of $(20) million and Free Cash Flow of $(33) million in Q1 2024, compared to net cash (used in) operating activities of $(55) million and Free Cash Flow of $(65) million, respectively, in Q1 2023.

Percentages may not tie due to rounding. For more information on the non-GAAP financial measures and key metrics discussed in this press release, please see the sections titled “Key Business Metrics” and “Non-GAAP Financial Measures,” as well as the reconciliations of non-GAAP financial measures to their nearest comparable GAAP financial measures at the end of this press release.


For the second quarter ending June 30, 2024, Toast expects to report:

  • Non-GAAP subscription services and financial technology solutions gross profit in the range of $320 million to $330 million (20-24% growth compared to Q2 2023)
  • Adjusted EBITDA in the range of $55 million to $65 million

For the full year ending December 31, 2024, Toast expects to report:

  • Non-GAAP subscription services and financial technology solutions gross profit in the range of $1,325 million to $1,345 million (25-27% growth compared to 2023, up from 23-25% growth)
  • Adjusted EBITDA in the range of $250 million to $270 million (up from $200 million to $220 million)

1 A reconciliation of these forward looking Non-GAAP measures to the corresponding GAAP measure is not available without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliations that have not yet occurred, are out of our control, or cannot be reasonably predicted, including but not limited to the change in fair value of our warrant liability and stock-based compensation. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results.

The outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. See cautionary note regarding “Forward-looking Statements” in this press release.

Recent Business Highlights

  • Toast announced its new Restaurant Management Suite providing restaurants of all sizes with the tools they need to manage their operations at scale. Capabilities include multi-location management tools such as scheduling menu and price changes, partner integrations, and benchmarking analytics. Toast’s new Benchmarking product enables operators to compare restaurant and menu category performance against aggregated data from the approximately 112,000 locations on the Toast platform, leveraging AI-based classification. Expanding on Toast’s commitment to enterprise brands, the suite includes an enterprise tier with solutions for the largest customers including Point-to-Point Encryption (P2PE) security solutions and Enterprise Toast Care for the more complex configurations, technology stacks, and scale of enterprise brands.
  • Toast announced details for its Digital Storefront and Marketing Suites. Toast’s Digital Storefront Suite offers robust website and online ordering capabilities, and its Marketing Suite combines marketing tools with automation technology. Together, the suites create a seamless digital hospitality experience for restaurants, integrate across the Toast platform, and allow restaurants to gather data from online and point-of-sale (POS) transactions. The Digital Storefront Suite includes a new intuitive website builder and robust online ordering capabilities. The Marketing Suite includes an AI-powered writing assistant to help create and send marketing emails, powerful marketing automations and enhancements designed to make it easier to generate targeted marketing campaigns to bring guests back.

Conference Call Information

Toast will host a live conference call at 5:00 p.m. Eastern Time on Tuesday, May 7, 2024. The live webcast of the conference call can be accessed through Toast’s investor relations website at http://investors.toasttab.com. A replay of the webcast will be available for a period of 90 days after the call.

Toast has used, and intends to continue to use, its Investor Relations website (http://investors.toasttab.com), as well as the Toast Newsroom (https://pos.toasttab.com/news), as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Information on or that can be accessed through Toast’s Investor Relations website, or that is contained in any website to which a hyperlink is provided herein is not part of this press release, and the inclusion of Toast’s Investor Relations website address, and any hyperlinks are only inactive textual references.

About Toast

Toast is a cloud-based, all-in-one digital technology platform purpose-built for the entire restaurant community. Toast provides a comprehensive platform of software as a service (SaaS) products and financial technology solutions that give restaurants everything they need to run their business across point of sale, payments, operations, digital ordering and delivery, marketing and loyalty, and team management. We serve as the restaurant operating system, connecting front of house and back of house operations across service models including dine-in, takeout, delivery, catering, and retail. Toast helps restaurants streamline operations, increase revenue and deliver amazing guest experiences. For more information, visit www.toasttab.com.

Forward-looking Statements

This press release contains “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when Toast or its management is discussing its beliefs, estimates or expectations. Such statements generally include the words “believes,” “plans,” “intends,” “targets,” “may,” “could,” “should,” “will,” “expects,” “estimates,” “suggests,” “anticipates,” “outlook,” “continues,” or similar expressions. These statements are not historical facts or guarantees of future performance, but represent the beliefs of Toast and its management at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside Toast’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements include, without limitation, statements about expected financial positions or growth; results of operations; cash flows; guidance on financial results for the second fiscal quarter and full year of 2024; statements about future operating results; the expectations of demand for Toast’s products and growth of its business; statements about new products and offerings and the benefits thereof; the growth rates in the markets in which Toast competes; Toast’s investments in technology and infrastructure; Toast’s ability to deliver innovative solutions; Toast’s ability to attract and retain customers; financing plans; business strategy; operating plans; competitive positions; and growth opportunities for existing products.

The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Toast’s filings with the Securities and Exchange Commission (“SEC”), including in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations'' in Toast’s Annual Report on Form 10-K for the year ended December 31, 2023, Toast’s Quarterly Report on Form 10-Q for the three months ended March 31, 2024 that will be filed following this earnings release, and Toast’s subsequent SEC filings. Toast can give no assurance that the plans, intentions, expectations or strategies as reflected in or suggested by those forward-looking statements will be attained or achieved. The forward-looking statements in this release are based on information available to Toast as of the date hereof, and Toast disclaims any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing Toast’s views as of any date subsequent to the date of this press release.




(in millions, except per share amounts)



Three Months Ended March 31,













Subscription services








Financial technology solutions








Hardware and professional services








Total revenue








Costs of revenue:




Subscription services








Financial technology solutions








Hardware and professional services








Amortization of acquired intangible assets








Total costs of revenue








Gross profit








Operating expenses:




Sales and marketing








Research and development








General and administrative








Restructuring expenses







Total operating expenses








Loss from operations








Other income (expense):




Interest income, net








Change in fair value of warrant liability








Loss before income taxes








Income tax expense







Net loss








Net loss per share attributable to common stockholders:




















Weighted average shares used in computing net loss per share:























(in millions, except per share amounts)



March 31, 2024


December 31, 2023





Current assets:




Cash and cash equivalents








Marketable securities








Accounts receivable, net








Inventories, net








Other current assets








Total current assets








Property and equipment, net








Operating lease right-of-use assets








Intangible assets, net
















Restricted cash








Other non-current assets








Total non-current assets








Total assets








Liabilities and Stockholders’ Equity:




If you liked this article and want to stay up to date with news from InnovationOpenLab.com subscribe to ours Free newsletter.

Related news

Last News

Gyala: a new "Made in Italy" cybersecurity

With a proven track record in the defence field, Gyala now also brings its cybersecurity technologies to the wider enterprise audience

ITALIAN PROJECT AWARDS 2023: the best IT projects of the year, awarded

Now in its third edition, the initiative is targeted at the ICT professional world and honours projects based on innovative ideas and technologies, realised…

I3P launches the Cybersecurity Incubation Program

The I3P's initiative is promoted together with the National Cybersecurity Agency in collaboration with Leonardo and C*Sparks.

iVis Technologies enables remotely-controlled corneal telesurgery

It's based on Italian technologies the first successful intercontinental telesurgery intervention for keratoconus carried out remotely, connecting Bari…

Most read

NukuDo, a Global Leader in Cybersecurity Workforce Development, Launches…

Today, NukuDo, a global leader in cybersecurity workforce development and staffing, proudly announces the launch of its North American headquarters in…

AmerisourceBergen Specialty Group Provides Substitute Notice of Data Incident…

AmerisourceBergen Specialty Group, LLC (ABSG) is issuing notice to individuals who may have been impacted by a data security incident. ABSG’s parent company…

Latin America Data Center Market Landscape Report 2024-2029 Featuring…

The "Latin America Data Center Market Landscape 2024-2029" report has been added to ResearchAndMarkets.com's offering. The Latin American data center…

TruBridge Announces Participation in the Stifel Cross Sector Insight Conference

TruBridge, Inc. (NASDAQ:TBRG), a healthcare solutions company, today announced that management will participate in the Stifel Cross Sector Insight Conference…