Toast Q1 2024 Earnings Report
Key Takeaways
Toast reported strong first-quarter results with a 30% increase in Gross Payment Volume (GPV) to $34.7 billion and a 32% increase in ARR to $1.3 billion. The company added over 6,000 net new locations. While GAAP net loss was $(83) million, Adjusted EBITDA was $57 million.
ARR grew 32% year over year to $1.3 billion.
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 gross profit of $249 million was up 43% year over year from Q1 2023.
Toast
Toast
Forward Guidance
For the second quarter ending June 30, 2024, Toast expects 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) and Adjusted EBITDA in the range of $55 million to $65 million. For the full year ending December 31, 2024, Toast expects 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) and Adjusted EBITDA in the range of $250 million to $270 million (up from $200 million to $220 million).