Operations

Toast boosts Q1 2022 results, beats expectations

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May 13, 2022

Toast, a digital technology platform for restaurants, improved its revenue and earnings for Q1 2022 against the prior year period, according to an earnings report. Highlights include:

• Revenue rose 90% from $282 million in Q1 2021 to $535 million in the quarter ending March 31, 2022.
• Net loss improved from a $99 million loss to a $23 million loss in the comparative quarters.
• Net loss per share improved from a 48-cent loss to a 5-cent loss on a basic basis and from a 48-cent loss to a 20-cent loss on a diluted basis.
• Total customer locations rose 45% to 62,000.
• Hardware sales rose from $21 million to $29 million.
• Subscription services rose from $31 million to $63 million.

Shares traded at $14.29 Thursday against a 52-week range of $11.91-$69.93.

The $535 million in quarterly revenue beat analyst expectations by $44.53 million while the non-GAAP EPS of a 20-cent losss beat expectations by 4 cents, according to Seeking Alpha.

"Toast delivered a strong first quarter, coming in well ahead of expectations across the board and adding a record number of net new locations to our platform as we continue to lead restaurants into a new digital era of hospitality," CEO Chris Comparato said in the press release. "The restaurant industry is still in the early days of its shift to digital."

For the full year ending Dec. 31, 2022, Toast expects to report revenue in the range of $2.5 billion to $2.55 billion.