PAR Technology Corporation Announces Fourth Quarter and Full Year 2024 Results
PAR Technology Corporation (NYSE: PAR) announced its financial results for the fourth quarter and year ended December 31, 2024. The company reported significant growth in Annual Recurring Revenue (ARR) and subscription service revenues.
Q4 2024 Financial Highlights
- ARR grew to $276.0 million, representing a 102% total growth and 21% organic growth from $136.9 million in Q4 ’23
- Quarterly subscription service revenues increased 95% year-over-year, with 25% organic growth from Q4 ’23
- PAR acquired Delaget, LLC, a leading provider of restaurant analytics and business intelligence solutions
CEO Savneet Singh commented, “We delivered a strong fourth quarter, with 21% organic ARR growth year-over-year and our second consecutive quarter of positive Adjusted EBITDA, proving out our better together thesis.” Singh added that 2024 was a milestone year for PAR, with what he believes is the company’s best organic execution yet.
Key Financial Metrics
- Revenue: $105.0 million (Q4 2024) vs. $69.9 million (Q4 2023), a 50.2% increase
- Net Loss from Continuing Operations: $(25.3 million) (Q4 2024) vs. $(21.5 million) (Q4 2023)
- Adjusted EBITDA: $5.8 million (Q4 2024) vs. $(7.4 million) (Q4 2023)
Full Year 2024 Financial Highlights
- Revenue: $350.0 million, a 26.5% increase from $276.7 million in 2023
- Net Loss from Continuing Operations: $(89.9 million) vs. $(81.6 million) in 2023
- Adjusted EBITDA: $(6.4 million) vs. $(38.4 million) in 2023
The company’s Engagement Cloud and Operator Cloud product lines both showed significant growth, with ARR totaling $159.1 million and $116.8 million, respectively, at the end of Q4 ’24.
About PAR Technology Corporation
PAR Technology Corporation is a global leader in enterprise foodservice technology solutions, providing a comprehensive suite of software and hardware solutions to hospitality and retail clients across more than 110 countries.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated.
For more information, please visit the PAR Technology Investor Relations website at www.partech.com/investor-relations/.
