PAR Technology Corporation Announces Strong Third Quarter 2024 Results
PAR Technology Corporation (NYSE: PAR) has released its financial results for the third quarter ended September 30, 2024. The company reported significant growth in Annual Recurring Revenue (ARR) and subscription service revenues.
Key Highlights
- ARR grew to $248.1 million, representing a 93.3% total growth and 24.8% organic growth from $128.3 million in Q3 ’23
- Quarterly subscription service revenues increased 91.0% year-over-year from Q3 ’23
- PAR completed the sale of Rome Research Corporation, finalizing the divestiture of PAR’s Government segment
- PAR completed the acquisition of TASK Group Holdings Limited, an Australia-based global foodservice transaction platform
CEO Savneet Singh commented, “We delivered another strong quarter in Q3, driven by increased demand for our enterprise foodservice software. Our organic ARR grew by approximately 25% and total ARR grew by 93% in the quarter from Q3 ’23.”
Financial Performance
- Revenue: $96.8 million, up 40.8% from $68.7 million in Q3 ’23
- Net loss from continuing operations: $(20.7) million, compared to $(19.2) million in Q3 ’23
- Adjusted EBITDA: $2.4 million, compared to $(6.6) million in Q3 ’23
The company’s Engagement Cloud ARR totaled $154.7 million, while Operator Cloud ARR reached $93.4 million. Active Sites for Engagement Cloud and Operator Cloud were 117.8 thousand and 32.7 thousand, respectively.
PAR Technology Corporation is a global leader in enterprise foodservice technology solutions, providing unified customer experience solutions for over 120,000 foodservice locations in more than 110 countries.
