Toast falls 20% on EPS miss, soft guidance

Toast reported its third-quarter results, which include a loss per share of $0.09, falling short of the analyst estimate by $0.13.

Toast's adjusted EBITDA came in at $35 million, surpassing the estimate of $20 million. Revenue figures for the third quarter met expectations, coming in at $1.03 billion.Gross payment volume reached $33.7 billion, somewhere in line with the consensus of $33.82 billion. The annualized recurring revenue was reported at $1.22 billion, while analysts were looking for $1.23 billion.

“Toast delivered solid results in the third quarter. ARR grew 40% to over $1.2 billion with our consistent go-to-market execution driving strong net location additions combined with continued ARPU growth. Our focus on balancing durable top line growth with efficiency led to our seventh consecutive quarter of Adjusted EBITDA margin expansion,” said Toast CEO Chris Comparato.

Toast anticipates Q4 revenue in the range of $1 billion to $1.03 billion, slightly lower than the consensus estimate of $1.03 billion. The company also expects its adjusted EBITDA to fall between $5 million and $15 million in the fourth quarter.“As the story evolves, leading secular position remains,” the analysts said and reiterated an Overweight rating.

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