Toast Delivers Strong Q3 Performance, Poised for Continued Success

Toasted announced its strong third-quarter performance, with the company adding approximately 7,000 net locations. This growth represents a significant expansion of Toast's presence in the market.

CEO Aman Narang expressed pride and confidence in the team's ability to deliver this momentum into 2025, stating that the company is well-positioned to finish out the year strong. Toast's mission is to help restaurants delight their guests and do what they love, with a long-term ambition to scale its impact across new geographies, market segments, and verticals.

The company reported a 35% year-over-year growth in gross profit, reaching $113 million in adjusted EBITDA and $34 million in GAAP operating income. These numbers demonstrate Toast's continued success in the industry.

Toast has been focusing on disciplined investments that align with its priorities and support its long-term vision. The company is committed to four strategic priorities: scaling locations and market share, expanding its offering for restaurants, expanding into new adjacencies, and setting up the company for ongoing operating leverage as it scales.

In terms of location growth, Toast has more than doubled its market share in the U.S over three years. Recent partnerships with mid-market brands like Metro Diner, Giordano's Pizza, and Earl Corporation have solidified the company's position in the market.

The company's purpose-built restaurant platform and local go-to-market engine create a significant impact as Toast increases density in local markets. This approach has driven approximately 7,000 net adds in the quarter, with customers choosing Toast to expand locations and grow their businesses successfully.

Aman Narang emphasized that while progress over the past decade has been tremendous, Toast is still early in unlocking its full potential. The company remains focused on delivering value to restaurants and customers alike, with a commitment to scale its impact across new markets and segments.

Toast's continued success demonstrates its leadership in the industry, and its strategic priorities are expected to drive further growth and innovation in the coming years.

The company's strong Q3 performance provides a solid foundation for future success, as Toast continues to deliver value to restaurants, customers, and shareholders alike.