PAR Technology Corporation announced its financial results for the third quarter ended September 30, 2024, on November 8, 2024. The company reported total revenues of $96.8 million, marking a substantial 40.8% increase compared to $68.7 million in the third quarter of 2023.
A significant highlight was the achievement of positive adjusted EBITDA, reaching $1.4 million, a notable improvement from a loss of $(6.6) million in the prior year quarter. This marks the first quarter of positive adjusted EBITDA since the current management team took over, reinforcing confidence in the company's unit economics.
Subscription service revenues continued to drive growth, with organic Annual Recurring Revenue (ARR) increasing by approximately 25% year-over-year, and total ARR surging by 93% from Q3 2023. The GAAP subscription service gross margin percentage also improved to 55.3% from 50.6% in the prior year, demonstrating the shift towards higher-margin software solutions.
Despite the strong revenue and profitability improvements, the company reported a GAAP net loss from continuing operations of $(20.7) million, compared to $(19.2) million in Q3 2023. The diluted net loss per share from continuing operations was $(0.58) on a GAAP basis, improving from $(0.70) in the same period last year, while non-GAAP diluted net loss per share was $(0.09).
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