PAR Technology Corporation reported significant financial developments in its 10-Q filing for the third quarter of 2024. The company achieved revenues of $96.8 million for the three months ended September 30, 2024, marking a 40.8% increase from $68.7 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues reached $245.0 million, an 18.5% increase compared to $206.8 million in the prior year. Subscription service revenues were particularly strong, totaling $59.9 million for Q3 2024, up 91.0% from $31.4 million in Q3 2023, and $143.2 million for the nine-month period, reflecting a 59.6% increase.

Despite the revenue growth, PAR Technology reported a net loss of $19.8 million for Q3 2024, compared to a loss of $15.5 million in Q3 2023. The net loss from continuing operations was $20.7 million, slightly higher than the $19.2 million loss reported in the same quarter last year. For the nine months ended September 30, 2024, the company recorded a net income of $16.1 million, a significant recovery from a net loss of $51.1 million in the previous year.

The company’s gross margin for Q3 2024 was $43.0 million, up 71.2% from $25.1 million in Q3 2023, with a gross margin percentage of 44.5%, compared to 36.6% in the prior year. The increase in gross margin was driven by higher subscription service revenues, which accounted for 61.9% of total revenue in Q3 2024.

Strategically, PAR Technology completed the acquisition of TASK Group on July 18, 2024, for a total purchase consideration of $245.5 million, which included cash and stock. This acquisition is expected to enhance the company's capabilities in providing unified commerce solutions to major foodservice brands. Additionally, the company sold its Government segment, including PAR Government Systems Corporation, for $95 million, resulting in a pre-tax gain of $77.2 million.

Operating expenses for Q3 2024 totaled $58.2 million, up from $42.2 million in Q3 2023, primarily due to increased general and administrative expenses related to acquisitions. Research and development expenses also rose, reflecting the company's commitment to innovation.

As of September 30, 2024, PAR Technology had cash and cash equivalents of $105.8 million, significantly up from $37.1 million at the end of 2023. The company’s total shareholders’ equity increased to $692.7 million, up from $333.1 million at the end of 2023, indicating a strong financial position following its recent acquisitions and capital raises.