PAR Technology Corporation reported significant financial developments in its 10-K filing for the fiscal year ended December 31, 2024. The company achieved total revenues of $350.0 million, marking a 26.5% increase from $276.7 million in 2023. Subscription service revenues were a key driver, rising 69.2% to $207.4 million, primarily due to increased engagement from its cloud-based solutions. However, hardware revenues declined by 15.8% to $87.0 million, attributed to the timing of hardware refresh cycles among major customers. The company reported a net loss of $4.99 million, a significant improvement from a loss of $69.8 million in the previous year, largely due to gains from discontinued operations.
In terms of strategic developments, PAR Technology made several acquisitions in 2024, including Stuzo, TASK Group, and Delaget, totaling approximately $560 million. The Stuzo acquisition, completed in March, expanded PAR's footprint in the convenience store sector, while the TASK Group acquisition in July enhanced its international foodservice capabilities. The Delaget acquisition in December aimed to bolster its analytics and business intelligence offerings. Additionally, the company divested its government segment, which included the sale of PAR Government Systems Corporation and Rome Research Corporation, for a total of $102 million, allowing it to focus on its core restaurant and retail technology business.
Operationally, PAR Technology reported a substantial increase in its annual recurring revenue (ARR), which reached $275.98 million, a 101.6% increase year-over-year. The number of active sites using its subscription services also grew significantly, with the Engagement Cloud segment seeing a 68.9% increase in active sites. The company employed 1,585 individuals as of December 31, 2024, reflecting its ongoing investment in talent to support its expanding operations.
The filing also highlighted the company's focus on improving gross margins, which increased to 41.8% from 32.3% in the previous year. This improvement was driven by enhanced efficiency in subscription services and better inventory management in hardware sales. Looking ahead, PAR Technology expressed optimism about its growth trajectory, emphasizing its commitment to innovation and customer engagement as it integrates its recent acquisitions and expands its market presence. The company anticipates that its strategic initiatives will continue to drive revenue growth and operational efficiencies in the coming fiscal year.
About PAR TECHNOLOGY CORP
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