Toast, Inc. reported significant financial growth in its third quarter and year-to-date results for the period ending September 30, 2024. The company achieved revenue of $1,305 million for the three months ended September 30, 2024, marking a 26% increase from $1,032 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $3,622 million, up 28% from $2,829 million in the prior year. This growth was driven by strong performance in both subscription services and financial technology solutions, with subscription revenue increasing to $189 million (up 44%) for the quarter and $506 million (up 41%) for the nine months. Financial technology solutions revenue also saw a 25% increase for the quarter, totaling $1,067 million, and a 27% increase for the nine months, reaching $2,963 million.

The company's gross profit for the third quarter was $322 million, compared to $226 million in 2023, while the nine-month gross profit rose to $987 million from $750 million. Notably, Toast reported income from operations of $34 million for the third quarter, a turnaround from a loss of $59 million in the same period last year. The net income for the third quarter was $56 million, compared to a loss of $31 million in 2023. For the nine months, however, the company recorded a net loss of $13 million, an improvement from a loss of $210 million in the previous year.

Toast's total assets increased to $2,227 million as of September 30, 2024, up from $1,958 million at the end of 2023. Cash and cash equivalents also rose to $761 million, compared to $605 million at the end of the previous year. The company reported a net cash provided by operating activities of $213 million for the nine months, significantly higher than $43 million in the same period of 2023.

Strategically, Toast announced a restructuring plan in February 2024 aimed at improving operational efficiency, which resulted in restructuring-related charges of $46 million for the nine months ended September 30, 2024. The company also repurchased a warrant for $61 million and initiated a share repurchase program for up to $250 million, with $56 million repurchased during the nine months.

Overall, Toast's performance reflects a robust growth trajectory, driven by increased revenue across its service offerings and improved operational metrics, despite ongoing restructuring efforts.