Technology innovation often comes in waves, but the restaurant industry has seen surf get bigger and stronger, partly due to the pandemic.
Startups across the industry have gone the extra mile to help restaurants quickly change their operations to keep up with many new areas of their business, such as accepting online orders, making deliveries, and creating different kinds of relationships with their customers who now ate at home.
Toast, a financial software company focused on restaurants, has remained one of the leaders in the space. Founded in 2011, the company went public in late 2021 in an IPO that valued it at approximately $18 billion.
The second quarter results for 2022 confirm that place near the top: the company said revenue grew 58% year-over-year to $675 million, while net loss also narrowed to $54 million from a net loss of $135 million for the same quarter in 2021. Toast also said it is on track to reach revenue this year. Generate $2.6 Billion.