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Shares of Toast Inc. gained nearly 7% in after-hours trading Thursday after the maker of payments technology for the restaurant industry topped revenue expectations for its latest quarter and issued an optimistic forecast.

The company logged a net loss of $23 million, or 20 cents a share, compared with a loss of $99 million, or 48 cents a share, in the year-earlier period. Analysts tracked by FactSet were expecting a loss of 13 cents a share.

Toast
TOST,
+4.90%
reported a $45 million loss on the basis of adjusted earnings before interest, taxes, depreciation and amortization (Ebitda), whereas it logged positive adjusted Ebitda of $4 million in the year-prior quarter. The FactSet consensus was for a $58 million loss on the basis of adjusted Ebitda, which is a non-GAAP metric.

Toast’s revenue nearly doubled to $535 million from $282 million a year before, while analysts tracked by FactSet had been projecting $488 million.

Gross payment volume (GPV) increased to $17.8 billion from $9.0 billion a year earlier. The FactSet consensus was for $16.0 billion in GPV. The company saw its total locations grow to about 62,000 in the quarter, up almost 45% from a year earlier.

“The restaurant industry is still in the early days of its shift to digital,” Toast Chief Executive Chris Comparato said in a release, adding that Toast sees itself as “well positioned to be the restaurant industry’s technology backbone and capitalize on this significant market opportunity.”

For the June quarter, Toast anticipates revenue of $635 million to $665 million, while analysts tracked by FactSet had been projecting $574 million. The company also expects a $50 million to $60 million loss on the basis of adjusted Ebitda. The FactSet consensus was for a $58 million adjusted Ebitda loss.

Toast upped its outlook for the full year and now expects $2.50 billion to $2.55 billion in revenue along with a $175 million to $195 million adjusted Ebitda loss. Its prior forecast called for $2.349 billion to $2.409 million in revenue and a $200 million to $240 million loss on the basis of adjusted Ebitda.

Toast’s stock has plummeted 58.8% year to date through Thursday, while the S&P 500 index
SPX,
+2.39%
has shed 17.5%.

Claudia Assis in San Francisco contributed to this report



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