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Glenn Wilkin - Tuesday, February 27, 2024
PAR Fades on Q4 Numbers PAR Technology Corporation (NYSE: PAR) shares staggered on
financial results for its fourth quarter ended December 31, 2023.
Revenues were reported at $107.7 million for the fourth quarter of 2023, a 10.3% or $10.1 million increase compared to $97.7 million for the same period in 2022. Net loss for the fourth quarter of 2023 was $18.6 million, or $0.67 net loss per share, compared to a net loss of $13.5 million, or $0.50 net loss per share reported for the same period in 2022.
EBITDA for the fourth quarter of 2023 was a loss of $8.8 million compared to a loss of $4.6 million for the same period in 2022.
Adjusted net loss for the fourth quarter of 2023 was $9.3 million, or $0.33 adjusted diluted net loss per share, compared to an adjusted net loss of $7.0 million, or $0.26 adjusted diluted net loss per share, for the same period in 2022.
Savneet Singh, PAR Technology CEO, commented on the results, "We are pleased to cap off the year with strong fourth quarter results as our subscription services revenue and ARR growth continues to drive our performance. Our strong results stem from the continued strength in our unified commerce platform, as the world's most innovative enterprise restaurants turn to PAR to help them accelerate their digital initiatives.”
PAR shares lost $1.92, or 4.2%, to $43.50.
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