PAR Technology Corporation (NYSE: PAR) saw its shares surge 5.95% in pre-market trading on Friday, February 28, 2025, following the release of its better-than-expected fourth-quarter 2024 financial results.
The company, which provides software and hardware solutions for the hospitality industry, reported quarterly revenue of $105 million, surpassing analysts' consensus estimate of $99.1 million. Additionally, PAR Technology reported a narrower loss compared to the year-ago period, breaking even on a non-GAAP basis versus an expected loss of $0.09 per share.
The strong performance was driven by robust growth in PAR Technology's subscription service revenue, which increased 95% year-over-year, reflecting the company's successful transition to a software-as-a-service (SaaS) model. The company also highlighted its acquisition of Delaget, a provider of restaurant analytics and business intelligence solutions, as a key contributor to its expanding product offerings and revenue growth.
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