Technological innovation often comes in waves, but the restaurant industry has seen its tide grow bigger and stronger in part because of the pandemic.
Startups have sprung up across the industry to help restaurants quickly change their operations to keep up with, for many, new areas of their business, such as taking online orders, making deliveries and the need to create different types of relationships with customers who were now eating at Home.
Toast, a restaurant-focused financial software company, remains one of the leaders in the space. The company, founded in 2011 went public at the end of 2021 in an IPO that valued it at about $18 billion.
Its Q2 2022 earnings confirm that place near the top: The Company said Its revenue grew 58% year-over-year to $675 million, while narrowing its net loss to $54 million from a net loss of $135 million in the same quarter of 2021. Toast also said it was on track to generate revenue from 2.6 billion dollars this year.