Toast Inc
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 7, 2024
TOST$34.52-0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations
(in millions, except per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue: | ||||
| Subscription services | $166 | $121 | $318 | $227 |
| Financial technology solutions | 1,023 | 808 | 1,896 | 1,482 |
| Hardware and professional services | 53 | 49 | 104 | 88 |
| Total revenue | 1,242 | 978 | 2,318 | 1,797 |
| Costs of revenue: | ||||
| Subscription services | 53 | 39 | 103 | 75 |
| Financial technology solutions | 806 | 631 | 1,488 | 1,155 |
| Hardware and professional services | 96 | 99 | 188 | 183 |
| Amortization of acquired intangible assets | 1 | 1 | 2 | 2 |
| Total costs of revenue | 956 | 770 | 1,781 | 1,415 |
| Gross profit | 286 | 208 | 537 | 382 |
| Operating expenses: | ||||
| Sales and marketing | 115 | 100 | 222 | 199 |
| Research and development | 87 | 92 | 169 | 177 |
| General and administrative | 75 | 96 | 149 | 179 |
| Restructuring expenses | 4 | — | 46 | — |
| Total operating expenses | 281 | 288 | 586 | 555 |
| Income (loss) from operations | 5 | (80) | (49) | (173) |
| Other income (expense): | ||||
| Interest income, net | 10 | 9 | 20 | 17 |
| Change in fair value of warrant liability | (1) | (26) | (37) | (23) |
| Other income (expense), net | — | — | (1) | 1 |
| Income (loss) before taxes | 14 | (97) | (67) | (178) |
| Income tax expense | — | (1) | (2) | (1) |
| Net income (loss) | $14 | $(98) | $(69) | $(179) |
| Earnings (loss) per share attributable to common stockholders: | ||||
| Basic | $0.03 | $(0.19) | $(0.13) | $(0.34) |
| Diluted | $0.02 | $(0.19) | $(0.13) | $(0.34) |
| Weighted-average shares used in computing earnings (loss) per share: | ||||
| Basic | 556 | 529 | 552 | 527 |
| Diluted | 587 | 529 | 552 | 527 |
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