PAR Technology Corp. (PAR) on Friday reported wider net loss in its first quarter, despite higher revenues. However, loss per share was narrower than last year on higher share count.
In the pre-market activity on the NYSE, PAR shares were losing around 5.5 percent to trade at $59.00.
In the first quarter, net loss widened to $24.35 million from last year's loss of $18.29 million. On a per share basis, net loss narrowed to $0.60 from prior year's loss of $0.62.
Net loss from continuing operations was $24.55 million or $0.61 per share, compared to loss of $20.37 million or $0.69 per share a year ago.
The Wall Street analysts, on average, expected the company to report loss of $0.04 per share. Analysts' estimates typically exclude special items.
Total net revenues climbed to $103.86 million from prior year's $70.07 million.
Annual Recurring Revenue or ARR grew to $282.1 million, with total growth of 52% inclusive of organic growth of 18%.
Quarterly subscription service revenues increased 78% year-over-year, inclusive of organic growth of 20%.
Savneet Singh, PAR Technology's CEO, said, "PAR delivered another strong quarter, driven by our Better Together software thesis coming to fruition, and the resilient enterprise food-service industry. Our Operator and Engagement solutions each contributed to these solid results, evidenced by new customer wins and go-lives, resulting in a 20%+ year-over-year organic growth (78% total growth) in subscription service revenues, and an 18% increase in ARR from Q1 last year."
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