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PAR Technology reported strong financial results for the first quarter of 2024, with Annual Recurring Revenue (ARR) growing to $185.7 million, a 60.2% total growth and 24.8% organic growth. The quarterly subscription service revenues increased by 37.2% year-over-year. PAR acquired Stuzo, a digital engagement software provider, and entered into an agreement to acquire TASK, a global food service transaction platform. Revenues for the quarter were reported at $105.5 million, a 5.0% increase compared to the same period in 2023. However, there was a net loss of $18.3 million, with an EBITDA loss of $17.1 million and an Adjusted EBITDA loss of $7.2 million. Adjusted net loss was $10.8 million. The company's key performance indicators ARR and Active Sites were presented as two subscription service product lines: Engagement Cloud and Operator Cloud.
PAR Technology (NYSE: PAR) will release its fiscal 2024 first-quarter financial results on May 9, 2024. The earnings call and webcast will follow the release, providing investors with an opportunity to learn more about the company's performance.