Welcome to our dedicated page for PAR Technology news (Ticker: PAR), a resource for investors and traders seeking the latest updates and insights on PAR Technology stock.
PAR Technology Corporation (NYSE: PAR) has been a significant player in the technology sector for over 30 years, primarily serving the hospitality and government markets. The company operates through two main segments: Restaurant/Retail and Government. The Restaurant/Retail segment offers advanced point-of-sale and management technology solutions, including both hardware and software, designed to streamline operations for a wide array of food service providers, from large international chains to independent restaurants. PAR's solutions also extend to retailers, cinemas, cruise lines, stadiums, and various food service companies.
The Government segment, on the other hand, specializes in providing computer-based system design, engineering, and technical services to the Department of Defense and various federal agencies. This segment recently attracted significant attention with the planned sale of its Government business unit, which includes subsidiaries PAR Government Systems Corporation (PGSC) and Rome Research Corporation (RRC), for $102 million to NexTech Solutions (NTS). This strategic move marks a substantial reorientation for PAR as it focuses more on its core hospitality technology offerings.
Financially, PAR Technology Corporation derives the majority of its revenue from its Restaurant/Retail segment, indicating a strong market presence and demand for its technology solutions. The company continually evolves its product offerings to meet the changing needs of its diverse client base, ensuring it remains at the forefront of the industry.
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PAR Technology (PAR) has introduced PAT Infinity, a subscription-based Hardware as a Service (HaaS) solution designed for restaurants. This offering combines industry-leading technology and full lifecycle support including installation, maintenance, and upgrades. With no upfront payments, PAR alleviates the burden of hardware management on restaurants, ensuring they can focus on guest experiences. Supported by the new PAR Helix™ terminal, this service aims to combat technology obsolescence, addressing operational challenges identified by industry analysts.
Goji Systems has enhanced its partnership with ParTech, Inc. (PAR) by integrating its self-ordering kiosks with Punchh's loyalty, offers, and engagement solutions. This collaboration aims to provide an improved ordering experience, allowing restaurant brands to effortlessly incorporate customer loyalty programs within their kiosks. Since their initial collaboration in 2019, the integration aims to cater to the growing demand for seamless customer experiences and operational efficiency in restaurants. Goji's mission is to deliver cutting-edge technology backed by superior service, ultimately enhancing customer satisfaction.
PAR Technology Corporation (PAR) has partnered with Big Chicken, founded by Shaquille O'Neal, to implement its Brink POS, Data Central, and PAR Pay solutions. This partnership aims to streamline technological efforts as Big Chicken expands beyond its two current locations, with over 150 more in development.
PAR's solutions are expected to enhance operational efficiency and guest satisfaction, aiding Big Chicken in managing its rapid growth while maintaining a focus on service quality.
PAR Technology Corporation (NYSE: PAR) announced a new partnership with OneDine® to enhance its restaurant technology offerings. This collaboration integrates OneDine's low-contact, labor-optimized solutions into the PAR commerce cloud platform. OneDine's technology improves the ordering and payment experience by allowing mobile browsing, online ordering, and various contactless payment methods. This integration supports seamless communication between staff and customers, optimizing operations and improving customer experience across enterprise restaurants.
PAR Technology Corporation (NYSE: PAR) has announced CEO Savneet Singh's participation in two investor conferences. The first event is a fireside chat at the Jefferies Software Conference on June 1, 2022, at 4:00 p.m. ET. The second is the William Blair 42nd Annual Growth Stock Conference on June 7, 2022, at 3:40 p.m. ET. Live webcasts of both presentations will be accessible on PAR's investor relations website. With over 100,000 restaurant clients in 110 countries, PAR continues to enhance its unified commerce cloud platform.
PAR Technology Corporation (NYSE: PAR), a leader in restaurant technology, announced participation in the BTIG Restaurant Technology Forum. The virtual conference will take place on May 24, 2022, with a fireside chat scheduled for 10:00 a.m. ET. Company management will engage with investors and analysts through one-on-one meetings. The event is exclusive to BTIG clients, and those interested can contact their BTIG representative for access. PAR has over 40 years of experience, serving more than 100,000 restaurants globally.
PAR Technology Corporation (NYSE: PAR) reported a strong financial performance for Q1 2022, with total revenues increasing 47.4% year-over-year to $80.3 million. Software Annual Recurring Revenues (ARR) reached $94.4 million, marking a significant 172% rise from $34.6 million in Q1 2021. However, the company faced a net loss of $15.7 million, widening from a loss of $8.3 million in the previous year. Notably, adjusted EBITDA improved to a loss of $2.9 million, an enhancement from the $4.9 million loss in Q1 2021. Punchh and Brink POS both showed promising ARR growth of 39% and 35%, respectively.
PAR Technology Corporation (NYSE: PAR) will report its first quarter financial results on May 10, 2022, at 4:00 p.m. ET. Following this, a conference call will take place at 4:30 p.m. ET, featuring insights from CEO Savneet Singh and CFO Bryan Menar. Investors can participate by calling 844-419-5412 or accessing the call online. The presentation will also be available for 7 days post-event. With over 100,000 restaurants utilizing PAR's services, the company aims to strengthen its position in the restaurant technology sector.
PAR Technology Corporation (NYSE: PAR) announced that its subsidiary, PAR Government Systems Corporation, has integrated BlackSky's (NYSE: BKSY) satellite data into its Sit(x)™ suite, enhancing real-time operational capabilities for tactical users. This collaboration provides access to critical imagery via the Tactical Assault Kit (TAK) platform. With Sit(x), data sharing among military and civilian personnel is streamlined, facilitating improved decision-making in dynamic environments. Demonstrations are taking place at GEOINT 2022, showcasing real-time personnel tracking over BlackSky images of Ukraine.
PAR Technology Corporation (NYSE: PAR) announced that its Data Central application has been selected by California Pizza Kitchen (CPK) for enterprise-level data management. This decision will enhance CPK's back-office technology by controlling food and inventory costs and streamlining data reporting across various locations. The application is designed to save time for managers through features like accurate inventory counts and automated invoicing. CEO Savneet Singh emphasized the importance of reliable data reporting in current market conditions.
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