NEW HARTFORD, N.Y. — PAR Technology Corp. (NYSE: PAR) generated double-digit sales growth in the first quarter of 2022, but still posted a net loss in the period.
Revenue increased 47.4 percent to $80.3 million for the quarter, up from $54.4 million in the year-ago period, with 2021 acquisition Punchh contributing $11.2 million.
PAR’s net loss was $15.7 million, or 58 cents per share, compared to a net loss of $8.3 million, or 38 cents, in Q1 of 2021. Adjusted net loss for the quarter was $7.1 million, or 26 cents a share, down from $7.6 million, or 34 cents, a year earlier.
“PAR delivered a strong operating performance to begin 2022, delivering revenue growth of 47.4 percent and strong ARR (accounting rate of return) growth in the quarter,” PAR CEO Savneet Singh said in the earnings report.
Punchh, a loyalty and guest engagement platform PAR acquired for $500 million in cash and shares in the spring of 2021, produced double-digit percentage growth during the quarter, as did the company’s Brink point-of-sale product.
Headquartered in New Hartford, PAR Technology develops and markets products for hospitality operators including software, hardware, and services. PAR also provides computer-based system design and engineering services to the U.S. Department of Defense and federal-government agencies.