Toast Inc.: Initiation Of Coverage- A Tale Of Growing Transaction Volume & Soaring Fintech Profits! 

Toast, Inc., a leading restaurant management platform, recently announced its second-quarter results for 2025, showcasing a strong performance with some encouraging metrics but also facing challenges as it navigates growth and expansion in various segments and geographies. In the quarter ended June 30, 2025, Toast reported a 35% increase in recurring gross profit, achieving $161 million in adjusted EBITDA, with GAAP operating income reaching $80 million. The company added a record 8,500 net new restaurant locations, bringing the total to approximately 148,000 locations served. Of these, over 10,000 are in enterprise, international, and the food and beverage retail segments, highlighting its expanding footprint beyond small and medium-sized restaurants, its traditional core market.