Olo Inc. (NYSE: OLO) reported Q1 EPS of $0.03, $0.02 better than the analyst estimate of $0.01. Revenue for the quarter came in at $36.1 million versus the consensus estimate of $31.68 million.

First-Quarter Financial and Other Highlights

• Total revenue increased 125% year-over-year to $36.1 million.
• Platform revenue increased 136% year-over-year to $34.9 million.
• Gross profit increased 150% year-over-year to $29.3 million, or 81% of total revenue.
• Non-GAAP gross profit increased 151% year-over-year to $30.0 million, or 83% of total revenue.
• Operating loss increased $4.9 million year-over-year to $(7.5) million, or (21)% of total revenue.
• Non-GAAP operating income increased $7.6 million year-over-year to $6.0 million, or 17% of total revenue.
• Net loss was $(26.5) million or $(0.63) per share, compared to a net loss of $(3.0) million or $(0.16) per share a year ago.
• Non-GAAP net income was $6.0 million or $0.03 per share, compared to a non-GAAP net loss of $(1.7) million or $(0.01) per share a year ago.
• Cash & cash equivalents were $586.6 million, compared to $75.8 million as of December 31, 2020.
• Ending active locations increased 42% year-over-year to approximately 69,000.
• Average revenue per unit (ARPU) increased 61% year-over-year to approximately $525.
• Dollar-based net revenue retention (NRR) remained over 120%.

“The restaurant industry continues its digital transformation to meet the needs of the on-demand consumer. In the era of COVID-19, restaurants stepped up their digital efforts and became an essential service to the community. Olo is proud to provide the mission-critical solutions and support that our restaurant customers need to scale up their digital commerce operations and make the consumer experience faster, better, and more personal,” said Noah Glass, Olo’s Founder and CEO.

“For Olo, the past year accelerated the existing trend towards digital ordering and drove exceptional growth in active locations, multi-product adoption, and transaction volumes across the platform. We believe digital experiences will be at the heart of restaurant experiences going forward, whether consumers eat-in, carry-out, drive-thru, or have it delivered. We believe the Olo platform will enable our customers to thrive and provide numerous ways for Olo to generate an attractive combination of growth and profitability,” said Peter Benevides, Olo’s CFO.

GUIDANCE:

Olo Inc. sees Q2 2021 revenue of $33.9-34.4 million, versus the consensus of $32.75 million.

Olo Inc. sees FY2021 revenue of $140.4-141.9 million, versus the consensus of $135.41 million.

As of May 11, 2021, Olo is issuing the following outlook for the second quarter of 2021 and fiscal year 2021:

For the second quarter of 2021, Olo expects to report:

• Revenue in the range of $33.9 million to $34.4 million; and
• Non-GAAP operating income in the range of $2.3 million to $2.7 million.

For the fiscal year 2021, Olo expects to report:

• Revenue in the range of $140.4 million to $141.9 million; and
• Non-GAAP operating income in the range of $13.3 million to $14.5 million.

The outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond Olo’s control. See the cautionary note regarding “Forward-Looking Statements” below. Fluctuations in Olo’s operating results may be particularly pronounced in the current economic environment due to the uncertainty caused by, and the unprecedented nature of, the ongoing COVID-19 pandemic, the severity, duration, and ultimate impact of which is difficult to predict at this time. While Olo has benefited from the acceleration of demand for off-premise dining during the COVID-19 pandemic, Olo’s business and financial results could be materially adversely affected in the future if these trends do not continue. The situation regarding COVID-19 remains uncertain and could change rapidly, and Olo will continue to evaluate its potential impact on its business.

For earnings history and earnings-related data on Olo Inc. (OLO) click here.