Restaurant-technology platform Toast reported second-quarter revenue of $1.55 billion, a 25% year-over-year increase that topped Wall Street expectations. The Boston-based company generated GAAP net income of $80 million, or $0.13 a share, reversing a modest profit of $14 million a year earlier. Adjusted EBITDA rose to $161 million, exceeding the $150 million analysts had projected. Operating metrics also strengthened. Annualised Recurring Revenue reached $1.9 billion, up 31%, while Gross Payment Volume expanded 23% to $49.9 billion. Toast added a record 8,500 net new restaurant locations during the quarter, bringing its live footprint to about 148,000 sites. Management raised full-year guidance, forecasting non-GAAP subscription and financial-technology gross profit of $1.815 billion to $1.835 billion and adjusted EBITDA of $565 million to $585 million. For the third quarter, Toast projects gross profit of $465 million to $475 million and adjusted EBITDA of $140 million to $150 million. Alongside the results, Toast unveiled a multi-year partnership with American Express aimed at broadening guest reach across the Resy and Tock networks, launched its first customer in Australia, and introduced the Toast Go 3 handheld point-of-sale device. Shares closed down about 3.6% at $46.06 ahead of the release but were little changed in extended trading.