Fourth Quarter Revenue of $76.1 million, up 21% Year-over-Year

New York, New York - February 25, 2025 - Olo Inc. (NYSE:OLO), a leading restaurant technology provider, today announced financial results for the fourth quarter and full year ended December 31, 2024.

“Team Olo put together a fantastic 2024 that included strong financial performance, new and expansion deployments with marquee restaurant brands, and platform reliability and innovation that powered $29 billion in gross merchandise volume and $2.8 billion in gross payment volume for the year,” said Noah Glass, Olo’s Founder and CEO. “We are confident in executing further in 2025, including helping more brands drive profitable traffic through the Olo Guest Data Flywheel, and beginning to penetrate the more than $100 billion in card-present gross payment volume within our existing base through our new Olo Pay partnership with FreedomPay.”

•Total revenue increased 21% year-over-year to $76.1 million.

•Total platform revenue increased 21% year-over-year to $75.2 million.

•Gross profit increased 11% year-over-year to $40.3 million, and was 53% of total revenue.

•Non-GAAP gross profit increased 11% year-over-year to $45.2 million, and was 59% of total revenue.

•Operating loss was $4.4 million, or (6)% of total revenue, compared to operating loss of $20.5 million, or (33)% of total revenue, a year ago.

•Non-GAAP operating income was $11.5 million, or 15% of total revenue, compared to $6.8 million, or 11% of total revenue, a year ago.

•Net loss was $0.6 million or $0.00 per share, compared to net loss of $15.7 million, or $0.10 per share, a year ago.

•Non-GAAP net income was $11.3 million or $0.06 per share, compared to non-GAAP net income of $8.5 million, or $0.05 per share, a year ago.

•Cash, cash equivalents, and short- and long-term investments totaled $403.1 million as of December 31, 2024.

•Average revenue per unit (ARPU) increased 12% year-over-year to approximately $878.

•Dollar-based net revenue retention (NRR) was approximately 115%.

•Ending active locations increased 8% year-over-year to approximately 86,000 as of December 31, 2024.

•Gross merchandise volume (GMV) was approximately $29 billion during the year ended December 31, 2024, and gross payment volume (GPV) reached approximately $2.8 billion during the year ended December 31, 2024.

•Enterprise brand deployments: Jason’s Deli, a new Olo brand, launched Olo’s full Order suite, Olo Pay card-not-present, and Catering+; HTeaO expanded into Olo Pay card-not-present; and Top 25 brand Jack in the Box expanded into Olo Rails.

•Emerging enterprise brand deployments: New Olo brand Walk-Ons launched the full Order Suite, Olo Pay card-not-present, and Catering+; new Olo brand Crisp & Green deployed nine Olo modules across all three Olo product suites; and expansion deployments included Olo Pay card-not-present into brands such as Burgerville and Costa Vida, and Engage modules into Blake’s Lotaburger and Mendocino Farms.

•Catering+: Expansion deployments included enterprise brands like BJ’s Restaurant & Brewhouse, Black Bear Diner, and Raising Cane’s and more than one dozen deployments with emerging enterprise brands.

•Innovation: Released thirteen product enhancements in our Winter release, including AI-powered menu item recommendations, Sparkfly and Spendgo loyalty partner integrations and robust reporting and analytics features for Engage, and enhanced Catering+ account management features. The full list of features announced are available by visiting www.olo.com/quarterly-release/winter-2024.

•Partnerships: On February 4, 2025, announced a partnership with FreedomPay to integrate Olo Pay card-present functionality into FreedomPay’s gateway terminals, which will make Olo Pay card-present available to the majority of

Olo’s 750+ brand customers. Olo also announced an expanded partnership with Grubhub, a leading U.S. food ordering and delivery marketplace, where Grubhub will integrate with Olo Dispatch.

As of February 25, 2025, Olo is issuing the following outlook for the first quarter of 2025 and full year 2025:

For the first quarter of 2025, Olo expects to report:

•Revenue in the range of $77.2 million to $77.7 million; and

•Non-GAAP operating income in the range of $8.7 million to $9.0 million.

For the full year 2025, Olo expects to report:

•Revenue in the range of $333.0 million to $336.0 million; and

•Non-GAAP operating income in the range of $45.5 million to $47.0 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 inaccuracies in our assumptions and certain risk factors, many of which are beyond Olo’s control. Olo assumes no obligation to update these forward-looking statements. See the cautionary note regarding “Forward-Looking Statements” below.

Olo will host a conference call today, February 25, 2025 at 5:00 p.m. Eastern Time to discuss the Company’s financial results and financial outlook. A live webcast of this conference call will be available on the “Investor Relations” website at investors.olo.com, and a replay will be archived on the website as well.

Olo announces material information to the public about the Company, its products and services, and other matters through a variety of means, including filings with the SEC, press releases, public conference calls, webcasts, the “Investor Relations” website at investors.olo.com, and the Company’s X (formerly Twitter) account @Olo in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.

Olo (NYSE: OLO) is a leading restaurant technology provider with ordering, payment, and guest engagement solutions that help brands increase orders, streamline operations, and improve the guest experience. Each day, Olo processes millions of orders on its open SaaS platform, gathering the right data from each touchpoint into a single source—so restaurants can better understand and better serve every guest on every channel, every time. Over 750 restaurant brands trust Olo and its network of more than 400 integration partners to innovate on behalf of the restaurant community, accelerating technology’s positive impact and creating a world where every restaurant guest feels like a regular. Learn more at olo.com.

Olo@icrinc.com

InvestorRelations@olo.com

In this press release, we refer to non-GAAP financial measures that are derived on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States, or GAAP. We use non-GAAP financial measures, as described below, in conjunction with financial measures prepared in accordance with GAAP for planning purposes, including in the preparation of our annual operating budget, as a measure of our core operating results and the effectiveness of our business strategy, and in evaluating our financial performance. These measures provide consistency and comparability with past financial performance as measured by such non-GAAP figures, facilitate period-to-period comparisons of core operating results, and assist shareholders in better evaluating us by presenting period-over-period operating results without the effect of certain charges or benefits that may not be consistent or comparable across periods or compared to other registrants’ similarly named non-GAAP financial measures and key performance indicators.

A reconciliation of these non-GAAP measures has been provided in the financial statement tables included in this press release and investors are encouraged to review the reconciliation. Our use of non-GAAP financial measures has limitations as an analytical tool, and these measures should not be considered in isolation or as a substitute for analysis of our financial results as reported under GAAP. Because our non-GAAP financial measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies.

The following are the non-GAAP financial measures referenced in this press release and presented in the tables below: non-GAAP gross profit (total and each line item, and total and each non-GAAP gross profit item on a margin basis as a percentage of revenue), non-GAAP operating expenses (each line item and each non-GAAP operating expense item on a margin basis as a percentage of revenue), non-GAAP operating income (and on a margin basis as a percentage of revenue), non-GAAP net income (and on a per share basis), and free cash flow.

We adjust our GAAP financial measures for the following items to calculate one or more of our non-GAAP financial measures (other than free cash flow): stock-based compensation expense (non-cash expense calculated by companies using a variety of valuation methodologies and subjective assumptions) and related payroll tax expense, equity expense related to charitable donation of our Class A common stock, certain litigation-related expenses, net of recoveries (which relate to legal and other professional fees associated with litigation-related matters that are not indicative of our core operations and are not part of our normal course of business), non-cash impairment charges, loss on disposal of assets, capitalized internal-use software and intangible amortization, restructuring charges, certain severance costs, and transaction costs (typically incurred within one year of the related acquisition and inclusive of the related tax aspects of such acquisitions). Beginning in the second quarter of 2023, we have included the tax impact of the non-GAAP adjustments in determining non-GAAP net income. We determined this amount by utilizing a federal rate plus a net state rate that excluded the impact of net operating losses, or NOLs, and valuation allowances to calculate a non-GAAP blended statutory rate, which we then applied to all non-GAAP adjustments.

Reconciliation of non-GAAP operating income guidance to the most directly comparable GAAP measures is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity, and low visibility with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of stock-based compensation expense and related payroll tax expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.

Management believes that it is useful to exclude certain non-cash charges and non-core operational charges from our non-GAAP financial measures because: (1) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and we believe does not relate to ongoing operational performance; and (2) such expenses can vary significantly between periods.

Free cash flow represents net cash provided by or used in operating activities, reduced by purchases of property and equipment and capitalization of internal-use software. Free cash flow is a measure used by management to understand and evaluate our liquidity and how it can be used to generate future growth. Free cash flow excludes items that we do not consider to be indicative of our liquidity and facilitates comparisons of our liquidity on a period-to-period basis. We believe providing free cash flow provides useful information to investors and others in understanding and evaluating the strength of our liquidity and future ability to generate cash that can be used for strategic opportunities or investing in our business from the perspective of our management and Board of Directors.

In addition, we also use the following key performance indicators to help us evaluate our business, identify trends affecting the business, formulate business plans, and make strategic decisions.

Average revenue per unit (ARPU): We calculate ARPU by dividing the total platform revenue in a given period by the average active locations in that same period. We believe ARPU is an important metric that demonstrates our ability to grow within our customer base through the development of products that our customers value.

Dollar-based net revenue retention (NRR): We calculate NRR as of a period-end by starting with the revenue, defined as platform revenue, from the cohort of all active customers as of 12 months prior to such period-end, or the prior period revenue. An active customer is a specific restaurant brand that utilizes one or more of our modules in a given quarterly period. We then calculate the platform revenue from these same customers as of the current period-end, or the current period revenue. Current period revenue includes any expansion and is net of contraction or attrition over the last 12 months, but excludes platform revenue from new customers in the current period. We then divide the total current period revenue by the total prior period revenue to arrive at the point-in-time dollar-based NRR. We believe that NRR is an important metric to our investors, demonstrating our ability to retain our customers and expand their use of our modules over time, proving the stability of our revenue base and the long-term value of our customer relationships.

Active locations: We define an active location as a unique restaurant location that is utilizing or subscribed to one or more of our modules in a quarterly period (depending on the module). Given this definition, active locations in any one quarter may not reflect (i) the future impact of new customer wins as it can take some time for their locations to go live with our platform, or (ii) the customers who have indicated their intent to reduce or terminate their use of our platform in future periods. Of further note, not all of our customer locations may choose to utilize our products, and while we aim to deploy all of a customer’s locations, not all locations may ultimately deploy.

Gross merchandise volume (GMV): We define GMV as the gross value of orders processed through our platform.

Gross payment volume (GPV): We define GPV as the gross volume of payments processed through Olo Pay.

Our management uses GMV and GPV metrics to assess demand for our products. We also believe GMV and GPV provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.

Statements we make in this press release include statements that are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, which may be identified by the use of words such as “anticipates,” “believes,” “continue,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “outlook,” “seeks,” “should,” “will,” and similar terms or the negative of such terms. All statements other than statements of historical fact are forward-looking statements for purposes of this release.

We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions. These statements include, but are not limited to, our financial guidance for the first quarter of 2025 and the full year 2025, our future performance and growth and market opportunities, including new products and continued module adoption among new and existing customers, the continued expansion of ARPU, our expectations regarding the growth of active locations, revenue expectations for our Order, Pay, and Engage suites, our business strategy, and our expectations regarding other financial and operational metrics and advancements in our industry. Accordingly, actual results could differ materially or such uncertainties could cause adverse effects on our results.

Forward-looking statements are based upon various estimates and assumptions, as well as information known to us as of the date of this press release, and are subject to risks and uncertainties, including but not limited to: the effects of public health crises, macroeconomic conditions, including inflation, changes in discretionary spending, fluctuating interest rates, tariffs, geopolitical instability, and overall market uncertainty; our ability to acquire new customers, have existing customers (including our emerging enterprise customers) adopt additional modules, and successfully retain existing customers; our ability to compete effectively with existing competitors, new market entrants, and customers generally developing their own solutions to replace our products; our ability to develop and release new and successful products and services, and develop and release successful enhancements, features, and modifications to our existing products and services; the continued growth of Olo Pay; the costs and success of our sales and marketing efforts, and our ability to promote our brand; our long and unpredictable sales cycles; our ability to identify, recruit, and retain skilled personnel; our ability to effectively manage our growth, including any international expansion; our ability to realize the anticipated benefits of past or future investments, strategic transactions, or acquisitions, and the risk that the integration of these acquisitions may disrupt our business and management; our ability to protect our intellectual property rights and any costs associated therewith; the growth rates of the markets in which we compete and our ability to expand our market opportunity; our actual or perceived failure to comply with our obligations related to data privacy, cybersecurity, and processing payment transactions; the impact of new and existing laws and regulations on our business; changes to our strategic relationships with third parties; our reliance on a limited number of delivery service providers and aggregators; our ability to generate revenue from our product offerings and the effects of fluctuations in our level of customer spend retention; the durability of the growth we experienced in the past, guest preferences for digital ordering and customer adoption of multiple modules; and other general market, political, economic, and business conditions. Actual results could differ materially from those predicted or implied, and reported results should not be considered an indication of future performance. Additionally, these forward-looking statements, particularly our guidance, involve risks, uncertainties, and assumptions, including those related to our customers’ spending decisions and guest ordering behavior. Significant variations from the assumptions underlying our forward-looking statements could cause our actual results to vary, and the impact could be significant.

Additional risks and uncertainties that could affect our financial results and forward looking statements are included under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 that will be filed following this press release, and our other SEC filings, which are available on our “Investor Relations” website at investors.olo.com and on the SEC website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release. All forward-looking statements contained herein are based on information available to us as of the date hereof, and we do not assume any obligation to update these statements as a result of new information or future events.

			Three Months Ended December 31,												Year Ended December 31,
			2024						2023						2024						2023
Revenue:
Platform			$	75,190					$	61,944					$	281,554					$	225,179
Professional services and other			880						1,060						3,384						3,110
Total revenue			76,070						63,004						284,938						228,289
Cost of revenue:
Platform			35,048						25,658						125,245						85,195
Professional services and other			721						908						3,270						4,128
Total cost of revenue			35,769						26,566						128,515						89,323
Gross profit			40,301						36,438						156,423						138,966
Operating expenses:
Research and development			17,357						17,108						68,483						73,914
General and administrative			14,993						28,112						51,543						85,098
Sales and marketing			12,390						11,752						53,142						48,190
Restructuring charges			—						—						2,396						6,848
Total operating expenses			44,740						56,972						175,564						214,050
Loss from operations			(4,439)						(20,534)						(19,141)						(75,084)
Other income, net:
Interest income			4,593						5,030						19,280						17,237
Interest expense			(15)						(43)						(113)						(208)
Other income (expense), net			33						(2)						35						(3)
Total other income net			4,611						4,985						19,202						17,026
Income (loss) before income taxes			172						(15,549)						61						(58,058)
Provision for income taxes			807						197						958						229
Net loss			$	(635)					$	(15,746)					$	(897)					$	(58,287)
Net loss per share attributable to Class A and Class B common stockholders:
Basic			$	(0.00)					$	(0.10)					$	(0.01)					$	(0.36)
Diluted			$	(0.00)					$	(0.10)					$	(0.01)					$	(0.36)
Weighted-average Class A and Class B common shares outstanding:
Basic			164,405,190						163,942,779						162,608,353						162,993,686
Diluted			164,405,190						163,942,779						162,608,353						162,993,686

			Three Months Ended December 31,												Year Ended December 31,
			2024						2023						2024						2023
Net loss reconciliation:
Net loss, GAAP			$	(635)					$	(15,746)					$	(897)					$	(58,287)
Plus: Stock-based compensation expense and related payroll tax expense			11,867						11,662						44,337						52,666
Plus: Charitable donation of Class A common stock			823						—						823						1,136
Plus: Certain litigation-related expenses			(1,552)						12,787						(11,431)						21,590
Plus: Non-cash impairment charge and costs associated with former corporate headquarters			—						—						563						—
Plus: Loss on disposal of assets			—						—						—						38
Plus: Non-cash capitalized software impairment			120						—						637						—
Plus: Capitalized internal-use software and intangible amortization			3,927						2,913						14,018						9,878
Plus: Restructuring charges			—						—						2,396						6,848
Plus: Certain severance costs			742						—						742						830
Plus: Transaction costs			—						—						—						358
Less: Tax impact of non-GAAP adjustments (1)			(3,974)						(3,159)						(12,500)						(9,275)
Net income, non-GAAP			11,318						8,457						38,688						25,782
Fully diluted net loss per share attributable to Class A and Class B common stockholders, GAAP			$	(0.00)					$	(0.10)					$	(0.01)					$	(0.36)
Fully diluted weighted average Class A and Class B common shares outstanding, GAAP			164,405,190						163,942,779						162,608,353						162,993,686
Fully diluted net income per share attributable to Class A and Class B common stockholders, non-GAAP			$	0.06					$	0.05					$	0.22					$	0.15
Fully diluted Class A and Class B common shares outstanding, non-GAAP			176,096,864						174,399,425						172,819,858						176,822,053

(1) We utilized a federal rate plus a net state rate that excluded the impact of NOLs and valuation allowances to calculate our non-GAAP blended statutory rate of 25.81% and 26.93% for the years ended December 31, 2024 and 2023, respectively.