Olo Inc. reported significant financial performance improvements for the fiscal year ending December 31, 2024, with total revenue reaching $284.9 million, a 24.8% increase from $228.3 million in 2023. The platform revenue, which constitutes the majority of the company's income, rose by 25% to $281.6 million, driven by increased adoption of the Olo Pay solution and higher transaction volumes. Despite these gains, Olo recorded a net loss of $0.9 million, a notable reduction from the previous year's loss of $58.3 million, indicating a positive trend in profitability.
The company experienced a substantial increase in its customer base, with active locations growing to approximately 86,000 from 80,000 in the prior year. This growth was complemented by an increase in average revenue per unit, which rose to $3,387 from $2,702. Olo's dollar-based net revenue retention rate remained strong at approximately 115%, reflecting the company's ability to retain and expand revenue from existing customers. The total gross merchandise volume processed through the platform reached approximately $29 billion, further underscoring the company's operational scale.
Strategically, Olo has focused on enhancing its product offerings and expanding its market presence. The company has made significant investments in research and development, totaling $68.5 million, aimed at improving its platform and introducing new features. Additionally, Olo has engaged in workforce restructuring, reducing its headcount by approximately 9% in 2024 to streamline operations and better align with customer needs. The company also completed its 2022 Stock Buyback Program, repurchasing 4.2 million shares for approximately $22.1 million, and has authorized a new buyback program for 2024.
Looking ahead, Olo aims to capitalize on its existing customer relationships while targeting new large multi-location restaurant brands. The company plans to continue investing in its technology infrastructure and expanding its ecosystem of third-party partners to enhance service delivery. However, Olo acknowledges potential challenges, including economic uncertainties and competitive pressures, which could impact its growth trajectory. The management remains optimistic about the company's ability to sustain its growth and improve profitability in the coming years.
About Olo Inc.
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