Toast (NYSE:TOST) disclosed its results for the third quarter, reporting a loss of $0.09 per share, which did not meet the expected analyst forecast by $0.13.

However, the company exceeded expectations in terms of adjusted EBITDA, which was reported at $35 million, well above the projected $20 million. The revenue for the quarter aligned with predictions, hitting the $1.03 billion mark.

Following the earnings report, shares saw a significant decline, falling more than 18% pre-market today.

The company's gross payment volume (GPV) for the quarter was recorded at $33.7 billion, aligning closely with the Street estimate of $33.82 billion. The reported annualized recurring revenue stood at $1.22 billion, narrowly missing the analysts' expectations of $1.23 billion.

For the upcoming fourth quarter, Toast has set its revenue projection to range from $1 billion to $1.03 billion, which is just shy of the consensus estimate of $1.03 billion. Additionally, the company's adjusted EBITDA for the fourth quarter is anticipated to be between $5 million and $15 million.