PAR Technology Corporation Announces 2021 Third Quarter Results
• Total revenues increase 42.0% from Q3 ’20 – aided by the Punchh acquisition
• Software Annual Recurring Revenues (ARR)* grew to $82.5 million – a 164% increase from the $31.3 million reported in Q3 ’20 – aided by the Punchh acquisition
• Largest Brink POS® Activations† quarter in PAR history
New Hartford, N.Y.— November 3, 2021 — PAR Government Systems Corporation (PGSC), a wholly-owned subsidiary of PAR Technology Corporation (NYSE: PAR), today announced that it has been awarded a $490,400,000 ceiling, single award, indefinite-delivery/indefinite-quantity contract with cost-plus-fixed-fee completion and firm-fixed-price type orders for Counter-small Unmanned Aircraft System (C-sUAS) software, hardware, and technical documentation. This is the largest single contract award in PAR’s history.
This contract provides for research, designing, prototyping, testing, evaluation, operational evaluation, experimentation, integration, technical installation, transition and support through initial operations of C-sUAS technologies.
Commenting on the award Matt Cicchinelli, President of PAR Government stated, “We are pleased that the Air Force has shown confidence in, and selection of PAR Government to support this important solution development and integration program. PAR Government will utilize our technical in-depth experience and knowledge gained over decades of working with the Department of Defense to accomplish the requirements of this important effort.”
Savneet Singh, PAR Technology’s CEO stated, “PAR is gratified to have been selected to provide advanced C-sUAS solutions in response to urgent mission needs. We have always prided ourselves on customer satisfaction and understand the critical role we play in supporting our operational customers and their requirements.”
Contract work will be performed in Rome, New York, and is expected to be a 6-year ordering period with a maximum of a 2-year Order Period of Performance beyond the ordering period.
This award is the result of a competitive acquisition. Fiscal 2021 research and development funds in the amount of $5,700,000 are being obligated at the time of award. Air Force Research Laboratory, Rome, New York, is the contracting activity (FA8750-21-D-1100).
About PAR Government Systems Corporation
PAR Government Systems is a leader in providing computer-based system design, engineering and technical services to the Department of Defense and various federal agencies. An ISO 9001:2015 certified company, PAR Government is a wholly owned subsidiary of PAR Technology Corporation. (www.pargovernment.com).
About PAR Technology Corporation
For more than 40 years, PAR’s (NYSE Symbol: PAR) cutting-edge products and services have helped bold and passionate restaurant brands build lasting guest relationships. We are the partner enterprise restaurants rely on when they need to serve amazing moments from open to close, during the most hectic rush hours, and when the world forces them to adapt and overcome. More than 100,000 restaurants in more than 110 countries use PAR’s restaurant hardware, software, drive-thru, and back-office solutions. With the recent acquisition of Punchh Inc., a leading SaaS based customer loyalty and engagement solutions provider, PAR has become a Unified Commerce Cloud Platform for Enterprise Restaurants.
PAR Technology Corporation (PAR) through its Government segment provides intelligence, surveillance, and reconnaissance (“ISR”) solutions and mission systems support to the Department of Defense and other Federal agencies. To learn more, visit www.partech.com or connect with us on LinkedIn, Twitter, Facebook, and Instagram.