# EDGAR Filing Document

**Accession Number:** 0001431695
**File Stem:** 0001431695-25-000022
**Filing Date:** 2025-8
**Character Count:** 51028
**Document Hash:** 0bce37caa6f74352f2a7044d83f8fd59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001431695-25-000022.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001431695-25-000022

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250804

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Olo Inc.
- **CENTRAL INDEX KEY:** 0001431695
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 202971562
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40213
- **FILM NUMBER:** 251180392

**BUSINESS ADDRESS:**
- **STREET 1:** 285 FULTON STREET
- **STREET 2:** ONE WORLD TRADE CENTER, 82ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007
- **BUSINESS PHONE:** 212-260-0895

**MAIL ADDRESS:**
- **STREET 1:** 285 FULTON STREET
- **STREET 2:** ONE WORLD TRADE CENTER, 82ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MOBO SYSTEMS, INC
- **DATE OF NAME CHANGE:** 20141017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MOBO SYSTEMS INC
- **DATE OF NAME CHANGE:** 20080407

?xml version='1.0' encoding='ASCII'? olo-20250804

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**——————————**

**FORM 8-K** 

**——————————**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 4, 2025**

**Olo Inc.** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40213** | **20-2971562** |
| **(State or Other Jurisdiction of Incorporation)** | **(Commission File Number)** | **(I.R.S. Employer Identification No.)** |
| **285 Fulton Street** <br>**One World Trade Center, 82nd Floor**<br>**New York, NY** | | **10007** |
| **(Address of Principal Executive Offices)** | | **(Zip Code)** |

---

**(212) 260-0895** 

**Registrant's telephone number, including area code**

**Not Applicable**

**(Former name or former address, if changed since last report.)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Class A Common Stock, $0.001 par value per share | OLO | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**INFORMATION TO BE INCLUDED IN THE REPORT**

**Item 2.02. Results of Operations and Financial Condition.**

On August 4, 2025, Olo Inc. issued a press release announcing its financial results for the quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Information in this Item 2.02 and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

**<u>Additional Information and Where to Find It</u>**

In connection with the proposed transaction by and among the Company, a Delaware corporation, Project Hospitality Parent, LLC ("Parent"), a Delaware limited liability company, and Project Hospitality Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent, this communication is being made in respect of the pending Merger involving the Company and Parent. The Company filed a preliminary proxy statement with the SEC on July 28, 2025, and will file with the SEC a definitive proxy statement on Schedule 14A relating to its special meeting of stockholders and may file or furnish other documents with the SEC regarding the pending Merger. When completed, the definitive proxy statement will be mailed to the Company's stockholders. This document is not a substitute for the proxy statement or any other document which the Company may file with the SEC. INVESTORS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT REGARDING THE PENDING MERGER AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS AND DOCUMENTS INCORPORATED BY REFERENCE THEREIN, IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PENDING MERGER AND RELATED MATTERS.

The definitive proxy statement will be filed with the SEC and mailed or otherwise made available to the Company's stockholders. The Company's stockholders may obtain free copies of the documents the Company files with the SEC from the SEC's website at www.sec.gov or through the Investors portion of the Company's website at investors.olo.com under the link "Financials" and then under the link "SEC Filings" or by contacting the Company's Investor Relations by e-mail at InvestorRelations@olo.com.

The definitive proxy statement will be filed with the SEC and mailed or otherwise made available to the Company's stockholders. The Company's stockholders may obtain free copies of the documents the Company files with the SEC from the SEC's website at www.sec.gov or through the Investors portion of the Company's website at investors.olo.com under the link "Financials" and then under the link "SEC Filings" or by contacting the Company's Investor Relations by e-mail at InvestorRelations@olo.com.

**<u>Participants in the Solicitation</u>**

The Company and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from the Company's stockholders in connection with the pending Merger. Information regarding the Company's directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is contained in the Company's proxy statement for its 2025 annual meeting of stockholders, which was filed with the SEC on April 24, 2025. Other information regarding the participants in the proxy solicitation and a description of their interests will be contained in the proxy statement for the Company's special meeting of stockholders and other relevant materials to be filed with the SEC in respect of the pending Merger when they become available. These documents can be obtained free of charge from the sources indicated above.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

**<u>Exhibit No.</u>** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Description</u>**

<u>[99.1](oloq22025exhibit991.htm)</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press Release, dated](oloq22025exhibit991.htm)[August 4](oloq22025exhibit991.htm)[, 2025, issued by Olo Inc.](oloq22025exhibit991.htm)</u>

104&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (embedded within the inline XBRL)

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Olo Inc.

Dated: August 4, 2025

---

| | |
|:---|:---|
| By: | /s/ Noah H. Glass |
|  | Noah H. Glass<br>*Chief Executive Officer (Principal Executive Officer)* |

---

## Exhibit 99.1

**Exhibit 99.1**

**Olo Announces Second Quarter 2025 Financial Results**

*Revenue up 22%, ARPU up 12% Year-over-Year*

*Entered into a Definitive Agreement to be Acquired by Thoma Bravo*

New York, New York - August 4, 2025 - Olo Inc. (NYSE:OLO) ("Olo" or the "Company"), a leading restaurant technology provider, today announced financial results for the second quarter ended June 30, 2025.

"Olo continued to execute in the second quarter, generating revenue and non-GAAP operating income that exceeded the high-end of their respective guidance ranges," said Noah Glass, Olo's Founder and CEO. "By partnering with Thoma Bravo, we believe we can build on our success to date and accelerate our vision of helping our customers create a world where every restaurant guest feels like a regular."

*Second Quarter Financial and Other Highlights*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue increased 22% year-over-year to $85.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Total platform revenue increased 21% year-over-year to $84.1 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit increased 10% year-over-year to $43.9 million, and was 51% of total revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP gross profit increased 10% year-over-year to $48.8 million, and was 57% of total revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating loss was $2.7 million, or (3)% of total revenue, compared to operating income of $1.0 million, or 1% of total revenue, a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP operating income was $13.1 million, or 15% of total revenue, compared to $7.6 million, or 11% of total revenue, a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $1.6 million, or $0.01 per share, compared to a net income of $5.7 million, or $0.03 per share a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP net income was $13.1 million, or $0.07 per share, compared to non-GAAP net income of $9.2 million or $0.05 per share a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash, cash equivalents, and short- and long-term investments totaled $428.5 million as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average revenue per unit (ARPU) increased 12% year-over-year to approximately $955.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dollar-based net revenue retention (NRR) was 114%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ending active locations increased 9% year-over year to approximately 89,000, up approximately 1,000 from the quarter ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Borderless, Olo's passwordless checkout feature, recently exceeded 19 million total accounts across more than 450 brands.

*Pending Acquisition by Thoma Bravo*

On July 3, 2025, the Company announced it had entered into a definitive agreement ("Merger Agreement") to be acquired by Thoma Bravo, a leading software investment firm, in an all-cash transaction valuing Olo at approximately $2.0 billion in equity value (the "Merger"). Under the terms of the agreement, Olo shareholders will receive $10.25 per share in cash, which represents a premium of 65% over Olo's share price of $6.20 as of April 30, 2025, the last trading day prior to media reports regarding a potential transaction. The transaction was unanimously approved by the Olo Board of Directors and is expected to close by the end of calendar year 2025, subject to customary closing conditions, including approval by Olo shareholders and the receipt of required regulatory approvals. The transaction is not subject to a financing condition. Upon completion of the transaction, Olo common stock will no longer be listed on any public stock exchange. The Company will continue to operate under the Olo name and brand.

Given the pending transaction, Olo will not be hosting an earnings conference call, is withdrawing its prior financial guidance for fiscal year 2025, and is suspending its practice of providing financial guidance. For further detail and discussion of our financial performance, please refer to our Quarterly Report on Form 10-Q for the second fiscal quarter ended June 30, 2025.

------

**Available Information**

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.

**About Olo**

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.

**Contacts**

*Media*

Olo@icrinc.com

*Investor Relations*

InvestorRelations@olo.com

------

**Non-GAAP Financial Measures and Other Metrics**

*<u>Non-GAAP Financial Measures</u>*

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, 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, capitalized internal-use software and intangible amortization, and certain transaction costs associated with the Merger. 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.

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.

------

*<u>Key Performance Indicators</u>*

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.

------

**Forward-Looking Statements** 

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, statements about the consummation of the pending Merger, our future performance and growth and market opportunities, including new products and continued module adoption among new and existing customers, 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. <br>

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 risk that the pending Merger may not be completed in a timely manner or at all, which may adversely affect the our business and the price of our common stock; the failure to satisfy any of the conditions to the consummation of the pending Merger, including the receipt of certain regulatory approvals; the failure to obtain stockholder approval; the occurrence of any fact, event, change, development or circumstance that could give rise to the termination of the Merger Agreement, including in circumstances requiring us to pay a termination fee; the effect of the announcement or pendency of the pending Merger on our business relationships, operating results and business generally; risks that the pending Merger disrupts our current plans and operations; our ability to retain and hire key personnel and maintain relationships with key business partners and customers, and others with whom we do business, in light of the pending Merger; risks related to diverting management's attention from our ongoing business operations; unexpected costs, charges or expenses resulting from the pending Merger; potential litigation relating to the pending Merger that could be instituted against the parties to the Merger Agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto; continued availability of capital and financing and rating agency actions; certain restrictions during the pendency of the Merger that may impact our ability to pursue certain business opportunities or strategic transactions; uncertainty as to the timing of completion of the pending Merger; the effects of 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 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 or changes in governmental policies 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; public health crises; 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 that will be filed following this press release, our Annual Report on Form 10-K for the year ended December 31, 2024, and our other filings with the Securities and Exchange Commission ("SEC"), 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.

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**<u>Additional Information and Where to Find It</u>**

In connection with the proposed transaction by and among the Company, a Delaware corporation, Project Hospitality Parent, LLC ("Parent"), a Delaware limited liability company, and Project Hospitality Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent, this communication is being made in respect of the pending Merger involving the Company and Parent. The Company filed a preliminary proxy statement with the SEC on July 28, 2025, and will file with the SEC a definitive proxy statement on Schedule 14A relating to its special meeting of stockholders and may file or furnish other documents with the SEC regarding the pending Merger. When completed, the definitive proxy statement will be mailed to the Company's stockholders. This document is not a substitute for the proxy statement or any other document which the Company may file with the SEC. INVESTORS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT REGARDING THE PENDING MERGER AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS AND DOCUMENTS INCORPORATED BY REFERENCE THEREIN, IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PENDING MERGER AND RELATED MATTERS.

The definitive proxy statement will be filed with the SEC and mailed or otherwise made available to the Company's stockholders. The Company's stockholders may obtain free copies of the documents the Company files with the SEC from the SEC's website at www.sec.gov or through the Investors portion of the Company's website at investors.olo.com under the link "Financials" and then under the link "SEC Filings" or by contacting the Company's Investor Relations by e-mail at InvestorRelations@olo.com.

**<u>Participants in the Solicitation</u>**

The Company and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from the Company's stockholders in connection with the pending Merger. Information regarding the Company's directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is contained in the Company's proxy statement for its 2025 annual meeting of stockholders, which was filed with the SEC on April 24, 2025. Other information regarding the participants in the proxy solicitation and a description of their interests will be contained in the proxy statement for the Company's special meeting of stockholders and other relevant materials to be filed with the SEC in respect of the pending Merger when they become available. These documents can be obtained free of charge from the sources indicated above.

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**OLO INC.**

**Condensed Consolidated Balance Sheets (Unaudited)**

**(in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
| | **As of June 30,<br>2025** | **As of December 31,<br>2024** |
| **ASSETS** | | |
| **Current assets:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $309333 | $286757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 68111 | 73978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of expected credit losses of $4,649 and $4,592, respectively | 63630 | 61589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract assets | 997 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred contract costs | 5899 | 5635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 21749 | 19470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 469719 | 448321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net of accumulated depreciation and amortization of $26,847 and $20,253, respectively | 25706 | 26318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net of accumulated amortization of $14,112 and $12,205, respectively | 11890 | 13797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 207781 | 207781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract assets, noncurrent | 807 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred contract costs, noncurrent | 4785 | 5621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 8806 | 9709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term investments | 51063 | 42376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets, noncurrent | 115 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $780672 | $754776 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $572 | $1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 54851 | 53894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned revenue | 3121 | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 2318 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 60862 | 59594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned revenue, noncurrent | 410 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, noncurrent | 10409 | 11584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities, noncurrent |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 71681 | 71553 |
| **Stockholders' equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A common stock, $0.001 par value; 1,700,000,000 shares authorized at June 30, 2025 and December 31, 2024; 120,334,155 and 115,635,624 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively. Class B common stock, $0.001 par value; 185,000,000 shares authorized at June 30, 2025 and December 31, 2024; 48,653,295 and 50,307,240 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively | 169 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par value; 20,000,000 shares authorized at June 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 922023 | 899754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (213340) | (216726) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 139 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 708991 | 683223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $780672 | $754776 |

---

------

**OLO INC.**

**Condensed Consolidated Statements of Operations (Unaudited)**

**(in thousands, except share and per share amounts)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platform | $84146 | $69600 | $163377 | $135365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional services and other | 1578 | 904 | 3027 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 85724 | 70504 | 166404 | 137015 |
| Cost of revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platform | 40399 | 29788 | 75995 | 58116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional services and other | 1395 | 811 | 2165 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenue | 41794 | 30599 | 78160 | 59902 |
| Gross profit | 43930 | 39905 | 88244 | 77113 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 17614 | 16957 | 34722 | 33956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 16117 | 8664 | 31907 | 21420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 12903 | 13307 | 26735 | 27920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 46634 | 38928 | 93364 | 83296 |
| (Loss) income from operations | (2704) | 977 | (5120) | (6183) |
| Other income, net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 4189 | 4844 | 8386 | 9751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (22) | (15) | (37) | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 191 |  | 313 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income, net | 4358 | 4829 | 8662 | 9670 |
| Income before income taxes | 1654 | 5806 | 3542 | 3487 |
| Provision for income taxes | 74 | 77 | 156 | 114 |
| Net income | $1580 | $5729 | $3386 | $3373 |
| Net income per share attributable to Class A and Class B common stockholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.01 | $0.04 | $0.02 | $0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.01 | $0.03 | $0.02 | $0.02 |
| Weighted-average Class A and Class B common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 167729828 | 161197680 | 167034720 | 161766287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 182233957 | 170472824 | 180434976 | 171608366 |

---

------

**OLO INC.**

**Condensed Consolidated Statements of Cash Flows (Unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** |
| **Operating activities** |  |  |
| Net income | $3386 | $3373 |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 8528 | 6589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 18675 | 21256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for expected credit losses | 931 | 3265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 903 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash impairment charges |  | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash operating activities, net | (282) | (1221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (2972) | 6800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets | (86) | (628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current and noncurrent assets | (2366) | (7827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred contract costs | 571 | (369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (858) | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 926 | (10596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (1257) | (1400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned revenue | 1287 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities, noncurrent |  | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 27386 | 24158 |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (402) | (367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized internal-use software | (4855) | (6831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (69187) | (60498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and maturities of investments | 66760 | 54064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (7684) | (13632) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash received for employee payroll tax withholdings | 5994 | 3316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for employee payroll tax withholdings | (5964) | (3282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options and purchases under the employee stock purchase plan | 2844 | 2842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock |  | (22181) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 2874 | (19305) |
| Net increase (decrease) in cash and cash equivalents | 22576 | (8779) |
| Cash and cash equivalents, beginning of period | 286757 | 278218 |
| Cash and cash equivalents, end of period | $309333 | $269439 |

---

------

**OLO INC.**

**Reconciliation of GAAP to Non-GAAP Results (Unaudited)** 

**(in thousands, except for percentages and share and per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Gross profit and gross margin reconciliation:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Platform gross profit, GAAP | $43747 | $39812 | $87382 | $77249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Stock-based compensation expense and related payroll tax expense | 957 | 1339 | 1975 | 2898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Capitalized internal-use software and intangible amortization | 3818 | 3010 | 7579 | 5649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Platform gross profit, non-GAAP | 48522 | 44161 | 96936 | 85796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services gross profit, GAAP | 183 | 93 | 862 | (136) |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Stock-based compensation expense and related payroll tax expense | 84 | 54 | 164 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services gross profit, non-GAAP | 267 | 147 | 1026 | 47 |
| &nbsp;&nbsp;&nbsp;Total gross profit, GAAP | 43930 | 39905 | 88244 | 77113 |
| &nbsp;&nbsp;&nbsp;Total gross profit, non-GAAP | 48789 | 44308 | 97962 | 85843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Platform gross margin, GAAP | 52% | 57% | 53% | 57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Platform gross margin, non-GAAP | 58% | 63% | 59% | 63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Services gross margin, GAAP | 12% | 10% | 28% | (8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Services gross margin, non-GAAP | 17% | 16% | 34% | 3% |
| &nbsp;&nbsp;&nbsp;Total gross margin, GAAP | 51% | 57% | 53% | 56% |
| &nbsp;&nbsp;&nbsp;Total gross margin, non-GAAP | 57% | 63% | 59% | 63% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Sales and marketing reconciliation:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing, GAAP | $12903 | $13307 | $26735 | $27920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Stock-based compensation expense and related payroll tax expense | 1490 | 1568 | 3101 | 3125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Intangible amortization | 341 | 342 | 683 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing, non-GAAP | 11072 | 11397 | 22951 | 24112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing as % total revenue, GAAP | 15% | 19% | 16% | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing as % total revenue, non-GAAP | 13% | 16% | 14% | 18% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Research and development reconciliation:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development, GAAP | $17614 | $16957 | $34722 | $33956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Stock-based compensation expense and related payroll tax expense | 2282 | 2743 | 4488 | 5877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Non-cash capitalized software impairment |  | 517 |  | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development, non-GAAP | 15332 | 13697 | 30234 | 27562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development as % total revenue, GAAP | 21% | 24% | 21% | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development as % total revenue, non-GAAP | 18% | 19% | 18% | 20% |

---

------

**OLO INC.**

**Reconciliation of GAAP to Non-GAAP Results (Unaudited)** 

**(in thousands, except for percentages and share and per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **General and administrative reconciliation:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative, GAAP | $16117 | $8664 | $31907 | $21420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Stock-based compensation expense and related payroll tax expense | 4836 | 4923 | 9753 | 9672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Certain litigation-related expenses, net of recoveries |  | (8462) |  | (9834) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Non-cash impairment charge associated with corporate headquarters |  | 563 |  | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Intangible amortization |  | 40 | 8 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Transaction costs | 1986 |  | 1986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative, non-GAAP | 9295 | 11600 | 20160 | 20938 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative as % total revenue, GAAP | 19% | 12% | 19% | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative as % total revenue, non-GAAP | 11% | 16% | 12% | 15% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Operating income (loss) reconciliation:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating (loss) income, GAAP | $(2704) | $977 | $(5120) | $(6183) |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Stock-based compensation expense and related payroll tax expense | 9649 | 10627 | 19481 | 21755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Certain litigation-related expenses, net of recoveries |  | (8462) |  | (9834) |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Non-cash impairment charge associated with corporate headquarters |  | 563 |  | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Non-cash capitalized internal-use software impairment |  | 517 |  | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Capitalized internal-use software and intangible amortization | 4159 | 3392 | 8270 | 6413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Transaction costs | 1986 |  | 1986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income, non-GAAP | 13090 | 7614 | 24617 | 13231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating margin, GAAP | (3)% | 1% | (3)% | (5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating margin, non-GAAP | 15% | 11% | 15% | 10% |

---

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**OLO INC.**

**Reconciliation of GAAP to Non-GAAP Results (Unaudited)** 

**(in thousands, except percentages and share and per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss) reconciliation:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income, GAAP | $1580 | $5729 | $3386 | $3373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Stock-based compensation expense and related payroll tax expense | 9649 | 10627 | 19481 | 21755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Certain litigation-related expenses, net of recoveries |  | (8462) |  | (9834) |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Non-cash impairment charge associated with corporate headquarters |  | 563 |  | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Non-cash capitalized internal-use software impairment |  | 517 |  | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Capitalized internal-use software and intangible amortization | 4159 | 3392 | 8270 | 6413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Transaction costs | 1986 |  | 1986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Tax impact of non-GAAP adjustments <sup>(1)</sup> | (4300) | (3207) | (8225) | (5806) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income, non-GAAP | 13074 | 9159 | 24898 | 16981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fully diluted net income (loss) per share attributable to Class A and Class B common stockholders, GAAP | $0.01 | $0.03 | $0.02 | $0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fully diluted weighted average Class A and Class B common shares outstanding, GAAP | 182233957 | 170472824 | 180434976 | 171608366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fully diluted net income per share attributable to Class A and Class B common stockholders, non-GAAP | $0.07 | $0.05 | $0.14 | $0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fully diluted Class A and Class B common shares outstanding, non-GAAP | 182233957 | 170472824 | 180434976 | 171608366 |

---

(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 25.18% and 25.85% for the six months ended June 30, 2025 and 2024, respectively.

------

**OLO INC.**

**Non-GAAP Free Cash Flow (Unaudited)** 

**(in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net cash provided by (used in) operating activities | $26838 | $18131 | $27386 | $24158 |
| Purchase of property and equipment | (309) | (299) | (402) | (367) |
| Capitalized internal-use software | (2499) | (3682) | (4855) | (6831) |
| Non-GAAP free cash flow | $24030 | $14150 | $22129 | $16960 |

---

<br>