Olo Inc. (OLO) stock surged 12.31% in pre-market trading on Wednesday after the company reported impressive fourth quarter and full year 2024 results, fueled by robust growth across its digital ordering platform and payments business.

For Q4 2024, Olo's revenue rose 21% year-over-year to $76.1 million, exceeding analysts' estimates. The company's full year 2024 revenue jumped 25% to $284.9 million, with its Olo Pay revenue exceeding $70 million and gross payment volume more than doubling to $2.8 billion.

Reflecting its strong performance and expanding customer base, Olo added approximately 6,000 net new locations in 2024, bringing its total active locations to around 86,000 by year-end.

A key highlight of the earnings report was Olo's announcement of a new partnership with FreedomPay, a leading payment gateway and terminal provider. This collaboration is expected to accelerate the rollout of Olo's card-present payment functionality, unlocking an additional $130 billion in payment volume opportunity within its existing customer base.

Buoyed by this strategic move and the continued momentum in its core business, Olo provided an optimistic outlook for 2025. The company expects revenue in the range of $333 million to $336 million, with Olo Pay revenue projected to reach around $110 million. Furthermore, Olo anticipates further gross profit growth acceleration in the second half of 2025, driven by the scaling of its payments business and successful products like Catering Plus.