Good afternoon. My name is Tamika, and I will be your conference operator today. At this time, I would like to welcome everyone to the Toast First Quarter 2025 earnings conference call. Today's call will be 45 minutes. I will now turn the call over to Michael Senno, Senior Vice President of Finance. You may begin your conference.
Thank you, Tamika, and welcome everybody to Toast Earnings conference call for the first quarter ended March 31st, 2025. On today's call, our CEO and co-founder, Aman Narang, and CFO, Elena Gomez, will open with prepared remarks, which will be followed by our Q&A session. Before we start, I'd like to draw your attention to the Safe Harbor statement included in today's press release. During this call, we'll make statements related to our business that may be considered forward-looking within the meaning of the Securities Act and the Exchange Act. All statements other than statements of historical facts are forward-looking statements, including those regarding management's expectations of future financial and operational performance and operational expenditures, location growth, future profitability and margin outlook, business and investment strategy, expected growth and business outlook, including our financial guidance for the second quarter and full year 2025.
Forward-looking statements reflect our views only as of today, and except as required by law, we undertake no obligation to update or revise these forward-looking statements. Please refer to the cautionary language in today's press release and our SEC filings for a discussion of the risks and uncertainty that could cause actual results to differ materially from our expectations. During this call, we will discuss certain non-GAAP financial measures, including but not limited to non-GAAP subscription services gross profit and non-GAAP financial technology solutions gross profit, which we refer to collectively as our current gross profit streams. These are the basis for our top line guidance. These non-GAAP measures are not intended to be a substitute for our GAAP results. Please refer to our earnings release and SEC filings for detailed reconciliations of these non-GAAP measures to the most comparable GAAP measures.
Unless otherwise stated, all references on this call to cost of revenue, gross profit and gross margin, sales and marketing expense, research and development expense, and general and administrative expense are on a non-GAAP basis. Finally, the press release can be found on the Investor Relations website at investors.toasttab.com. After the call, a replay will also be available on our website. And with that, let me turn the call over to Aman.
Thank you, Michael, and thank you, everybody, for joining us this afternoon. We've had a great start to the year with results ahead of expectations. In Q1, we added over 6,000 net locations. Our current gross profit streams grew 37% year over year. Adjusted EBITDA grew to $133 million, and our GAAP operating income was $43 million. Our mission at Toast is to help restaurants delight their guests, do what they love, and thrive. We power approximately 140,000 customers' locations globally, and we continue to believe we have a much larger opportunity to serve many multiples of that number over the next decade, both by growing share in our core U.S. SMB market as well as accelerating growth in our new geographies, new verticals, and in enterprise.
In Q1, we saw strong momentum in our bookings across all of our market segments, including marquee wins in Applebee's and Topgolf that speak to our ability to serve large, complex operations at scale. While we're paying close attention to what's going on in the macro environment around us, we remain confident in our ability to execute. The momentum we've seen to start this year gives us confidence we should see record net adds in Q2, and as such, we have raised our 2025 full outlook based on our performance. Let me share a brief update on the four priorities I laid out for the business to start the year. The first, scaling locations and market share in our core U.S. restaurant business. Second, demonstrating that our new markets can be material drivers of growth.
Third, increasing customer adoption of our broad platform and driving differentiation through data and AI. And lastly, continuing to hold a high bar and investing against our most important priorities while gradually expanding margins. The first, scaling locations and market share in our core U.S. restaurant business. We continue to see strong momentum at scale within our core U.S. SMB segment, which is driving the majority of our growth. Our recipe continues to be at the intersection of a vertical platform approach combined with a differentiated in-market go-to-market team. This drives strong win rates, where we win a majority of the time across all of our key competitors. We grew locations in essentially all of our markets across our SMB TAM versus last year, and our flywheel markets continue to see above-average reproductivity.
Sales AE productivity across new bookings was up in Q1 year over year, which is what is giving us confidence into Q2 and the balance of the year. The product and engineering teams continue to leverage both customer and sales feedback to prioritize the roadmap needed to support durable location growth in our core segment over the long term. This includes investments in the thousand little things that differentiates our platform for restaurants, including things like language support for non-native English speakers, memberships for businesses like wineries and clubs, as well as more complex entertainment concepts, including one of our newest customers, Topgolf. If you've been to a Topgolf location, you'll know that Topgolf pairs its leading modern golf entertainment experience with a full-service restaurant and bar. They wanted a POS partner that could deliver seamless hospitality to guests across their entire operation at scale.
Guests want to be able to order and add to their check quickly without disrupting their golf game, and our handhelds help them take orders and payments at the golf bay. Our KDS streamlines kitchen operations, and our dashboard multi-location management tools help them track and manage all aspects of their operations centrally. We're really excited to partner with an industry-leading concept like Topgolf, a customer that really speaks to the versatility of the Toast platform. Next, moving on, our second priority is demonstrating that our new markets can be material drivers of growth. As I had mentioned to start the year, we expect to cross 10,000 locations across international, food and beverage retail, and enterprise in 2025, and we remain on track to do that.