logo
Expensify Announces Q2 2025 Results

Expensify Announces Q2 2025 Results

National Post3 days ago
Article content
Total interchange derived from the Expensify Card grew to $5.3 million, an increase of 31% as compared to the same period last year.
Article content
PORTLAND, Ore. — Expensify, Inc. (Nasdaq: EXFY), a payments superapp that helps individuals and businesses around the world simplify the way they manage money across expenses, corporate cards and bills, today released a letter to shareholders from Founder and CEO David Barrett alongside results for its quarter ended June 30, 2025.
Article content
A Message From Our Founder
Article content
Q2 finished strong, with F1® The Movie putting the Expensify brand on-screen over an estimated 650 times for a total of more than 35 minutes (sometimes over 10 feet tall, if you saw it in IMAX). With a $500 million box office to date, that's easily tens of millions of moviegoers, with potentially many more to go. We believe that's on pace to be seen by more people than saw our 30 second Superbowl ad, but with over 60x more screen time… and our name on the winning team.
Article content
While ROI on this can be hard to measure, independent brand awareness surveys are already showing 50% gains in our target demographics – and 350% gains in the highly coveted 18-24 demographic, the trendsetters of the future. We couldn't possibly be more pleased with the result of this major bet taken years ago, which we expect to benefit us for years to come. To prepare for this, and in recognition of F1's global appeal, we spent the last quarter strengthening our international offering:
Article content
Most exciting: the Expensify Card is expected to be available in the UK and most of the EU this month (and Canada is on the way)! This means over 30 million more businesses in 18 new countries have access to the Expensify Card for the first time.
Additionally, we added support for third party card feeds from over 10,000 additional banks, including numerous international banks in F1 viewing regions.
Card support wouldn't mean much without language support, so we now support 10 total languages, including Spanish, French, German, Italian, Japanese, and more.
Finally, to lower the barrier to adoption in this new market, we have added support for EUR billing, adding to our other billing options in USD, GBP, AUD, and NZD, with support for CAD on the way.
Article content
Beyond F1 and international expansion, the core business continues its rock solid performance. Q2 cash flows from operating activities is down 4% y/y but FCF is up 10% y/y – even despite F1 payments – supporting a $3.0 million buyback of EXFY shares last quarter, and an increase of the midpoint of our full year 2025 FCF guidance by $2.0 million to $19.0 million – $23.0 million. The migration of customers from Classic to New Expensify continues at a brisk pace as New Expensify gains in capabilities, adds support for local reimbursements to most countries worldwide, and gets just a little faster every day (my personal favorite: switching pages is now 235% faster than it was the first week of March – a small detail, but one that I hit a hundred times a day).
And last but not least, no message in this day and age would be complete without some mention of AI. This is something I personally spend nearly all my time on, and couldn't be more excited about. I've talked a big game about achieving financial AI supremacy, and Q3 is when we expect to start rolling out features to get us closer to that goal. Stay tuned!
Article content
-david
Article content
Founder and CEO of Expensify
Article content
Second Quarter 2025 Highlights
Article content
Financial:
Article content
Revenue was $35.8 million, an increase of 7% compared to the same period last year.
Generated $8.9 million of cash from operating activities.
Free cash flow was $6.3 million.
Net loss was $8.8 million, compared to $2.8 million for the same period last year.
Non-GAAP net loss was $1.9 million.
Adjusted EBITDA was $(1.4) million.
Interchange derived from the Expensify Card grew to $5.3 million, an increase of 31% compared to the same period last year.
See Financial Outlook section for Free Cash Flow guidance for fiscal year ending December 31, 2025.
Article content
Business:
Article content
Paid members – Paid members were 652,000, a decrease of 5% compared to the same period last year.
Expensify Travel – Expensify Travel saw a 44% increase in quarterly travel bookings.
Share repurchase – The company repurchased 1,285,336 shares of its Class A common stock, totaling approximately $3.0 million.
International expansion – The company added support for 10,000+ banks worldwide and launched Euro-based billing.
Article content
Financial Outlook
Article content
Expensify's outlook statements are based on current estimates, expectations and assumptions and are not a guarantee of future performance. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under 'Forward-Looking Statements' below. There can be no assurance that the Company will achieve the results expressed by this guidance.
Article content
Free Cash Flow
Article content
Expensify estimates Free Cash Flow of $19.0 million to $23.0 million for the fiscal year ending December 31, 2025.
Article content
The Company does not provide a reconciliation for free cash flow estimates on a forward-looking basis because it is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of net cash provided by operating activities and certain reconciling items on a forward-looking basis, which could be significant to the Company's results.
Article content
Stock Based Compensation
Article content
An estimate of expected stock-based compensation for the next four fiscal quarters is as follows, which is driven primarily by the pre-IPO grant of RSUs issued to all employees (which vest quarterly over eight years with approximately four years remaining).
Article content
Est. stock-based compensation (millions)
Article content
Investors and others should note that Expensify routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the Expensify Investor Relations website at https://ir.expensify.com. While not all of the information that the Company posts to its Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in Expensify to review the information that it shares on its Investor Relations website.
Article content
Conference Call
Article content
Expensify will host a video call to discuss the financial results and business highlights at 2:00 p.m. Pacific Time today. An investor presentation and the video call information is available on Expensify's Investor Relations website at https://ir.expensify.com. A replay of the call will be available on the site for three months.
Article content
In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles ('GAAP'), we provide certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP net loss, and free cash flow.
Article content
We believe our non-GAAP financial measures are useful in evaluating our business, measuring our performance, identifying trends affecting our business, formulating business plans and making strategic decisions. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management team. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled metrics or measures presented by other companies. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and to not rely on any single financial measure to evaluate our business. A reconciliation of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP is at the end of this press release.
Article content
Adjusted EBITDA.
Article content
We define adjusted EBITDA as net loss excluding (benefit from) provision for income taxes, other (income) expenses, net, depreciation and amortization, and stock-based compensation expense.
Article content
Non-GAAP net income.
Article content
We define non-GAAP net income as net loss excluding stock-based compensation expense.
Article content
Free cash flow.
Article content
We define Free cash flow as net cash provided by operating activities excluding changes in settlement assets and settlement liabilities, which represent funds held for customers and customer funds in transit, respectively, reduced by the purchases of property and equipment and software development costs.
Article content
The tables at the end of the Condensed Consolidated Financial Statements provide reconciliations to the most directly comparable GAAP financial measure to each of these non-GAAP financial measures.
Article content
Forward-Looking Statements
Article content
Forward-looking statements in this press release, or made during the earnings call, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding our strategy, future financial condition, future operations, future cash flow, projected costs, prospects, plans, objectives of management and expected market growth, product developments and their potential impact and our stock-based compensation estimates and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as 'may,' 'will,' 'shall,' 'should,' 'expects,' 'plans,' 'anticipates,' 'could,' 'intends,' 'target,' 'projects,' 'contemplates,' 'believes,' 'estimates,' 'predicts,' 'potential,' 'goal,' 'ambition,' 'objective,' 'seeks,' 'outlook,' or 'continue' or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the impact on inflation on us and our members; our borrowing costs, which have and may continue to increase as a result of increases in interest rates; our expectations regarding our financial performance and future operating performance; our ability to attract and retain members, expand usage of our platform, sell subscriptions to our platform and convert individuals and organizations into paying customers; the timing and success of new features, integrations, capabilities and enhancements by us, or by competitors to their products, or any other changes in the competitive landscape of our market; the amount and timing of operating expenses and capital expenditures that we may incur to maintain and expand our business and operations to remain competitive; the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; our ability to make required payments under and to comply with the various requirements of our current and future indebtedness; our cash flows, the prevailing stock prices, general economic and market conditions and other considerations that could affect the specific timing, price and size of repurchases under our stock repurchase program or our ability to fund any stock repurchases; geopolitical tensions, including the war in Ukraine and the conflict in Israel, Gaza and surrounding areas; our ability to effectively manage our exposure to fluctuations in foreign currency exchange rates; the size of our addressable markets, market share and market trends; anticipated trends, developments and challenges in our industry, business and the highly competitive markets in which we operate; any adverse impact on our business operations as a result of using artificial intelligence or other machine learning technologies in our services; our expectations regarding our income tax liabilities and the adequacy of our reserves; our ability to effectively manage our growth and expand our infrastructure and maintain our corporate culture; our ability to identify, recruit and retain skilled personnel, including key members of senior management; the safety, affordability and convenience of our platform and our offerings; our ability to successfully defend litigation brought against us; our ability to successfully identify, manage and integrate any existing and potential acquisitions of businesses, talent, technologies or intellectual property; general economic conditions in either domestic or international markets, including geopolitical uncertainty and instability, and their effects on software spending; our ability to protect against security incidents, technical difficulties, or interruptions to our platform; our ability to maintain, protect and enhance our intellectual property; the impact of tariffs and global trade disruptions on us, our customers and our vendors, including the impact on inflation, supply chains and consumer sentiment; and other risks discussed in our filings with the SEC. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Article content
Expensify a payments superapp that helps individuals and businesses around the world simplify the way they manage money across expenses, corporate cards and bills. More than 15 million people use Expensify's free features, which include corporate cards, expense tracking, next-day reimbursement, invoicing, bill pay, and travel booking in one app. All free. Whether you own a small business, manage a team, or close the books for your clients, Expensify makes it easy so you have more time to focus on what really matters.
Article content
Expensify, Inc.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except share and per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Revenue
$
35,764
$
33,288
$
71,838
$
66,823
Cost of revenue, net (1)
17,187
14,363
35,019
28,947
Gross margin
18,577
18,925
36,819
37,876
Operating expenses:
Research and development (1)
5,158
6,389
10,516
12,318
General and administrative (1)
9,411
9,245
20,240
20,676
Sales and marketing (1)
14,346
3,072
17,888
6,456
Total operating expenses
28,915
18,706
48,644
39,450
(Loss) income from operations
(10,338
)
219
(11,825
)
(1,574
)
Other income (expenses), net
889
(260
)
1,213
(1,214
)
Loss before income taxes
(9,449
)
(41
)
(10,612
)
(2,788
)
Benefit from (provision for) income taxes
661
(2,723
)
(1,345
)
(3,757
)
Net loss
$
(8,788
)
$
(2,764
)
$
(11,957
)
$
(6,545
)
Net loss per share:
Basic and diluted
$
(0.10
)
$
(0.03
)
$
(0.13
)
$
(0.08
)
Weighted average shares of common stock used to compute net loss per share:
Article content
Three Months Ended June 30,
2025
2024
Net loss
$
(8,788
)
$
(2,764
)
Net loss margin
(25
)%
(8
)%
Add:
(Benefit from) provision for income taxes
(661
)
2,723
Other (income) expenses, net
(889
)
260
Depreciation and amortization
2,018
1,590
Stock-based compensation expense
6,927
8,381
Adjusted EBITDA
$
(1,393
)
$
10,190
Adjusted EBITDA margin
(4
)%
31
%
Article content
Non-GAAP Net Income and Non-GAAP Net Income Margin
Three Months Ended June 30,
2025
2024
Net loss
$
(8,788
)
$
(2,764
)
Net loss margin
(25
)%
(8
)%
Add:
Stock-based compensation expense
6,927
8,381
Non-GAAP net (loss) income
$
(1,861
)
$
5,617
Non-GAAP net (loss) income margin
(5
)%
17
%
Article content
Article content
Article content
Article content
Article content
Contacts
Article content
Investor Relations Contact
Article content
Article content
Nick Tooker
Article content
Article content
Press Contact
Article content
Article content
Article content
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

HighPeak Energy, Inc. Announces 2025 Second Quarter Earnings Release and Conference Call Dates
HighPeak Energy, Inc. Announces 2025 Second Quarter Earnings Release and Conference Call Dates

Globe and Mail

time3 hours ago

  • Globe and Mail

HighPeak Energy, Inc. Announces 2025 Second Quarter Earnings Release and Conference Call Dates

FORT WORTH, Texas, July 28, 2025 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (NASDAQ: HPK) ('HighPeak Energy'), today announced that it plans to release its 2025 second quarter financial and operating results after the close of trading on Monday, August 11, 2025. HighPeak Energy will host a conference call and webcast on Tuesday, August 12, 2025 at 10:00 a.m. Central Time for investors and analysts to discuss its 2025 sceond quarter financial results and operational highlights. Participants may register for the call here. Access to the live audio-only webcast and replay of the earnings release conference call may be found here. A live broadcast of the earnings conference call will also be available on HighPeak Energy's website at under the 'Investors' section of the website. About HighPeak Energy, Inc. HighPeak Energy is a publicly traded independent oil and natural gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of oil and natural gas reserves in the Midland Basin in West Texas. For more information, please visit our website at Source: HighPeak Energy, Inc.

Rivian Investors Face a Real Setback
Rivian Investors Face a Real Setback

Globe and Mail

time7 hours ago

  • Globe and Mail

Rivian Investors Face a Real Setback

Key Points Rivian's net loss narrowed, but tariff impacts weighed on results. Losing regulatory credit sales is a big loss for Rivian. The company's future increasingly relies on the upcoming R2 EV. 10 stocks we like better than Rivian Automotive › It's been a bumpy ride so far this year for Rivian (NASDAQ: RIVN). With the much-hyped R2 not launching until 2026, the company's sales have been sluggish and the addition of tariffs on imported auto parts threw a curveball few, if any, were ready for. Let's take a quick look at Rivian's second quarter and one very real setback investors may not have prepared for. Brief Q2 recap Rivian's second-quarter revenue rose 13% from the prior year to $1.3 billion, and its second quarter checked in with a net loss of $1.1 billion. The net loss was an improvement over the prior year's $1.5 billion net loss. Rivian's adjusted earnings per share checked in at a loss of $0.97, much worse than analysts expected at a loss of $0.80 per share, per Factset. Rivian did reaffirm its 2025 delivery guidance of 40,000 to 46,000 vehicles -- though it's going to take a strong second-half performance to reach. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Another important metric for investors to follow is Rivian's gross loss, which checked in at a $206 million loss during the second quarter, still better than the prior year's loss of $451 million. But it's still a slight disappointment considering investors hoped Rivian would be gross-profit positive for the full year after posting gross profits during both the fourth and first quarters. Rivian also lowered its adjusted EBITDA loss forecast for the full year, expecting it to check in between $2 billion and $2.5 billion, compared to the previous forecast of between $1.7 billion and $1.9 billion. But there was one big glaring hurdle facing Rivian and its investors. Goodbye gravy-train? Rivian investors should be well aware the company manufactures and sells an electric SUV, truck, and delivery van, but they might not be aware that the company also generates a significant chunk of its business from selling zero-emissions credits. This is how it works in a simplified explanation. Manufacturers such as Tesla, Rivian, and Lucid that produce and sell electric vehicles receive credits for those vehicles meeting emissions standards. On the flip side, automakers were previously penalized for missing those emissions targets, and one way to meet the requirements was to simply purchase zero-emission credits from automakers that didn't have to worry about offsetting an internal combustion vehicle lineup. But the administration's removal of the emissions penalty did one huge thing -- it completely removed the incentive for automakers to purchase zero-emission credits since they are no longer penalized for missing targets. It's the equivalent of shutting off a hose that was flowing cash. "We do not expect to earn revenue from these programs for the remainder of 2025. We expect total 2025 regulatory credit sales to be approximately $160 million as compared to our prior outlook of $300 million," Rivian CFO Claire McDonough said. What it all means It's not a stretch to say even Tesla may have shuttered its doors in the early days without sales of these credits. They're incredibly important to young EV makers. This is a big loss for Rivian, and without sales of zero-emission credits the company will almost certainly fall short of gross profits during 2025. The silver lining is that Rivian already completed its task of two consecutive quarters of gross profits, which secured $1 billion of direct equity from Volkswagen as a part of their joint venture. Losing revenue from zero-emission credits is certainly a setback, and a letdown investors likely didn't anticipate when initially investing in the automaker. But it's not a death sentence either. The company's future still largely remains in the hands of its upcoming and highly anticipated R2 electric SUV, R3, and R3X, with the first R2 rolling out of production in the first half of 2026. If the R2 is a success, investors will forget about lost revenue and profits from zero-emission credits. Should you invest $1,000 in Rivian Automotive right now? Before you buy stock in Rivian Automotive, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Rivian Automotive wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $653,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,119,863!* Now, it's worth noting Stock Advisor's total average return is 1,060% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 4, 2025

Hallador Energy Company Schedules Second Quarter 2025 Conference Call for August 11, 2025 at 5:00 p.m. ET
Hallador Energy Company Schedules Second Quarter 2025 Conference Call for August 11, 2025 at 5:00 p.m. ET

Globe and Mail

time10 hours ago

  • Globe and Mail

Hallador Energy Company Schedules Second Quarter 2025 Conference Call for August 11, 2025 at 5:00 p.m. ET

TERRE HAUTE, Ind., July 28, 2025 (GLOBE NEWSWIRE) -- Hallador Energy Company (Nasdaq: HNRG) ('Hallador' or the 'Company'), will host a conference call on Monday, August 11, 2025, at 5:00 p.m. Eastern time to discuss its financial results for the second quarter ended June 30, 2025. The Company's results will be reported in a press release prior to the call. Hallador's management will host the conference call, followed by a question-and-answer period. Interested parties may submit questions prior to the call by emailing the Company's investor relations team, Elevate IR, at HNRG@ Date: Monday, August 11, 2025 Time: 5:00 p.m. Eastern time Dial-in registration link: here Live webcast registration link: here The conference call will also be broadcast live and available for replay in the investor relations section of the Company's website at About Hallador Energy Company Hallador Energy Company (Nasdaq: HNRG) is a vertically-integrated Independent Power Producer (IPP) based in Terre Haute, Indiana. The Company has two core businesses: Hallador Power Company, LLC, which produces electricity and capacity at its one-Gigawatt (GW) Merom Generating Station, and Sunrise Coal, LLC, which produces and supplies fuel to the Merom Generating Station and other companies. To learn more about Hallador, visit the Company's website at

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store