PAR · PAR TECHNOLOGY CORP

PAR Technology Corporation, together with its subsidiaries, provides omnichannel cloud-based software and hardware solutions for the restaurant and retail industries worldwide. The company offers Punchh and PAR Ordering products and services for customer loyalty, engagement, and omnichannel digital ordering and delivery; PAR RETAIL, a digital engagement software solution; and PLEXURE, an international customer engagement and loyalty platform under the ENGAGEMENT CLOUD. It also provides PAR POS, a point-of-sale solution; TASK, an enterprise-grade technology solution; PAR OPS, which includes Data Central and Delaget; and PAR PAY, such as PAR payment services, and merchant services under the OPERATOR CLOUD. In addition, the company offers point-of-sale terminals and tablets, wireless headsets, drive-thru systems, kitchen display systems, kiosks, printers, payment devices, and other in-store peripherals. Further it provides services, such as hardware repair, installation and implementation, training, and on-site and technical support services. It serves enterprise restaurants, franchisees, and other restaurant outlets and to C-Stores; and other retail customers, including amusement parks, cinemas, cruise lines, spas, casinos, and other ticketing and entertainment venues. The company was founded in 1968 and is headquartered in New Hartford, New York.

Cap structure and valuation

Cap structure
SP	$14.66
SO	41.2M
Options	0.8M
Warrants	0.0M
FD SO	42.1M
MC	$616.7M

Cash	$77.2M
Total debt	$424.6M
EV	$964.0M

TTM Multiples
EV / Revenue	2.0x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	—
MC / FCF	—

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-05. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	123.97	120.10	119.18	112.40
Revenue YoY %	19.4%	14.4%	23.2%	43.8%
Cost of Revenue	69.47	70.62	69.97	61.41
Gross Profit	54.50	49.48	49.22	50.99
Gross Profit YoY %	12.7%	9.9%	14.4%	59.2%
Gross Margin %	44.0%	41.2%	41.3%	45.4%

SG&A	42.98	42.38	44.20	43.97
R&D	21.98	21.79	19.28	20.93
Operating Expense	68.39	67.54	66.87	68.30

Operating Income	(13.89)	(18.06)	(17.65)	(17.31)
Operating Income YoY %	11.8%	(10.0%)	(16.2%)	16.5%
Operating Margin %	(11.2%)	(15.0%)	(14.8%)	(15.4%)
EBITDA	(1.87)	(5.81)	(5.18)	(4.89)
EBITDA Margin %	(1.5%)	(4.8%)	(4.3%)	(4.4%)

Interest Expense	2.28	2.02	2.02	2.01
Pretax Income	(14.61)	(19.92)	(18.45)	(20.10)
Tax Provision	1.56	0.97	(0.28)	0.94
Net Income	(16.17)	(20.89)	(18.18)	(21.04)
Net Margin %	(13.0%)	(17.4%)	(15.3%)	(18.7%)

Diluted EPS	-$0.39	-$0.51	-$0.45	-$0.52
Basic EPS	-$0.39	-$0.51	-$0.45	-$0.52
Diluted Avg Shares	41.0	0.0	40.6	40.5
Basic Avg Shares	41.0	0.0	40.6	40.5

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	475.66	455.55	349.98	276.71	262.35
Revenue YoY %	4.4%	30.2%	26.5%	5.5%	—
Cost of Revenue	271.48	257.52	203.86	187.27	180.63
Gross Profit	204.19	198.03	146.12	89.45	81.72
Gross Profit YoY %	3.1%	35.5%	63.4%	9.5%	—
Gross Margin %	42.9%	43.5%	41.8%	32.3%	31.1%

SG&A	173.53	171.62	150.61	110.65	101.22
R&D	83.98	81.77	67.26	58.36	48.64
Operating Expense	271.09	266.80	225.22	161.17	150.78

Operating Income	(66.91)	(68.77)	(79.10)	(71.72)	(69.06)
Operating Income YoY %	2.7%	13.1%	(10.3%)	(3.9%)	—
Operating Margin %	(14.1%)	(15.1%)	(22.6%)	(25.9%)	(26.3%)
EBITDA	(17.76)	(19.75)	(41.19)	(44.71)	(43.42)
EBITDA Margin %	(3.7%)	(4.3%)	(11.8%)	(16.2%)	(16.5%)

Interest Expense	8.32	8.69	13.90	9.83	10.03
Pretax Income	(73.08)	(81.54)	(9.76)	(67.90)	(68.19)
Tax Provision	3.20	2.92	(4.77)	1.85	1.13
Net Income	(76.28)	(84.46)	(4.99)	(69.75)	(69.32)
Net Margin %	(16.0%)	(18.5%)	(1.4%)	(25.2%)	(26.4%)

Diluted EPS	-$1.87	-$2.09	-$0.14	-$2.53	-$2.55
Basic EPS	-$1.87	-$2.09	-$0.14	-$2.53	-$2.55
Diluted Avg Shares	41.0	40.5	34.2	27.6	27.2
Basic Avg Shares	41.0	40.5	34.2	27.6	27.2

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	77.23	79.56	92.47	85.12
Receivables	87.88	81.71	70.55	72.33
Inventory	30.93	27.44	25.44	27.43
Total Current Assets	239.97	232.93	227.05	219.29

Net PPE	12.77	13.29	13.57	13.32
Goodwill	897.11	898.03	898.45	906.36
Total Assets	1,391.14	1,369.14	1,377.37	1,391.74

Accounts Payable	36.82	39.33	31.97	38.62
Total Current Liabilities	114.13	140.74	133.87	128.94
Long-term Debt	421.69	374.07	373.51	372.85
Total Liabilities	564.72	543.99	539.33	532.60

Retained Earnings	(380.57)	(364.40)	(343.51)	(325.33)
Total Equity	826.43	825.15	838.05	859.14

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	77.23	79.56	108.12	37.18	70.14
Receivables	87.88	81.71	59.73	42.68	42.64
Inventory	30.93	27.44	21.86	23.56	37.53
Total Current Assets	239.97	232.93	218.05	180.60	223.95

Net PPE	12.77	13.29	14.11	15.52	12.76
Goodwill	897.11	898.03	887.46	488.92	486.03
Total Assets	1,391.14	1,369.14	1,380.73	802.61	854.86

Accounts Payable	36.82	39.33	34.78	25.60	20.97
Total Current Liabilities	114.13	140.74	111.84	80.23	67.82
Long-term Debt	421.69	374.07	368.36	377.65	389.19
Total Liabilities	564.72	543.99	509.02	469.54	479.66

Retained Earnings	(380.57)	(364.40)	(279.94)	(274.96)	(205.20)
Total Equity	826.43	825.15	871.71	333.06	375.19

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(16.17)	(20.89)	(18.18)	(21.04)
D&A	12.01	12.25	12.47	12.41
Stock-Based Comp	7.20	7.76	7.82	7.89
Operating Cash Flow	(16.64)	(11.75)	8.39	(6.63)

CapEx	(0.32)	(0.78)	(1.35)	(0.78)
Investing Cash Flow	(2.96)	(2.21)	(3.20)	(2.02)

Debt Issuance	257.05	0.00	0.00	0.00
Stock Issuance	—	0.00	0.00	0.00
Stock Buyback	(33.12)	—	—	—
Financing Cash Flow	17.81	0.76	0.07	0.70

Effect of FX on Cash	(1.10)	0.00	(1.16)	1.02

Free Cash Flow	(16.96)	(12.53)	7.05	(7.41)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(76.28)	(84.46)	(4.99)	(69.75)	(69.32)
D&A	49.15	49.02	37.91	27.01	25.64
Stock-Based Comp	30.67	30.64	24.49	14.29	13.26
Operating Cash Flow	(26.63)	(27.16)	(25.25)	(17.07)	(43.07)

CapEx	(3.23)	(3.32)	(0.97)	(5.02)	(1.16)
Investing Cash Flow	(10.40)	(13.11)	(180.11)	(7.78)	(66.71)

Debt Issuance	257.05	111.14	87.33	0.00	0.00
Stock Issuance	—	0.00	194.49	0.00	0.00
Stock Buyback	—	—	—	—	(3.15)
Financing Cash Flow	19.34	12.27	278.51	(1.62)	(2.57)

Effect of FX on Cash	(1.24)	0.14	0.86	(3.52)	1.46

Free Cash Flow	(29.86)	(30.48)	(26.22)	(22.09)	(44.23)

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	2.10	1.66	1.70	1.70
Quick Ratio	1.83	1.46	1.51	1.49
Debt / Equity	0.68	0.66	0.64	0.62
EBITDA Margin %	(1.5%)	(4.8%)	(4.3%)	(4.4%)
Working Capital	125.84	92.19	93.19	90.35
Net Debt	344.45	294.50	281.05	287.73
ROE %	(2.0%)	(2.5%)	(2.2%)	(2.4%)
ROA %	(1.2%)	(1.5%)	(1.3%)	(1.5%)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	2.10	1.66	1.95	2.25	3.30
Quick Ratio	1.83	1.46	1.75	1.96	2.75
Debt / Equity	0.68	0.66	0.58	1.41	1.28
EBITDA Margin %	(3.7%)	(4.3%)	(11.8%)	(16.2%)	(16.5%)
Working Capital	125.84	92.19	106.21	100.37	156.12
Net Debt	344.45	294.50	260.24	340.46	319.05
ROE %	(9.2%)	(10.2%)	(0.6%)	(20.9%)	(18.5%)
ROA %	(5.5%)	(6.2%)	(0.4%)	(8.7%)	(8.1%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-18	Voss Capital, LP	10% Owner	2026-05-15	P	2,500	$14.67	$36,678
2026-05-18	Voss Capital, LP	10% Owner	2026-05-15	P	10,000	$14.61	$146,131
2026-05-18	Voss Capital, LP	10% Owner	2026-05-15	P	2,500	$14.67	$36,678
2026-05-18	Voss Capital, LP	10% Owner	2026-05-15	P	10,000	$14.61	$146,131
2026-05-18	Voss Capital, LP	10% Owner	2026-05-15	P	20,000	$14.67	$293,424
2026-05-18	Voss Capital, LP	10% Owner	2026-05-15	P	80,000	$14.61	$1,169,048
2026-05-18	Voss Capital, LP	10% Owner	2026-05-14	P	16,179	$14.65	$236,948
2026-05-18	Voss Capital, LP	10% Owner	2026-05-14	P	11,321	$14.50	$164,140
2026-05-18	Voss Capital, LP	10% Owner	2026-05-14	P	11,321	$14.50	$164,140
2026-05-18	Voss Capital, LP	10% Owner	2026-05-14	P	16,179	$14.65	$236,948
2026-05-18	Voss Capital, LP	10% Owner	2026-05-14	P	2,942	$14.65	$43,087
2026-05-18	Voss Capital, LP	10% Owner	2026-05-14	P	2,058	$14.50	$29,838
2026-05-18	Voss Capital, LP	10% Owner	2026-05-14	P	10,292	$14.50	$149,221
2026-05-18	Voss Capital, LP	10% Owner	2026-05-14	P	45,242	$14.50	$655,950
2026-05-18	Voss Capital, LP	10% Owner	2026-05-14	P	133,791	$14.50	$1,939,796
2026-05-18	Voss Capital, LP	10% Owner	2026-05-14	P	19,554	$14.50	$283,508
2026-05-18	Voss Capital, LP	10% Owner	2026-05-14	P	11,321	$14.50	$164,140
2026-05-18	Voss Capital, LP	10% Owner	2026-05-14	P	14,708	$14.65	$215,405
2026-05-18	Voss Capital, LP	10% Owner	2026-05-14	P	64,658	$14.65	$946,942
2026-05-18	Voss Capital, LP	10% Owner	2026-05-14	P	191,209	$14.65	$2,800,332
2026-05-18	Voss Capital, LP	10% Owner	2026-05-14	P	27,946	$14.65	$409,280
2026-05-18	Voss Capital, LP	10% Owner	2026-05-14	P	16,179	$14.65	$236,948
2026-05-13	Ostertag Oliver	Officer (President, Growth & AI)	2026-05-11	A	66,293	—	$0
2026-05-13	Singh Savneet	Director, Officer (CEO & President)	2026-05-11	A	206,246	—	$0
2026-05-13	MENAR BRYAN A	Officer (Chief Financial Officer)	2026-05-11	A	79,552	—	$0
2026-05-13	KING CATHY A	Officer (CLO & Corporate Secretary)	2026-05-11	A	66,293	—	$0
2026-05-13	STEENBERGE MICHAEL ANTHONY	Officer (SVP Finance & Transformation)	2026-05-11	A	26,517	—	$0
2026-05-13	Codner Elizabeth M	Officer (Chief Human Resources Officer)	2026-05-11	A	24,307	—	$0
2026-03-05	STEENBERGE MICHAEL ANTHONY	Officer (Chief Accounting Officer)	2026-03-04	S	(582)	$18.27	-$10,633
2026-03-05	Singh Savneet	Director, Officer (CEO & President)	2026-03-04	S	(14,310)	$18.27	-$261,444
2026-03-05	MENAR BRYAN A	Officer (Chief Financial Officer)	2026-03-04	S	(1,636)	$18.27	-$29,890
2026-03-05	KING CATHY A	Officer (CLO & Corporate Secretary)	2026-03-04	S	(1,517)	$18.27	-$27,716
2026-03-05	STEENBERGE MICHAEL ANTHONY	Officer (Chief Accounting Officer)	2026-03-03	S	(2,342)	$17.49	-$40,962
2026-03-05	Singh Savneet	Director, Officer (CEO & President)	2026-03-03	S	(57,605)	$17.49	-$1,007,511
2026-03-05	MENAR BRYAN A	Officer (Chief Financial Officer)	2026-03-03	S	(6,588)	$17.49	-$115,224
2026-03-05	KING CATHY A	Officer (CLO & Corporate Secretary)	2026-03-03	S	(6,109)	$17.49	-$106,846
2026-03-05	Voss Capital, LP	10% Owner	2026-02-04	P	50,000	$22.20	$1,109,995
2026-03-05	Voss Capital, LP	10% Owner	2026-02-04	P	15,100	$23.23	$350,826
2026-03-05	Voss Capital, LP	10% Owner	2026-02-03	P	157,862	$22.76	$3,592,245
2026-03-05	Voss Capital, LP	10% Owner	2026-02-03	P	25,000	$23.72	$593,108
2026-03-05	Voss Capital, LP	10% Owner	2026-02-03	P	2,500	$0.50	$1,250
2026-03-05	Voss Capital, LP	10% Owner	2026-02-03	P	464	$3.50	$1,624
2026-03-05	Voss Capital, LP	10% Owner	2026-01-30	P	2,138	$26.21	$56,037
2026-03-05	Voss Capital, LP	10% Owner	2026-01-28	P	1	$1.00	$1
2026-03-05	Voss Capital, LP	10% Owner	2026-01-27	P	85,000	$28.56	$2,427,192
2026-03-05	Voss Capital, LP	10% Owner	2026-01-27	P	90,000	$29.66	$2,669,184
2026-03-05	Voss Capital, LP	10% Owner	2026-01-23	P	10,000	$31.71	$317,142
2026-03-05	Voss Capital, LP	10% Owner	2026-01-15	P	50,068	$38.93	$1,949,353
2026-03-05	Voss Capital, LP	10% Owner	2026-01-14	P	41,034	$39.10	$1,604,622
2026-03-03	Singh Savneet	Director, Officer (CEO & President)	2026-03-01	A	56,163	—	$0
2026-03-03	Singh Savneet	Director, Officer (CEO & President)	2026-03-01	A	25,053	—	$0
2026-01-07	Voss Capital, LP	10% Owner	2026-01-06	P	25,000	$34.56	$864,008
2026-01-07	Voss Capital, LP	10% Owner	2026-01-05	P	8,898	$35.82	$318,728
2026-01-07	Voss Capital, LP	10% Owner	2025-12-31	P	15,348	$36.60	$561,700
2026-01-07	Voss Capital, LP	10% Owner	2025-12-30	P	146,789	$36.51	$5,359,266
2026-01-06	Singh Savneet	Director, Officer (CEO & President)	2026-01-05	S	(3,608)	$35.73	-$128,914
2025-12-12	MENAR BRYAN A	Officer (Chief Financial Officer)	2025-12-10	M	6,500	$8.82	$57,330
2025-12-12	MENAR BRYAN A	Officer (Chief Financial Officer)	2025-12-10	S	(6,500)	$35.53	-$230,945
2025-12-12	MENAR BRYAN A	Officer (Chief Financial Officer)	2025-12-10	M	(6,500)	—	$-0
2025-09-11	MENAR BRYAN A	Officer (Chief Financial Officer)	2025-09-10	M	6,500	$8.82	$57,330
2025-09-11	MENAR BRYAN A	Officer (Chief Financial Officer)	2025-09-10	S	(6,500)	$46.06	-$299,390
2025-09-11	MENAR BRYAN A	Officer (Chief Financial Officer)	2025-09-10	M	(6,500)	—	$-0
2025-08-15	Singh Savneet	Director, Officer (CEO & President)	2025-08-13	G	(176,891)	—	$-0
2025-06-13	STOFFEL JAMES C	Director	2025-06-12	A	2,730	—	$0
2025-06-13	RUSSO CYNTHIA A	Director	2025-06-12	A	2,730	—	$0
2025-06-13	Rauch Douglas Gregory	Director	2025-06-12	A	2,730	—	$0
2025-06-13	Crawford Linda M.	Director	2025-06-12	A	2,730	—	$0
2025-06-13	Pascal Keith	Director	2025-06-12	A	2,730	—	$0
2025-06-13	Singh Narinder	Director	2025-06-12	A	2,730	—	$0
2025-06-11	MENAR BRYAN A	Officer (Chief Financial Officer)	2025-06-10	M	6,500	$8.82	$57,330
2025-06-11	MENAR BRYAN A	Officer (Chief Financial Officer)	2025-06-10	S	(6,500)	$66.75	-$433,875
2025-06-11	MENAR BRYAN A	Officer (Chief Financial Officer)	2025-06-10	M	(6,500)	—	$-0
2025-06-11	Singh Narinder	Director	2025-06-09	S	(1,500)	$67.57	-$101,355
2025-06-03	STEENBERGE MICHAEL ANTHONY	Officer (Chief Accounting Officer)	2025-06-01	F	(435)	$65.56	-$28,519
2025-05-22	Rauch Douglas Gregory	Director	2025-05-20	S	(1,000)	$69.98	-$69,980
2025-03-20	Singh Savneet	Director, Officer (CEO & President)	2025-03-18	A	14,562	—	$0
2025-03-17	Singh Savneet	Director, Officer (CEO & President)	2025-03-14	G	(89,977)	—	$-0
2025-03-07	Singh Savneet	Director, Officer (CEO & President)	2025-03-07	G	(89,977)	—	$-0
2025-03-07	Singh Savneet	Director, Officer (CEO & President)	2025-03-05	A	58,249	—	$0
2025-03-07	KING CATHY A	Officer (CLO & Corporate Secretary)	2025-03-05	A	23,237	—	$0
2025-03-07	MENAR BRYAN A	Officer (Chief Financial Officer)	2025-03-05	A	23,237	—	$0
2025-03-07	STEENBERGE MICHAEL ANTHONY	Officer (Chief Accounting Officer)	2025-03-05	A	8,520	—	$0
2025-03-04	Singh Savneet	Director, Officer (CEO & President)	2025-03-01	A	72,584	—	$0
2025-03-04	Singh Savneet	Director, Officer (CEO & President)	2025-03-01	A	65,722	—	$0
2025-03-04	Singh Savneet	Director, Officer (CEO & President)	2025-03-01	F	(21,617)	$68.71	-$1,485,304
2025-03-04	Singh Savneet	Director, Officer (CEO & President)	2025-03-01	F	(34,872)	$68.71	-$2,396,055
2025-03-04	Singh Savneet	Director, Officer (CEO & President)	2025-03-01	F	(31,368)	$68.71	-$2,155,295
2025-03-04	KING CATHY A	Officer (CLO & Corporate Secretary)	2025-03-01	F	(5,904)	$68.71	-$405,664
2025-03-04	STEENBERGE MICHAEL ANTHONY	Officer (Chief Accounting Officer)	2025-03-01	F	(2,035)	$68.71	-$139,825
2025-03-04	MENAR BRYAN A	Officer (Chief Financial Officer)	2025-03-01	F	(6,297)	$68.71	-$432,667
2025-01-08	STEENBERGE MICHAEL ANTHONY	Officer (Chief Accounting Officer)	2024-03-31	A	122	—	$0
2025-01-02	Singh Savneet	Director, Officer (CEO & President)	2024-12-30	A	61,282	—	$0
2024-09-04	Rauch Douglas Gregory	Director	2024-08-30	G	(2,000)	—	$-0
2024-08-30	Rauch Douglas Gregory	Director	2024-08-28	S	(3,000)	$53.61	-$160,830
2024-08-13	Pascal Keith	Director	2024-08-12	A	3,395	—	$0
2024-08-13	Crawford Linda M.	Director	2024-08-12	A	3,395	—	$0
2024-08-13	Rauch Douglas Gregory	Director	2024-08-12	A	3,395	—	$0
2024-08-13	RUSSO CYNTHIA A	Director	2024-08-12	A	3,395	—	$0
2024-08-13	Singh Narinder	Director	2024-08-12	A	3,395	—	$0
2024-08-13	STOFFEL JAMES C	Director	2024-08-12	A	3,395	—	$0