$EXFY

Expensify, Inc.

CIK:0001476840|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue, net	$ 33,866	$ 35,764	$ 67,835	$ 71,838
Cost of revenue, net	17,536	17,187	35,333	35,019
Gross margin	16,330	18,577	32,502	36,819
Operating expenses:
Research and development	4,983	5,158	10,248	10,516
General and administrative	9,591	9,411	18,709	20,240
Sales and marketing	4,677	14,346	8,438	17,888
Total operating expenses	19,251	28,915	37,395	48,644
Loss from operations	(2,921)	(10,338)	(4,893)	(11,825)
Other income, net	202	889	373	1,213
Loss before income taxes	(2,719)	(9,449)	(4,520)	(10,612)
(Provision for) benefit from income taxes	(1,132)	661	(1,668)	(1,345)
Net loss, basic	(3,851)	(8,788)	(6,188)	(11,957)
Net loss, diluted	$ (3,851)	$ (8,788)	$ (6,188)	$ (11,957)
Net loss per share:
Basic (in dollars per share)	$ (0.04)	$ (0.10)	$ (0.07)	$ (0.13)
Diluted (in dollars per share)	$ (0.04)	$ (0.10)	$ (0.07)	$ (0.13)
Weighted average shares of common stock used to compute net loss per share:
Basic (in shares)	95,441,380	92,271,924	94,585,048	91,888,633
Diluted (in shares)	95,441,380	92,271,924	94,585,048	91,888,633

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (6,188)	$ (11,957)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	4,598	4,041
Reduction of operating lease right-of-use assets	272	279
Loss on impairment, receivables and sale or disposal of equipment	720	334
Stock-based compensation expense	13,188	14,917
Amortization of debt issuance costs	83	57
Deferred income taxes	51	(4)
Changes in assets and liabilities:
Accounts receivable, net	819	212
Settlement assets, net	(3,321)	(5,994)
Prepaid expenses	1,189	9,565
Other current assets	6,525	(2,186)
Other assets	(97)	(19)
Accounts payable	329	1,336
Accrued expenses and other liabilities	(9,995)	962
Operating lease liabilities	(287)	(281)
Settlement liabilities	478	4,947
Other liabilities	187	(169)
Net cash provided by operating activities	8,551	16,040
Cash flows from investing activities:
Purchase of property and equipment	0	(17)
Software development costs	(2,491)	(1,655)
Net cash used in investing activities	(2,491)	(1,672)
Cash flows from financing activities:
Change in customer funds, net	4,251	(2,319)
Principal payments of finance leases	(74)	(68)
Payments for debt issuance costs	(114)	(88)
Proceeds from common stock purchased under the Matching Plan	3,283	2,610
Proceeds from issuance of common stock upon exercise of stock options	39	117
Repurchase and retirement of common stock	(8,451)	(3,026)
Net cash used in financing activities	(1,066)	(2,774)
Net increase in cash and cash equivalents and restricted cash	4,994	11,594
Cash and cash equivalents and restricted cash at beginning of period	104,624	90,834
Cash and cash equivalents and restricted cash at end of period	109,618	102,428
Noncash investing and financing items:
Stock-based compensation capitalized as software development costs	710	775
Repurchases and retirement of common stock in accounts payable and accrued expenses	774	0
Purchases of property and equipment and capitalized software in accounts payable and accrued expenses	26	31
Fair value of common stock issued to settle liability-classified restricted stock units	718	343
Reconciliation of cash and cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	65,760	60,519
Restricted cash included in other current assets	20,074	21,132
Restricted cash included in settlement assets, net	23,784	20,777
Total cash and cash equivalents and restricted cash	$ 109,618	$ 102,428

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 65,760	$ 63,080
Accounts receivable, net	11,168	12,617
Settlement assets, net	51,484	45,378
Prepaid expenses	4,399	5,588
Other current assets	21,380	26,344
Total current assets	154,191	153,007
Capitalized software, net	12,401	13,596
Property and equipment, net	12,707	13,016
Lease right-of-use assets	4,390	4,730
Deferred tax assets, net	474	494
Other assets	1,243	1,146
Total assets	185,406	185,989
Liabilities and stockholders' equity
Accounts payable	1,131	289
Accrued expenses and other liabilities	8,064	17,893
Lease liabilities, current	626	678
Settlement liabilities	34,275	27,545
Total current liabilities	44,096	46,405
Lease liabilities, non-current	4,752	5,061
Other liabilities	1,996	1,778
Total liabilities	50,844	53,244
Commitments and contingencies (Note 4)
Stockholders' equity:
Preferred Stock, Value, Issued	0	0
Common stock issued, value	9	9
Additional paid-in capital	312,958	304,953
Accumulated deficit	(178,405)	(172,217)
Total stockholders' equity	134,562	132,745
Total liabilities and stockholders' equity	$ 185,406	$ 185,989