EXFY · Expensify, Inc.

Expensify's Q1 2026 results reflect a mixed performance. Revenue declined 6% year-over-year to $34.0 million, primarily due to a 4% decrease in paid members to 632,000. However, the company showed strength in its Expensify Card business, with interchange revenue growing 10% to $5.5 million, indicating successful adoption of its card products. On the profitability front, GAAP net loss improved to $2.3 million from $3.2 million a year ago, while non-GAAP net income reached $3.6 million. Adjusted EBITDA was $6.2 million, demonstrating operational leverage. Free cash flow was $2.5 million, which included a $2.6 million one-time payment for settling a shareholder class action lawsuit. Management highlighted progress on the Bring Your Own Card strategy, partnerships with Campfire ERP, Rillet ERP, and American Airlines, and over 30 product improvements shipped during the quarter. For the full year 2026, Expensify guided free cash flow in the range of $6.0 million to $9.0 million, implying continued focus on cash generation. The company also provided stock-based compensation estimates for the next four quarters, totaling $4.7-6.7 million in Q2 2026. Overall, while top-line growth remains challenged, the company is making strategic moves to expand its ecosystem and improve profitability.