Expensify, Inc. reported a net revenue of $33.97 million for the first quarter of 2026, a decrease of 6% from $36.07 million in the same period of 2025. The decline in revenue was attributed to reduced billable activity among users and increased contra revenue from cashback payments associated with the Expensify Card program. Despite this, interchange revenue rose to $5.54 million, up from $5.03 million year-over-year, reflecting the growing adoption of the Expensify Card. The company recorded a net loss of $2.34 million, or $0.02 per share, an improvement from a net loss of $3.17 million, or $0.03 per share, in the prior year.

Total operating expenses for the quarter were $18.14 million, down from $19.73 million in the previous year, primarily due to a significant reduction in general and administrative expenses, which fell by 16% to $9.12 million. Research and development expenses also saw a slight decrease of 2%, while sales and marketing expenses increased by 6%. The gross margin for the quarter was 48%, down from 51% in the prior year, reflecting the impact of decreased revenue and increased cashback rewards.

In terms of operational metrics, Expensify reported an average of 632,000 paid members across approximately 41,500 companies, a decrease from 657,000 paid members in the same quarter of 2025. The company has processed 1.9 billion expense transactions since its inception, indicating a strong user engagement despite the decline in active members. As of March 31, 2026, Expensify had $66.53 million in cash and cash equivalents, with no outstanding debt, positioning the company well for future growth.

Looking ahead, Expensify remains focused on enhancing its product offerings and expanding its market presence. The company is aware of the macroeconomic challenges, including inflation and geopolitical uncertainties, that could impact its operations. However, it believes that its existing cash resources will be sufficient to support its growth strategy over the next 12 months. The company is also monitoring its stock price in light of a recent Nasdaq deficiency letter regarding its minimum bid price requirement, which could affect its listing status if not addressed by October 2026.

About Expensify, Inc.

Expensify is a cloud-based expense management platform that simplifies business financial processes for organizations of all sizes. It offers features such as receipt scanning, expense approval, corporate card management, bill pay, and travel booking. Its viral, bottom-up adoption model leverages user experience and integrations, targeting small to large businesses globally. The company emphasizes ease of use, automation, and a scalable, product-led approach to streamline preaccounting workflows.

This description was generated via AI from an annual report. Updated 9 months ago.

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