PAR Technology Corporation Releases Conference Call Information for Fiscal 2025 Fourth Quarter and Year End Financial ResultsFeb 12, 2026 2:15 PM Eastern Standard Time# PAR Technology Corporation Releases Conference Call Information for Fiscal 2025 Fourth Quarter and Year End Financial ResultsShare---NEW HARTFORD, N.Y.--([BUSINESS WIRE])--PAR Technology Corporation (NYSE: PAR) today announced that it will report its fourth quarter financial results on Thursday, February 26, 2026. The results are scheduled t ...

分组1 - Immersion Investment Partners achieved a net return of 4.9% in Q4 2025, outperforming the Russell 2000 Index's return of 2.2% and the Russell Microcap Index's gain of 6.3% [1] - The yearly return for Immersion Investment Partners was 45.4%, significantly higher than the Russell 2000 Index's 12.8% and the Russell Microcap Index's 23.0% [1] - The firm expressed concerns about energy demands and unclear monetization paths in the context of massive investments in AI, indicating potential investment opportunities for companies with innovative business models [1] 分组2 - PAR Technology Corporation (NYSE:PAR) experienced a stock price decline of 34.55% over the past month and a significant 68.53% drop over the last 52 weeks, with a current market capitalization of approximately $923.446 million [2] - The company faced a disastrous 2025, with a 50% stock decline attributed to decreased software valuation multiples and a slowdown in top-line growth, primarily due to delays in the point-of-sale rollout for Burger King [3] - Despite challenges, PAR Technology Corporation has continued to secure deals, including a contract with Papa John's that is expected to contribute $15 million in annual recurring revenue (ARR) when fully deployed [3] - The company has increased its ARR per share fourfold since late 2020, driven by organic software growth and M&A, while gross profit has also quadrupled despite divesting a large business in 2024 [3] - Management's strategy of reinvesting nearly 100% of growth in gross margin dollars into operating expenses is aimed at long-term business sustainability, with targets of $225 million in gross profit and $90 million in EBITDA for 2026 still on track [3]

Core Insights - PAR Technology is acquiring Bridg, a shopper intelligence platform, for $27.5 million, potentially increasing to $30 million after adjustments [2][3] - The acquisition aims to integrate Bridg's Identity Resolution platform with PAR's loyalty solutions, enhancing customer profiling and marketing attribution [3][5] Acquisition Details - The transaction is expected to close in the first quarter, pending customary closing conditions [4] - Bridg's platform will enable retailers and restaurants to activate offers for previously anonymous shoppers [3] Strategic Goals - PAR Technology's CEO stated that the acquisition will help create a comprehensive platform for customer connections, enhancing operational efficiency and profitability in a competitive market [5] - The company has previously acquired three other firms in the foodservice technology sector, indicating a strategy to consolidate disjointed products [6][7] Background on Bridg - Bridg was founded in 2012 to provide consumer data to brick-and-mortar businesses, previously available mainly to online merchants [8] - Cardlytics acquired Bridg in April 2021, enhancing its digital advertising capabilities [9]

Core Viewpoint - PAR Technology Corporation has announced the acquisition of Bridg, a shopper intelligence platform, for a purchase price of $27.5 million, with potential adjustments bringing the total to a maximum of $30 million [1] Group 1: Acquisition Details - The acquisition involves substantially all assets of Bridg, which is a division of Cardlytics, Inc. [1] - The structured purchase price is set at $27.5 million, with adjustments possible that could increase the total to $30 million [1]

Industry Overview - The restaurant industry faced significant challenges in 2025, with traffic declining across most concepts served, marking the toughest period since COVID for restaurant sales [2] - Despite healthy same-store sales driven by price increases, overall traffic has not performed well, particularly in the fast casual and quick service segments [1][2] - Typically, quick service restaurants perform well in challenging markets as consumers tend to trade down, but this trend did not hold in the recent environment [3] Company Positioning - The company, PAR, is positioned within the restaurant tech space, navigating the conflicting data points in the market, particularly regarding same-store sales and traffic trends [1]

Group 1 - Laughing Water Capital reported a return of approximately 6.8% in Q4 2025, with full-year returns at around 3.9% net of fees and expenses, outperforming the SP500TR and R2000 indexes in the previous year [1] - The cumulative returns since inception for Laughing Water Capital are about 400%, compared to approximately 332% for the SP500TR and around 175% for the R2000 benchmark [1] - The portfolio is positioned to deliver strong long-term results despite recent underperformance in the current year [1] Group 2 - PAR Technology Corporation, a key holding for Laughing Water Capital, offers cloud-based solutions for the restaurant and retail sectors [2] - As of January 14, 2026, PAR Technology's stock closed at $39.77, with a one-month return of 5.46% but a significant decline of 48.17% over the past 52 weeks [2] - PAR Technology's management has faced challenges due to market perceptions regarding AI and legacy software, leading to a substantial drop in stock value [3]

Performance Overview - Laughing Water Capital ("LWC") achieved a return of approximately 6.8% in Q4, resulting in a full-year return of about 3.9% after fees and expenses, compared to the SP500TR and R2000 which returned approximately 2.7% and 2.2% respectively in the same quarter [3] - Since inception, LWC's cumulative return is approximately 400%, outperforming the SP500TR's ~332% and the R2000's ~175% [4] Investment Philosophy - The company emphasizes investing in off-the-beaten-path businesses led by capable management, particularly during periods of uncertainty, believing this approach can yield outsized returns over time [6][8] - Despite the current market enthusiasm for sectors like artificial intelligence and technology, the company remains focused on fundamental business performance rather than market trends [7][8] Market Dynamics - Recent market trends have favored larger, growth-oriented companies, with a significant outperformance of large-cap stocks over small-cap stocks [10][15] - The SP500 has outperformed the equal-weight SP500 by 34% over the past three years, indicating a strong preference for larger companies [15] Specific Investments - Lifecore Biomedical is highlighted as a key investment, with expectations of significant growth due to its competitive advantages and increasing capacity utilization [13][14] - Liquidia Corp has seen early sales success with its drug Yutrephia, which has outperformed expectations, despite ongoing patent litigation with United Therapeutics [30][31] - NextNav Inc is positioned as a potential leader in providing a terrestrial backup to GPS, with bipartisan support for its proposal to repurpose spectrum for 5G use [36][39] Future Outlook - The company anticipates continued improvement in the fundamental performance of its investments, suggesting that over time, market recognition of these fundamentals will lead to better stock performance [62] - Management remains optimistic about the potential for significant upside in investments like Lifecore and Liquidia, while also acknowledging the challenges posed by market sentiment and timing [29][33]

Summary of PAR (NYSE:PAR) FY Conference Call - January 13, 2026 Industry Overview - The restaurant technology sector is still in its early stages, particularly in the enterprise category, where many brands are just beginning to transition to digital operations [6][4] - 2025 was a challenging year for restaurants, with traffic down across most concepts, although some brands managed to maintain same-store sales through price adjustments [4][5] - There is potential for a rebound in 2026, especially if consumer spending increases due to tax refunds [5][7] Company Positioning and Strategy - PAR has seen an increase in RFP activity and a larger pipeline in 2025, indicating a growing interest in restaurant technology despite a softer sales year [6][10] - The company has adopted a multi-product strategy, with approximately 70% of new deals involving multiple products, a significant increase from previous years [14][12] - The focus on creating a platform that integrates various products is seen as a key differentiator in the market [13][14] Total Addressable Market (TAM) - PAR estimates that it could potentially 2.5x its revenue by cross-selling existing products to its current customer base [17] - The company is expanding into adjacent markets, such as convenience stores and the pizza category, which are rapidly growing segments [18][19] - The total market for point of sale systems is substantial, with around 7 million restaurants globally, and PAR is now positioned to serve a larger portion of this market [20][21] Key Customer Wins - PAR secured a significant deal with Papa John's, expected to generate $14-$15 million in annual recurring revenue (ARR), marking it as one of their largest customers [21][29] - The partnership with Papa John's is seen as a validation of PAR's capabilities, especially given the competitive landscape where many pizza companies have developed their own systems [22][24] Financial Performance and Growth Outlook - The company aims to achieve mid-teens growth in ARR, with aspirations to return to a 20% growth target through large deals and cross-selling opportunities [36][37] - The current revenue mix is heavily weighted towards new customer acquisition, with a goal to balance this with upselling existing customers [34][35] - PAR's EBITDA margins are expected to improve as the company scales and manages operational costs effectively [51][52] AI Integration and Product Development - PAR is focusing on integrating AI into its products to enhance efficiency and create new revenue-generating SKUs [42][44] - The company has launched its first AI SKU, Coach AI, which has shown strong initial customer engagement [44][43] - Future AI developments aim to provide hyper-localized marketing solutions and personalized customer experiences [58][59] Capital Allocation and M&A Strategy - PAR is being cautious with M&A, focusing on small technology acquisitions that can enhance its product offerings without diluting shareholder value [54][55] - The company is looking for opportunities in the restaurant and retail technology space, particularly as many startups face financial challenges [55] Conclusion - PAR is navigating a challenging restaurant tech landscape with a strong focus on multi-product offerings, strategic customer acquisitions, and AI integration to drive future growth [12][14][42] - The company is optimistic about its growth trajectory, particularly with new customer wins and expanding into new market segments [21][36]

Group 1 - Bristlemoon Global Fund reported a return of -6.2% in Q4 2025, with a cumulative return of 11.9% since inception [1] - The fund's performance was impacted by a significant decline in two of its largest positions, Hemnet Group and PAR Technology Corporation, both of which lost more than half their value [3] - The market in 2025 saw a divergence where perceived AI winners rallied while stocks labeled as AI losers, including those considered "cheap," experienced further declines [1] Group 2 - PAR Technology Corporation (NYSE:PAR) had a one-month return of 4.56% but saw a 44.68% decline in value over the past 52 weeks, closing at $37.36 per share with a market capitalization of $1.51 billion on January 9, 2026 [2] - Despite a nearly 23% increase in revenue to $119 million in Q3, PAR Technology Corporation is not among the top 30 most popular stocks among hedge funds, with a decrease in hedge fund holdings from 28 to 24 [4] - The potential of PAR Technology Corporation as an investment is acknowledged, but certain AI stocks are viewed as having greater upside potential and lower downside risk [4]

Core Viewpoint - PAR Technology Corporation is actively engaging with institutional investors through presentations and meetings at the 28th Annual Needham Growth Conference, highlighting its commitment to growth and investor relations [1][2]. Company Overview - PAR Technology Corporation (NYSE: PAR) is a leading provider of foodservice technology, offering a unified platform designed to scale and adapt to brands at various growth stages [3]. - The company's solutions include point-of-sale, digital ordering, loyalty programs, back-office operations, payments, and hardware, all designed for flexibility and integration [3]. - PAR's innovations aim to streamline operations, enhance customer engagement, and improve guest experiences for restaurants and retailers globally [3].