Core Insights - PAR Technology has demonstrated a strong sales growth with a compounded annual growth rate of 16.2% over the last five years, indicating high demand for its services [1] - The company reported $440.5 million in revenue over the past 12 months, positioning it as a smaller player in the business services sector, which presents both challenges and opportunities for growth [2] - In Q3, PAR Technology's revenue increased by 23.2% year-on-year to $119.2 million, surpassing Wall Street expectations [5][8] - The company’s annual recurring revenue (ARR) reached $298.4 million, with an average year-on-year growth of 56.6% over the last two years, indicating strong revenue generation from existing customers [7] - PAR Technology's operating margin has improved by 3.6 percentage points over the last five years, although it remains negative at -14.8% for the trailing 12 months [12][13] - The adjusted earnings per share (EPS) for Q3 was $0.06, a significant improvement from a negative EPS of $0.09 in the same quarter last year, with expectations for a 432% growth in full-year EPS over the next 12 months [16] Revenue Performance - The company has shown robust revenue growth, with a 20.3% annualized revenue growth over the last two years, indicating a recent acceleration in demand [6] - PAR Technology's revenue growth is expected to decelerate to 11.7% over the next 12 months, which, while lower than previous years, still reflects confidence in its product offerings [8] Profitability Metrics - Despite high expenses leading to an average operating margin of -19.6% over the last five years, the company is making progress towards profitability [11] - The positive shift in EPS from negative to positive over the last five years suggests that PAR Technology is at an inflection point in its growth trajectory [14] Strategic Developments - The launch of PAR AI, an intelligence layer integrated into its product suite, is expected to enhance customer outcomes and drive market share growth [4] - The CEO expressed confidence in the company's ability to grow revenue above market rates while maintaining financial discipline [4]

Financial Performance - Total revenues for Q3 2025 reached $119.2 million, a 23.1% increase from $96.8 million in Q3 2024[17] - Subscription service revenue grew to $74.8 million, up 24.5% from $59.9 million year-over-year[17] - Net loss for Q3 2025 was $18.2 million, compared to a net loss of $19.8 million in Q3 2024, showing a slight improvement[19] - The company reported a comprehensive loss of $29.0 million for Q3 2025, compared to a comprehensive loss of $16.0 million in Q3 2024[19] - For the nine months ended September 30, 2025, the company reported a net loss of $63.57 million compared to a net income of $16.07 million in the same period of 2024[25] - The company reported a net loss of $24,350,000 for the quarter ending March 31, 2025, and a net loss of $21,040,000 for the quarter ending June 30, 2025[21] - The company experienced a net income of $54,190,000 for the quarter ending June 30, 2024, following a net loss of $18,288,000 for the quarter ending March 31, 2024[23] - The company reported a net loss of $19,832,000 for the quarter ending September 30, 2024[23] Revenue Breakdown - Total revenues for the nine months ended September 30, 2025, were $335.4 million, an increase of $90.5 million or 36.9% compared to $244.9 million for the same period in 2024[108] - Subscription service revenues for the nine months ended September 30, 2025, were $215.1 million, an increase of $71.9 million or 50.2% compared to $143.2 million for the same period in 2024[109] - Hardware revenues for the nine months ended September 30, 2025, were $78.6 million, an increase of $17.6 million or 28.9% compared to $61.0 million for the same period in 2024[110] - Subscription service revenue for the three months ended September 30, 2025, was $74,763,000, up from $59,909,000 in the same period of 2024, representing a year-over-year increase of 24.5%[42] - Hardware revenue increased by 32.0% year-over-year to $29.9 million, accounting for 25.1% of total revenue[100] Expenses and Costs - Research and development expenses for Q3 2025 were $19.3 million, an increase of 8.1% from $17.8 million in Q3 2024, highlighting ongoing investment in innovation[17] - Operating expenses for the nine months ended September 30, 2025, totaled $199.3 million, an increase of 21.7% compared to $163.8 million for the same period in 2024[108] - General and administrative expenses for the nine months ended September 30, 2025, rose by $14.8 million or 19.0% to $92.7 million from $77.9 million in 2024[124] - Sales and marketing expenses for the nine months ended September 30, 2025, increased by $5.3 million or 17.0% to $36.5 million from $31.2 million in 2024[121] - Stock-based compensation expenses amounted to $7,181,000 for the quarter ending June 30, 2025, and $5,937,000 for the quarter ending September 30, 2024[21][23] Assets and Liabilities - Total current assets increased to $227.1 million as of September 30, 2025, compared to $218.0 million at the end of 2024[15] - Total liabilities rose to $539.3 million, up from $509.0 million at the end of 2024, indicating increased financial obligations[15] - Cash and cash equivalents decreased to $92.5 million from $108.1 million at the end of 2024, reflecting cash outflows[15] - Goodwill increased to $898.5 million as of September 30, 2025, from $887.5 million at the end of 2024, indicating potential acquisitions or business growth[15] - As of September 30, 2025, total shareholders' equity stands at $838,049,000, with an accumulated deficit of $343,510,000[21] Acquisitions and Investments - The company acquired GoSkip for approximately $4.8 million to enhance its PAR Retail product offerings, focusing on self-checkout solutions[43] - The Delaget Acquisition was completed for a total consideration of $125.1 million, which included $16.9 million in cash and equity consideration valued at $108.2 million[50] - Goodwill from the Delaget Acquisition was preliminarily valued at $97.954 million, reflecting expected synergies from the acquisition[56] - The company incurred acquisition expenses of approximately $0.6 million related to the GoSkip Asset Acquisition, which were capitalized as part of the asset cost[45] Cash Flow and Financing - Cash used in operating activities for continuing operations was $15.41 million, a decrease from $24.44 million in the prior year[25] - The company experienced a net cash decrease of $14.65 million in cash and cash equivalents, ending the period with $106.89 million compared to $121.07 million at the end of the previous year[27] - Cash used in investing activities significantly decreased to $10.9 million for the nine months ended September 30, 2025, compared to $178.1 million for the same period in 2024[164] - Cash provided by financing activities was $11.5 million for the nine months ended September 30, 2025, down from $279.3 million for the same period in 2024[165] - The company raised $194,490,000 from a private placement of common stock, net of issuance costs of $5.5 million[23] Market and Customer Insights - The U.S. market contributed $98.2 million in revenue for Q3 2025, up from $81.6 million in Q3 2024, while international revenue increased to $21.0 million from $15.1 million[84] - McDonald's Corporation accounted for 23% of total revenues in Q3 2025, up from 18% in Q3 2024, highlighting the importance of this customer[85] Risk and Compliance - The company does not believe it has any pending litigation that would have a material adverse effect on its financial condition or results of operations[178] - There have been no material changes to the Risk Factors described in the 2024 Annual Report[179] - The company's management evaluated the effectiveness of disclosure controls and procedures as of September 30, 2025, concluding they were effective[175] - There were no changes in internal control over financial reporting during the quarter ended September 30, 2025, that materially affected the internal control over financial reporting[176]

Earnings Presentation November 6, 2025 NYSE: PAR partech.com Q3 2025 Forward-Looking Statements. This presentation contains forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, Section 27A of the Securities Act of 1933, as amended, and the Private Securities Litigation Reform Act of 1995, and the accuracy of such statements is necessarily subject to risks, uncertainties and assumptions as to future events that may not prove ...

FOR RELEASE: CONTACT: New Hartford, NY, November 6, 2025 Christopher R. Byrnes (315) 743-8376 chris_byrnes@partech.com, www.partech.com Exhibit 99.1 Year-to-Date 2025 Financial Highlights (2) | (in millions, except % and per share | GAAP | | | Non-GAAP | | (1) | | --- | --- | --- | --- | --- | --- | --- | | amounts) | Q3 2025 | Q3 2024 | vs. Q3 2024 | Q3 2025 | Q3 2024 | vs. Q3 2024 | | Revenue | $335.4 | $245.0 | better 36.9% | | | | | Net Loss from Continuing Operations/Adjusted EBITDA | $(63.8) | $(64.6) ...

Laughing Water Capital, an investment management company, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter of 2025, Laughing Water Capital declined approximately -1% net of all expenses, bringing year-to-date returns to approximately -2.7%. The SP500TR and R2000 returned 12.4% and 8.1% respectively, in the quarter, and 14.8% and 10.4%, respectively, for YTD. In addition, you can check the fund’s top 5 holdings to determine its best picks for ...

Core Insights - Baron Discovery Fund's year-to-date performance is up 10.75%, slightly trailing the Russell 2000 Growth Index's return of 11.65% [1] - In Q3 2025, the fund gained 2.85%, while the Index rose by 12.19% [1] Company Overview: PAR Technology Corporation - PAR Technology Corporation provides omnichannel cloud-based hardware and software solutions for the restaurant and retail sectors [2] - As of October 29, 2025, PAR's stock closed at $35.09, with a market capitalization of $1.424 billion [2] Performance and Outlook - PAR Technology's stock experienced a one-month decline of 6.87% and a significant 41.52% drop over the past 52 weeks [2] - The company revised its full-year growth outlook from 20% to 15% due to weaker-than-expected performance in the first half of the year, influenced by macroeconomic conditions and strategic rollout delays [3] - Despite the challenges, management is optimistic about achieving 20% annual recurring revenue growth in the next 12 months, supported by a strong pipeline of contracts, including ongoing negotiations with large enterprise restaurant chains [3] Investment Sentiment - PAR Technology is not among the top 30 most popular stocks among hedge funds, with 28 hedge fund portfolios holding the stock at the end of Q2, unchanged from the previous quarter [4] - While PAR is recognized for its potential, other AI stocks are considered to offer greater upside with less downside risk [4]

Core Insights - PAR Technology Corporation will report its third quarter financial results for fiscal 2025 on November 6, 2025, with a conference call scheduled for 4:30 p.m. ET [1][2] Company Overview - PAR Technology Corporation is a leading provider of foodservice technology, offering a unified platform that integrates various solutions such as point-of-sale, digital ordering, loyalty, back-office, payments, and hardware [3] Recent Developments - Krystal Restaurants LLC has selected PAR Punchh® to power its new loyalty program, Club Krystal, as part of its national expansion strategy [5] - Layne's Chicken Fingers has chosen PAR® Engagement to enhance its digital ordering and loyalty experience, preparing for rapid growth with over 300 restaurants planned [6] - PAR Technology has launched PAR Games™, an interactive loyalty experience aimed at increasing guest engagement through personalized brand interactions [7]

Core Insights - PAR Technology Corporation has announced that Layne's Chicken Fingers will implement PAR® Engagement to enhance its digital ordering and loyalty systems as it prepares for significant expansion [1] Company Developments - Layne's Chicken Fingers is planning to expand with over 300 restaurants in the development pipeline [1] - PAR Engagement includes a suite of tools for ordering, loyalty, guest data, and marketing [1]

Core Insights - Refuel is partnering with PAR Technology to enhance customer loyalty and engagement, aiming for a 50% increase in membership and transactions [3][8] - The new loyalty platform will be implemented across Refuel's 240+ convenience stores by the end of 2025, with ongoing refinements through 2026 [3][8] - Leadership changes at Refuel include the promotion of co-presidents to co-CEOs and the appointment of new executives in key roles [5] Company Developments - Refuel has introduced a new grab-and-go food program called EATS, featuring a variety of food items [6] - The transition to PAR Technology's platform is part of a broader trend in the convenience store industry to improve loyalty offerings and integrate retail media networks [8]

Group 1 - Bristlemoon Global Fund achieved a return of 5.0% in the September quarter and 5.6% for September 2025, net of fees [1] - Since its inception, the fund has produced a cumulative return of 19.3%, net of fees, focusing on long-term capital compounding [1] - The fund's top five holdings are highlighted as its best picks for 2025 [1] Group 2 - PAR Technology Corporation (NYSE:PAR) provides omnichannel cloud-based hardware and software solutions for the restaurant and retail sectors [2] - PAR Technology's stock experienced a one-month return of -16.22% and a 52-week decline of 35.99%, closing at $36.20 per share on October 10, 2025, with a market capitalization of $1.469 billion [2] - The stock has been part of the Bristlemoon Global Fund portfolio since inception, but it faced a significant drawdown, falling 44% from $71 per share in late July to around $40 at the end of September [3]