Greenhaven Road Capital’s Strategic Perspective on PAR Technologies (PAR)

Core Insights - Greenhaven Road Capital reported a third-quarter 2025 return of approximately -9%, with year-to-date returns also at -9% [1] - The fund's performance was impacted by a lack of direct investment in AI, no overlap with major indices like the S&P 500 and Russell 2000, and insufficient holdings in small, high-growth, unprofitable companies that have recently benefited from the AI landscape [1] Company Analysis: PAR Technology Corporation - PAR Technology Corporation (NYSE:PAR) provides omnichannel cloud-based hardware and software solutions for the restaurant and retail sectors [2] - The stock experienced a one-month return of 7.51%, but has lost 48.55% of its value over the past 52 weeks, closing at $38.67 per share with a market capitalization of $1.57 billion on November 7, 2025 [2] - Despite frustrations with the stock's performance, Greenhaven Road Capital maintains a significant position in PAR Technology, citing a long-term conviction despite a 40% decline in the stock over the last two months of the quarter [3] Financial Performance - PAR Technology Corporation's revenue for the third quarter increased nearly 23% to $119 million [4] - The company is not among the 30 most popular stocks among hedge funds, with 28 hedge fund portfolios holding its shares at the end of the second quarter, unchanged from the previous quarter [4]