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]

Core Insights - PAR Technology Corporation reported an earnings per share (EPS) of $0.06, surpassing the estimated EPS of -$0.02, and revenue of approximately $119.2 million, exceeding the estimated revenue of about $112.2 million [1][5] Financial Performance - The EPS of $0.06, while an improvement from a loss of $0.09 per share in the previous year, fell short of the Zacks Consensus Estimate of $0.09 per share, indicating a positive trend in earnings performance over the past year [2] - The company's price-to-sales ratio is about 3.22, suggesting investors are willing to pay $3.22 for every dollar of sales, while the enterprise value to sales ratio is around 3.97, reflecting a positive investor outlook on PAR's revenue generation capabilities [3] Financial Ratios - PAR's debt-to-equity ratio is approximately 0.47, indicating a moderate level of debt relative to equity, and the current ratio is around 1.70, suggesting good liquidity to cover short-term liabilities [4] - The significantly negative enterprise value to operating cash flow ratio of approximately -142.94 indicates challenges in generating positive cash flow from operations [4]

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]