Expensify : Deck (Full) (6)

Published: 2026-05-08 16:22:03 ET EXFY

Published on 05/08/2026 at 04:22 pm EDT

Q1 2026

Earnings

Q1 2026

Financials

Q1 2026

Revenue

$34.0MM

Average Paid Members

632,000

Total Interchange

$5.5MM

Q1 2026

Operating Cash Flow

$0.1MM

Free Cash Flow1

$2.5MM

Net Loss

$(2.3)MM

Non-GAAP Net Income2

$3.6MM

Adj. EBITDA3

$6.2MM

1 We define free cash flow as net cash provided by operating activities excluding changes in settlement assets, net and settlement liabilities, reduced by the purchases of property and equipment and software development costs. Please see appendix for GAAP to non-GAAP reconciliation.

2 We define non-GAAP net income as net loss excluding stock-based compensation expense. Please see appendix for GAAP to Non-GAAP reconciliation.

3 We define adjusted EBITDA as net loss excluding provision for income taxes, other income, net, depreciation and amortization, and stock-based compensation expense. Please see appendix for GAAP to Non-GAAP reconciliation.

Free Cash Flow1

Q1 FCF was $2.5MM2, a decrease of 73% from the same period last year.

Q1 had a one time $2.6MM payment related to settling the class action lawsuit. Q1 FCF would have been $5MM absent that one time payment.

We reiterate our FY26 FCF guidance of $6.0MM - $9.0MM3.

1 We define free cash flow as net cash provided by operating activities excluding changes in settlement assets, net and settlement liabilities, reduced by the purchases of property and equipment and software development costs.

2 Please see appendix for GAAP to non-GAAP reconciliation.

3 The Company does not provide a reconciliation for free cash flow estimates on a forward-looking basis because it is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of net cash used in operating activities and certain reconciling items on a forward-looking basis, which could be significant to the Company's results.

Note: Expensify's outlook statements are based on current expectations. These statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth in the Disclaimer at the front of this presentation.

Q2 2026 Flash

Monthly Paid Members

Note: There can be no assurances that the trends of previous second quarters are representative of future trends.

April Paid Members

641,000

Denotes April 2026 and April activity from previous years

Q1 Highlights

Q1 Business Highlights

Q1 Product Highlights

Summary

1 We define free cash flow as net cash provided by operating activities excluding changes in settlement assets, net and settlement liabilities, reduced by the purchases of property and equipment and software development costs. Please see appendix for GAAP to non-GAAP reconciliation.

2 Please see appendix for GAAP to non-GAAP reconciliation.

QCa

appendix

GaaP to Non-GaaP Reconciliation:

Non-GaaP Net Income

(unaudited, in thousands) (unaudited, in thousands)

Add:

Stock-based compensation expense 5,977 7,990

1 We define non-GAAP net income as net loss excluding stock-based compensation expense.

GaaP to Non-GaaP Reconciliation:

adjusted EBITDa

Three months ended

Three months ended

March 31, 2026

(unaudited, in thousands)

March 31, 2025

(unaudited, in thousands)

Net loss

$ (2,337)

$ (3,169)

Provision for income taxes

536

2,006

Other income, net

(171)

(324)

Depreciation and amortization

2,215

1,943

Stock-based compensation expense

5,977 7,990

Note: We define adjusted EBITDA as net loss excluding provision for income taxes, other income, net, depreciation and amortization, and stock-based compensation expense.

GaaP to Non-GaaP Reconciliation:

Free Cash Flow

(unaudited, in thousands)

(unaudited, in thousands)

Net cash provided by operating activities

$ 118

$ 7,856

Changes in settlement assets and liabilities

Settlement assets, net

4,481

5,555

Settlement liabilities

(730)

(3,809)

Software development costs (1,412) (498)

Note: We define free cash flow as net cash provided by operating activities excluding changes in settlement assets, net and settlement liabilities, reduced by the purchases of property and equipment and software development costs.

Estimated Stock-Based Compensation (Millions) -

Next 4 Quarters

Q2 2026

Q3 2026

Q4 2026

Q1 2027

Low

High

Low

High

Low

High

Low

High

Cost of revenue, net

$ 1.8

$ 2.6

$ 1.7

$ 2.5

$ 1.7

$ 2.5

$ 1.7

$ 2.5

Research and development

1.5

2.1

1.4

2.0

1.4

2.0

1.3

1.9

General and administrative

0.8

1.2

0.8

1.2

0.8

1.2

0.7

1.1

Sales and marketing

0.6

0.8

0.6

0.8

0.6

0.8

0.6

0.8

Total

$ 4.7

$ 6.7

$ 4.5

$ 6.5

$ 4.5

$ 6.5

$ 4.3

$ 6.3

Note: Expensify's outlook statements are based on current expectations. These statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth in the Disclaimer at the front of this presentation.

Disclaimer

Expensify Inc. published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 20:16 UTC.