# EDGAR Filing Document

**Accession Number:** 0000708821
**File Stem:** 0000708821-26-000024
**Filing Date:** 2026-2
**Character Count:** 58246
**Document Hash:** 4325499d0a7f85f29b41f970ec298a5b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000708821-26-000024.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000708821-26-000024

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20260226

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAR TECHNOLOGY CORP
- **CENTRAL INDEX KEY:** 0000708821
- **STANDARD INDUSTRIAL CLASSIFICATION:** CALCULATING & ACCOUNTING MACHINES (NO ELECTRONIC COMPUTERS) [3578]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 161434688
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09720
- **FILM NUMBER:** 26688104

**BUSINESS ADDRESS:**
- **STREET 1:** PAR TECHNOLOGY PARK
- **STREET 2:** 8383 SENECA TURNPIKE
- **CITY:** NEW HARTFORD
- **STATE:** NY
- **ZIP:** 13413
- **BUSINESS PHONE:** 3157380600

**MAIL ADDRESS:**
- **STREET 1:** 8383 SENECA TURNPIKE
- **CITY:** NEW HARTFORD
- **STATE:** NY
- **ZIP:** 13413

?xml version='1.0' encoding='ASCII'? par-20260226

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 26, 2026

![New PAR Logo.jpg](par-20260226_g1.jpg)

**PAR Technology Corporation**

(Exact name of registrant as specified in its charter)

Delaware 1-09720 16-1434688 <br> <u>(State or other jurisdiction of incorporation)</u> <u>(Commission File Number)</u> <u>(IRS Employer Identification No.)</u>

PAR Technology Park, 8383 Seneca Turnpike, New Hartford, New York 13413-4991

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)

Registrant's telephone number, including area code: (315) 738-0600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered <br> Common Stock PAR New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On February 26, 2026, PAR Technology Corporation ("Company") issued a press release to report its financial results for the quarter and year ended December 31, 2025. A copy of the press release is attached to this current report on Form 8-K as Exhibit 99.1**.**

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

There will be a conference call at 4:30 p.m. (Eastern) on February 26, 2026, during which management will discuss the Company's financial results for the fourth quarter and year ended December 31, 2025. The conference call will be webcast live. To access the webcast, please visit the Investor Relations section of the Company's website at www.partech.com/investor-relations/. A recording of the webcast will be available on this site after the event.

The Company's quarterly earnings presentation containing additional information for the quarter ended December 31, 2025 is attached to this current report on Form 8-K as Exhibit 99.2.

**Item 8.01&nbsp;&nbsp;&nbsp;&nbsp;Other Events.**

*2026 Annual Meeting of Shareholders*

The Company will hold its 2026 Annual Meeting of Shareholders on Monday, June 1, 2026. Additional information regarding the Company's 2026 Annual Meeting of Shareholders will be disclosed in the Company's Proxy Statement to be filed with the Securities and Exchange Commission.

*Share Repurchase Program*

On February 26, 2026, the Company also announced that its Board of Directors has authorized a share repurchase program pursuant to which the Company may repurchase up to $100 million of its common stock in open market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions, or by other means, including under Rule 10b5-1 plans. In addition, any repurchases under this share repurchase program will be subject to prevailing market conditions, liquidity and cash flow considerations, applicable securities laws requirements (including under Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as applicable), and other factors. The share repurchase program does not obligate the Company to acquire any particular amount of its common stock, it may be suspended, modified, or terminated at any time at the Company's discretion, and it expires February 26, 2028.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

**(d) &nbsp;&nbsp;&nbsp;&nbsp;Exhibits.**

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | Exhibit Description |
| 99.1 | <u>[PAR Technology Corporation Press Release dated February 2](aex991earningsreleasexq420.htm)[6](aex991earningsreleasexq420.htm)[, 20](aex991earningsreleasexq420.htm)[26](aex991earningsreleasexq420.htm)</u> |
| 99.2 | <u>[PAR Technology Corporation Earnings Presentation dated February 2](earningspresentation-q42.htm)[6](earningspresentation-q42.htm)[, 20](earningspresentation-q42.htm)[26](earningspresentation-q42.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | PAR TECHNOLOGY CORPORATION |
| | | (Registrant) |
| Date: | February 26, 2026 | /s/ Bryan A. Menar |
| | | Bryan A. Menar |
| | | Chief Financial Officer |
| | | (Principal Financial Officer) |

---

## Exhibit 99.1

**Exhibit 99.1**

![newparlogoa.jpg](newparlogoa.jpg)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | |
|:---|:---|
| **FOR RELEASE:**<br>**CONTACT:** | New Hartford, NY, February 26, 2026<br>Christopher R. Byrnes (315) 743-8376<br>chris_byrnes@partech.com, <u>www.partech.com</u> |

---

**PAR TECHNOLOGY CORPORATION ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Annual Recurring Revenue (ARR)**<sup>(1)</sup> **grew to $315.4 million in Q4 '25 - total growth of 16% inclusive of organic growth of 15% from $272.5 million in Q4 '24**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Total ARR increased $17.0 million sequentially from Q3 '25**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Board authorizes $100 million share repurchase program**

**New Hartford, NY - February 26, 2026** -- PAR Technology Corporation (NYSE: PAR) ("PAR Technology" or the "Company") today announced its financial results for the fourth quarter and year ended December 31, 2025.

PAR CEO, Savneet Singh commented, "Our performance in the fourth quarter reflects the success of our strategy in building a unified platform to power the AI future. We closed out the second half of the year with incredible momentum, adding meaningfully more ARR than any moment in our history and giving us strong footing for 2026. We continue to find that AI depends on our enterprise orchestration to work effectively. This observation is setting PAR up to become the AI platform and partner to our customers as they look to navigate their journey to an AI-first world."

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Q4 2025 Financial Highlights</u>**<sup>(2)</sup> | | | | | | |
| *(in millions, except % and per share amounts)* | **GAAP** | **GAAP** | **GAAP** | **Non-GAAP**<sup>(1)</sup> | **Non-GAAP**<sup>(1)</sup> | **Non-GAAP**<sup>(1)</sup> |
| *(in millions, except % and per share amounts)* | **Q4 2025** | **Q4 2024** | **vs. Q4 2024** | **Q4 2025** | **Q4 2024** | **vs. Q4 2024** |
| Revenue | $120.1 | $105.0 | better 14.4% |  |  |  |
| Net Loss from Continuing Operations/Adjusted EBITDA | $(20.9) | $(25.3) | better $4.4 million | $7.0 | $5.8 | better $1.3 million |
| Diluted Net (Loss) Income Per Share from Continuing Operations | $(0.51) | $(0.68) | better $0.17 | $0.06 | $(0.00) | better $0.06 |
| Subscription Service Gross Margin Percentage | 50.7% | 53.2% | worse 250 bps | 65.8% | 64.7% | better 110 bps |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Full Year 2025 Financial Highlights</u>**<sup>(2)</sup> | **<u>Full Year 2025 Financial Highlights</u>**<sup>(2)</sup> | | | | | |
| *(in millions, except % and per share amounts)* | **GAAP** | **GAAP** | **GAAP** | **Non-GAAP**<sup>(1)</sup> | **Non-GAAP**<sup>(1)</sup> | **Non-GAAP**<sup>(1)</sup> |
| *(in millions, except % and per share amounts)* | **2025** | **2024** | **vs. 2024** | **2025** | **2024** | **vs. 2024** |
| Revenue | $455.5 | $350.0 | better 30.2% |  |  |  |
| Net Loss from Continuing Operations/Adjusted EBITDA | $(84.7) | $(89.9) | better $5.3 million | $23.0 | $(6.4) | better $29.3 million |
| Diluted Net (Loss) Income Per Share from Continuing Operations | $(2.09) | $(2.63) | better $0.54 | $0.15 | $(0.73) | better $0.88 |
| Subscription Service Gross Margin Percentage | 54.7% | 53.5% | better 120 bps | 66.8% | 65.9% | better 90 bps |

---

<sup>(1)</sup> *See "Key Performance Indicators and Non-GAAP Financial Measures" for descriptions of key performance indicators and non-GAAP financial measures, and reconciliations of non-GAAP financial measures to corresponding GAAP financial measures. Amounts presented in the reconciliations and other tables presented herein may not sum due to rounding.*

<sup>(2)</sup> *Results exclude historical results from our Government segment which are reported as discontinued operations.*

------

The Company's key performance indicators ARR and Active Sites<sup>(1)</sup> are presented as two subscription service product lines:

• Engagement Cloud consisting of PAR Engagement (Punchh and PAR Ordering), PAR Retail, and Plexure product offerings.

• Operator Cloud consisting of PAR POS, PAR Pay, PAR OPS (Data Central and Delaget), and TASK product offerings.

**Highlights of Engagement Cloud - Fourth Quarter 2025**<sup>(1)</sup>**:**

• ARR at end of Q4 '25 totaled $185.4 million

• Active Sites as of December 31, 2025 totaled 121.8 thousand

**Highlights of Operator Cloud - Fourth Quarter 2025**<sup>(1)</sup>**:**

• ARR at end of Q4 '25 totaled $130.0 million

• Active Sites as of December 31, 2025 totaled 60.1 thousand

<sup>(1)</sup> See "Key Performance Indicators and Non-GAAP Financial Measures" below.

**Share Repurchase Program**

PAR also announced that, effective today, its Board of Directors has authorized a share repurchase program pursuant to which PAR may repurchase up to $100 million of its common stock in open market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions, or by other means. The share repurchase program does not obligate the Company to acquire any particular amount of its common stock, it may be suspended, modified, or terminated at any time at the Company's discretion, and it expires February 26, 2028.

**Earnings Conference Call**.

There will be a conference call at 4:30 p.m. (Eastern) on February 26, 2026, during which management will discuss the Company's financial results for the fourth quarter and year ended December 31, 2025. The earnings conference call will be webcast live. To access the webcast, please visit the PAR Technology Investor Relations website at www.partech.com/investor-relations/. A recording of the webcast will be available on this site after the event.

**About PAR Technology Corporation**.

PAR Technology Corporation (NYSE: PAR) is a leading foodservice technology provider, powering a unified, purpose-built platform engineered to scale and adapt with brands at every stage of growth. Designed with flexibility and openness at its core, PAR's solutions—spanning point-of-sale, digital ordering, loyalty, back-office, payments, and hardware—integrate with others, yet deliver maximum impact as a unified system. With intentional innovation at the forefront, PAR's solutions streamline operations, drive higher engagement, and strengthen guest experiences for restaurants and retailers globally. To learn more, visit partech.com or connect with us on social media. The PAR Technology 2025 Sustainability Report can be found at: https://partech.com/sustainability-at-par/.

**Key Performance Indicators and Non-GAAP Financial Measures.**

We monitor certain key performance indicators and non-GAAP financial measures in the evaluation and management of our business; certain key performance indicators and non-GAAP financial measures are provided in this press release because we believe they are useful in facilitating period-to-period comparisons of our business performance. Key performance indicators and non-GAAP financial measures do not reflect and should be viewed independently of our financial performance determined in accordance with GAAP. Key performance indicators and non-GAAP financial measures are not forecasts or indicators of future or expected results and should not have undue reliance placed upon them by investors.

Where non-GAAP financial measures are included in this press release, the most directly comparable GAAP financial measures and a detailed reconciliation between GAAP and non-GAAP financial measures is included in this press release under "Non-GAAP Financial Measures".

------

Unless otherwise indicated, financial and operating data included in this press release is as of December 31, 2025.

As used in this press release,

**"Annual Recurring Revenue" or "ARR"** is the annualized revenue from subscription services, including subscription fees for our SaaS solutions and related software support, managed platform development services, and transaction-based payment processing services. We generally calculate ARR by annualizing the monthly recurring revenue for all Active Sites as of the last day of each month for the respective reporting period. Our reported ARR is based on a constant currency, using the exchange rates established at the beginning of the year and consistently applied throughout the period and to comparative periods presented. Applying a constant currency impacted our reported ARR figures for Q4 2024 as exchange rate effects began with the acquisition of TASK Group Holdings Limited in July 2024.

**"Active Sites"** represent locations active on PAR's subscription services as of the last day of the respective reporting period.

**Trademarks.**

"PAR<sup>®</sup>," "PAR POS<sup>TM</sup>", "Punchh<sup>®</sup>," "PAR Ordering<sup>TM</sup>", "PAR OPS<sup>®</sup>," "Data Central<sup>®</sup>," "Delaget<sup>TM</sup>," "PAR Retail<sup>TM</sup>", "PAR<sup>®</sup> Pay", "PAR<sup>®</sup> Payment Services", and other trademarks identifying our products and services appearing in this press release belong to us. Solely for convenience, our trademarks referred to in this press release may appear without the <sup>®</sup> or <sup>TM</sup> symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights to these trademarks.

------

**Forward-Looking Statements**.

This press release 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 to be accurate. Forward-looking statements can be identified by words such as "believe," "could," "would," "should," "will," "continue," "anticipate," "expect," "path," "plan," "intend," "estimate," "future," "may," "potential," and similar expressions. These statements include, but are not limited to, express or implied forward-looking statements relating to: the plans, strategies and objectives of management relating to our growth, results of operations, and financial performance, including service and product offerings, the development, demand, market share, and competitive performance of our products and services; revenues, gross margins, expenses, cash flows, and other financial measures and key performance indicators, including ARR, Active Sites, subscription service gross margin percentage, net loss, and net (loss) income per share; the availability and terms of product and component supplies for our hardware products; anticipated benefits, timing, and completion of acquisitions (including the acquisition of Bridg), divestitures, and capital markets transactions; our plans with respect to share repurchases; and macroeconomic trends, geopolitical events, tariffs, and trade disputes and the expected impact of those trends and events on our business, results of operations, and financial performance. These statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements.

Factors, risks, trends and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements include our ability to successfully develop or acquire and transition new products and services and enhance existing products and services to meet evolving customer needs and respond to emerging technological trends, including our effective use of artificial intelligence (AI) in product development and integration of AI tools into our product and service offerings; our ability to add and retain Active Sites and integration partners; our ability to successfully integrate acquisitions into our operations, and realize the anticipated benefits; macroeconomic trends, such as a recession or slowed economic growth, fluctuating interest rates, inflation, and changes in consumer confidence and discretionary spending; geopolitical events affecting countries where we operate or our customers or suppliers operate, including changes in import/export regulations, such as tariffs, and trade disputes involving the United States and those countries; our ability to retain and manage suppliers, secure alternative suppliers, and manage inventory levels and costs, navigate manufacturing disruptions or logistics challenges, shipping delays, and shipping costs; and the other factors discussed in our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

###

------

**PAR TECHNOLOGY CORPORATION**

**CONSOLIDATED BALANCE SHEETS**

(unaudited, in thousands, except share amounts)

---

| | | |
|:---|:---|:---|
| **Assets** | December 31, 2025 | December 31, 2024 |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $79565 | $108117 |
| &nbsp;&nbsp;&nbsp;Cash held on behalf of customers | 14120 | 13428 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 579 | 524 |
| &nbsp;&nbsp;&nbsp;Accounts receivable – net | 81706 | 59726 |
| &nbsp;&nbsp;&nbsp;Inventories | 27436 | 21861 |
| &nbsp;&nbsp;&nbsp;Other current assets | 29525 | 14390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 232931 | 218046 |
| Property, plant and equipment – net | 13286 | 14107 |
| Goodwill | 898035 | 887459 |
| Intangible assets – net | 203370 | 237333 |
| Lease right-of-use assets | 8176 | 8221 |
| Other assets | 13346 | 15561 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $1369144 | $1380727 |
| **Liabilities and Shareholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | $19954 | $— |
| &nbsp;&nbsp;&nbsp;Accounts payable | 39332 | 34784 |
| &nbsp;&nbsp;&nbsp;Accrued salaries and benefits | 25186 | 22487 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 12380 | 13938 |
| &nbsp;&nbsp;&nbsp;Customers payable | 14120 | 13428 |
| &nbsp;&nbsp;&nbsp;Lease liabilities – current portion | 1899 | 2256 |
| &nbsp;&nbsp;&nbsp;Customer deposits and deferred service revenue | 27867 | 24944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 140738 | 111837 |
| Lease liabilities – net of current portion | 6435 | 6053 |
| Long-term debt | 374070 | 368355 |
| Deferred service revenue – noncurrent | 1841 | 1529 |
| Other long-term liabilities | 20910 | 21243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 543994 | 509017 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;Preferred stock, $.02 par value, 1,000,000 shares authorized, none outstanding |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $.02 par value, 116,000,000 shares authorized; 42,226,765 and 40,187,671 shares issued, 40,653,932 and 38,717,366 outstanding at December 31, 2025 and December 31, 2024, respectively | 836 | 798 |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 1226039 | 1085473 |
| &nbsp;&nbsp;&nbsp;Equity consideration payable |  | 108182 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (364404) | (279943) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (8429) | (20951) |
| &nbsp;&nbsp;Treasury stock, at cost, 1,572,833 and 1,470,305 shares at December 31, 2025 and December 31, 2024, respectively | (28892) | (21849) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 825150 | 871710 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Shareholders' Equity** | $1369144 | $1380727 |

---

See notes to consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2025 (the "Annual Report").

------

**PAR TECHNOLOGY CORPORATION**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

(unaudited, in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended December 31, | Three Months Ended December 31, | Year Ended <br>December 31, | Year Ended <br>December 31, |
| | Three Months Ended December 31, | Three Months Ended December 31, | Year Ended <br>December 31, | Year Ended <br>December 31, |
| | 2025 | 2024 | 2025 | 2024 |
| Revenues, net: |  |  |  |  |
| &nbsp;&nbsp;Subscription service | $76094 | $64262 | $291170 | $207422 |
| &nbsp;&nbsp;Hardware | 27808 | 26048 | 106410 | 87040 |
| &nbsp;&nbsp;Professional service | 16199 | 14695 | 57967 | 55520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues, net | 120101 | 105005 | 455547 | 349982 |
| Cost of sales: |  |  |  |  |
| &nbsp;&nbsp;Subscription service | 37552 | 30095 | 132027 | 96519 |
| &nbsp;&nbsp;Hardware | 21469 | 19336 | 82044 | 65923 |
| &nbsp;&nbsp;Professional service | 11603 | 10567 | 43450 | 41416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of sales | 70624 | 59998 | 257521 | 203858 |
| Gross margin | 49477 | 45007 | 198026 | 146124 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Sales and marketing | 12377 | 10471 | 48911 | 41708 |
| &nbsp;&nbsp;General and administrative | 30001 | 31002 | 122707 | 108898 |
| &nbsp;&nbsp;Research and development | 21794 | 17432 | 81771 | 67258 |
| &nbsp;&nbsp;Amortization of identifiable intangible assets | 3366 | 2875 | 13408 | 8452 |
| &nbsp;&nbsp;Adjustment to contingent consideration liability |  |  |  | (600) |
| &nbsp;&nbsp;Gain on insurance proceeds |  | (348) |  | (495) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 67538 | 61432 | 266797 | 225221 |
| Operating loss | (18061) | (16425) | (68771) | (79097) |
| &nbsp;&nbsp;Other (expense) income, net | (310) | 2856 | (1118) | 1146 |
| &nbsp;&nbsp;Loss on extinguishment of debt |  | (6560) | (5791) | (6560) |
| &nbsp;&nbsp;Interest expense, net | (1548) | (3412) | (6055) | (10167) |
| Loss from continuing operations before income taxes | (19919) | (23541) | (81735) | (94678) |
| &nbsp;&nbsp; (Provision for) benefit from income taxes | (975) | (1752) | (2923) | 4768 |
| Net loss from continuing operations | (20894) | (25293) | (84658) | (89910) |
| &nbsp;&nbsp;Net income from discontinued operations |  | 4236 | 197 | 84923 |
| Net loss | $(20894) | $(21057) | $(84461) | $(4987) |
| Net (loss) income per share (basic and diluted): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $(0.51) | $(0.68) | $(2.09) | $(2.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations |  | 0.11 |  | 2.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $(0.51) | $(0.57) | $(2.09) | $(0.14) |
| Weighted average shares outstanding (basic and diluted) | 40610 | 37197 | 40473 | 34155 |

---

See notes to consolidated financial statements included in the Annual Report.

------

 **PAR TECHNOLOGY CORPORATION**

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**Non-GAAP Financial Measures**

In addition to disclosing financial results in accordance with GAAP, this press release contains references to the non-GAAP financial measures below. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance, enable comparison of financial trends and results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance. The income tax effect of the below adjustments, with the exception of non-recurring income taxes, were not tax-effected due to the valuation allowance on all of our net deferred tax assets.

Our non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Additionally, these measures may not be comparable to similarly titled measures disclosed by other companies.

---

| | | |
|:---|:---|:---|
| **Non-GAAP Measure or Adjustment** | **Definition** | **Usefulness to management and investors** |
| Non-GAAP subscription service gross margin percentage | Represents subscription service gross margin percentage adjusted to exclude amortization from acquired and internally developed software, stock-based compensation, severance, and impairment of capitalized software development costs. | We believe that non-GAAP subscription service gross margin percentage and adjusted EBITDA provide useful perspectives with respect to the Company's core operating performance and ongoing cash earnings by adjusting for certain non-cash and non-recurring charges that may not be indicative of our financial performance. |
| Adjusted EBITDA | Represents net loss before income taxes, interest expense, and depreciation and amortization adjusted to exclude discontinued operations, stock-based compensation, contingent consideration, transaction costs, gain on insurance proceeds, severance, impairment loss, litigation expense, loss on extinguishment of debt, and other expense (income), net.  | We believe that non-GAAP subscription service gross margin percentage and adjusted EBITDA provide useful perspectives with respect to the Company's core operating performance and ongoing cash earnings by adjusting for certain non-cash and non-recurring charges that may not be indicative of our financial performance. |
| Non-GAAP diluted net income (loss) per share | Represents net loss per share excluding amortization of acquired intangible assets, non-recurring income taxes, non-cash interest, discontinued operations, stock-based compensation, contingent consideration, transaction costs, gain on insurance proceeds, severance, impairment loss, litigation expense, loss on extinguishment of debt, and other expense (income), net.  | We believe that adjusting our diluted net loss per share to remove non-cash and non-recurring charges provides a useful perspective with respect to the Company's operating performance as well as comparisons to past and competitor operating results. |
| Stock-based compensation | Consists of non-cash charges related to our employee equity incentive plans. | We exclude stock-based compensation because management does not view these non-cash charges as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. |

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| | | |
|:---|:---|:---|
| **Non-GAAP Measure or Adjustment** | **Definition** | **Usefulness to management and investors** |
| Contingent consideration | Adjustment reflects a non-cash reduction to the fair market value of the contingent consideration liability related to our acquisition of MENU Technologies AG (the "MENU Acquisition"). | We exclude changes to the fair market value of our contingent consideration liability because management does not view these non-cash, non-recurring charges as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. |
| Transaction costs | Adjustment reflects non-recurring professional fees incurred in transaction due diligence and integration, including costs incurred in the acquisitions of Stuzo Blocker, Inc., Stuzo Holdings, LLC and their subsidiaries (the "Stuzo Acquisition"), TASK Group Holdings Limited, and Delaget (the "Delaget Acquisition"). | We exclude professional fees incurred in corporate development and integration because management does not view these non-recurring charges, which are inconsistent in size and are significantly impacted by the timing and valuation of our transactions, as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance, comparisons to past and competitor operating results, and additional means to evaluate expense trends. |
| Gain on insurance proceeds | Adjustment reflects the gain on insurance proceeds due to the settlement of legacy claims. | We exclude these non-recurring adjustments because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. |
| Severance | Adjustment reflects severance tied to non-recurring restructuring events included in cost of sales, sales and marketing expense, general and administrative expense, and research and development expense. | We exclude these non-recurring adjustments because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. |
| Litigation expense | Adjustment reflects non-recurring legal fees incurred in connection with certain litigation matters and the release of a loss contingency and settlement expenses for certain legal matters. | We exclude these non-recurring adjustments because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. |
| We exclude these non-recurring adjustments because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. |  |  |

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| | | |
|:---|:---|:---|
| **Non-GAAP Measure or Adjustment** | **Definition** | **Usefulness to management and investors** |
| Loss on extinguishment of debt | Adjustment reflects loss on extinguishment of debt related to the conversion of a portion of the 2.875% Convertible Senior Notes due 2026, and related to the early repayment of the Credit Facility. | We exclude these non-recurring adjustments because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. |
| Discontinued operations | Adjustment reflects income from discontinued operations related to the divestiture of our Government segment. | We exclude these non-recurring adjustments because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. |
| Impairment loss | Adjustment reflects impairment loss related to the discontinuance of the Brink POS trademark and the write-off of capitalized software development costs related to the PAR Clear product. | We exclude these non-recurring adjustments because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. |
| Other expense (income), net | Adjustment reflects foreign currency transaction gains and losses and other non-recurring income and expenses recorded in other (expense) income, net in the accompanying statements of operations. | We exclude these non-recurring adjustments because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. |
| Non-recurring income taxes | Adjustment reflects a partial release of our deferred tax asset valuation allowance resulting from the Stuzo Acquisition and Delaget Acquisition. | We exclude these non-cash and non-recurring adjustments for purposes of calculating non-GAAP diluted net income (loss) per share because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance, comparisons to past and competitor operating results, and additional means to evaluate expense trends. |
| Non-cash interest | Adjustment reflects non-cash amortization of issuance costs and discount related to the Company's long-term debt. | We exclude these non-cash and non-recurring adjustments for purposes of calculating non-GAAP diluted net income (loss) per share because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance, comparisons to past and competitor operating results, and additional means to evaluate expense trends. |
| Acquired intangible assets amortization | Adjustment reflects amortization expense of acquired developed technology included within cost of sales and amortization expense of other acquired intangible assets. | We exclude these non-cash and non-recurring adjustments for purposes of calculating non-GAAP diluted net income (loss) per share because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance, comparisons to past and competitor operating results, and additional means to evaluate expense trends. |

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The tables below provide reconciliations between net loss and adjusted EBITDA, diluted net loss per share and non-GAAP diluted net income (loss) per share, and subscription service gross margin percentage and non-GAAP subscription service gross margin percentage. Amounts presented in the reconciliations and other tables presented herein may not sum due to rounding.

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* | Three Months Ended December 31, | Three Months Ended December 31, | Year Ended <br>December 31, | Year Ended <br>December 31, |
| Reconciliation of Net Loss to Adjusted EBITDA | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;Net loss | $(20894) | $(21057) | $(84461) | $(4987) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations |  | (4236) | (197) | (84923) |
| &nbsp;&nbsp;&nbsp;Net loss from continuing operations | (20894) | (25293) | (84658) | (89910) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for (benefit from) income taxes | 975 | 1752 | 2923 | (4768) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 1548 | 3412 | 6055 | 10167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 12251 | 11205 | 49018 | 37907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 7756 | 7905 | 30645 | 24487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration |  |  |  | (600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation expense | 495 |  | 3749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 795 | 2351 | 3682 | 8454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on insurance proceeds |  | (348) |  | (495) |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance | 255 | 1088 | 1089 | 2769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | 6560 | 5791 | 6560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment loss | 3555 |  | 3555 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense (income), net | 310 | (2856) | 1118 | (1146) |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | $7046 | $5776 | $22967 | $(6350) |

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands, except per share amounts)* | Three Months Ended December 31, | Three Months Ended December 31, | Year Ended <br>December 31, | Year Ended <br>December 31, |
| Reconciliation between GAAP and Non-GAAP diluted net income (loss) per share | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;Diluted net loss per share | $(0.51) | $(0.57) | $(2.09) | $(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations |  | (0.11) |  | (2.49) |
| &nbsp;&nbsp;&nbsp;Diluted net loss per share from continuing operations | (0.51) | (0.68) | (2.09) | (2.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recurring income taxes |  | 0.03 |  | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest | 0.01 | 0.02 | 0.06 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquired intangible assets amortization | 0.24 | 0.24 | 0.96 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 0.19 | 0.21 | 0.76 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation expense | 0.01 |  | 0.09 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 0.02 | 0.06 | 0.09 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on insurance proceeds |  | (0.01) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance | 0.01 | 0.03 | 0.03 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | 0.18 | 0.14 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment loss | 0.09 |  | 0.09 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense (income), net | 0.01 | (0.08) | 0.03 | (0.03) |
| &nbsp;&nbsp;&nbsp;Non-GAAP diluted net income (loss) per share | $0.06 | $(0.00) | $0.15 | $(0.73) |
| Diluted weighted average shares outstanding | 40610 | 37197 | 40473 | 34155 |

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* | Three Months Ended December 31, | Three Months Ended December 31, | Year Ended <br>December 31, | Year Ended <br>December 31, |
| Reconciliation between GAAP and Non-GAAP <br>Subscription Service Gross Margin Percentage | 2025 | 2024 | 2025 | 2024 |
| Subscription Service Gross Margin Percentage | 50.7% | 53.2% | 54.7% | 53.5% |
| Subscription Service Gross Margin | $38542 | $34167 | $159143 | $110903 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 7687 | 7271 | 31115 | 25312 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 194 | 74 | 628 | 282 |
| &nbsp;&nbsp;&nbsp;Severance |  | 68 |  | 152 |
| &nbsp;&nbsp;&nbsp;Impairment loss | 3555 |  | 3555 |  |
| Non-GAAP Subscription Service Gross Margin | $49978 | $41580 | $194441 | $136649 |
| Non-GAAP Subscription Service Gross Margin Percentage | 65.8% | 64.7% | 66.8% | 65.9% |

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## Exhibit 99.2

![](earningspresentation-q42001.jpg)

partech.com Q4 2025 Earnings Presentation February 26, 2026 NYSE: PAR

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![](earningspresentation-q42002.jpg)

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 to be accurate. Forward-looking statements can be identified by words such as "believe," "could," "would," "should," "will," "continue," "anticipate," "expect," "path," "plan," "intend," "estimate," "future," "may," "potential," and similar expressions. These statements include, but are not limited to, express or implied forward-looking statements relating to: the plans, strategies and objectives of management relating to our growth, results of operations, and financial performance, including service and product offerings, the development, demand, market share, and competitive performance of our products and services; revenues, gross margins, expenses, cash flows, and other financial measures and key performance indicators, including ARR, Active Sites, subscription service gross margin percentage, net loss, and net (loss) income per share; the availability and terms of product and component supplies for our hardware products; anticipated benefits, timing, and completion of acquisitions (including the acquisition of Bridg), divestitures, and capital markets transactions; and macroeconomic trends, geopolitical events, tariffs, and trade disputes and the expected impact of those trends and events on our business, results of operations, and financial performance. These statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Factors, risks, trends and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements include our ability to successfully develop or acquire and transition new products and services and enhance existing products and services to meet evolving customer needs and respond to emerging technological trends, including our effective use of artificial intelligence (AI) in product development and integration of AI tools into our product and service offerings; our ability to add and retain Active Sites and integration partners; our ability to successfully integrate acquisitions into our operations, and realize the anticipated benefits; macroeconomic trends, such as a recession or slowed economic growth, fluctuating interest rates, inflation, and changes in consumer confidence and discretionary spending; geopolitical events affecting countries where we operate or our customers or suppliers operate, including changes in import/export regulations, such as tariffs, and trade disputes involving the United States and those countries; our ability to retain and manage suppliers, secure alternative suppliers, and manage inventory levels and costs, navigate manufacturing disruptions or logistics challenges, shipping delays, and shipping costs; and the other factors discussed in our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. Undue reliance should not be placed on the forward-looking statements in this presentation, which are based on information available to us on the date hereof. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law. . Industry and Market Data. Market, industry, and other data included in this presentation are from or based on our own internal good faith estimates and research, and on publicly available publications, research, surveys and studies conducted by third parties, which we believe are reliable, but have not independently verified. Similarly, while we believe our internal estimates and research are reliable, we have not independently verified our internal estimates or research. While we are not aware of any misstatements regarding any market, industry, or other data used by us or expressed in this presentation, such information, because it has not been verified or, by its nature - market surveys, estimates, projections or similar data, are inherently subject to uncertainties, and actual results may differ materially from the assumptions and circumstances reflected in this information. Key Performance Indicators and Non-GAAP Financial Measures.(1) We monitor certain key performance indicators and non-GAAP financial measures in the evaluation and management of our business; certain key performance indicators and non-GAAP financial measures are provided in this presentation as we believe they are useful in facilitating period-to-period comparisons of our business performance. Key performance indicators and non-GAAP financial measures do not reflect and should be viewed independently of our financial performance determined in accordance with GAAP. Key performance indicators and non-GAAP financial measures are not forecasts or indicators of future or expected results and should not have undue reliance placed upon them by investors. Where non-GAAP financial measures are included in this presentation, the most directly comparable GAAP financial measures and a detailed reconciliation between GAAP and non-GAAP financial measures is included in the Appendix to this presentation. Unless otherwise indicated, financial and operating data included in this presentation is as of December 31, 2025. Trademarks. "PAR®," "PAR POSTM", "Punchh®," "PAR OrderingTM", "PAR OPS®," "Data Central®," "DelagetTM," "PAR RetailTM", "PAR® Pay", "PAR® Payment Services", and other trademarks identifying our products and services appearing in this presentation belong to us. Solely for convenience, our trademarks referred to in this presentation may appear without the® or TM symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights to these trademarks. This presentation may also contain trade names and trademarks of other companies. Our use of such other companies' trade names or trademarks is not intended to imply any endorsement or sponsorship by these companies of us or our products or services. (1) See Appendix for Non-GAAP reconciliations and Key Performance Indicators 2partech.com

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![](earningspresentation-q42003.jpg)

Our Journey… So Far (Dollar values represent ARR) Software Renaissance Building a Unified Platform Global Food Service Pure Play • Acquired PAR POS. • Restructured PAR, new team, mission, values. • Recapitalized PAR to invest in SaaS. • Acquired Data Central. • Launched PAR Payments. • Acquired loyalty provider Punchh. • Acquired PAR Ordering. • Crossed 100k Active Sites. • Acquired loyalty provider PAR Retail and international solutions TASK and Plexure. • Acquired analytics and intelligence provider Delaget. • Divested Government segment to become a pure play food service tech company. 2014 202520242020 20232021 20222019 $19.2M Q4 2019 $88.2M Q4 2021 $136.9M Q4 2023 $315.4M Q4 2025$272.5M Q4 2024 3partech.com

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![](earningspresentation-q42004.jpg)

4partech.com • Unified technology platform offering integrated solutions and sophisticated data insights • Pairs with our state of the art hardware offerings for a complete tech stack • Supported by our comprehensive professional service offerings to drive a positive customer experience Building a Unified Experience

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![](earningspresentation-q42005.jpg)

5partech.com PAR's Success Will Be Driven by our Flywheel Established brand and winning market share Land product #1 Reinvest to launch or acquire product #2 Scale economics leads to more capital to reinvest in productsHappy and sticky customers Differentiated Platform

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![](earningspresentation-q42006.jpg)

6partech.com Financial Review Fourth Quarter 2025 Highlights

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![](earningspresentation-q42007.jpg)

7partech.com Q4 2025 Highlights 3 4 5 Tier 1 Momentum Release of First AI Product • Papa Johns selected PAR POS and PAR OPS to anchor its next-generation U.S. in-restaurant technology stack • Launch of Coach AI, now deployed across nearly 900 stores • Strong sequential ARR growth, signaling renewed growth momentum 2 • Consistent delivery on strong organic ARR growth year-over-year15% organic ARR growth Continued Adjusted EBITDA profitability • Adjusted EBITDA(1) of $7.0 million in Q4 2025, an increase of $1.3 million from Q4 2024 $17 million sequential ARR growth1 1. Adjusted EBITDA is a Non-GAAP financial measure. Please see Appendix for a detailed reconciliation from net loss to Adjusted EBITDA.

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![](earningspresentation-q42008.jpg)

8partech.com Revenue by Offering 23.2% 63.4% 13.5% Hardware Subscription Service Professional Service ARR by Subscription Product Line 41.2% 58.8% Operator Cloud Engagement Cloud Q4 2025 Revenue Breakout

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![](earningspresentation-q42009.jpg)

9partech.com 16% Y/Y Growth 272.5 280.5 284.6 296.3 313.3 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 ($'000,000) Organic ARR 15% Y/Y Growth 272.5 282.1 286.7 298.4 315.4 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Total ARR Strong Organic & Inorganic ARR Growth Year-over-year metrics are for the quarter ended 12/31/2025 compared to the quarter ended 12/31/2024. Please see Appendix — Key Performance Indicators for more information on ARR. The charts above present our ARR on a constant currency basis, calculated using the exchange rates set at the beginning of 2025.

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![](earningspresentation-q42010.jpg)

10partech.com 19% Y/Y Growth 116.2 117.2 119.2 121.6 130.0 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 ($'000,000) Operator Cloud 12% Y/Y Growth 156.2 164.9 167.5 176.8 185.4 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Engagement Cloud Resilient ARR Growth Across Product Lines Year-over-year metrics are for the quarter ended 12/31/2025 compared to the quarter ended 12/31/2024. Please see Appendix — Key Performance Indicators for more information on ARR. The charts above present our ARR on a constant currency basis, calculated using the exchange rates set at the beginning of 2025.

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![](earningspresentation-q42011.jpg)

11partech.com Q4 '25 Financials Consolidated Highlights • 10% increase in gross margin from Q4 2024 • $1.3 million increase in Adjusted EBITDA(1) from Q4 2024 Subscription Service Highlights • 16% increase in ARR from Q4 2024 • 18% increase in revenue from Q4 2024 • 13% increase in gross margin from Q4 2024 Three Months Ended December 31, (in thousands) 2025 2024 Revenues, net: Subscription service $76,094 $64,262 Hardware 27,808 26,048 Professional service 16,199 14,695 Total revenues, net 120,101 105,005 Total gross margin 49,477 45,007 Operating expenses: Sales and marketing 12,377 10,471 General and administrative 30,001 31,002 Research and development 21,794 17,432 Amortization of identifiable intangible assets 3,366 2,875 Gain on insurance proceeds — (348) Total operating expenses 67,538 61,432 Other (expense) income, net (310) 2,856 Loss on extinguishment of debt — (6,560) Interest expense, net (1,548) (3,412) Loss from continuing operations before income taxes (19,919) (23,541) Provision for income taxes (975) (1,752) Net loss from continuing operations (20,894) (25,293) Net income from discontinued operations — 4,236 Net loss (20,894) (21,057) Non-GAAP adjustments 27,940 26,833 Adjusted EBITDA(1) 7,046 5,776 1. Adjusted EBITDA is a Non-GAAP financial measure. Please see Appendix for a detailed reconciliation from net loss to Adjusted EBITDA.

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![](earningspresentation-q42012.jpg)

12partech.com Appendix

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![](earningspresentation-q42013.jpg)

13partech.com (in thousands) 3 Months Ended Q4'24 Q4'25 Net loss $(21,057) $(20,894) Discontinued operations (4,236) — Net loss from continuing operations (25,293) (20,894) Provision for income taxes 1,752 975 Interest expense, net 3,412 1,548 Depreciation and amortization 11,205 12,251 Stock-based compensation 7,905 7,756 Transaction costs 2,351 795 Gain on insurance proceeds (348) — Severance 1,088 255 Impairment loss — 3,555 Litigation expense — 495 Loss on extinguishment of debt 6,560 — Other (income) expense, net (2,856) 310 Adjusted EBITDA $5,776 $7,046 Net Loss to Adjusted EBITDA Reconciliation

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![](earningspresentation-q42014.jpg)

14partech.com Investment Thesis 1. Foodservice market ready for disruption • Large TAM in restaurants with ~1m locations in the US spending 2-3% of total revenue on technology (1) • Enterprise foodservice playing "catch-up" in adopting new technology and anticipate this technology spend to ramp • The industry shift to cloud technology has led to an explosion in new technology from Voice AI to marketing technology 2. Meeting market need with a Unified Experience • Today technology is driving a wedge between restaurants and their guests • Brands are shifting to well integrated vendors and more targeted guest interactions • There is an opportunity to create an integrated solution with unified data that enables restaurants to have 1:1 relationship with their guests • Industry seeking vendor consolidation and platform experience and reduce single-product providers 3. ARR at scale with strong SaaS metrics • Through both organic and inorganic strategies, ARR has reached $315.4 million with significant opportunity to expand within existing customers and win new business • Hyper-focus on stringent OpEx spend management with real ROI mindset 1. Source: Technomic

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![](earningspresentation-q42015.jpg)

15partech.com Key Performance Indicators • Annual Recurring Revenue or "ARR" is the annualized revenue from subscription services, including subscription fees for our SaaS solutions and related software support, managed platform development services, and transaction-based payment processing services. We generally calculate ARR by annualizing the monthly recurring revenue for all Active Sites as of the last day of each month for the respective reporting period. Our reported ARR is based on a constant currency, using the exchange rates established at the beginning of the year and consistently applied throughout the period and to comparative periods presented. Applying a constant currency impacted our reported ARR figures for Q3 2024 and Q4 2024 as exchange rate effects began with the acquisition of TASK Group Holdings Limited in July 2024. • "Active Sites" represent locations active on PAR's subscription services as of the last day of the respective reporting period. • "Non-GAAP Subscription Service Gross Margin Percentage" represents subscription service gross margin percentage adjusted to exclude amortization from acquired and internally developed software, stock-based compensation, severance, and impairment of capitalized software development costs. • "Non-GAAP Consolidated Gross Margin Percentage" represents consolidated gross margin percentage adjusted to exclude amortization from acquired and internally developed software, stock-based compensation, severance, and impairment of capitalized software development costs. • "Adjusted EBITDA" represents net loss before income taxes, interest expense, and depreciation and amortization adjusted to exclude discontinued operations, stock-based compensation, transaction costs, severance, impairment loss, litigation expense, gain on insurance proceeds, loss on extinguishment of debt, and other (expense) income, net. • "ARR Per Unit" represents ARR divided by Active Sites as of the last day of each month for the respective reporting period.

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![](earningspresentation-q42016.jpg)

16partech.com Thank You!

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