Expensify, Inc.

Listed Company

EXFYCIK 0001476840NasdaqAcceleratedSmaller ReportingServices-Prepackaged SoftwareDelawareFY ends Dec 31

Period

FY 2025

Revenue

$142.10M

Net Income

—

Total Assets

$185.99M

Equity

$132.75M

Shares Out

36.24M

Op. Cash Flow

$20.09M

Business

Expensify, Inc. is a cloud-based expense management software platform that simplifies how businesses capture, approve and pay employee expenses. It offers receipt capture with patented SmartScan, automated expense reporting, corporate card management (Expensify Card), travel booking (Expensify Travel), invoicing, bill pay and global reimbursement features, all within a single mobile-first application. The company operates a platform-led model with product, customer success (Concierge) and payments/card program capabilities as key functional areas. Its services are distributed via self-service web and mobile channels, integrations and partnerships across companies worldwide.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	142	139	151	169	143
Cost of revenue, net	71	64	67	63	54
Gross margin	72	75	84	107	89
Research and development	21	25	23	14	11
General and administrative	42	38	49	58	61
Sales and marketing	27	13	44	50	28
Total operating expenses	90	76	117	122	99
Loss from operations	−18	−820,000	−33	−15	−10
Other income (expense), net	2	−2	—	—	—
Loss before income taxes	−16	−2	−38	−21	−14
Provision for income taxes	−5	−8	−3	−6	174,000
Net loss, basic	−21	−10	−41	−27	−14
Net loss, diluted	−21	−10	−41	−27	−14
Basic (in dollars per share)	−0.23	−0.12	−0.5	−0.33	−0.36
Diluted (in dollars per share)	−0.23	−0.12	−0.5	−0.33	−0.36
Basic (in shares)	92	87	82	81	38
Diluted (in shares)	92	87	82	81	38

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	63	49	48	104	98
Accounts receivable, net	13	13	14	16	16
Settlement assets, net	45	42	39	36	22
Prepaid expenses	6	12	6	9	7
Other current assets	26	21	31	22	14
Total current assets	153	137	137	187	158
Capitalized software, net	14	16	12	7	6
Property and equipment, net	13	14	14	14	16
Lease right-of-use assets	5	5	6	745,000	2
Deferred tax assets, net	494,000	499,000	457,000	344,000	370,000
Other assets	1	1	6	664,000	710,000
Total assets	186	174	177	210	183
Accounts payable	289,000	196,000	1	1	4
Accrued expenses and other liabilities	18	8	9	9	11
Lease liabilities, current	678,000	729,000	432,000	800,000	2
Settlement liabilities	28	29	34	34	22
Total current liabilities	46	38	68	60	54
Lease liabilities, non-current	5	6	6	0	802,000
Other liabilities	2	2	2	1	153,000
Total liabilities	53	45	76	113	107
Commitments and contingencies (Note 12)	—	—	—	—	—
Preferred stock, par value $0.0001; 10,000,000 shares of preferred stock authorized; no shares of preferred stock issued and outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Common stock issued, value	9,000	9,000	8,000	7,000	6,000
Additional paid-in capital	305	279	242	195	143
Accumulated deficit	−172	−151	−141	−98	−66
Total stockholders' equity	133	128	101	97	77
Total liabilities and stockholders' equity	186	174	177	210	183

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	8	7	5	5	5
Reduction of operating lease right-of-use assets	575,000	547,000	614,000	666,000	741,000
Loss on impairment, receivables and sale or disposal of equipment	603,000	727,000	923,000	881,000	319,000
Stock-based compensation	27	34	41	52	15
Amortization of debt issuance costs	133,000	54,000	257,000	42,000	32,000
Deferred tax assets	5,000	−42,000	−113,000	26,000	48,000
Accounts receivable, net	−355,000	704,000	2	−1	−6
Settlement assets, net	−2	−2	−6	−8	173,000
Prepaid expenses	7	−1	3	−1	−7
Other current assets	−7	2	−561,000	3	−4
Other assets	−135,000	−167,000	−5	−81,000	124,000
Accounts payable	91,000	−1	228,000	−3	1
Accrued expenses and other liabilities	10	−404,000	906,000	−2	8
Operating lease liabilities	−588,000	8,000	−200,000	−758,000	−801,000
Settlement liabilities	−1	−5	108,000	12	7
Other liabilities	89,000	8,000	610,000	1	−725,000
Net cash provided by operating activities	20	24	2	33	5
Purchase of property and equipment	−17,000	0	−1	−585,000	−3
Software development costs	−4	−8	−6	−2	−5
Net cash used in investing activities	−4	−8	−7	−2	−8
Principal payments of finance leases	−140,000	−129,000	−513,000	−793,000	−774,000
Principal payments of outstanding debt	0	−23	−45	−595,000	−25
Payments for debt issuance costs	−153,000	−71,000	0	0	—
Repurchases of early exercised stock options	0	−35,000	−17,000	−25,000	0
Proceeds from common stock purchased under Matching Plan	6	4	4	4	0
Proceeds from issuance of common stock on exercise of stock options	300,000	400,000	311,000	795,000	4
Payments for employee taxes withheld from stock-based awards	0	−2	−2	−5	0
Repurchase and retirement of common stock	−9	−2	−3	−6	0
Net cash used in financing activities	−3	−22	−45	−8	81
Net increase (decrease) in cash and cash equivalents and restricted cash	14	−6	−51	22	78
Cash paid for interest	0	1	6	4	3
Stock-based compensation capitalized as software development costs	2	3	3	2	628,000
Purchases of property and equipment and capitalized software in accounts payable and accrued expenses	111,000	37,000	390,000	0	0
Fair value of common stock issued to settle liability-classified restricted stock units	1	0	—	—	—
Cashless exercise of stock options	0	335,000	0	0	—

Filings

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