Slide 1: Q3 2025 Earnings
Q3 2025 Earnings November 6th, 2025
Slide 2: Disclaimer
Disclaimer All information included in this presentation is unaudited. FORWARDLOOKING STATEMENTS Forward-looking statements in this presentation, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statemen
Slide 3: Q3 2025 Financials
Expensify Q3 2025 Financials
Slide 4: Revenue, Average Paid Members, Total Interchange
Q3 2025 Revenue Average Paid Members Total Interchange $35.1M 642,000 $5.4MM
Slide 5: Operating Cash Flow, Free Cash Flow, Net Loss, Adj. EBITDA
Q3 2025 1 Operating Cash Flow Free Cash Flow Includes timing of customer funds) Excludes timing of customer funds) $4.2MM $1.2MM 2 3 Net Loss Non-GAAP Net Income Adj. EBITDA $(2.3)MM $4.3MM $6.5MM 1 We define free cash flow as net cash provided by operating activities excluding changes in settleme
Slide 6: Free Cash Flow
Free Cash Flow 1 ● Q3 FCF was $1.2MM, a decrease of 82% from the same period last year². ○ This decrease is primarily due to unfavorable timing of cash payments related to working capital items in the current quarter as compared to the same period last year. ● We reiterate our FY 2025 FCF guidance o
Slide 7: Q4 2025 Flash
Q4 2025 Flash Monthly Paid Members October Paid Members 653,000 Denotes October 2025 and October activity from previous years Note: There can be no assurances that the trends of previous fourth quarters are representative of future trends.
Slide 8: Q3 Business Highlights
Q3 Business Highlights ● Marquee customer expansion ○ Expensify is now the Official Travel and Expense partner of the Brooklyn Nets, with the long-time customer adopting Expensify Travel in Q3. ● Expensify Travel ○ Expensify Travel bookings continue to climb, growing 36% from Q2 to Q3 and 95% since
Slide 9: Product Update
Expensify Product Update
Slide 10: New Expensify Migration
New Expensify Migration ● New Expensify is nearly to Classic feature parity ○ Targeting "90% feature parity" by EOY ○ Maintain Classic for remaining customers ● All Collect customers have been "nudged" to New Expensify ○ Vast majority actively choose to stay on New Expensify over Expensify Classic ○
Slide 11: Concierge AI Update
Concierge AI Update ● Hybrid ○ Automated response for most common questions ○ Realtime escalation of complex or emotional issues to human agent 24/7 ● Contextual ○ Built "in" not "on" the UI ○ Chat inside whichever context is natural: DM, workspace, report, expense ● General Intelligence ○ Single-ag
Slide 12: Prohibited Expense Detection
Prohibited Expense Detection
Slide 13: AI-Generated Receipt Detection
AI-Generated Receipt Detection
Slide 14: Conversational Corrections
Conversational Corrections
Slide 15: Chat + Email + SMS = Universal Agent
Chat + Email + SMS = Universal Agent
Slide 16: Summary
Summary ● Continued cross-sell success: ○ Interchange continues to grow, reaching $5.4MM in Q3. ○ Expensify Travel booking have increased 95% since Q1 and continue to grow. ● Continuing to put FCF to work: ○ The company repurchased shares $3.0MM worth of common shares in Q3, and intends to continue
Slide 17: Slide 17
Slide 18: Expensify
Expensify
Slide 19: Appendix
Appendix
Slide 20: GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income
GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income Three months ended Three months ended September 30, 2025 September 30, 2024 (unaudited, in thousands) (unaudited, in thousands) Net loss $ 2,315 $ 2,198 Add: Stock-based compensation expense 6,663 7,630 1 Non-GAAP net income $ 4,348 $ 5,432 1
Slide 21: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Adjusted EBITDA Three months ended Three months ended September 30, 2025 September 30, 2024 (unaudited, in thousands) (unaudited, in thousands) Net loss $ 2,315 $ 2,198 Provision for income taxes 154 2,667 Other income, net 96 181 Depreciation and amortizatio
Slide 22: GAAP to Non-GAAP Reconciliation: Free Cash Flow
GAAP to Non-GAAP Reconciliation: Free Cash Flow Three months ended Three months ended September 30, 2025 September 30, 2024 (unaudited, in thousands) (unaudited, in thousands) Net cash provided by operating activities $ 4,166 $ 3,687 Increase) decrease in changes in customer assets and liabilities
Slide 23: Estimated Stock-Based Compensation - Next Quarters
Estimated Stock-Based Compensation (Millions) - Next 4 Quarters Q4 2025 Q1 2026 Q2 2026 Q3 2026 Low High Low High Low High Low High Cost of revenue, net $ 2.1 $ 2.9 $ 2.0 $ 2.8 $ 2.0 $ 2.8 $ 1.9 $ 2.7 Research and development 1.5 2.1 1.5 2.1 1.4 2.0 1.4 2.0 General and administrative 0.9 1.3 0.9 1.3
Slide 24: Expensify
Expensify