Asure Software (Nasdaq: ASUR) delivers strong Q4 2025 growth and 2026 outlook

Rhea-AI Filing Summary

Asure Software reported strong growth for the fourth quarter and full year 2025. Fourth quarter revenue reached $39.3 million, up 28% year over year, with recurring revenue of $33.7 million. The company generated fourth quarter net income of $0.8 million, reversing a net loss of $3.2 million a year earlier, and produced EBITDA of $8.7 million and adjusted EBITDA of $11.4 million.

For full year 2025, revenue rose 17% to $140.5 million, while recurring revenue increased to $127.3 million. The company recorded a net loss of $13.1 million, slightly wider than the prior year, but improved EBITDA to $18.2 million and adjusted EBITDA to $32.0 million. Non‑GAAP gross profit was $103.0 million with a 73% margin.

Management highlighted broad-based demand, stronger attach rates across products, and rapid adoption of the Asure Central™ client portal. For 2026, Asure issued guidance targeting first quarter revenue of $41.0–$43.0 million and full year revenue of $159.0–$162.0 million, with adjusted EBITDA of $10.0–$11.0 million for the first quarter and an adjusted EBITDA margin of 23%–25% for the full year.

Insights

Equity research analyst

Asure posts strong Q4 growth, better margins, but remains loss-making for 2025.

Asure delivered a robust Q4 2025 with revenue of $39.3M, up 28%, and moved from a $3.2M loss to $0.8M net income. Adjusted EBITDA jumped to $11.4M, showing substantial operating leverage as non-GAAP gross margin improved to 75%.

For 2025, revenue climbed 17% to $140.5M, while adjusted EBITDA rose to $32.0M from $22.5M. However, the company still posted a full-year net loss of $13.1M, slightly worse than 2024, and interest expense increased with notes payable rising to $63.3M long term.

Management’s 2026 guidance implies continued double-digit revenue growth, with Q1 2026 revenue of $41.0M–$43.0M and full-year $159.0M–$162.0M, alongside an adjusted EBITDA margin of 23%–25%. Execution on attach-rate expansion, Asure Central™ adoption, and managing higher debt costs will be key themes in upcoming 2026 results and conference calls.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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

ASURE SOFTWARE, INC.

(Exact name of registrant as specified in its charter)

Delaware

1-34522

74-2415696

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

405 Colorado Street, Suite 1800 Austin, Texas

78701

(Address of principal executive offices)

(Zip Code)

512-437-2700

(Registrant’s Telephone Number, including Area Code)

None

(Former address)

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(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

ASUR

The Nasdaq Capital Market

Series A Junior Participating Preferred Share Purchase Rights

N/A

N/A

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 Exchange Act (§240.12b-2 of this chapter).

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.    Results of Operations and Financial Condition

On February 26, 2026, Asure Software, Inc. (the “Company”) issued a press release announcing its financial results for its fourth quarter ended December 31, 2025 (the “Press Release”). A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Item 2.02 of this Current Report (including the press release furnished as an exhibit hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.    Financial Statements and Exhibits

(d) Exhibits

Exhibit No.						Description
99.1						Press Release issued by Asure Software, Inc. dated October 30, 2025
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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

						ASURE SOFTWARE, INC.
Dated: February 26, 2026			By:			/s/ John Pence
						Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer

Exhibit 99.1

Asure Announces Fourth Quarter and Full Year 2025 Results

Fourth Quarter 2025 Revenues of $39.3 Million up 28% year over year

Fourth Quarter 2025 Net Income $0.8 Million versus Net Loss of $3.2 Million in prior year

Fourth Quarter 2025 Adjusted EBITDA(1) increased 82% to $11.4 Million year over year

Full Year 2025 Revenues increased 17% to $140.5 Million year over year

AUSTIN, TX – February 26, 2026 – Asure Software, Inc. (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management software solutions, today reported results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Financial Highlights*

•Revenue of $39.3 million, up 28%

•Recurring revenue of $33.7 million, up 18% from $28.5 million

•Net income of $0.8 million versus a net loss of $3.2 million

•EBITDA(1) of $8.7 million versus $3.4 million

•Adjusted EBITDA(1) of $11.4 million versus $6.2 million

•Gross profit of $27.2 million versus $20.9 million

•Non-GAAP gross profit(1) of $29.4 million (margin of 75%) versus $22.5 million (margin of 73%)

Full Year 2025 Financial Highlights*

•Revenue of $140.5 million, up 17%

•Recurring revenue of $127.3 million, up 11% from $114.5 million

•Net loss of $13.1 million versus a net loss of $11.8 million

•EBITDA(1) of $18.2 million versus $11.4 million

•Adjusted EBITDA(1) of $32.0 million versus $22.5 million

•Gross profit of $94.9 million versus $82.1 million

•Non-GAAP gross profit(1) of $103.0 million (margin of 73%) versus $88.2 million (margin of 74%)

*Financial metrics are compared to the fourth quarter and twelve months of the prior year, respectively.

Recent Business Highlights

•Asure Central™ has progressed strongly since its launch last October, with more than two thirds of our clients upgrading to the new portal to improve their user experience and workflow. The number of customers buying multiple products from us in our payroll business has grown by 10% in the fourth quarter over prior year, helping to drive our increased organic growth.

•Announced the appointment of Mike Eralie as Senior Vice President of Operations. A highly experienced HCM executive, Mr. Eralie, brings a proven track record of scaling organizations for rapid growth while strengthening client experience, demonstrating that operational scale and customer satisfaction can advance together.

(1) This financial measure is not calculated in accordance with GAAP and is defined on page 3 of this press release. A reconciliation of this non-GAAP measure to the most applicable GAAP measure begins on page 10 of this release.

1

Management Commentary

“We are excited to report a strong fourth quarter to finish 2025. Our fourth quarter revenues were up an impressive 28% to $39.3 million versus a year ago and for the year our revenues totaled $140.5 million up 17% year over year. We continued to experience improved attach rates with our products and we believe the recent launch of our Asure Central™ client portal will further accelerate this activity,” said Asure Chairman and CEO Pat Goepel.

“The growth of our business during 2025 was broad based reflecting a healthy demand for our products and solutions. Additionally, we experienced improved profitability during the fourth quarter of 2025, which we believe can continue in 2026. We are excited about the outlook for 2026 and we believe organic growth will improve during the year driven by our expected increasing attach rates as well as additional investment in our sales and marketing efforts.”

Upcoming Event

Fireside Chat on Asure’s Current Perspective on Artificial Intelligence with CEO & Chairman Pat Goepel and CTO Yasmine Rodriguez.

March 11, 2026 at 4:30PM Eastern Time. Event will be webcast. Please go to the investor relations section of Asure’s website at www.asuresoftware.com to register and participate.

First Quarter 2026 and Full Year 2026 Revenue Guidance Ranges

The Company provides guidance for the first quarter of 2026 and full year 2026 based on the Company’s year-to-date results and recent business trends.

Guidance for 2026

Guidance Range

Q1-2026

FY-2026

Revenue

$

41.0 M – 43.0 M

$

159.0 M – 162.0 M

Adjusted EBITDA(1)

$

10.0 M – 11.0 M

23% – 25%

Management uses GAAP, non-GAAP and adjusted measures when planning, monitoring, and evaluating the Company’s performance. The primary purpose of using non-GAAP and adjusted measures is to provide supplemental information that may prove useful to investors and to enable investors to evaluate the Company’s results in the same way management does.

Management believes that supplementing GAAP disclosures with non-GAAP and adjusted disclosures provides investors with a more complete view of the Company’s operational performance and allows for meaningful period-to-period comparisons and analysis of trends in the Company’s business. Further, to the extent that other companies use similar methods in calculating adjusted financial measures, the provision of supplemental non-GAAP and adjusted information can allow for a comparison of the Company’s relative performance against other companies that also report non-GAAP and adjusted operating results.

Management has not provided a reconciliation of guidance of GAAP to non-GAAP or adjusted disclosures because management is unable to predict the nature and materiality of non-recurring expenses without unreasonable effort.

Management’s projections are based on management’s current beliefs and assumptions about the Company's business, and the industry and the markets in which it operates; there are known and unknown risks and uncertainties associated with these projections. There can be no assurance that our actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including its 2026 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Use of Forward-Looking Statements” disclosures on page 5 of this press release as well as the risk factors in our quarterly and annual reports on file with the Securities and Exchange Commission for more information about risk that affect our business and industry.

(1) This financial measure is not calculated in accordance with GAAP and is defined on page 4 of this press release. A reconciliation of this non-GAAP measure to the most applicable GAAP measure begins on page 11 of this release.

2

Conference Call Details

Asure management will host a conference call on Thursday, February 26, 2026, at 3:30 pm Central (4:30 pm Eastern). Asure Chairman and CEO Pat Goepel and CFO John Pence will participate in the conference call followed by a question-and-answer session. The conference call will be broadcast live and available for replay via the investor relations section of the Company’s website. Analysts may participate on the conference call by dialing 877-407-9219 or 201-689-8852.

About Asure Software, Inc.

Asure (Nasdaq: ASUR) provides cloud-based Human Capital Management (HCM) software solutions that assist organizations of all sizes in streamlining their HCM processes. Asure's suite of HCM solutions includes HR, payroll, time and attendance, benefits administration, payroll tax management, and talent management. The company's approach to HR compliance services incorporates AI technology to enhance scalability and efficiency while prioritizing client interactions. For more information, please visit www.asuresoftware.com.

Non-GAAP and Adjusted Financial Measures

This press release includes information about non-GAAP gross profit, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP research and development expense, EBITDA, EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin. These non-GAAP and adjusted financial measures are measurements of financial performance that are not prepared in accordance with U.S. generally accepted accounting principles and computational methods may differ from those used by other companies. Non-GAAP and adjusted financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company’s Condensed Consolidated Financial Statements prepared in accordance with GAAP. Non-GAAP and adjusted financial measures are reconciled to GAAP in the tables set forth in this release and are subject to reclassifications to conform to current period presentations.

Non-GAAP gross profit differs from gross profit in that it excludes amortization, share-based compensation, and one-time items.

Non-GAAP sales and marketing expense differs from sales and marketing expense in that it excludes share-based compensation and one-time items.

Non-GAAP general and administrative expense differs from general and administrative expense in that it excludes share-based compensation and one-time items.

Non-GAAP research and development expense differs from research and development expense in that it excludes share-based compensation and one-time items.

EBITDA differs from net income (loss) in that it excludes items such as interest, income taxes, depreciation, and amortization. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.

Adjusted EBITDA differs from EBITDA in that it excludes share-based compensation, other income (expense), net and one-time expenses. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.

All adjusted and non-GAAP measures presented as “margin” are computed by dividing the applicable adjusted financial measure by total revenue.

Specifically, as applicable to the respective financial measure, management is adjusting for the following items when calculating non-GAAP and adjusted financial measures as applicable for the periods presented. No additional adjustments have been made for potential income tax effects of the adjustments based on the Company’s current and anticipated de minimis effective federal tax rate, resulting from the Company’s continued losses for federal tax purposes and its tax net operating loss balances.

3

Share-Based Compensation Expenses. The Company’s compensation strategy includes the use of share-based compensation to attract and retain employees and executives. It is principally aimed at aligning their interests with those of our stockholders and at long-term employee retention, rather than to motivate or reward operational performance for any particular period. Thus, share-based compensation expense varies for reasons that are generally unrelated to operational decisions and performance in any particular period.

Depreciation. The Company excludes depreciation of fixed assets. Also included in the expense is the depreciation of capitalized software costs.

Amortization of Purchased Intangibles. The Company views amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, customer lists and customer relationships, and acquired lease intangibles, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period.

Interest Expense, Net. The Company excludes accrued interest expense, the amortization of debt discounts and deferred financing costs.

Income Taxes. The Company excludes income taxes, both at the federal and state levels.

One-Time Expenses. The Company’s adjusted financial measures exclude the following costs to normalize comparable reporting periods, as these are generally non-recurring expenses that do not reflect the ongoing operational results. These items are typically not budgeted and are infrequent and unusual in nature.

Settlements, Penalties and Interest. The Company excludes legal settlements, including separation agreements, penalties and interest that are generally one-time in nature and not reflective of the operational results of the business.

Acquisition and Transaction Related Costs. The Company excludes these expenses as they are transaction costs and expenses that are generally one-time in nature and not reflective of the underlying operational results of our business. Examples of these types of expenses include legal, accounting, regulatory, other consulting services, severance and other employee costs.

Other non-recurring Expenses. The Company excludes these as they are generally non-recurring items that are not reflective of the underlying operational results of the business and are generally not anticipated to recur. Some examples of these types of expenses, historically, have included write-offs or impairments of assets, demolition of office space and cybersecurity consultants.

Other (Expense) Income, Net. The Company’s adjusted financial measures exclude Other (Expense) Income, Net because it includes items that are not reflective of the underlying operational results of the business, such as loan forgiveness, adjustments to contingent liabilities and credits earned as part of the CARES Act, passed by Congress in the wake of the coronavirus pandemic.

4

Use of Forward-Looking Statements

This press release contains certain statements made by management that may constitute “forward-looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements about our financial results may include expected or projected U.S GAAP and other operating and non-operating results. The words “believe,” “may,” “will,” “estimate,” “projects,” “anticipate,” “intend,” “expect,” “should,” “plan,” and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements include statements we make regarding our operating performance, future results of operations and financial position, revenue growth, earnings or other projections. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions, over many of which we have no control. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties referred to above include—but are not limited to—risks associated with breaches of our security measures; possible fluctuations in our financial and operating results; potential financing needed to meet future capital requirements; access to additional capital; volatility and weakness in bank and capital markets; the financial and other impact of any previous and future acquisitions; privacy concerns and laws and other regulations that may limit the effectiveness of our applications; inability to adopt new or correctly interpret existing money service and money transmitter business status; risk of our software and solutions not functioning adequately; interruptions, delays or changes in our services or our Web hosting; significant costs as a result of operating as a public company; interruptions to supply chains and extended shut down of businesses; risks related to weaknesses in internal control; the inability to continue to release timely updates for changes in laws; the inability to develop new and improved versions of our services and technological developments; customer’s nonrenewal of their agreements and other similar changes; the exposure of market, interest, credit and liquidity risk on client funds held in trust; our operations in highly competitive markets; risks that our clients could have insufficient funds, limitations in the ability to transmit ACH transactions; the nature of our business model; impairment of intangible assets; litigation and any related claims, negotiations and settlements, including with respect to intellectual property matters or industry-specific regulations; market demand of our Software-as-a-Service offerings; adverse effects to our business a result of claims, lawsuits, and other proceedings; advancements and adoption of artificial intelligence could have a material adverse affect on our business; issues in the use of artificial intelligence in our HCM products and services; adverse changes to financial accounting standards to us; intellectual property risks associated with the use of open source software; failures of our service providers; factors affecting our deferred tax assets and ability to value and utilize them; inability to maintain third-party licensed software; evolving regulation of the Internet, changes in the infrastructure underlying the Internet or interruptions in Internet services; the expiration of Employee Retention Tax Credits (“ERTC”) and the impact of recent regulatory and other measures by governmental authorities-regarding ERTC claims and the corresponding cash collections of existing receivables; our ability to hire, retain and motivate employees and manage our growth; potential enactment of adverse tax laws, regulation, political, economic and social factors; potential sales of a substantial number of shares of our common stock along with its volatility; and risks associated with potential equity-related transactions including dividends, rights under the stockholder plan to discourage certain actions and other impacts as a result of actions of our stockholders.

Please review the Company’s risk factors in its annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2026.

The forward-looking statements, including the financial guidance and 2026 outlook, contained in this press release represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations with regard to these forward looking statements or any change in events, conditions or circumstances on which any such statements are based. © 2026 Asure Software, Inc. All rights reserved.

5

ASURE SOFTWARE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

			December 31, 2025						December 31, 2024
ASSETS
Current assets:
Cash , cash equivalents, and restricted cash			$	25,244					$	21,425
Accounts receivable, net of allowance for credit losses of $7,206 and $6,328 at December 31, 2025 and December 31, 2024, respectively			15,859						18,154
Inventory			2,826						195
Prepaid expenses and other current assets			6,329						4,888
Total current assets before funds held for clients			50,258						44,662
Funds held for clients			228,111						192,615
Total current assets			278,369						237,277
Property and equipment, net			27,810						19,669
Goodwill			115,759						94,724
Intangible assets, net			87,911						69,114
Operating lease assets, net			6,028						4,041
Other assets, net			15,542						11,813
Total assets			$	531,419					$	436,638
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of notes payable			$	4,344					$	7,008
Accounts payable			2,174						1,364
Accrued compensation and benefits			4,723						4,485
Lease liabilities, current			1,956						1,438
Other accrued liabilities			6,422						6,600
Deferred revenue			11,622						8,363
Total current liabilities before client fund obligations			31,241						29,258
Client fund obligations			228,482						194,378
Total current liabilities			259,723						223,636
Long-term liabilities:
Deferred revenue			1,909						3,430
Deferred tax liability			3,264						2,612
Notes payable, net of current portion			63,282						5,709
Lease liabilities, noncurrent			5,221						3,578
Other liabilities			224						358
Total long-term liabilities			73,900						15,687
Total liabilities			333,623						239,323
Stockholders’ equity:
Preferred stock, $0.01 par value; 1,500 shares authorized; none issued or outstanding			—						—
Common stock, $0.01 par value; 44,000 shares authorized; 28,076 and 26,671 shares issued, 28,076 and 26,671 shares outstanding at December 31, 2025 and December 31, 2024, respectively			281						267
Treasury stock at cost, zero(1) shares at December 31, 2025 and December 31, 2024			—						—
Additional paid-in capital			517,432						504,849
Accumulated deficit			(320,352)						(307,226)
Accumulated other comprehensive income (loss)			435						(575)
Total stockholders’ equity			197,796						197,315
Total liabilities and stockholders’ equity			$	531,419					$	436,638
(1) The aggregate Treasury stock of prior repurchases of the Company's own common stock was retired and subsequently issued effective January 1, 2024. See the Consolidated
Statement of Changes in Stockholders' Equity for the impact of this transaction.

6

ASURE SOFTWARE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands, except per share amounts)

			Three Months Ended December 31,												Year Ended December 31,
			2025						2024						2025						2024
Revenue:
Recurring			$	33,664					$	28,521					$	127,288					$	114,471
Professional services, hardware and other			5,647						2,271						13,253						5,321
Total revenue			39,311						30,792						140,541						119,792
Cost of sales			12,098						9,864						45,667						37,685
Gross profit			27,213						20,928						94,874						82,107
Operating expenses:
Sales and marketing			7,991						6,945						33,569						28,316
General and administrative			11,308						9,940						45,831						40,499
Research and development			1,123						2,103						5,599						7,807
Amortization of intangible assets			5,033						4,432						18,283						16,222
Total operating expenses			25,455						23,420						103,282						92,844
Loss from operations			1,758						(2,492)						(8,408)						(10,737)
Interest income			171						151						869						913
Interest expense			(1,830)						(362)						(5,056)						(1,024)
Other income (expense), net			(191)						(2)						121						8
Loss from operations before income taxes			(92)						(2,705)						(12,474)						(10,840)
Income tax expense (benefit)			(849)						499						652						933
Net income (loss)			757						(3,204)						(13,126)						(11,773)
Other comprehensive income:
Unrealized gain on marketable securities			1,010						1,581						1,010						540
Comprehensive income (loss)			$	1,767					$	(1,623)					$	(12,116)					$	(11,233)
Basic and diluted loss per share
Basic			$	0.03					$	(0.12)					$	(0.48)					$	(0.45)
Diluted			$	0.03					$	(0.12)					$	(0.48)					$	(0.45)
Weighted average basic and diluted shares
Basic			27,944						26,602						27,430						26,054
Diluted			28,457						26,602						27,430						26,054

7

ASURE SOFTWARE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

			Year Ended December 31,
			2025						2024
Cash flows from operating activities:
Net loss			$	(13,126)					$	(11,773)
Adjustments to reconcile loss to net cash provided by operations:
Depreciation and amortization			26,439						22,142
Amortization of operating lease assets			1,560						1,386
Amortization of debt financing costs and discount			1,253						726
Non-cash interest expense			3,802						298
Net accretion of discounts and amortization of premiums on available-for-sale securities			(398)						(377)
Provision for expected losses			1,122						46
Provision for deferred income taxes			652						884
Loss on extinguishment of debt			71						—
Net realized gains on sales of available-for-sale securities			(2,949)						(2,609)
Share-based compensation			7,739						6,444
Changes in operating assets and liabilities:
Accounts receivable			3,193						(3,998)
Inventory			750						(41)
Prepaid expenses and other assets			(1,165)						(1,886)
Accounts payable			335						(1,206)
Accrued expenses and other long-term obligations			(3,650)						(1,103)
Lease liabilities			(1,661)						(1,555)
Deferred revenue			(1,749)						2,010
Net cash provided by operating activities			22,218						9,388
Cash flows from investing activities:
Business combination consideration, net of cash acquired			(37,500)						(7,900)
Acquisition of intangible assets			(15,666)						(5,356)
Purchases of property and equipment			(787)						(692)
Software capitalization costs			(13,733)						(10,187)
Purchases of available-for-sale securities			(44,614)						(15,643)
Proceeds from sales and maturities of available-for-sale securities			25,623						20,522
Net cash used in investing activities			(86,677)						(19,256)
Cash flows from financing activities:
Payments of finance lease principal			(19)						—
Proceeds from notes payable, net of issuance costs			57,975						4,995
Payments of notes payable			(7,200)						(420)
Debt extinguishment costs			(100)						—
Net proceeds from issuance of common stock			1,336						1,370
Capital raise fees			—						(132)
Payments made on amounts due for the acquisition of intangibles			(2,647)						(1,513)
Net change in client fund obligations			34,105						(26,342)
Net cash provided by (used in) financing activities			83,450						(22,042)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents			18,991						(31,910)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period			145,712						177,622
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period			$	164,703					$	145,712

8

ASURE SOFTWARE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(in thousands)

			Year Ended December 31,
			2025						2024
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Condensed Consolidated Balance Sheets
Cash and cash equivalents			$	25,244					$	21,425
Restricted cash and restricted cash equivalents included in funds held for clients			139,459						124,287
Total cash, cash equivalents, restricted cash, and restricted cash equivalents			$	164,703					$	145,712
Supplemental information:
Cash paid for interest			$	3,294					$	—
Cash paid for income taxes			$	—					$	18
Non-cash investing and financing activities:
Acquisition of intangible assets			$	488					$	5,338
Notes payable issued for acquisitions			$	5,524					$	3,107
Shares issued for acquisitions			$	956					$	9,125
Shares issued for debt payments			$	2,566					$	—

9

ASURE SOFTWARE, INC.

RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES

(unaudited)

(in thousands)			Q4-25			Q3-25			Q2-25			Q1-25			Q4-24			Q3-24			Q2-24			Q1-24
Revenue(1)			$	39,311		$	36,252		$	30,124		$	34,854		$	30,792		$	29,304		$	28,044		$	31,652
Gross Profit to non-GAAP Gross Profit
Gross Profit			$	27,213		$	23,142		$	19,911		$	24,608		$	20,928		$	19,704		$	18,868		$	22,607
Gross Margin			69.2		%	63.8		%	66.1		%	70.6		%	68.0		%	67.2		%	67.3		%	71.4		%
Share-based Compensation			46			46			46			44			44			44			43			40
Depreciation			1,419			1,795			1,378			1,369			1,190			1,232			1,145			1,110
Amortization - intangibles			362			365			370			50			50			50			50			50
One-time expenses
Settlements, penalties & interest			224			2			46			29			25			2			3			—
Acquisition and transaction costs			182			50			—			167			221			367			264			39
Other non-recurring expenses			—			1			106			—			84			—			—			—
Non-GAAP Gross Profit			$	29,446		$	25,401		$	21,857		$	26,267		$	22,542		$	21,399		$	20,373		$	23,846
Non-GAAP Gross Margin			74.9		%	70.1		%	72.6		%	75.4		%	73.2		%	73.0		%	72.6		%	75.3		%
Sales and Marketing Expense to non-GAAP Sales and Marketing Expense
Sales and Marketing Expense			$	7,991		$	9,043		$	8,149		$	8,386		$	6,945		$	6,680		$	6,924		$	7,767
Share-based Compensation			276			323			332			322			251			269			237			243
Depreciation			1			1			1			1			—			1			—			1
One-time expenses
Settlements, penalties & interest			174			57			40			51			78			(5)			5			18
Acquisition and transaction costs			70			68			30			30			9			68			37			11
Other non-recurring expenses			—			1361			164			—			52			—			—			—
Non-GAAP Sales and Marketing Expense			$	7,470		$	7,233		$	7,582		$	7,982		$	6,555		$	6,347		$	6,645		$	7,494
General and Administrative Expense to non-GAAP General and Administrative Expense
General and Administrative Expense			$	11,308		$	11,655		$	10,968		$	11,900		$	9,940		$	10,378		$	10,118		$	10,063
Share-based Compensation			1,593			1,499			1,419			1,407			1,081			1,187			1,122			1,535
Depreciation			284			254			261			244			269			264			256			251
One-time expenses
Settlements, penalties & interest			(494)			449			365			492			142			377			304			98
Acquisition and transaction costs			258			427			812			491			282			371			245			57
Other non-recurring expenses			3			20			189			136			220			253			—			86
Non-GAAP General and Administrative Expense			$	9,664		$	9,006		$	7,922		$	9,130		$	7,946		$	7,926		$	8,191		$	8,036
Research and Development Expense to non-GAAP Research and Development Expense
Research and Development Expense			$	1,123		$	1,174		$	1,273		$	2,029		$	2,103		$	1,973		$	1,962		$	1,769
Share-based Compensation			103			99			94			90			87			90			86			85
Depreciation			1			1			(1)			$	—		$	—		$	—		$	—		$	—
One-time expenses
Settlements, penalties & interest			67			17			33			9			21			—			27			31
Acquisition and transaction costs			—			—			—			91			153			195			369			147
Other non-recurring expenses			—			—			35			—			29			—			—			—
Non-GAAP Research and Development Expense			$	952		$	1,057		$	1,112		$	1,838		$	1,813		$	1,688		$	1,480		$	1,506

(1)Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period.

10

ASURE SOFTWARE, INC.

RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES (cont.)

(unaudited)

(in thousands)			Q4-25			Q3-25			Q2-25			Q1-25			Q4-24			Q3-24			Q2-24			Q1-24
Revenue(1)			$	39,311		$	36,252		$	30,124		$	34,854		$	30,792		$	29,304		$	28,044		$	31,652
GAAP Net Loss to Adjusted EBITDA
GAAP Net Loss			$	757		$	(5,362)		$	(6,123)		$	(2,398)		$	(3,204)		$	(3,901)		$	(4,360)		$	(308)
Interest expense, net			1,659			1,716			532			280			211			109			(53)			(156)
Income taxes			(849)			367			843			291			499			170			231			33
Depreciation			1,705			2,050			1,640			1,614			1,460			1,497			1,402			1,361
Amortization - intangibles			5,397			5,132			4,543			4,358			4,482			4,345			4,096			3,499
EBITDA			$	8,669		$	3,903		$	1,435		$	4,145		$	3,448		$	2,220		$	1,316		$	4,429
EBITDA Margin			22.1		%	10.8		%	4.8		%	11.9		%	11.2		%	7.6		%	4.7		%	14.0		%
Share-based Compensation			2,018			1,967			1,891			1,863			1,463			1,591			1,488			1,902
One Time Expenses
Settlements, penalties & interest			(29)			525			484			581			266			375			339			147
Acquisition and transaction costs			510			545			842			779			665			1,001			914			254
Other non-recurring expenses			3			1,382			494			136			385			253			—			86
Other expense (income), net			192			(220)			96			(188)			2			—			—			(10)
Adjusted EBITDA			$	11,363		$	8,102		$	5,242		$	7,316		$	6,229		$	5,440		$	4,057		$	6,808
Adjusted EBITDA Margin			28.9		%	22.3		%	17.4		%	21.0		%	20.2		%	18.6		%	14.5		%	21.5		%

(1)Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period.

Investor Relations Contact

Patrick McKillop

Vice President, Investor Relations

617-335-5058

patrick.mckillop@asuresoftware.com

11

FAQ

How did Asure Software (ASUR) perform in Q4 2025?

Asure posted strong Q4 2025 results with revenue of $39.3 million, up 28% year over year. The company swung to $0.8 million in net income and delivered $11.4 million in adjusted EBITDA, reflecting improved profitability and operating leverage.

What were Asure Software’s full year 2025 financial results?

In 2025, Asure generated $140.5 million in revenue, a 17% increase from 2024. Recurring revenue reached $127.3 million. The company recorded a net loss of $13.1 million but improved adjusted EBITDA to $32.0 million and non-GAAP gross profit to $103.0 million with a 73% margin.

What guidance did Asure Software (ASUR) provide for 2026?

For 2026, Asure guided first quarter revenue to $41.0–$43.0 million and full year revenue to $159.0–$162.0 million. The company also expects adjusted EBITDA of $10.0–$11.0 million for Q1 and a full year adjusted EBITDA margin between 23% and 25%.

How are Asure’s profitability metrics trending?

Profitability improved significantly in Q4 2025, with EBITDA at $8.7 million and adjusted EBITDA at $11.4 million, up 82% year over year. Full year adjusted EBITDA rose to $32.0 million. However, Asure still reported a $13.1 million net loss for 2025 overall.

What drove Asure Software’s growth in 2025?

Management cited broad-based demand for its Human Capital Management solutions, higher attach rates across products, and strong adoption of the Asure Central™ client portal. Recurring revenue grew to $127.3 million, and non-GAAP gross margin remained in the low-to-mid 70% range, supporting operating leverage.

How has Asure’s balance sheet changed by December 31, 2025?

Total assets increased to $531.4 million, up from $436.6 million a year earlier, driven by higher funds held for clients, goodwill, and intangibles. Long-term notes payable rose to $63.3 million, while stockholders’ equity remained relatively stable at about $197.8 million.

Did Asure generate positive operating cash flow in 2025?

Yes. Asure produced $22.2 million in net cash from operating activities in 2025, up from $9.4 million in 2024. The company reinvested heavily, using $86.7 million in investing cash flows, largely for acquisitions, intangibles, software capitalization, and securities purchases.

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