PAR Technology (NYSE: PAR) grows ARR to $315.4M and okays $100M buyback

Rhea-AI Filing Summary

PAR Technology Corporation reported strong growth for Q4 and full-year 2025 and launched a substantial share repurchase program. Revenue reached $120.1 million in Q4 2025, up 14.4% from Q4 2024, while full-year revenue rose 30.2% to $455.5 million. Annual Recurring Revenue grew 16% year over year to $315.4 million in Q4 2025, adding $17.0 million sequentially. The company improved profitability metrics, with adjusted EBITDA increasing to $7.0 million in Q4 2025 and $23.0 million for 2025, compared with $(6.4) million in 2024, and non-GAAP diluted net income per share reaching $0.15 for 2025. PAR remains GAAP-loss making, with a 2025 net loss from continuing operations of $84.7 million, but subscription service gross margins expanded on both a GAAP and non-GAAP basis. The board authorized a share repurchase program of up to $100 million of common stock, effective through February 26, 2028, with flexibility across open-market and structured transactions.

Positive

• Strong top-line and ARR growth: 2025 revenue rose 30.2% to $455.5 million, and Q4 2025 Annual Recurring Revenue increased 16% year over year to $315.4 million, with $17.0 million sequential ARR growth in the quarter.
• Marked improvement in non-GAAP profitability: Adjusted EBITDA improved from $(6.4) million in 2024 to $23.0 million in 2025, and non-GAAP diluted net income per share reached $0.15 versus a $(0.73) loss in 2024.
• Meaningful capital return capacity: The board authorized a share repurchase program for up to $100 million of common stock, effective through February 26, 2028, signaling willingness to return capital while the business scales.

Negative

• None.

Insights

Equity & SaaS business analyst

PAR shows strong ARR and revenue growth, improved profitability, and adds a $100M buyback.

PAR Technology delivered solid SaaS-style expansion in 2025. Revenue grew to $455.5 million, up 30.2%, and Annual Recurring Revenue reached $315.4 million, a 16% increase from Q4 2024. Subscription service remains the core engine, with ARR split between Engagement Cloud and Operator Cloud.

Profitability trends improved meaningfully on an adjusted basis. Adjusted EBITDA swung from $(6.4) million in 2024 to $23.0 million in 2025, and non-GAAP diluted net income per share moved to $0.15 from $(0.73). GAAP results are still negative, with a continuing-operations net loss of $84.7 million, so the quality and sustainability of margin gains remain an important consideration.

The board’s authorization to repurchase up to $100 million of common stock through February 26, 2028 adds a capital-return component on top of growth. Actual repurchase activity will depend on market conditions, liquidity, and other factors described, and subsequent disclosures will show how aggressively the program is used.

false000070882100007088212026-02-262026-02-26

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

PAR Technology Corporation

(Exact name of registrant as specified in its charter)

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

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

(Address of principal executive offices)             (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
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).

                             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, 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    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    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    Financial Statements and Exhibits.

(d)     Exhibits.

Exhibit No.						Exhibit Description
99.1						PAR Technology Corporation Press Release dated February 26, 2026
99.2						PAR Technology Corporation Earnings Presentation dated February 26, 2026
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

FOR RELEASE: CONTACT:  New Hartford, NY, February 26, 2026 Christopher R. Byrnes (315) 743-8376 chris_byrnes@partech.com, www.partech.com

PAR TECHNOLOGY CORPORATION ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS

•Annual Recurring Revenue (ARR)(1) 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

•Total ARR increased $17.0 million sequentially from Q3 '25

•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."

Q4 2025 Financial Highlights(2)
(in millions, except % and per share amounts)			GAAP												Non-GAAP(1)
			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

Full Year 2025 Financial Highlights(2)
(in millions, except % and per share amounts)			GAAP												Non-GAAP(1)
			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

(1) 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.

(2) Results exclude historical results from our Government segment which are reported as discontinued operations.

1

The Company's key performance indicators ARR and Active Sites(1) 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(1):

•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(1):

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

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

(1) 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”.

2

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®,” “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 press release belong to us. Solely for convenience, our trademarks referred to in this press release 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.

3

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.

###

4

PAR TECHNOLOGY CORPORATION

CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except share amounts)

Assets			December 31, 2025						December 31, 2024
Current assets:
Cash and cash equivalents			$	79,565					$	108,117
Cash held on behalf of customers			14,120						13,428
Short-term investments			579						524
Accounts receivable – net			81,706						59,726
Inventories			27,436						21,861
Other current assets			29,525						14,390
Total current assets			232,931						218,046
Property, plant and equipment – net			13,286						14,107
Goodwill			898,035						887,459
Intangible assets – net			203,370						237,333
Lease right-of-use assets			8,176						8,221
Other assets			13,346						15,561
Total Assets			$	1,369,144					$	1,380,727
Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of long-term debt			$	19,954					$	—
Accounts payable			39,332						34,784
Accrued salaries and benefits			25,186						22,487
Accrued expenses			12,380						13,938
Customers payable			14,120						13,428
Lease liabilities – current portion			1,899						2,256
Customer deposits and deferred service revenue			27,867						24,944
Total current liabilities			140,738						111,837
Lease liabilities – net of current portion			6,435						6,053
Long-term debt			374,070						368,355
Deferred service revenue – noncurrent			1,841						1,529
Other long-term liabilities			20,910						21,243
Total liabilities			543,994						509,017
Shareholders’ equity:
Preferred stock, $.02 par value, 1,000,000 shares authorized, none outstanding			—						—
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
Additional paid in capital			1,226,039						1,085,473
Equity consideration payable			—						108,182
Accumulated deficit			(364,404)						(279,943)
Accumulated other comprehensive loss			(8,429)						(20,951)
Treasury stock, at cost, 1,572,833 and 1,470,305 shares at December 31, 2025 and December 31, 2024, respectively			(28,892)						(21,849)
Total shareholders’ equity			825,150						871,710
Total Liabilities and Shareholders’ Equity			$	1,369,144					$	1,380,727

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”).

5

PAR TECHNOLOGY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except per share amounts)

			Three Months Ended December 31,												Year Ended December 31,
												2025															2024						2025						2024
Revenues, net:
Subscription service			$	76,094					$	64,262					$	291,170					$	207,422
Hardware			27,808						26,048						106,410						87,040
Professional service			16,199						14,695						57,967						55,520
Total revenues, net			120,101						105,005						455,547						349,982
Cost of sales:
Subscription service			37,552						30,095						132,027						96,519
Hardware			21,469						19,336						82,044						65,923
Professional service			11,603						10,567						43,450						41,416
Total cost of sales			70,624						59,998						257,521						203,858
Gross margin			49,477						45,007						198,026						146,124
Operating expenses:
Sales and marketing			12,377						10,471						48,911						41,708
General and administrative			30,001						31,002						122,707						108,898
Research and development			21,794						17,432						81,771						67,258
Amortization of identifiable intangible assets			3,366						2,875						13,408						8,452
Adjustment to contingent consideration liability			—						—						—						(600)
Gain on insurance proceeds			—						(348)						—						(495)
Total operating expenses			67,538						61,432						266,797						225,221
Operating loss			(18,061)						(16,425)						(68,771)						(79,097)
Other (expense) income, net			(310)						2,856						(1,118)						1,146
Loss on extinguishment of debt			—						(6,560)						(5,791)						(6,560)
Interest expense, net			(1,548)						(3,412)						(6,055)						(10,167)
Loss from continuing operations before income taxes			(19,919)						(23,541)						(81,735)						(94,678)
(Provision for) benefit from income taxes			(975)						(1,752)						(2,923)						4,768
Net loss from continuing operations			(20,894)						(25,293)						(84,658)						(89,910)
Net income from discontinued operations			—						4,236						197						84,923
Net loss			$	(20,894)					$	(21,057)					$	(84,461)					$	(4,987)
Net (loss) income per share (basic and diluted):
Continuing operations			$	(0.51)					$	(0.68)					$	(2.09)					$	(2.63)
Discontinued operations			—						0.11						—						2.49
Total			$	(0.51)					$	(0.57)					$	(2.09)					$	(0.14)
Weighted average shares outstanding (basic and diluted)			40,610						37,197						40,473						34,155

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

6

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.
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.

7

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.
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.

8

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.
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.
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.
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.
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.

9

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.

(in thousands)			Three Months Ended December 31,												Year Ended December 31,
Reconciliation of Net Loss to Adjusted EBITDA			2025						2024						2025						2024
Net loss			$	(20,894)					$	(21,057)					$	(84,461)					$	(4,987)
Discontinued operations			—						(4,236)						(197)						(84,923)
Net loss from continuing operations			(20,894)						(25,293)						(84,658)						(89,910)
Provision for (benefit from) income taxes			975						1,752						2,923						(4,768)
Interest expense, net			1,548						3,412						6,055						10,167
Depreciation and amortization			12,251						11,205						49,018						37,907
Stock-based compensation			7,756						7,905						30,645						24,487
Contingent consideration			—						—						—						(600)
Litigation expense			495						—						3,749						—
Transaction costs			795						2,351						3,682						8,454
Gain on insurance proceeds			—						(348)						—						(495)
Severance			255						1,088						1,089						2,769
Loss on extinguishment of debt			—						6,560						5,791						6,560
Impairment loss			3,555						—						3,555						225
Other expense (income), net			310						(2,856)						1,118						(1,146)
Adjusted EBITDA			$	7,046					$	5,776					$	22,967					$	(6,350)

(in thousands, except per share amounts)			Three Months Ended December 31,												Year Ended December 31,
Reconciliation between GAAP and Non-GAAP diluted net income (loss) per share			2025						2024						2025						2024
Diluted net loss per share			$	(0.51)					$	(0.57)					$	(2.09)					$	(0.14)
Discontinued operations			—						(0.11)						—						(2.49)
Diluted net loss per share from continuing operations			(0.51)						(0.68)						(2.09)						(2.63)
Non-recurring income taxes			—						0.03						—						(0.19)
Non-cash interest			0.01						0.02						0.06						0.07
Acquired intangible assets amortization			0.24						0.24						0.96						0.84
Stock-based compensation			0.19						0.21						0.76						0.72
Contingent consideration			—						—						—						(0.02)
Litigation expense			0.01						—						0.09						—
Transaction costs			0.02						0.06						0.09						0.25
Gain on insurance proceeds			—						(0.01)						—						(0.01)
Severance			0.01						0.03						0.03						0.08
Loss on extinguishment of debt			—						0.18						0.14						0.19
Impairment loss			0.09						—						0.09						0.01
Other expense (income), net			0.01						(0.08)						0.03						(0.03)
Non-GAAP diluted net income (loss) per share			$	0.06					$	(0.00)					$	0.15					$	(0.73)
Diluted weighted average shares outstanding			40,610						37,197						40,473						34,155

10

(in thousands)			Three Months Ended December 31,												Year Ended December 31,
Reconciliation between GAAP and Non-GAAP 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			$	38,542					$	34,167					$	159,143					$	110,903
Depreciation and amortization			7,687						7,271						31,115						25,312
Stock-based compensation			194						74						628						282
Severance			—						68						—						152
Impairment loss			3,555						—						3,555						—
Non-GAAP Subscription Service Gross Margin			$	49,978					$	41,580					$	194,441					$	136,649
Non-GAAP Subscription Service Gross Margin Percentage			65.8		%				64.7		%				66.8		%				65.9		%

11

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

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

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

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

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

6partech.com Financial Review Fourth Quarter 2025 Highlights

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.

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

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.

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.

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.

12partech.com Appendix

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

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

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.

16partech.com Thank You!

FAQ

How did PAR (PAR) perform financially in Q4 2025?

PAR reported Q4 2025 revenue of $120.1 million, up 14.4% from Q4 2024. Net loss from continuing operations narrowed to $20.9 million, while adjusted EBITDA improved to $7.0 million, indicating better operating performance despite ongoing GAAP losses.

What were PAR (PAR) full-year 2025 results compared to 2024?

For 2025, PAR generated $455.5 million in revenue, up 30.2% from 2024. Net loss from continuing operations was $84.7 million, a modest improvement, while adjusted EBITDA swung to a positive $23.0 million from a $(6.4) million loss in 2024.

How is PAR (PAR) growing its Annual Recurring Revenue (ARR)?

PAR’s ARR reached $315.4 million in Q4 2025, up 16% from $272.5 million in Q4 2024. The company added $17.0 million of ARR sequentially in Q4 2025, supported by both Engagement Cloud and Operator Cloud subscription offerings.

What margins did PAR (PAR) report for its subscription services in 2025?

In 2025, PAR’s GAAP subscription service gross margin percentage was 54.7%, up from 53.5% in 2024. On a non-GAAP basis, subscription service gross margin reached 66.8%, improving from 65.9%, reflecting better efficiency after adjusting for specified non-cash items.

Did PAR (PAR) report positive earnings on a non-GAAP basis in 2025?

Yes. While GAAP results remained negative, PAR’s non-GAAP diluted net income per share was $0.15 for 2025, compared with a $(0.73) loss in 2024, driven by higher revenue, improved margins, and lower adjusted operating losses.

What share repurchase program did PAR (PAR) authorize in 2026?

PAR’s board authorized a $100 million share repurchase program announced February 26, 2026. The company may buy back common stock in open-market trades, private deals, block trades, or structured transactions, and the program runs through February 26, 2028 with no minimum repurchase requirement.

How did PAR’s (PAR) business mix look in Q4 2025?

In Q4 2025, PAR generated $76.1 million from subscription services, $27.8 million from hardware, and $16.2 million from professional services. Subscription services provided the largest share, underscoring the company’s focus on recurring software and payments revenue.

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