0001476840-26-000032 | 10-Q | XBRL Viewer

CERTAIN BALANCE SHEET COMPONENTS (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other current assets consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Expensify Card posted collateral for funds held for customers	$	11,364	$	10,530
Expensify.org restricted cash	6,233		6,181
Earned interchange restricted cash	1,914		1,654
Income tax receivable	875		495
Deferred contract acquisition costs	575		508
Other restricted cash	207		179
Expected insurance recoveries	—		6,710
Other	37		87
Other current assets	$	21,205	$	26,344

Schedule of Capitalized Software, Net

Capitalized software, net consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Capitalized software development costs	$	38,134	$	36,393
Less: accumulated amortization	(24,865)		(22,797)
Capitalized software, net	$	13,269	$	13,596

Schedule of Property and Equipment

Property and equipment, net consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Computers and equipment	$	151	$	165
Furniture and fixtures	1,869		1,889
Leasehold improvements	7,784		7,791
Commercial building	9,209		9,209
Land	4,151		4,151
Total property and equipment	23,164		23,205
Less: accumulated depreciation	(10,303)		(10,189)
Property and equipment, net	$	12,861	$	13,016

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Professional fees	$	1,759	$	1,787
Partner payouts and advertising fees	1,549		1,559
Sales, payroll and other taxes payable	1,182		1,484
Cashback rewards	600		562
Matching Plan payroll liability	596		672
Credit card processing fees	508		477
Income taxes payable	275		284
Estimated putative class action liability	—		9,500
Other	1,199		1,568
Accrued expenses and other liabilities	$	7,668	$	17,893

NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

NET LOSS PER SHARE

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended March 31, 2026
	Class A		LT10		LT50		Consolidated
Numerator
Net loss, basic and diluted	$	(2,031)	$	(105)	$	(201)	$	(2,337)
Denominator
Weighted average shares of common stock used to compute net loss per share, basic and diluted	81,466,597		4,209,827		8,042,778		93,719,202
Net loss per share, basic and diluted	$	(0.02)	$	(0.02)	$	(0.02)	$	(0.02)


	Three Months Ended March 31, 2025
	Class A		LT10		LT50		Consolidated
Numerator
Net loss, basic and diluted	$	(2,756)	$	(146)	$	(267)	$	(3,169)
Denominator
Weighted average shares of common stock used to compute net loss per share, basic and diluted	79,577,238		4,209,827		7,714,018		91,501,083
Net loss per share, basic and diluted	$	(0.03)	$	(0.03)	$	(0.03)	$	(0.03)

The rights, including the liquidation and dividend rights, of the holders of Class A, LT10 and LT50 common stock are identical, except with respect to voting, conversion and transfer rights. Each share of Class A common stock is entitled to one vote per share, each share of LT10 common stock is entitled to ten votes per share and each share of LT50 common stock is entitled to 50 votes per share. Each share of LT10 and LT50 common stock is convertible into one share of Class A common stock voluntarily at the option of the holder after the satisfaction of certain requirements, which include a ten-month notice period for LT10 common stock and a 50-month notice period for LT50 common stock to convert into Class A common stock, or automatically upon certain events. The Class A common stock has no conversion rights. As the liquidation and dividend rights are identical for Class A, LT10 and LT50 common stock, the undistributed earnings are allocated on a proportional basis based on the number of weighted average shares within each class of common stock during the period and the resulting net loss per share will be the same for the Class A, LT10 and LT50 common stock on an individual or combined basis.

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive:


	Three Months Ended March 31, 2026
	Class A	LT10	LT50	Consolidated
Weighted average stock options	439,188	—	—	439,188
Matching Plan shares	77,933	—	—	77,933
Total	517,121	—	—	517,121


	Three Months Ended March 31, 2025
	Class A	LT10	LT50	Consolidated
Weighted average stock options	2,106,034	—	—	2,106,034
Matching Plan shares	28,145	—	—	28,145
Total	2,134,179	—	—	2,134,179

CERTAIN BALANCE SHEET COMPONENTS - Schedule of Capitalized Software, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capitalized software development costs	$ 38,134	$ 36,393
Less: accumulated amortization	(24,865)	(22,797)
Capitalized software, net	$ 13,269	$ 13,596

GENERAL INFORMATION (Policies)	3 Months Ended
GENERAL INFORMATION (Policies)	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Expensify, its wholly-owned subsidiaries, and Expensify.org (collectively, the "Company") and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the applicable rules and regulations of the Securities and Exchange Commission ("SEC") for interim reporting in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been condensed or omitted pursuant to such SEC rules. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Annual Report"). All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of the Company's financial position, results of operations, equity, and cash flows for the periods presented. Results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 or for any other future annual or interim period.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and judgments are based on historical experience, forecasted events and various other assumptions that the Company believes to be reasonable under the circumstances. Estimates and judgments are evaluated on an ongoing basis. Actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known. Estimates and assumptions by management affect the Company’s classification of employee and employee-related expenses, the useful lives and recoverability of long-lived assets, income taxes, capitalization of internal-use software costs, and stock-based compensation.
Settlement Assets, Net and Liabilities and Allowance for Expected Credit Losses	Settlement Assets, Net and Liabilities and Allowance for Expected Credit Losses Upon an approved request for expense reimbursement from customers, the Company initiates a transaction facilitated by a third-party vendor to collect funds from customers that are deposited into a commercial bank account held by the Company for the benefit of the customers until remitted to the customer’s members after a clearing period of up to three business days. The Company records a settlement receivable upon approval of the expense reimbursement until funds are cleared in the Company’s commercial bank account. A corresponding liability is recorded upon approval of the expense reimbursement until funds are remitted from the Company’s commercial bank account to the customer’s members. Changes in settlement receivables and liabilities are presented as financing activities as the Change in customer funds, net on the Condensed Consolidated Statements of Cash Flows based on the nature of the activity underlying the Company’s customer accounts. For customer transactions incurred through the Expensify Card, the Company initiates a transaction facilitated by a third-party vendor to collect funds from customers that are deposited into a commercial bank account held by the Company. The majority of customers settle Expensify Card transactions on a daily basis while certain customers settle Expensify Card transactions on a monthly basis. The Company records a settlement receivable from customers for Expensify Card transactions until funds are cleared in the Company’s commercial bank account. A liability is recorded for Expensify Card transactions until funds are remitted to the issuing bank. Changes in settlement receivables and liabilities for customer transactions incurred through the Expensify Card are presented as operating activities on the Condensed Consolidated Statements of Cash Flows based on the nature of the activity underlying the Company’s customer accounts. Settlement receivables are recorded net of an allowance for expected credit losses. The allowance for expected credit losses is based on the Company’s assessment of the collectability of the settlement receivables. Management considers the following factors when determining the collectability of specific customer accounts: customer creditworthiness, past transaction history with the customer, current economic industry trends and changes in customer settlement terms. The Company revised the consolidated statement of cash flows for the first quarter of 2025 in the first quarter of 2026 for the classification of changes in reimbursement related settlement assets and liabilities. As a result of the revision, cash provided by operating activities increased and net cash provided by financing activities decreased by $3.1 million for the three months ended March 31, 2025. This revision was deemed to be immaterial to the condensed consolidated financial statements for the three months ended March 31, 2025.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

STOCK INCENTIVE PLANS (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of RSU Rollforward

During the three months ended March 31, 2026, equity-classified RSU activity for Service Providers and non-employee directors was as follows:


	Class A Common Stock	LT50 Common Stock	Weighted average grant date fair value per share
Outstanding at December 31, 2025	1,547,676	1,373,802	$	30.30
RSUs vested	(91,593)	(91,593)	$	31.95
RSUs cancelled/forfeited/expired	(20,184)	—	$	18.93
Outstanding at March 31, 2026	1,435,899	1,282,209	$	30.27

Schedule of Stock Option Roll-forward

A summary of the Company's stock option activity was as follows:


	Shares	Weighted average exercise price per share		Weighted average remaining contractual life (in years)
Outstanding at December 31, 2025	3,248,373	$	2.47	3.49
Options exercised	(43,759)	$	0.97
Options cancelled/forfeited/expired	(77,055)	$	5.35
Outstanding and exercisable at March 31, 2026	3,127,559	$	2.42	3.36

Schedule of Stock-based Compensation Expense


	Three Months Ended March 31,
	2026		2025
Matching Plan shares	$	608	$	1,527
Equity-classified restricted stock units	5,264		6,077
Settlement of liability-classified restricted stock units	376		—
Stock options	—		625
Total stock-based compensation	6,248		8,229
Less: stock-based compensation capitalized as software development costs	(271)		(239)
Total stock-based compensation expense	$	5,977	$	7,990

Stock-based compensation expense is allocated based on the cost center to which the award holder spent time during the reported periods. Stock-based compensation expense is included in the following components of expenses on the Condensed Consolidated Statements of Operations (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue, net	$	2,311	$	3,039
Research and development	1,863		2,402
General and administrative	1,035		1,572
Sales and marketing	768		977
Total stock-based compensation expense	$	5,977	$	7,990

REVENUE, NET AND CERTAIN STATEMENT OF OPERATIONS COMPONENTS (Tables)

3 Months Ended

Mar. 31, 2026

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of Disaggregation of Revenue

The table below provides information about disaggregated revenue, net from customers (in thousands). No individual customer represented more than 10% of the Company’s total revenue, net during each of the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
	2026		2025
Subscription fees	$	30,945	$	33,243
Interchange	5,541		5,034
Other	119		71
Cashback rewards	(2,636)		(2,274)
Total revenue, net	$	33,969	$	36,074

Schedule of Revenue from Geographic Areas

The table below provides the Company's total revenue, net by geographic region based on the transaction currency (in thousands). No other individual country outside of the United States accounted for more than 10% of total revenue, net during each of the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
	2026		2025
United States	$	30,918	$	33,074
All other locations	3,051		3,000
Total revenue, net	$	33,969	$	36,074

REVENUE, NET AND CERTAIN STATEMENT OF OPERATIONS COMPONENTS - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue Recognition and Deferred Revenue [Abstract]
Volume-based incentives income	$ 300	$ 200

REVENUE, NET AND CERTAIN STATEMENT OF OPERATIONS COMPONENTS - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue
Total revenue, net	$ 33,969	$ 36,074
United States
Disaggregation of Revenue
Total revenue, net	30,918	33,074
All other locations
Disaggregation of Revenue
Total revenue, net	$ 3,051	$ 3,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	84,272,879	80,767,385
Common stock, shares outstanding (in shares)	84,272,879	80,767,385
Common Stock, LT10
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	21,871,197	21,871,197
Common stock, shares issued (in shares)	4,209,827	4,209,827
Common stock, shares outstanding (in shares)	4,209,827	4,209,827
Common Stock, LT50
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	24,893,067	24,967,114
Common stock, shares issued (in shares)	7,950,037	8,083,690
Common stock, shares outstanding (in shares)	7,950,037	8,083,690

EQUITY (Details) - Common Class A - USD ($) $ in Millions	Mar. 31, 2026	Feb. 25, 2025
Class of Stock
Share repurchase program, remaining authorized, amount	$ 41.0
2025 Share Repurchase Program
Class of Stock
Stock repurchase program, authorized amount		$ 50.0

- Definition

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+ Details

CERTAIN BALANCE SHEET COMPONENTS

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CERTAIN BALANCE SHEET COMPONENTS

Other Current Assets

Other current assets consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Expensify Card posted collateral for funds held for customers	$	11,364	$	10,530
Expensify.org restricted cash	6,233		6,181
Earned interchange restricted cash	1,914		1,654
Income tax receivable	875		495
Deferred contract acquisition costs	575		508
Other restricted cash	207		179
Expected insurance recoveries	—		6,710
Other	37		87
Other current assets	$	21,205	$	26,344

Capitalized Software, Net

Capitalized software, net consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Capitalized software development costs	$	38,134	$	36,393
Less: accumulated amortization	(24,865)		(22,797)
Capitalized software, net	$	13,269	$	13,596

Amortization expense related to capitalized software development costs is recorded in Cost of revenue, net on the Condensed Consolidated Statements of Operations. Amortization expense was $2.1 million and $1.8 million for the three months ended March 31, 2026 and 2025, respectively.

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Computers and equipment	$	151	$	165
Furniture and fixtures	1,869		1,889
Leasehold improvements	7,784		7,791
Commercial building	9,209		9,209
Land	4,151		4,151
Total property and equipment	23,164		23,205
Less: accumulated depreciation	(10,303)		(10,189)
Property and equipment, net	$	12,861	$	13,016

Depreciation expense related to property and equipment is recorded in General and administrative, Sales and marketing, and Other income, net on the Condensed Consolidated Statements of Operations. Depreciation expense related to property and equipment was $0.2 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Professional fees	$	1,759	$	1,787
Partner payouts and advertising fees	1,549		1,559
Sales, payroll and other taxes payable	1,182		1,484
Cashback rewards	600		562
Matching Plan payroll liability	596		672
Credit card processing fees	508		477
Income taxes payable	275		284
Estimated putative class action liability	—		9,500
Other	1,199		1,568
Accrued expenses and other liabilities	$	7,668	$	17,893

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Provision for income taxes	$ (536)	$ (2,006)
Effective income tax rate (in percent)	(29.80%)	(172.50%)
Income taxes paid, net	$ 900	$ 600
Accrual for uncertain tax positions	1,700		$ 1,600
Taxes payable	$ 300		$ 300

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

GENERAL INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
GENERAL INFORMATION (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Reclassification
Net cash provided by operating activities	$ 118	$ 7,856
Net cash provided by (used in) financing activities	$ (6,267)	1,843
Revision of Prior Period, Adjustment
Reclassification
Net cash provided by operating activities		3,100
Net cash provided by (used in) financing activities		$ 3,100

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 66,528	$ 63,080
Accounts receivable, net	12,115	12,617
Settlement assets, net	53,581	45,378
Prepaid expenses	4,792	5,588
Other current assets	21,205	26,344
Total current assets	158,221	153,007
Capitalized software, net	13,269	13,596
Property and equipment, net	12,861	13,016
Lease right-of-use assets	4,559	4,730
Deferred tax assets, net	486	494
Other assets	1,201	1,146
Total assets	190,597	185,989
Liabilities and stockholders' equity
Accounts payable	938	289
Accrued expenses and other liabilities	7,668	17,893
Lease liabilities, current	648	678
Settlement liabilities	36,083	27,545
Total current liabilities	45,337	46,405
Lease liabilities, non-current	4,910	5,061
Other liabilities	1,822	1,778
Total liabilities	52,069	53,244
Commitments and contingencies (Note 4)
Stockholders' equity:
Preferred stock, par value $0.0001; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025	0	0
Common stock issued, value	10	9
Additional paid-in capital	313,072	304,953
Accumulated deficit	(174,554)	(172,217)
Total stockholders' equity	138,528	132,745
Total liabilities and stockholders' equity	$ 190,597	$ 185,989

Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Preferred stock	Common stock	Additional paid-in capital	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2024		0
Beginning balance at Dec. 31, 2024	$ 128,243	$ 0	$ 9	$ 279,062	$ (150,828)
Beginning balance (in shares) at Dec. 31, 2024			91,376,765
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options, net of shares exchanged for payment (in shares)			75,289
Issuance of common stock upon exercise of stock options	91			91
Vesting of early exercised stock options	88
Issuance of restricted stock units (in shares)			4,957
Issuance of restricted stock units	18			18
Issuance of common stock under Matching Plan (in shares)			729,486
Issuance of common stock under Matching Plan	1,151			1,151
Issuance of common stock in connection with restricted stock units vesting (in shares)			197,170
Stock-based compensation	8,229			8,229
Net loss	(3,169)				(3,169)
Ending balance at Mar. 31, 2025	$ 134,651	$ 0	$ 9	288,639	(153,997)
Ending balance (in shares) at Mar. 31, 2025		0
Ending balance (in shares) at Mar. 31, 2025			92,383,667
Beginning balance (in shares) at Dec. 31, 2025	0	0
Beginning balance at Dec. 31, 2025	$ 132,745	$ 0	$ 9	304,953	(172,217)
Beginning balance (in shares) at Dec. 31, 2025			93,060,902
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options, net of shares exchanged for payment (in shares)	43,759		43,759
Issuance of common stock upon exercise of stock options	$ 39			39
Issuance of restricted stock units (in shares)			3,268
Issuance of restricted stock units	5			5
Settlement of liability-classified restricted common shares (in shares)			459,586
Issuance of common stock under Matching Plan (in shares)			2,682,042
Issuance of common stock under Matching Plan	1,828		$ 1	1,827
Issuance of common stock in connection with restricted stock units vesting (in shares)			183,186
Stock-based compensation	6,248			6,248
Net loss	(2,337)				(2,337)
Ending balance at Mar. 31, 2026	$ 138,528	$ 0	$ 10	$ 313,072	$ (174,554)
Ending balance (in shares) at Mar. 31, 2026	0	0
Ending balance (in shares) at Mar. 31, 2026			96,432,743

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 04, 2026
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-41043
Entity Registrant Name	EXPENSIFY, INC.
Entity Incorporation, State	DE
Entity Tax Identification Number	27-0239450
Entity Address, Street	88 Kearny St, Ste 1600
Entity Address, City	San Francisco
Entity Address, State	CA
Entity Address, Postal Zip Code	94108
City Area Code	(971)
Local Phone Number	365-3939
Title of each class	Class A Common Stock, par value $0.0001 per share
Trading Symbol	EXFY
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001476840
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A
Document Information
Entity Common Stock, Shares Outstanding		84,278,255
Common Stock, LT10
Document Information
Entity Common Stock, Shares Outstanding		4,209,827
Common Stock, LT50
Document Information
Entity Common Stock, Shares Outstanding		7,950,037

REVENUE, NET AND CERTAIN STATEMENT OF OPERATIONS COMPONENTS

3 Months Ended

Mar. 31, 2026

Revenue Recognition and Deferred Revenue [Abstract]

REVENUE, NET AND CERTAIN STATEMENT OF OPERATIONS COMPONENTS

Disaggregation of Revenue, Net


	Three Months Ended March 31,
	2026		2025
Subscription fees	$	30,945	$	33,243
Interchange	5,541		5,034
Other	119		71
Cashback rewards	(2,636)		(2,274)
Total revenue, net	$	33,969	$	36,074


	Three Months Ended March 31,
	2026		2025
United States	$	30,918	$	33,074
All other locations	3,051		3,000
Total revenue, net	$	33,969	$	36,074

Consideration From a Vendor

Under the Expensify Card program, the Company receives consideration from a vendor for certain volume-based incentives from Visa, which are included as a reduction to Cost of revenue, net on the Condensed Consolidated Statements of Operations as earned. The amounts earned under these volume-based incentives were $0.3 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

GENERAL INFORMATION	3 Months Ended
GENERAL INFORMATION	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL INFORMATION	GENERAL INFORMATION Description of the Business Expensify, Inc. ("Expensify") was incorporated in Delaware on April 29, 2009. Expensify offers a comprehensive expense management platform that integrates with a variety of third-party accounting applications, including QuickBooks Desktop, QuickBooks Online, Xero, NetSuite, Intacct, Sage, Microsoft Dynamics, MYOB and others. Expensify's product simplifies the way that employees and vendors manage and submit expense receipts and bills and provides efficiencies to companies for the payment of those bills. Expensify delivers its services over the internet to corporations and individuals under license arrangements and offers unique pricing options for small and medium-sized businesses and enterprises primarily on a per-active-member basis. Expensify has subsidiaries in the United States ("U.S."), Australia, Canada, Netherlands and the United Kingdom ("UK"). Expensify also offers an Expensify charge card (the "Expensify Card"), which is primarily distributed to corporate customers in the U.S. who subsequently distribute the card to their employees for business use. The Expensify Card allows customers to have real-time control over their employees' spending and compliance with spending limits in addition to eReceipt reporting on purchases. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Expensify, its wholly-owned subsidiaries, and Expensify.org (collectively, the "Company") and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the applicable rules and regulations of the Securities and Exchange Commission ("SEC") for interim reporting in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been condensed or omitted pursuant to such SEC rules. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Annual Report"). All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of the Company's financial position, results of operations, equity, and cash flows for the periods presented. Results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 or for any other future annual or interim period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and judgments are based on historical experience, forecasted events and various other assumptions that the Company believes to be reasonable under the circumstances. Estimates and judgments are evaluated on an ongoing basis. Actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known. Estimates and assumptions by management affect the Company’s classification of employee and employee-related expenses, the useful lives and recoverability of long-lived assets, income taxes, capitalization of internal-use software costs, and stock-based compensation. Updates to Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2 of the 2025 Annual Report. Since the date the 2025 Annual Report was filed with the SEC, other than the updates made below to Settlement Assets, Net and Liabilities and Allowance for Expected Credit Losses, there have been no material changes to the Company's significant accounting policies, including the adoption status of recent accounting pronouncements. Settlement Assets, Net and Liabilities and Allowance for Expected Credit Losses Upon an approved request for expense reimbursement from customers, the Company initiates a transaction facilitated by a third-party vendor to collect funds from customers that are deposited into a commercial bank account held by the Company for the benefit of the customers until remitted to the customer’s members after a clearing period of up to three business days. The Company records a settlement receivable upon approval of the expense reimbursement until funds are cleared in the Company’s commercial bank account. A corresponding liability is recorded upon approval of the expense reimbursement until funds are remitted from the Company’s commercial bank account to the customer’s members. Changes in settlement receivables and liabilities are presented as financing activities as the Change in customer funds, net on the Condensed Consolidated Statements of Cash Flows based on the nature of the activity underlying the Company’s customer accounts. For customer transactions incurred through the Expensify Card, the Company initiates a transaction facilitated by a third-party vendor to collect funds from customers that are deposited into a commercial bank account held by the Company. The majority of customers settle Expensify Card transactions on a daily basis while certain customers settle Expensify Card transactions on a monthly basis. The Company records a settlement receivable from customers for Expensify Card transactions until funds are cleared in the Company’s commercial bank account. A liability is recorded for Expensify Card transactions until funds are remitted to the issuing bank. Changes in settlement receivables and liabilities for customer transactions incurred through the Expensify Card are presented as operating activities on the Condensed Consolidated Statements of Cash Flows based on the nature of the activity underlying the Company’s customer accounts. Settlement receivables are recorded net of an allowance for expected credit losses. The allowance for expected credit losses is based on the Company’s assessment of the collectability of the settlement receivables. Management considers the following factors when determining the collectability of specific customer accounts: customer creditworthiness, past transaction history with the customer, current economic industry trends and changes in customer settlement terms. The Company revised the consolidated statement of cash flows for the first quarter of 2025 in the first quarter of 2026 for the classification of changes in reimbursement related settlement assets and liabilities. As a result of the revision, cash provided by operating activities increased and net cash provided by financing activities decreased by $3.1 million for the three months ended March 31, 2025. This revision was deemed to be immaterial to the condensed consolidated financial statements for the three months ended March 31, 2025.

CERTAIN BALANCE SHEET COMPONENTS - Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Amortization expense	$ 2.1	$ 1.8
Depreciation	$ 0.2	$ 0.1

NET LOSS PER SHARE - Anti-dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	517,121	2,134,179
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	517,121	2,134,179
Common Stock, LT10
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0	0
Common Stock, LT50
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0	0
Weighted average stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	439,188	2,106,034
Weighted average stock options \| Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	439,188	2,106,034
Weighted average stock options \| Common Stock, LT10
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0	0
Weighted average stock options \| Common Stock, LT50
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0	0
Matching Plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	77,933	28,145
Matching Plan shares \| Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	77,933	28,145
Matching Plan shares \| Common Stock, LT10
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0	0
Matching Plan shares \| Common Stock, LT50
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0	0

NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended March 31, 2026
	Class A		LT10		LT50		Consolidated
Numerator
Net loss, basic and diluted	$	(2,031)	$	(105)	$	(201)	$	(2,337)
Denominator
Weighted average shares of common stock used to compute net loss per share, basic and diluted	81,466,597		4,209,827		8,042,778		93,719,202
Net loss per share, basic and diluted	$	(0.02)	$	(0.02)	$	(0.02)	$	(0.02)


	Three Months Ended March 31, 2025
	Class A		LT10		LT50		Consolidated
Numerator
Net loss, basic and diluted	$	(2,756)	$	(146)	$	(267)	$	(3,169)
Denominator
Weighted average shares of common stock used to compute net loss per share, basic and diluted	79,577,238		4,209,827		7,714,018		91,501,083
Net loss per share, basic and diluted	$	(0.03)	$	(0.03)	$	(0.03)	$	(0.03)

Schedule of Anti-dilutive Securities

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive:


	Three Months Ended March 31, 2026
	Class A	LT10	LT50	Consolidated
Weighted average stock options	439,188	—	—	439,188
Matching Plan shares	77,933	—	—	77,933
Total	517,121	—	—	517,121


	Three Months Ended March 31, 2025
	Class A	LT10	LT50	Consolidated
Weighted average stock options	2,106,034	—	—	2,106,034
Matching Plan shares	28,145	—	—	28,145
Total	2,134,179	—	—	2,134,179

SEGMENT REPORTING	3 Months Ended
SEGMENT REPORTING	Mar. 31, 2026
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTINGThe Company operates as one reportable segment because its chief operating decision maker ("CODM"), a committee that consists of the chief executive officer, the chief financial officer, and the chief strategy officer, reviews the Company’s financial information on a consolidated basis for purposes of making decisions regarding allocating resources and assessing performance. Accordingly, the CODM uses Net loss on a consolidated basis to measure segment profit or loss and reviews significant segment expenses on a consolidated basis to manage the Company's operations, which includes Cost of revenue, net, Research and development, General and administrative, and Sales and marketing. All significant segment expenses are presented on the Condensed Consolidated Statements of Operations. Interest income is recorded within Other income, net on the Condensed Consolidated Statements of Operations. Interest income was $0.4 million during each of the three months ended March 31, 2026 and 2025. The measure of segment assets is Total assets as reported on the Condensed Consolidated Balance Sheets. Substantially all long-lived assets are located in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

SEGMENT REPORTING (Details) $ in Millions	3 Months Ended
SEGMENT REPORTING (Details) $ in Millions	Mar. 31, 2026 USD ($) segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1
Investment income, interest \| $	$ 0.4

NET LOSS PER SHARE - Computation of Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator
Net loss, basic	$ (2,337)	$ (3,169)
Net loss, diluted	$ (2,337)	$ (3,169)
Denominator
Weighted-average shares of common stock used to compute net loss per share, basic (in shares)	93,719,202	91,501,083
Weighted-average shares of common stock used to compute net loss per share, diluted (in shares)	93,719,202	91,501,083
Net loss per share, basic (in dollars per share)	$ (0.02)	$ (0.03)
Net loss per share, diluted (in dollars per share)	$ (0.02)	$ (0.03)
Common Class A
Numerator
Net loss, basic	$ (2,031)	$ (2,756)
Net loss, diluted	$ (2,031)	$ (2,756)
Denominator
Weighted-average shares of common stock used to compute net loss per share, basic (in shares)	81,466,597	79,577,238
Weighted-average shares of common stock used to compute net loss per share, diluted (in shares)	81,466,597	79,577,238
Net loss per share, basic (in dollars per share)	$ (0.02)	$ (0.03)
Net loss per share, diluted (in dollars per share)	$ (0.02)	$ (0.03)
Common Stock, LT10
Numerator
Net loss, basic	$ (105)	$ (146)
Net loss, diluted	$ (105)	$ (146)
Denominator
Weighted-average shares of common stock used to compute net loss per share, basic (in shares)	4,209,827	4,209,827
Weighted-average shares of common stock used to compute net loss per share, diluted (in shares)	4,209,827	4,209,827
Net loss per share, basic (in dollars per share)	$ (0.02)	$ (0.03)
Net loss per share, diluted (in dollars per share)	$ (0.02)	$ (0.03)
Common Stock, LT50
Numerator
Net loss, basic	$ (201)	$ (267)
Net loss, diluted	$ (201)	$ (267)
Denominator
Weighted-average shares of common stock used to compute net loss per share, basic (in shares)	8,042,778	7,714,018
Weighted-average shares of common stock used to compute net loss per share, diluted (in shares)	8,042,778	7,714,018
Net loss per share, basic (in dollars per share)	$ (0.02)	$ (0.03)
Net loss per share, diluted (in dollars per share)	$ (0.02)	$ (0.03)

CERTAIN BALANCE SHEET COMPONENTS - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment
Total property and equipment	$ 23,164	$ 23,205
Less: accumulated depreciation	(10,303)	(10,189)
Property and equipment, net	12,861	13,016
Computers and equipment
Property, Plant and Equipment
Total property and equipment	151	165
Furniture and fixtures
Property, Plant and Equipment
Total property and equipment	1,869	1,889
Leasehold improvements
Property, Plant and Equipment
Total property and equipment	7,784	7,791
Commercial building
Property, Plant and Equipment
Total property and equipment	9,209	9,209
Land
Property, Plant and Equipment
Total property and equipment	$ 4,151	$ 4,151

STOCK INCENTIVE PLANS - Stock Option Roll-forward (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Shares
Beginning balance (in shares)	3,248,373
Options exercised (in shares)	(43,759)
Options cancelled/forfeited/expired (in shares)	(77,055)
Ending balance (in shares)	3,127,559	3,248,373
Weighted average exercise price per share
Beginning balance (in dollars per share)	$ 2.47
Options exercised (in dollars per share)	0.97
Options cancelled/forfeited/expired (in dollars per share)	5.35
Ending balance (in dollars per share)	$ 2.42	$ 2.47
Weighted average remaining contractual life, options outstanding (in years)	3 years 4 months 9 days	3 years 5 months 26 days

CERTAIN BALANCE SHEET COMPONENTS - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Professional fees	$ 1,759	$ 1,787
Partner payouts and advertising fees	1,549	1,559
Sales, payroll and other taxes payable	1,182	1,484
Cashback rewards	600	562
Matching Plan payroll liability	596	672
Credit card processing fees	508	477
Income taxes payable	275	284
Estimated putative class action liability	0	9,500
Other	1,199	1,568
Accrued expenses and other liabilities	$ 7,668	$ 17,893

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (2,337)	$ (3,169)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization	2,256	1,983
Reduction of operating lease right-of-use assets	137	138
Loss on impairment, receivables and sale or disposal of equipment	544	156
Stock-based compensation	5,977	7,990
Amortization of debt issuance costs	52	11
Deferred tax assets	8	(6)
Changes in assets and liabilities:
Accounts receivable, net	(28)	53
Settlement assets, net	(4,481)	(5,555)
Prepaid expenses	796	590
Other current assets	6,261	150
Other assets	(55)	(26)
Accounts payable	547	330
Accrued expenses and other liabilities	(10,189)	1,462
Operating lease liabilities	(144)	(137)
Settlement liabilities	730	3,809
Other liabilities	44	77
Net cash provided by operating activities	118	7,856
Cash flows from investing activities:
Software development costs	(1,412)	(498)
Net cash used in investing activities	(1,412)	(498)
Cash flows from financing activities:
Change in customer funds, net	4,437	(3,051)
Principal payments of finance leases	(37)	(34)
Proceeds from common stock purchased under Matching Plan	1,828	1,151
Proceeds from issuance of common stock on exercise of stock options	39	91
Net cash provided by (used in) financing activities	6,267	(1,843)
Net increase in cash and cash equivalents and restricted cash	4,973	5,515
Cash and cash equivalents and restricted cash, beginning of period	104,624	90,834
Cash and cash equivalents and restricted cash, end of period	109,597	96,349
Noncash investing and financing items:
Stock-based compensation capitalized as software development costs	271	239
Purchases of property and equipment and capitalized software in accounts payable and accrued expenses	182	174
Fair value of common stock issued to settle liability-classified restricted stock units	376	0
Reconciliation of cash and cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	66,528	59,627
Restricted cash included in other current assets	19,718	19,225
Restricted cash included in settlement assets, net	23,351	17,497
Total cash and cash equivalents and restricted cash	$ 109,597	$ 96,349

STOCK INCENTIVE PLANS

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

STOCK INCENTIVE PLANS

2009 and 2019 Stock Plans

In 2009, the Board of Directors approved the 2009 Stock Plan ("2009 Stock Plan"). As amended in 2015, the 2009 Stock Plan permitted the Company to grant up to 16,495,150 shares of common stock. In January 2018, the Company increased the number of shares of common stock reserved under the 2009 Stock Plan by 535,130 shares to 17,030,280 shares. In April 2019, the Board of Directors approved the adoption of the 2019 Stock Plan ("2019 Stock Plan", and together with the 2009 Stock Plan, "Stock Plans"). The 2019 Stock Plan permitted the Company to grant up to 8,173,970 additional shares, increasing the overall common stock reserved for grant under the Stock Plans to 25,204,250 shares. On November 9, 2021, the Board of Directors amended and restated the 2019 Stock Plan to, among other things, increase the common stock reserved for issuance under the 2019 Stock Plan to an aggregate of 16,856,770 shares of Class A common stock and LT50 common stock.

The Stock Plans will continue to govern the terms and conditions of the outstanding awards granted under them. Upon the expiration, forfeiture, cancellation, withholding of shares upon exercise or settlement of an award to satisfy the exercise price or tax withholding, or repurchase of any shares of Class A common stock underlying outstanding stock-based awards granted under the 2009 Stock Plan or of Class A or LT50 common stock underlying outstanding stock-based awards granted under the 2019 Stock Plan, an equal number of shares of Class A common stock will become available for grant under the 2021 Incentive Award Plan ("2021 Plan") and the Company's 2021 Stock Purchase and Matching Plan ("Matching Plan" and together with the 2021 Plan, "2021 Incentive Plans").

2021 Incentive Plans

In November 2021, the Board of Directors adopted, and the Company's stockholders approved, the 2021 Incentive Plans, which both became effective immediately before the effectiveness of the Company's IPO Registration Statement on Form S-1 and use a combined share reserve. Under the 2021 Incentive Plans, 11,676,932 shares of Class A common stock were initially reserved for issuance pursuant to a variety of stock-based awards, including incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units ("RSUs"), and other forms of equity and cash compensation under the 2021 Plan and purchase rights and matching awards under the Matching Plan.

The number of shares initially reserved for issuance or transfer pursuant to awards under the 2021 Incentive Plans will be increased upon the expiration, forfeiture, cancellation, withholding of shares upon exercise or settlement of an award to satisfy the exercise price or tax withholding, or repurchase of any shares of Class A common stock underlying outstanding stock-based awards granted under the 2009 Stock Plan or of Class A common stock or LT50 common stock underlying outstanding stock-based awards granted under the 2019 Stock Plan. The number of shares of Class A common stock reserved and available for issuance under the 2021 Incentive Plans as of March 31, 2026 and December 31, 2025 was 23,431,446 shares and 20,992,688 shares, respectively. The number of shares reserved for issuance under the 2021 Incentive Plans will automatically increase each subsequent January 1 through January 1, 2031, by the lesser of (A) 6% of the aggregate number of shares of all classes of common stock outstanding on the last day of the immediately preceding calendar year, or (B) such lesser number of shares as determined by the Company’s Board of Directors or compensation committee; provided, however, that no more than 87,576,990 shares of Class A common stock may be issued upon the exercise of incentive stock options.

Stock Purchase and Matching Plan

The Matching Plan operates using consecutive three-month offering periods that commenced on March 15, 2022. Employees, consultants and directors (collectively, "Service Providers") of the Company can participate in the Matching Plan by electing to contribute compensation through deductions from payroll or fee payments, or by receiving discretionary awards under the plan. On the last day of the offering period, the contributions made during the offering period are used to purchase shares of Class A common stock.

The price at which Class A common stock is purchased under the Matching Plan equals the average of the high and low trading price of one share of Class A common stock as of the last trading day of the offering period. At the end of each offering period, the Company may provide a discretionary match up to 1/10 of a share of Class A common stock for each share of Class A common stock purchased by or issued to a Service Provider under the Matching Plan that is retained through the end of the applicable offering period. No fractional shares will be issued by the Company. The Company will round to the nearest full share for shares purchased or matched shares issued to a Service Provider under the Matching Plan. The match rate applicable to each offering period shall be limited to 1.50% of the shares of any class of capital stock outstanding as of the exercise date applicable to such offering period. The Company estimates the fair value of matched shares provided under the Matching Plan using the closing price of the Company's Class A common stock on the Nasdaq Stock Market LLC on the date of grant. The Company recognizes stock-based compensation expense related to the matched shares pursuant to its Matching Plan on a straight-line basis over the applicable three-month offering period.

Service Providers who participated in the Matching Plan for the offering period ended March 14, 2026 purchased a total of 2,229,537 shares of Class A common stock, based on a purchase price of $0.82, resulting in gross cash proceeds to the Company of $1.8 million.

Service Providers who participated in the Matching Plan for the offering period ended March 14, 2025 purchased a total of 332,783 shares of Class A common stock, based on a purchase price of $3.46, resulting in gross cash proceeds to the Company of $1.2 million.

For the offering period ended March 14, 2026, the Company elected to match each share of Class A common stock purchased or issued under the Matching Plan with 1/20 of a share of Class A common stock. During the three months ended March 31, 2026, the Company granted 452,505 shares of Class A common stock under the Matching Plan.

For the offering period ended March 14, 2025, the Company elected to match each share of Class A common stock purchased or issued under the Matching Plan with 1/20 of a share of Class A common stock. During the three months ended March 31, 2025, the Company granted 218,504 shares of Class A common stock under the Matching Plan.

The Company has made discretionary contributions under the Matching Plan to eligible Service Providers. The Company did not make any discretionary contributions under the Matching Plan to eligible Service Providers during the three months ended March 31, 2026. During the three months ended March 31, 2025, the Company granted 178,199 shares of Class A common stock as discretionary contributions under the Matching Plan.

Restricted Stock Units

Equity-Classified Awards

During the three months ended March 31, 2026, equity-classified RSU activity for Service Providers and non-employee directors was as follows:


	Class A Common Stock	LT50 Common Stock	Weighted average grant date fair value per share
Outstanding at December 31, 2025	1,547,676	1,373,802	$	30.30
RSUs vested	(91,593)	(91,593)	$	31.95
RSUs cancelled/forfeited/expired	(20,184)	—	$	18.93
Outstanding at March 31, 2026	1,435,899	1,282,209	$	30.27

As of March 31, 2026, the Company had $64.3 million of unrecognized stock-based compensation expense related to unvested equity-classified RSUs, which is expected to be recognized over the remaining weighted average life of 3.34 years.

Liability-Classified Awards

On June 20, 2025, pursuant to the 2021 Incentive Plans, the Company's compensation committee approved and authorized the grant of Class A common stock RSUs to certain Service Providers, to be issued on a quarterly basis through March 2029. Issuances of the Class A common stock RSUs occur automatically each quarter using a predetermined fixed dollar amount that gradually decreases over time. Each RSU vests immediately on the date it is issued, and both the issuance and vesting are subject to a service condition that will ultimately be satisfied over four years. The first quarterly automatic issuance occurred on June 20, 2025 and the remaining RSUs will be subject to quarterly issuance and vesting thereon until fully issued. The number of RSUs to be automatically issued on each issuance date is determined based on the closing price of the Company's Class A common stock on the Nasdaq Stock Market LLC on the 15th calendar day of the month during which the RSU award is issued, or the immediately preceding trading day. The awards are accounted for as liability awards and will be recognized on a straight-line basis over the life of the awards.

The Company issued 459,586 Class A common stock RSUs and settled liability-classified awards with a fair value of $0.4 million during the three months ended March 31, 2026.

As of March 31, 2026, the Company had $2.3 million of unrecognized stock-based compensation expense related to unvested liability-classified RSUs, which is expected to be recognized over the remaining weighted average life of 1.15 years.

Stock Options

The Stock Plans and the 2021 Plan provide for the grant of incentive and nonstatutory stock options to Service Providers. Under the Stock Plans and the 2021 Plan, the exercise price of incentive stock options must be equal to at least 110% of the fair market value of the common stock on the grant date for a “ten-percent holder” or 100% of the fair market value of the common stock on the grant date for any other participant. The exercise price of nonstatutory options granted must be equal to at least 100% of the fair market value of the Company’s common stock on the date of grant.

The Company has only granted options under the Stock Plans. Options typically vest over four years and are exercisable at any time after the grant date, provided that Service Providers exercising unvested options receive restricted common stock that is subject to repurchase at the original exercise price upon termination of service. The repurchase right lapses in accordance with the vesting schedule of the exercised option.

A summary of the Company's stock option activity was as follows:


	Shares	Weighted average exercise price per share		Weighted average remaining contractual life (in years)
Outstanding at December 31, 2025	3,248,373	$	2.47	3.49
Options exercised	(43,759)	$	0.97
Options cancelled/forfeited/expired	(77,055)	$	5.35
Outstanding and exercisable at March 31, 2026	3,127,559	$	2.42	3.36

The total pretax intrinsic value of options outstanding and exercisable at March 31, 2026 was immaterial. The intrinsic value is the difference between the estimated fair market value of the Company’s common stock at the date of exercise and the exercise price for in-the-money options.

As of March 31, 2026, there was no unrecognized stock-based compensation cost related to unvested stock options.

Cash received from option exercises and purchases of shares under the Stock Plans for the three months ended March 31, 2026 and 2025 was immaterial and $0.1 million, respectively.

Stock-Based Compensation

The following table summarizes the stock-based compensation expense recognized for awards granted under the Company's authorized stock incentive plans (in thousands):


	Three Months Ended March 31,
	2026		2025
Matching Plan shares	$	608	$	1,527
Equity-classified restricted stock units	5,264		6,077
Settlement of liability-classified restricted stock units	376		—
Stock options	—		625
Total stock-based compensation	6,248		8,229
Less: stock-based compensation capitalized as software development costs	(271)		(239)
Total stock-based compensation expense	$	5,977	$	7,990


	Three Months Ended March 31,
	2026		2025
Cost of revenue, net	$	2,311	$	3,039
Research and development	1,863		2,402
General and administrative	1,035		1,572
Sales and marketing	768		977
Total stock-based compensation expense	$	5,977	$	7,990

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Notice of Delisting On April 17, 2026, the Company received a deficiency letter from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company’s Class A common stock had been below the minimum $1.00 per share required for continued listing on The Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”). The Nasdaq deficiency letter has no immediate effect on the listing of the Company’s Class A common stock, and the Class A common stock continues to trade on The Nasdaq Global Select Market as of the date of this Quarterly Report on Form 10-Q. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until October 14, 2026 (the “Compliance Date”), to regain compliance with the Minimum Bid Price Requirement. To regain compliance, the closing bid price of the Company’s Class A common stock must be at least $1.00 per share for a minimum of ten consecutive business days before the Compliance Date. The Company intends to monitor the closing bid price of its Class A common stock and may, if appropriate, consider available options to regain compliance with the Minimum Bid Price Requirement, including potentially seeking to effect a reverse stock split. However, there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement or will otherwise be in compliance with other Nasdaq Listing Rules. To the extent that the Company is unable to resolve the listing deficiency, there is a risk that the Company's Class A common stock may be delisted from Nasdaq, which would adversely impact liquidity and potentially result in an even lower share price for such shares.

CERTAIN BALANCE SHEET COMPONENTS - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Other Current Assets
Expensify Card posted collateral for funds held for customers	$ 11,364	$ 10,530
Earned interchange restricted cash	1,914	1,654
Income tax receivable	875	495
Deferred contract acquisition costs	575	508
Other restricted cash	207	179
Expected insurance recoveries	0	6,710
Other	37	87
Other current assets	21,205	26,344
Subsidiaries \| Expensify.org restricted cash
Schedule of Other Current Assets
Expensify.org restricted cash	$ 6,233	$ 6,181

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue, net	$ 33,969	$ 36,074
Cost of revenue, net	17,798	17,832
Gross margin	16,171	18,242
Operating expenses:
Research and development	5,265	5,358
General and administrative	9,118	10,829
Sales and marketing	3,760	3,542
Total operating expenses	18,143	19,729
Loss from operations	(1,972)	(1,487)
Other income, net	171	324
Loss before income taxes	(1,801)	(1,163)
Provision for income taxes	(536)	(2,006)
Net loss, basic	(2,337)	(3,169)
Net loss, diluted	$ (2,337)	$ (3,169)
Net loss per share:
Basic (in dollars per share)	$ (0.02)	$ (0.03)
Diluted (in dollars per share)	$ (0.02)	$ (0.03)
Weighted average shares of common stock used to compute net loss per share:
Basic (in shares)	93,719,202	91,501,083
Diluted (in shares)	93,719,202	91,501,083

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)		3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Dec. 17, 2025	Mar. 31, 2026	Oct. 09, 2025	Apr. 16, 2025	Apr. 24, 2024	Feb. 29, 2024
Putative Class Action \| Settled Litigation
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party	$ 9,500,000
Loss contingency accrual		$ 9,500,000
Payments for legal settlements		2,600,000
Proceeds from insurance policy		$ 6,900,000
Line of Credit \| Revolving Credit Facility \| Amended 2024 Term Loan
Loss Contingencies [Line Items]
Maximum borrowing capacity						$ 25,000,000.0
Letter of Credit
Loss Contingencies [Line Items]
Maximum borrowing capacity			$ 7,500,000	$ 7,500,000
Letter of Credit \| Amended 2024 Term Loan
Loss Contingencies [Line Items]
Maximum borrowing capacity					$ 1,000,000.0

STOCK INCENTIVE PLANS - Stock Option Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award
Pre-tax intrinsic value of options exercised	$ 0
Proceeds from issuance of common stock on exercise of stock options	$ 39	$ 91
Stock options \| 2021 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	4 years
Nonstatutory options
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (percent)	100.00%
Other Than Ten Percent Holder \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (percent)	100.00%
Minimum \| Ten Percent Holder \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (percent)	110.00%

STOCK INCENTIVE PLANS - Stock-Based Compensation Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expense
Total stock-based compensation expense	$ 5,977	$ 7,990
Cost of revenue, net
Share-based Payment Arrangement, Expense
Total stock-based compensation expense	2,311	3,039
Research and development
Share-based Payment Arrangement, Expense
Total stock-based compensation expense	1,863	2,402
General and administrative
Share-based Payment Arrangement, Expense
Total stock-based compensation expense	1,035	1,572
Sales and marketing
Share-based Payment Arrangement, Expense
Total stock-based compensation expense	$ 768	$ 977

NET LOSS PER SHARE - Narratives (Details)	3 Months Ended
NET LOSS PER SHARE - Narratives (Details)	Mar. 31, 2026 votePerShare shares
Common Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Voting right per share (vote)	1
Shares converted (in shares) \| shares	1
Common Stock, LT10
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Voting right per share (vote)	10
Conversion of stock, notice period (in months)	10 months
Common Stock, LT50
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Voting right per share (vote)	50
Conversion of stock, notice period (in months)	50 months

EQUITY	3 Months Ended
EQUITY	Mar. 31, 2026
Equity [Abstract]
EQUITY	EQUITY On February 25, 2025, the Executive Committee approved a share repurchase program with authorization to purchase up to $50.0 million of shares of Class A common stock that expires on March 31, 2028 ("2025 Share Repurchase Program"). Under the 2025 Share Repurchase Program, the Company may repurchase shares from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 of the Exchange Act, in accordance with applicable securities laws and other restrictions. The actual timing and total amount of future repurchases are subject to business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, restrictions under the terms of the Company's current and future debt agreements and other considerations. The 2025 Share Repurchase Program does not obligate the Company to acquire any particular amount of Class A common stock, and the program may be suspended or terminated by the Company at any time at its discretion without prior notice. During each of the three months ended March 31, 2026 and 2025, the Company did not repurchase any shares of Class A common stock under the 2025 Share Repurchase Program. As of March 31, 2026, the Company had approximately $41.0 million remaining under the 2025 Share Repurchase Program, not including amounts used for net share settlement of vested equity incentive awards.

- Definition

The entire disclosure for equity.

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+ Details

STOCK INCENTIVE PLANS - 2021 Incentive Plan and Stock Purchase and Matching Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Nov. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Proceeds from common stock purchased under Matching Plan	$ 1,828	$ 1,151
Issuance of common stock under Matching Plan	$ 1,828	$ 1,151
2021 Incentive Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares reserved for future issuance (in shares)	23,431,446		20,992,688	11,676,932
2021 Incentive Plan \| Common Class A \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Shares reserved for future issuance (in shares)				87,576,990
Annual increase in shares reserved for future issuance (percent)				6.00%
Matching Plan shares
Share-based Compensation Arrangement by Share-based Payment Award
Employer share match rate (percent)	1.50%
Stock Purchase and Matching Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Stock issued during period, shares, employee stock ownership plan (in shares)	2,229,537	332,783
Original issuance price (in dollars per share)	$ 0.82	$ 3.46
Matching Plan 1/20th Share Issuance \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Options granted (in shares)	452,505	218,504
Matching Plan - Discretionary Contributions \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Options granted (in shares)		178,199

STOCK INCENTIVE PLANS - RSU Rollforward (Details) - Equity-classified restricted stock units	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Weighted average grant date fair value per share
Beginning balance (in dollars per share) \| $ / shares	$ 30.30
Vested (in dollars per share) \| $ / shares	31.95
Cancelled/forfeited/expired (in dollars per share) \| $ / shares	18.93
Ending balance (in dollars per share) \| $ / shares	$ 30.27
Class A Common Stock
RSU Rollforward
Beginning balance (in shares)	1,547,676
Vested (in shares)	(91,593)
Cancelled/forfeited/expired (in shares)	(20,184)
Ending balance (in shares)	1,435,899
LT50 Common Stock
RSU Rollforward
Beginning balance (in shares)	1,373,802
Vested (in shares)	(91,593)
Cancelled/forfeited/expired (in shares)	0
Ending balance (in shares)	1,282,209

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

STOCK INCENTIVE PLANS - RSU Narratives (Details) - Equity-classified restricted stock units - USD ($) $ in Thousands		3 Months Ended
	Jun. 20, 2025	Mar. 31, 2026
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense not yet recognized		$ 64,300
Share-based compensation not yet recognized, recognition period (in years)		3 years 4 months 2 days
Service period (in years)	4 years
Granted (in shares)		459,586
Fair value of common stock issued to settle liability-classified restricted stock units		$ 400
Liability Classfied
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation not yet recognized, recognition period (in years)		1 year 1 month 24 days
Share-based payment arrangement, nonvested award, cost not yet recognized, amount		$ 2,300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

STOCK INCENTIVE PLANS - Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expense
Total stock-based compensation	$ 6,248	$ 8,229
Less: stock-based compensation capitalized as software development costs	(271)	(239)
Total stock-based compensation expense	5,977	7,990
Cost of revenue, net
Share-based Payment Arrangement, Expense
Total stock-based compensation expense	2,311	3,039
Research and development
Share-based Payment Arrangement, Expense
Total stock-based compensation expense	1,863	2,402
General and administrative
Share-based Payment Arrangement, Expense
Total stock-based compensation expense	1,035	1,572
Sales and marketing
Share-based Payment Arrangement, Expense
Total stock-based compensation expense	768	977
Software Development
Share-based Payment Arrangement, Expense
Less: stock-based compensation capitalized as software development costs	(271)	(239)
Matching Plan shares
Share-based Payment Arrangement, Expense
Total stock-based compensation	608	1,527
Equity-classified restricted stock units
Share-based Payment Arrangement, Expense
Total stock-based compensation	5,264	6,077
Settlement of liability-classified restricted stock units
Share-based Payment Arrangement, Expense
Total stock-based compensation	376	0
Stock options
Share-based Payment Arrangement, Expense
Total stock-based compensation	$ 0	$ 625

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended March 31, 2026, the Company prepared its interim tax provision by applying a year-to-date effective tax rate, which the Company believes results in the best estimate of the annual effective tax rate. The Company recorded a provision for income taxes of $0.5 million and $2.0 million for the three months ended March 31, 2026 and 2025, respectively, which resulted in effective tax rates of (29.8)% and (172.5)%, respectively. The effective income tax rate differs from the statutory tax rate in 2026 and 2025 primarily due to non-deductible stock-based compensation and the change in the valuation allowance, partially offset by Section 162(m) of the Internal Revenue Code compensation limitations. The amount of cash paid for income taxes was $0.9 million and $0.6 million for the three months ended March 31, 2026 and 2025, respectively. The Company follows the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes. ASC 740-10 prescribes a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of uncertain tax positions that have been taken or expected to be taken on a tax return. As of March 31, 2026 and December 31, 2025, the Company recorded an uncertain tax position liability of $1.7 million and $1.6 million, respectively, within Other liabilities on the Condensed Consolidated Balance Sheets. This liability includes $0.3 million of interest and penalties as of March 31, 2026 and December 31, 2025. H.R.1, enacted into law on July 4, 2025, introduced provisions that modified the Internal Revenue Code (“IRC”), including the immediate expensing of domestic research and development expenditures for tax purposes. As previously required under the Tax Cuts and Jobs Act, the Company capitalized and amortized research and experimental (“R&D”) expenditures under IRC Section 174 for tax years beginning after December 31, 2021. With the enactment of H.R.1 in 2025, the Company began deducting domestic Section 174 costs in the year they were incurred. The Company will continue to capitalize and amortize R&D costs over 15 years for R&D performed outside of the U.S.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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-Section 55
-Paragraph 231
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Loan and Security Agreement In February 2024, the Company entered into a Second Amended and Restated Loan and Security Agreement (as subsequently amended, the "2024 Amended Loan and Security Agreement") with Canadian Imperial Bank of Commerce (“CIBC”). The 2024 Amended Loan and Security Agreement provided for a $25.0 million revolving credit facility, which was terminated on July 1, 2025. At the time of such termination, the Company had no borrowings under the revolving credit facility, and certain terms of the 2024 Amended Loan and Security Agreement, including collateral security, survived the termination with respect to outstanding Contingent Obligations (as defined in the 2024 Amended Loan and Security Agreement) arising from Bank Services (as defined in the 2024 Amended Loan and Security Agreement). There were no penalties incurred by the Company as a result of the termination of the revolving credit facility. In April 2024, the Company entered into an irrevocable standby letter of credit (the "Letter of Credit") issued under the 2024 Amended Loan and Security Agreement to reduce cash collateral requirements in connection with the Expensify Card program. The Letter of Credit was issued in the amount of $1.0 million for the benefit of The Bancorp Bank, N.A. On April 16, 2025, the Company entered into an amendment to the irrevocable standby letter of credit to increase the Letter of Credit to $7.5 million. The Letter of Credit remained outstanding following the termination of the revolving credit facility. Letter of Credit Security Agreement On October 9, 2025, the Company entered into a Letter of Credit Facility and Security Agreement (the “LOC Security Agreement”) with CIBC. The LOC Security Agreement, among other things, provides for the issuance of additional irrevocable standby letters of credit, governs the terms of the outstanding Letter of Credit originally issued under the 2024 Amended Loan and Security Agreement, grants to CIBC, for the ratable benefit of the lenders, a security interest in substantially all of the assets of the Company and its subsidiaries, and also replaces the 2024 Amended Loan and Security Agreement with respect to the Contingent Obligations (as defined in the LOC Security Agreement). Under the LOC Security Agreement, the Letter of Credit remained at $7.5 million and expires on March 20, 2027. The Letter of Credit automatically renews for successive one-year periods unless the Company or the issuing bank provide notice of non-renewal prior to the expiration date. No amounts had been drawn on the Letter of Credit as of March 31, 2026. Legal From time to time in the normal course of business, the Company may be involved in claims, proceedings and litigation. In the case of any litigation, the Company records a provision for a liability when management believes that it is both probable that a liability has been incurred, and the amount of the loss can be reasonably estimated. The Company reviews such provisions at least quarterly and adjusts such provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. On November 29, 2023, a putative securities class action (the “Putative Class Action”) was filed in the United States District Court for the District of Oregon captioned Wilhite v. Expensify, Inc., et al., Case No. 3:23-cv-01784-JR, naming the Company, the Company's executive officers and several of the Company's current and former directors as defendants (collectively, the “Defendants”). The lawsuit is purportedly brought on behalf of all those who purchased or acquired the Company's stock pursuant or traceable to its initial public offering ("IPO"). The complaint alleges claims under Sections 11 and 15 of the Securities Act of 1933 based on allegedly false or misleading statements in the offering documents filed in connection with the IPO. The lawsuit seeks unspecified damages and other relief. On December 17, 2025, after conducting mediation within the current discovery phase of the lawsuit, the parties reached an agreement-in-principle to settle all claims in the Putative Class Action for an aggregate sum of $9.5 million. Plaintiff filed a stipulation of settlement and motion for preliminary approval of settlement on February 12, 2026. On February 23, 2026, the Court granted preliminary approval of the settlement. On April 28, 2026, Plaintiff filed a motion for final approval of the settlement, as well as motion for attorneys' fees. A hearing on final approval of the settlement is set for June 30, 2026. During the three months ended March 31, 2026, the Company deposited $9.5 million into escrow for the proposed settlement, which consisted of $2.6 million paid by the Company and $6.9 million recovered under the Company's applicable insurance policies. The shareholder derivative lawsuits filed during the year ended December 31, 2025 and in the first quarter of 2026 in the United States District Court for the District of Oregon naming the Company as nominal defendant, with the Company's executive officers and several of the Company's current and former directors as defendants (collectively, the “Derivative Defendants”) remain pending. The Derivative Defendants deny the allegations of wrongdoing and will continue to vigorously defend against the claims in the shareholder derivative lawsuits. At this time, the Company is unable to estimate the probability or the amount of liability, if any, related to these matters. As of March 31, 2026, there were no other legal contingency matters, either individually or in aggregate, that would have a material adverse effect on the Company’s financial position, results of operations or cash flows.

STOCK INCENTIVE PLANS - 2009 and 2019 Stock Plans (Details) - shares	1 Months Ended
	Apr. 30, 2019	Jan. 31, 2018	Nov. 09, 2021	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)	25,204,250
The 2009 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)		17,030,280		16,495,150
Additional shares authorized (in shares)		535,130
The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Additional shares authorized (in shares)	8,173,970
The 2019 Option Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)			16,856,770
The 2019 Option Plan \| Common Stock, LT50
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)			16,856,770

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

REVENUE, NET AND CERTAIN STATEMENT OF OPERATIONS COMPONENTS - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue
Total revenue, net	$ 33,969	$ 36,074
Subscription fees
Disaggregation of Revenue
Total revenue, net	30,945	33,243
Interchange
Disaggregation of Revenue
Total revenue, net	5,541	5,034
Other
Disaggregation of Revenue
Total revenue, net	119	71
Cashback rewards
Disaggregation of Revenue
Total revenue, net	$ (2,636)	$ (2,274)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.