Thu, Feb 27, 10:06 PM (17 days ago)
**Expensify, Inc. (EXFY) Summary** For the fiscal year ended December 31, 2024, Expensify, Inc. reported revenues of $139,236, down 8% from $150,687 in 2023. The decrease was attributed to reduced billable activity and increased cashback payments related to the Expensify Card, partially offset by higher interchange revenue from the Updated Card Program. The company incurred a net loss of $10,055, compared to a loss of $41,456 in the previous year, reflecting improved operational efficiency and reduced marketing expenses. Operating expenses decreased significantly to $75,817 from $116,948, driven by lower sales and marketing costs and general administrative expenses. Research and development costs rose slightly to $24,638, reflecting ongoing investments in product enhancements. As of December 31, 2024, Expensify had $48,772 in cash and equivalents, with no outstanding debt, and a $25 million revolving credit facility available. The company is focused on expanding its customer base and enhancing product offerings, including the Expensify Card and travel services, while navigating macroeconomic challenges and maintaining compliance with regulatory requirements. Key risks include reliance on a concentrated customer base, potential cybersecurity threats, and the impact of interest rate fluctuations on financial performance. The company plans to continue investing in product development to drive future growth.