PAR TECHNOLOGY CORP

Fast-growing restaurant/retail-tech SaaS, but deeply loss-making with cash burn as it scales.

Strengths

• Strong growth — revenue +30.2% (77th)
• Healthy gross margin and adequate liquidity — gross margin 43.5%, current ratio 1.66 (41st)

Risks

• Heavy losses — operating margin -15.1% (19th), net margin -18.5%
• Cash burn — FCF -$30.5M (8th), FCF margin -6.7%
• Negative returns as it invests for scale — ROE -10.2% (22nd)

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Net lossNet loss (net margin -18.5%)
• Cash burnNegative free cash flow (-30.5M)
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• Chronic dilutionShare count +14%/yr over 4y (dilution, book value/share -4%)
• Insider buyingInsider buying — 54 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$32M, last 6mo) Form 4 ↗
• New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
• Insider sellingInsider selling — 11 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$2M, last 6mo) Form 4 ↗
• China exposureand foreign laws and regulations that impact the operations of our business, including employee matters, import/export controls, trade restrictions, including tariffs, anti-corruption and bribery
• Notable holderHeld by 5 notable fund(s): FMR LLC, GOLDMAN SACHS GROUP INC, STATE STREET CORP +2 more (as of 2026-03-31)