Expensify reported year-over-year declines in revenue and paid members in the first quarter, but executives said the platform is approaching an "inflection point" of growth.
The company's revenue for the first quarter totaled $34 million, down 6 percent year over year, and average paid members for the quarter declined 4 percent to 632,000. Interchange revenue from Expensify's card product was up 10 percent year over year to $5.5 million.
In an earnings call, founder and CEO David Barrett said the quarter's results showed a "transition" to a "more durable, profitable business" for Expensify. He said the platform had more than 30 improvements in the quarter around such areas as card controls, expense automation and mobile receipt management that make it "faster, more automated and more useful for both individual employees and finance teams."
In addition to the interchange revenue growth, Barrett said Expensify also expanded on its "bring your own card" strategy during the quarter with integrations now totaling more than 10,000 banks. Expensify expanded its partnerships in the quarter as well, including an integration with American Airlines AAdvantage Business announced last month, in which customers can flow receipts directly into Expensify.
Expensify CFO Ryan Schaffer noted that in April, paid active members totaled 641,000, above the first-quarter average, which he said was an "encouraging sign for the quarter." Barrett said the company is planning "major AI capabilities" to be launched in June.
"We're seeing encouraging growth signals," Barrett said. "Q1 is about strengthening the foundation while setting up the next phase of growth."
Expensify reported a net loss of $2.3 million for the first quarter, an improvement from a $3.2 million net loss in the first quarter of 2025.
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