Expensify reported continued growth in its travel and
payment offerings even as total revenue declined year over year in the fourth
quarter.
Total revenue for the fourth quarter was down 5 percent year
over year to $35.2 million, and paid members on Expensify declined 5 percent
year over year to 650,000. That marked an increase of 1 percent in membership
from the third quarter of 2025, and CFO Ryan Schaffer in an earnings call said
that quarter-over-quarter growth came as the fourth quarter is typically a
stronger quarter for the company.
Schaffer said fourth-quarter bookings in Expensify Travel,
which the company launched
in mid-2024, were up 434 percent compared with bookings in the fourth
quarter of 2024, when it
was in a more limited release. That represents "sustained growth"
and "strong customer adoption" for the travel offering, he said.
Interchange from Expensify Card was up 9 percent year over
year to $5.5 million, the company reported.
Expensify founder and CEO David Barrett said its "New
Expensify" app, also launched in mid-2024, now has "full feature
parity" with legacy Expensify, and the company is continuing to
"nudge" its customers to the new app. All new customers are defaulted
to the new app, and 63 percent of all paying customers are on it, he said.
Schaffer said Expensify also intends to increase investment
in sales and marketing as well as AI this year.
Expensify reported a net loss of $7.1 million for the fourth
quarter, widening from a $1.3 million loss in the fourth quarter of 2024. For
the full year, the company reported a loss of $21.4 million, compared with a
loss of $10.1 million in 2024. Schaffer said the loss in 2025 stemmed largely
from stock-based compensation and its sponsorship of the film "F1."
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