• PAR Technology is like the Oracle for restaurant technology and operations.
• PAR Technology is like the Salesforce for restaurant customer loyalty and engagement.

• Brink POS: A cloud-based point-of-sale software solution designed for the restaurant industry.
• Punchh: An AI-powered platform providing loyalty, offers, and engagement solutions for restaurants and convenience stores.
• Restaurant Hardware: Offers a range of point-of-sale (POS) hardware terminals and peripherals built for demanding restaurant environments.
• Government Solutions: Provides advanced command and control (C2) software, intelligence, surveillance, and reconnaissance (ISR) systems, and specialized hardware to government agencies.

PAR Technology (symbol: PAR) primarily sells its products and services to other companies and government entities, rather than directly to individuals.

Major Customers:

• Restaurant and Hospitality Companies: PAR Technology is a leading provider of point-of-sale hardware and software (Brink POS), loyalty and engagement platforms (Punchh), and enterprise restaurant management solutions. It serves a broad customer base of Quick Service (QSR) and Fast Casual restaurant brands. Major public customer companies include:
  • Starbucks Corporation (Symbol: SBUX)
  • Papa John's International, Inc. (Symbol: PZZA)
  • Yum! Brands, Inc. (Symbol: YUM) - Parent company of well-known brands such as Taco Bell, Pizza Hut, and KFC.
  • Restaurant Brands International Inc. (Symbol: RBI) - Parent company of brands like Arby's (through Inspire Brands), Burger King, and Tim Hortons.
  • Additionally, PAR serves numerous other prominent restaurant chains that are privately held, such as Five Guys, MOD Pizza, Jimmy John's, Qdoba, and Subway.
• United States Government: Through its Government Solutions segment (PAR Government), the company is a long-standing and trusted provider of intelligence, surveillance, and reconnaissance (ISR) solutions, data analytics, and mission systems. Its primary customer in this segment is the U.S. Department of Defense and the Intelligence Community. As a government entity, it does not have a public stock symbol.

• Amazon.com, Inc. (AMZN)

Savneet Singh, Chief Executive Officer and President

Savneet Singh joined PAR Technology's Board of Directors in April 2018 and has served as Chief Executive Officer and President since March 2019. He is credited with leading PAR's transformation from a distressed provider of hardware to a fast-growing SaaS business, significantly increasing its market capitalization. Prior to PAR, Mr. Singh was a partner at CoVenture, LLC, a multi-asset manager with funds in venture capital, direct lending, and cryptocurrency. He co-founded Tera-Holdings, LLC, a holding company of niche software businesses, from 2017 to 2018. In 2009, he co-founded GBI, LLC (formerly Gold Bullion International, LLC), an electronic platform for trading and storing physical precious metals, where he served as COO, CEO, and President from 2009 to 2017. Mr. Singh also worked in investment banking at Morgan Stanley and has served on the boards of various public and private companies.

Bryan Menar, Chief Financial Officer

Bryan Menar was appointed Chief Financial Officer of PAR Technology, effective January 3, 2017. Before joining PAR, he was the Vice President, Financial Planning & Analysis (FP&A) for Chobani, LLC, where he was responsible for all corporate financial analysis, including forecasting, budgeting, business reviews, and financial presentations. Mr. Menar has held senior finance roles at JC Jones & Associates, Goldman Sachs & Co., and Ernst & Young LLP. His experience also includes serving as a turnaround advisor for small to middle-market clients and leading system integration for the private equity division of a leading investment bank.

Steven Berkovitz, Chief Technology Officer

Steven Berkovitz is responsible for software engineering across PAR's Software as a Service products. Previously, he served as Chief Platform Officer at Tecsys, where he oversaw the development of their retail and unified commerce products and led the SaaS transition of their supply chain software suite. Mr. Berkovitz also co-founded and was the CTO of OrderDynamics, a SaaS software product specializing in retail order management and eCommerce, which was scaled globally and went through two acquisitions.

Beth Codner, Chief Human Resources Officer

Beth Codner leads global people strategy, HR operations, culture, and organizational transformation at PAR Technology. She brings over 25 years of experience as a human-capital leader across various industries, including consumer goods, hospitality, life sciences, advanced manufacturing, and technology.

Cathy King, Chief Legal Officer & Corporate Secretary

Cathy King serves as the Chief Legal Officer and Corporate Secretary for PAR Technology.

The key risks to PAR Technology (symbol: PAR) involve intense market competition, ongoing profitability challenges coupled with a significant debt load, and substantial cybersecurity threats.

1. Intense Market Competition

PAR Technology operates in a highly competitive restaurant technology sector, facing pressure from a multitude of established players and emerging companies. Competitors such as Toast, Olo, Lightspeed, Revel, TouchBistro, Fiserv's Clover, Shift4 Payments, and Oracle are actively expanding their market presence and engaging in acquisitions, which intensifies the competition and can compress PAR's margins. Additionally, large enterprise customers, which PAR targets, possess the capacity to develop their own in-house technology solutions, posing an alternative to PAR's offerings.

2. Profitability Challenges and Debt Load

Despite experiencing revenue growth, PAR Technology has consistently reported net losses and negative operating margins, indicating a struggle to achieve consistent profitability. For instance, the company reported a total net loss for the first nine months of fiscal year 2025. Further, PAR carries a considerable debt burden, including convertible notes maturing in 2026 and 2027, and its net-debt-to-EBITDA ratio suggests an overleveraged financial position.

3. Cybersecurity Risks and Data Protection

As a provider of point-of-sale systems and payment processing, PAR Technology handles a large volume of sensitive customer and payment data, making it a prominent target for cyberattacks. The company's regulatory filings explicitly highlight the "legal, reputational and financial risks" associated with failing to protect customer and company data from security breaches and cyberattacks. The evolving threat landscape, marked by increasing cyberattacks and ransomware incidents, poses a significant and escalating risk, with data breaches in the hospitality industry potentially leading to substantial financial and reputational damage.

PAR Technology (symbol: PAR) is expected to drive future revenue growth over the next 2-3 years through several key strategies, including the expansion of its subscription services, increased multi-product adoption, securing large enterprise deals, and the integration of artificial intelligence into its offerings.

Here are 4 expected drivers of future revenue growth:

1. Growth in Subscription Services and Organic Annual Recurring Revenue (ARR): PAR Technology has a stated target of achieving mid-teens organic annual recurring revenue (ARR) growth. This focus on recurring revenue streams, particularly from subscription services, is a significant driver, with subscription service revenue representing 63% of total revenue in Q3 2025 and growing 25% year-over-year, including 16% organic growth. The company anticipates continued ARR growth in the fourth quarter, aiming to maintain mid-teens organic growth.
2. Expansion Through Multi-Product Deals and Cross-Selling: The company's "better together thesis" is a core strategy, driving both multi-product deals and cross-selling into its existing customer base. This approach aims to enhance customer lifetime value and increase revenue per customer by providing integrated solutions across PAR's platform.
3. Securing Large Tier 1 Customer Wins: PAR Technology is actively pursuing and has a growing pipeline of large Tier 1 opportunities and mega Tier 1 point-of-sale (POS) deals. Success in these enterprise-scale rollouts, particularly with quick-service restaurant (QSR) clients, is anticipated to contribute significantly to revenue growth. The expected annual increase from all requests for proposals (RFPs) is estimated to be close to $60 million.
4. Innovation and Adoption of AI-driven Products (PAR AI): The introduction of PAR AI, an AI-native intelligence layer embedded directly into PAR's product suite, is expected to be a key differentiator. This technology aims to deliver real-time intelligence, drive better outcomes for enterprise customers, win new market share, and increase Average Revenue Per User (ARPU) with existing customers. The company is focused on AI-native workflow development and has introduced new AI-driven products.

Share Repurchases

• In February 2020, PAR Technology utilized approximately $66.25 million from a convertible note offering and delivered 722,423 shares of common stock to repurchase $66.25 million aggregate principal amount of its 4.500% Convertible Senior Notes due 2024.

Share Issuance

• In February 2020, PAR Technology priced a private offering of $105 million aggregate principal amount of 2.875% Convertible Senior Notes due 2026.
• As part of the funding for the Punchh acquisition in April 2021, the company sold $160 million in common stock to PAR Act III, LLC and accounts advised by T. Rowe Price Associates.
• In March 2024, PAR issued 5,174,638 shares of common stock at $38.65 per share, resulting in net proceeds of approximately $194.4 million, partially to fund the Stuzo acquisition.

Inbound Investments

• In April 2021, PAR Act III, LLC and T. Rowe Price Associates made a strategic investment by purchasing $160 million in PAR common stock to help fund the Punchh acquisition.

Outbound Investments

• PAR Technology acquired Punchh, a loyalty and guest engagement company, for approximately $500 million in April 2021.
• In 2024, PAR made several significant acquisitions including Stuzo for about $190 million in March, TASK Group for $206 million in July, and Delaget for $132 million in December.
• The company divested its Government segment in June and July 2024 to become a pure-play foodservice technology company.

Capital Expenditures

• Capital expenditures for fiscal years ending December 2020 to 2024 averaged $1.977 million, with a peak of $5.018 million in December 2023.
• For the nine months ended September 30, 2025, capital expenditures included $3 million for fixed assets and $4 million for developed technologies associated with its software platforms.
• The primary focus of capital expenditures is on developing technology for the company's software platforms.