Expensify Q2 Earnings Show AI Platform Revenue Surge

Expensify reported second‑quarter revenue of $33.9 million, a 5 % decline year‑over‑year, while free cash flow rose to $6.4 million and operating cash flow to $8.4 million. The GAAP net loss narrowed to $3.9 million from $8.8 million a year earlier. CFO Ryan Schaffer said the company is focusing on sustainable growth and raised its full‑year 2026 free‑cash‑flow forecast to $12‑14 million.

Revenue from the newer AI‑focused platform, New Expensify, jumped more than 250 % year‑over‑year to exceed $10 million in annual recurring revenue, driven by over 10,000 new accounts that have never used the legacy Classic product. Founder and CEO David Barrett highlighted the platform’s integration with AI assistants such as ChatGPT, Claude and Cursor, enabling natural‑language expense management. The company also launched Expensify MCP to connect expense data with these AI tools and introduced AI‑powered workflow agents in beta.

During the quarter Expensify repurchased about 6.1 million Class A shares at $1.20 each in a modified Dutch auction tender offer. The firm continues to generate card interchange revenue of $5.9 million, up 12 % from the prior year.