PAR Technology Corporation

Q2 2026 total revenue was $133 million, up 19% year over year; subscription service revenue was $83 million, up $11 million or 16%; hardware revenue was $35 million, up $8 million or 31%; and professional service revenue was $15 million, up $1 million or 10%. Gross margin was $57 million, up $6 million or 11%, while net loss was $17 million or $0.41 per share versus a net loss of $21 million or $0.52 per share a year ago. Non-GAAP net income was $7.5 million or $0.18 diluted EPS, and adjusted EBITDA was $14.3 million, up $8.7 million year over year and $5.3 million sequentially. For the balance of 2026, PAR raised full-year revenue guidance to $516 million-$523 million from $500 million-$515 million and adjusted EBITDA guidance to $50 million-$53 million from $44 million-$47 million; Q3 guidance is $128 million-$132 million of revenue and $13.5 million-$14.5 million of adjusted EBITDA.

Savneet Singh framed the quarter as proof that PAR’s platform strategy is working, emphasizing multiproduct wins, expanding ARR, and what he called an aggressive push on TAM expansion and AI. He said the company is “always on offense,” that customers increasingly want fewer vendors and tighter integrations, and that PAR Intelligence is still in an adoption phase in 2026 with monetization expected later. His tone was highly confident and expansionary, repeatedly pointing to backlog, pipeline, and customer adoption as reasons for second-half acceleration.

Bryan Menar highlighted that both revenue and adjusted EBITDA exceeded the high end of the prior outlook, and said the company is raising full-year guidance. He cited cash and cash equivalents of $77 million at June 30, free cash flow of $3 million in the quarter, and noted the cash balance was flat sequentially after a $3 million final payout on the 2026 notes. He also pointed to margin and cost improvements: non-GAAP OpEx was 38% of revenue, down 1,000 basis points year over year, and he said free cash flow conversion should improve meaningfully for the rest of the year as EBITDA scales and working capital tailwinds continue. On margins, he said hardware margin was 20% and expected to stay in the low 20s, while professional service margin was 23% and expected to return to the mid- to upper-20s range.

Analysts focused on the second-half ARR ramp, PAR Intelligence commercialization, and how to track performance now that the company is no longer separating some site and ARR metrics by cloud. Management said visibility had increased, the second half should show a steadier ARR step-up, and if execution continues there is upside to the current plan. On AI, management said commercialization is likely to start as a subscription add-on, probably tied to back-office or loyalty use cases, and that the company is using this year to determine where customers see the most value. They also said the installed base has about 2 products per customer on average, that cross-sell remains large, and that growth should increasingly come from both site count and ARPU rather than site count alone.