Par Technology Raises Full-Year Outlook as Recurring Revenue Climbs
The company increased its 2026 revenue guidance to a range of $516.0 million to $523.0 million.
Par Technology (PAR), the restaurant technology provider, reported second-quarter revenue of $133.4 million. The result represented an 18.7% increase year-over-year, though growth slowed slightly from the 19.4% rate recorded in the first quarter.
Annual Recurring Revenue reached $338.0 million by the end of the second quarter, a 17% increase year-over-year. This figure continued a sequential upward trend from $330.1 million in the first quarter and $315.4 million in the fourth quarter of 2024.
Adjusted EBITDA rose to $14.3 million, an increase of $8.7 million compared to the same period last year. This growth accelerated from the $8.9 million reported in the first quarter.
Profitability metrics showed mixed results in the subscription segment. Non-GAAP Subscription Service Gross Margin compressed to 65.1% in the second quarter from 66.4% in the prior-year period. This 130 basis point decline followed a steeper 350 basis point drop to 65.6% in the first quarter.
Par Technology raised its full-year 2026 revenue guidance to a range of $516.0 million to $523.0 million, up from a previous range of $500.0 million to $515.0 million. The company also increased its full-year Adjusted EBITDA guidance to a range of $50.0 million to $53.0 million from the previous range of $44.0 million to $47.0 million.
The company shifted its reporting structure in the second quarter, ceasing the disaggregation of ARR and Active Sites into 'Engagement Cloud' and 'Operator Cloud' product lines. Active Sites totaled 174.3 thousand as of June 30, 2026, down from the 199.3 thousand combined sites reported as of March 31, 2026.
Par Technology recognized a new intangible asset impairment loss of $5.4 million during the quarter. The loss related to a trademark from the Stuzo Acquisition and abandoned software costs for the PAR Clear product.