Expensify reported revenue in the second quarter was $35.8 million, up 7% year-on-year as the company reported continued growth in international expansion and travel issuance.
Booking volumes increased by 44% compared to the first quarter compared to the first quarter, and bookings increased by 166% compared to the fourth quarter of 2024. Launched travel booking function Last year and Available throughout the network Earlier this year. Chief Financial Officer Ryan Schaffer said on the earnings call that the travel product had “grown very well”, noting that it saw “huge growth” in July.
The company said Expensify is also expanding its international reach, thereby increasing support for euro billing and third-party card feeds. CEO and founder David Barrett said the company's Expensify card products will be available “soon” in the UK and the EU and then expanded to Canada.
Exchange revenue from spending cards for the quarter totaled $5.3 million, up 31% year-on-year.
Barrett also reported “fast” migration to the company “New Expensify” application. The number of paid members in the second quarter fell 5% to 652,000 in the second quarter.
Expensify reported a net loss of $8.8 million for the quarter, compared with a loss of $2.8 million for the second quarter of 2024. Schaffer noted that the higher losses are due to expenses associated with the brand that obtained Expensify in the recently released film F1:F1:The Movie:The Movie is due to expenses. Sales and marketing costs for the quarter were $14.3 million, compared with $3.1 million in the second quarter of 2024.
“The way movie accounting works is that we have paid for years, but the fees are recognized this quarter,” Schaffer said. “We expect to return to normal next quarter.”
Barrett said the film’s screening included a fee brand that appeared on screen for more than 35 minutes throughout the film, which helped boost brand awareness, with the target population growing by 50% in the recent brand awareness survey and 350% in the 18-24-year-old age group.
