Competitive PressureExpensify needs to demonstrate product-led growth to compete against well-funded competitors like Concur, Divvy, Ramp, and Brex.
Revenue ChallengesThe company faces an ongoing headwind from monthly pay per use users switching to annual contracts, reducing monthly revenue.
Stock DowngradeExpensify is downgraded to Market Perform from Market Outperform after exceeding the prior price target.