Competitive PressureExpensify needs to demonstrate product-led growth to compete against well-funded competitors like Concur, Divvy, Ramp, and Brex.
Revenue ChallengesThe company reported Q2 revenue of $33.3M, below the $35.6M consensus, reflecting lower activity across the entire customer base.
Revenue Model ShiftThe company faces an ongoing headwind from monthly pay per use users switching to annual contracts, reducing monthly revenue.