Par Technology's Promising Growth Trajectory Despite Mixed Q2 Results: A Buy Recommendation by Stephen SheldonWe are updating our estimates to reflect management’s results and commentary this quarter. We now forecast revenue of $440 million in 2025 (growth of 26%, unchanged), $494 million in 2026 (growth of 12%, down from 16% prior), and $572 million in 2027 (growth of 16%). We expect consolidated ARR of $315 million in 2025 (down $14 million; growth of 16%), $379 million in 2026 (down $24 million; growth of 20%), and $462 million in 2027 (growth of 22%). We now assume adjusted EBITDA of $27 million in 2025 (up $2 million; margin of 6.1%), $52 million in 2026 (down $3 million; margin of 10.4%), and $85 million in 2027 (margin of 14.8%). Stock Thoughts and Risks.