Overview
- Immersion Investment Partners’ Q4 2025 letter reiterates targets of $225 million in gross profit and $90 million in EBITDA for 2026 for PAR Technology.
- PAR shares closed at $22.75 on February 3, 2026, with a one-month return of -34.55%, a 52-week loss of 68.53%, and a market cap near $923 million, according to Insider Monkey.
- The fund attributes PAR’s 2025 share slide to software multiple compression and a Burger King point-of-sale deployment delay after BK added a PAR back-office product, which left ARR growth at about 15% exiting Q3 versus a 20% goal.
- Immersion highlights ongoing wins such as Papa John’s adopting several PAR products across 3,200 U.S. locations, projected to contribute roughly $15 million in ARR when fully deployed.
- Since late 2020, Immersion says ARR per share and gross profit have quadrupled through organic growth and M&A despite a 2024 divestiture, with PAR reporting about 23% year-over-year revenue growth to $119 million in Q3.