PAR Technology (PAR): High Expected Value, Uncertain Timing

Greenhaven Road Capital, an investment management company, released its second-quarter 2025 investor letter. A copy of the letter can be downloaded here. A copy of the letter can be downloaded here. In the second quarter, the fund returned approximately +14% net of fees and expenses, bringing the YTD returns to under +1%. YTD, the Russell 2000 has returned -1.8%. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

In its second-quarter 2025 investor letter, Greenhaven Road Capital highlighted stocks such as PAR Technology Corporation (NYSE:PAR). PAR Technology Corporation (NYSE:PAR) offers omnichannel cloud-based hardware and software solutions to the restaurant and retail industries. The one-month return of PAR Technology Corporation (NYSE:PAR) was -25.90%, and its shares lost 1.82% of their value over the last 52 weeks. On August 18, 2025, PAR Technology Corporation (NYSE:PAR) stock closed at $52.25 per share, with a market capitalization of $2.12 billion.

Greenhaven Road Capital stated the following regarding PAR Technology Corporation (NYSE:PAR) in its second quarter 2025 investor letter:

“PAR Technology Corporation (NYSE:PAR) – PAR is another difficult company to forecast earnings precisely. The company primarily adds new customers through RFP processes, the duration and outcome of which are not known. Even after winning an RFP, the implementation timeline is dictated by the customer. This past quarter saw a rollout implementation slowdown from Burger King, their largest customer, which halted implementation because they are adopting an additional module. This is a very “good” problem to have – your largest customer slowing down to buy more product. It is also worth noting that Burger King has several additional cross-sale opportunities including Popeye’s, Tim Hortons, and Burger King International. Burger King buying more is an excellent data point even if it had a negative impact on last quarter’s revenue.

The timing and size of any additional Burger King wins is uncertain. At a recent JP Morgan investor conference, CEO Savneet Singh said, “our weighted pipeline is stronger than it has ever been. And I would say that’s sort of in part driven by this new cross sell motion where we are finding just tremendous growth in kind of upselling to our existing base.” At the same conference, for the first time, to my knowledge, in a public setting he talked about McDonalds in the context of their sales pipeline.

While the timing of customer wins or the timing of their implementations is uncertain, what has remained constant at PAR is the CEO. This is also a jockey bet that the CEO and team will continue to make attractive acquisitions (three last year), develop new products, and improve their cross sell upsell motion – while holding operating expenses down. PAR is inflecting to profitability and over the next 3 years it should be nearly double in size with far greater profitability. The path and sequence may not be linear, but their Table Service POS product just had their first big win, POS for convenience stores is coming, the pipeline is strong. My expected value is high, the timing uncertain, but with a good jockey, time is our friend.”

In another article, we covered PAR Technology Corporation (NYSE:PAR) and shared Laughing Water Capital’s views on the company in the previous quarter. In its Q1 2025 investor letter, Greenhaven Road Capital highlighted PAR Technology Corporation (NYSE:PAR) as a resilient high growth company. In addition, please check out our hedge fund investor letters Q2 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.