PARPAR TECHNOLOGY CORP

Calculating & Accounting Machines (no Electronic Computers)

Revenue: $456M; 30% YoY
Operating margin: -15.1%; 33% YoY
EBITDA: −$20M; 52% YoY
Market cap: $731M
Employees: 1,809; $252K revenue each
Net debt / EBITDA: —; $345M net debt
AI in 10-K: 5.9; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$10M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-12% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
65% of assets
Over 40% of assets
Shareholder dissentNo
86% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$252K · 10th pct
Bottom quartile of its SIC industry
Quiet on AINo
5.9 per 10K words · 85th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$731M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
4 filings
Active-intent 13D in 18 months
Net insider sellingNo
$35M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$210M	$262M	$277M	$350M	$456M	30%
Operating income	−$64M	−$69M	−$72M	−$79M	−$69M	13%
Net income	−$76M	−$69M	−$70M	−$5M	−$84M	1594%
Operating cash flow	−$53M	−$43M	−$17M	−$25M	−$27M	7.6%
Capex	$1M	$1M	$5M	$970K	$3M	243%
Stock-based comp	$14M	$13M	$14M	$24M	$31M	25%
Buybacks	$5M	$3M	—	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 18, 2026	Voss Capital, LP	SCHEDULE 13D/A	14.3%	Active
Apr 22, 2026	Voss Capital, LP	SCHEDULE 13D/A	12.0%	Active
Apr 16, 2026	Voss Capital, LP	SCHEDULE 13D/A	13.2%	Active
Mar 4, 2026	Voss Capital, LP	SCHEDULE 13D	2.1%	Active
Feb 11, 2019	ADW Capital Partners, L.P.	SC 13D/A	10.0%	Passive

Insider trading

Open-market buys, 12 mo: $38M · 56
Open-market sells, 12 mo: $3M · 14
Net: $35M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$14M	−$9M	58	123
FY2024	$15M	$31M	236	163
FY2023	$10M	$15M	142	132
FY2022	$2M	−$8M	85	104
FY2021	$1M	$2M	172	162