PARPAR TECHNOLOGY CORP

Calculating & Accounting Machines (no Electronic Computers) · $731M market cap · 1,809 employees

6.8×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

Goodwill-heavyYes
65% of assets
Over 40% of assets
Low revenue per employeeYes
$252K · 10th pct
Bottom quartile of its SIC industry
Buyout-sizedYes
$731M market cap
Market cap $500M–$5B
Recurring revenueYes
8 of 10
10-K business scored 7+ of 10 for recurring revenue
Active 13DYes
4 filings
Active-intent 13D in 18 months

10 other checks

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
Shareholder dissentNo
86% lowest support
Any vote under 80% support
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
AI-rollup shapedNo
2 of 10
10-K business scored 5+ of 10 as an AI-rollup target
Net insider sellingNo
$35M net
Net sales over $10M in 12 months

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY
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	—	—	—

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

+$35Mnet buying by insiders, open market, last 12 months

Bought $38M · 56 tradesSold $3M · 14 trades

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