What Expensify, Inc. told the SEC could break it.

About 95% of Expensify's revenue comes from businesses with fewer than 1,000 employees (SMBs), which are more exposed to economic downturns; net seat retention was 88% in 2025, below 100%, indicating churn.

“As of December 31, 2025, businesses with fewer than 1,000 employees accounted for approximately 95% of our customers by revenue, and we focus our product, marketing and sales efforts on these businesses, including SMBs. These customers may be more susceptible to general economic conditions than larger businesses, which may have greater liquidity and access to capita”

Expensify runs highly custom build-to-order servers with parts made in Taiwan, China and other regions; severe import tariffs could materially raise server maintenance costs or prevent it from obtaining parts.

“Many of these servers contain parts that are manufactured in Taiwan, China, and other international regions. Severe tariffs on imports from some or all of these regions have been imposed in the recent past, and could be imposed in the future. The imposition of such tariffs could materially increase the cost of maintenance for our servers or prevent us from being able to obtain parts all together.”

Expensify relies on a single vendor, issuing bank and card network for its Expensify Card (Marqeta/Sutton Bank/Visa) and a single vendor + TMC for Expensify Travel (Spotnana/Solutions Travel); losing any of these would harm growth.

“We rely on a single third-party vendor, issuing bank and card network for our Expensify Card, and if we lose any of these services, our business, results of operations, financial condition and growth prospects could be harmed.”