Immersion Investment Partners, an investment management company, released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Immersion Investment Partners returned 4.9% (net) in Q4 2025, compared to the Russell 2000Index’s 2.2% return and the Russell Microcap Index’s 6.3% gain. The yearly return was 45.4% compared to 12.8% and 23.0% returns for the indexes, respectively. The letter noted the massive investments being made in AI and raised concerns about energy demands and ...

PAR Technology aims to continue its efforts to combine previously disjointed foodservice technology solutions by acquiring identity resolution and shopper intelligence platform Bridg, a division of Cardlytics.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYMN ...

NEW HARTFORD, N.Y.--(BUSINESS WIRE)--PAR Technology Corporation (NYSE: PAR), a leading global foodservice technology provider, today announced that it has agreed to acquire the identity resolution and shopper intelligence platform Bridg, a division of Cardlytics, Inc. (NASDAQ Global Market: CDLX). The transaction is structured as an acquisition of substantially all Bridg assets. The purchase price is $27.5 million, subject to purchase price adjustments with a maximum total purchase price of $30. ...

Industry Overview - The restaurant industry faced significant challenges in 2025, with traffic declining across most concepts served, marking the toughest period since COVID for restaurant sales [2] - Despite healthy same-store sales driven by price increases, overall traffic has not performed well, particularly in the fast casual and quick service segments [1][2] - Typically, quick service restaurants perform well in challenging markets as consumers tend to trade down, but this trend did not hold in the recent environment [3] Company Positioning - The company, PAR, is positioned within the restaurant tech space, navigating the conflicting data points in the market, particularly regarding same-store sales and traffic trends [1]

Group 1 - Laughing Water Capital reported a return of approximately 6.8% in Q4 2025, with full-year returns at around 3.9% net of fees and expenses, outperforming the SP500TR and R2000 indexes in the previous year [1] - The cumulative returns since inception for Laughing Water Capital are about 400%, compared to approximately 332% for the SP500TR and around 175% for the R2000 benchmark [1] - The portfolio is positioned to deliver strong long-term results despite recent underperformance in the current year [1] Group 2 - PAR Technology Corporation, a key holding for Laughing Water Capital, offers cloud-based solutions for the restaurant and retail sectors [2] - As of January 14, 2026, PAR Technology's stock closed at $39.77, with a one-month return of 5.46% but a significant decline of 48.17% over the past 52 weeks [2] - PAR Technology's management has faced challenges due to market perceptions regarding AI and legacy software, leading to a substantial drop in stock value [3]

Performance Overview - Laughing Water Capital ("LWC") achieved a return of approximately 6.8% in Q4, resulting in a full-year return of about 3.9% after fees and expenses, compared to the SP500TR and R2000 which returned approximately 2.7% and 2.2% respectively in the same quarter [3] - Since inception, LWC's cumulative return is approximately 400%, outperforming the SP500TR's ~332% and the R2000's ~175% [4] Investment Philosophy - The company emphasizes investing in off-the-beaten-path businesses led by capable management, particularly during periods of uncertainty, believing this approach can yield outsized returns over time [6][8] - Despite the current market enthusiasm for sectors like artificial intelligence and technology, the company remains focused on fundamental business performance rather than market trends [7][8] Market Dynamics - Recent market trends have favored larger, growth-oriented companies, with a significant outperformance of large-cap stocks over small-cap stocks [10][15] - The SP500 has outperformed the equal-weight SP500 by 34% over the past three years, indicating a strong preference for larger companies [15] Specific Investments - Lifecore Biomedical is highlighted as a key investment, with expectations of significant growth due to its competitive advantages and increasing capacity utilization [13][14] - Liquidia Corp has seen early sales success with its drug Yutrephia, which has outperformed expectations, despite ongoing patent litigation with United Therapeutics [30][31] - NextNav Inc is positioned as a potential leader in providing a terrestrial backup to GPS, with bipartisan support for its proposal to repurpose spectrum for 5G use [36][39] Future Outlook - The company anticipates continued improvement in the fundamental performance of its investments, suggesting that over time, market recognition of these fundamentals will lead to better stock performance [62] - Management remains optimistic about the potential for significant upside in investments like Lifecore and Liquidia, while also acknowledging the challenges posed by market sentiment and timing [29][33]

Summary of PAR (NYSE:PAR) FY Conference Call - January 13, 2026 Industry Overview - The restaurant technology sector is still in its early stages, particularly in the enterprise category, where many brands are just beginning to transition to digital operations [6][4] - 2025 was a challenging year for restaurants, with traffic down across most concepts, although some brands managed to maintain same-store sales through price adjustments [4][5] - There is potential for a rebound in 2026, especially if consumer spending increases due to tax refunds [5][7] Company Positioning and Strategy - PAR has seen an increase in RFP activity and a larger pipeline in 2025, indicating a growing interest in restaurant technology despite a softer sales year [6][10] - The company has adopted a multi-product strategy, with approximately 70% of new deals involving multiple products, a significant increase from previous years [14][12] - The focus on creating a platform that integrates various products is seen as a key differentiator in the market [13][14] Total Addressable Market (TAM) - PAR estimates that it could potentially 2.5x its revenue by cross-selling existing products to its current customer base [17] - The company is expanding into adjacent markets, such as convenience stores and the pizza category, which are rapidly growing segments [18][19] - The total market for point of sale systems is substantial, with around 7 million restaurants globally, and PAR is now positioned to serve a larger portion of this market [20][21] Key Customer Wins - PAR secured a significant deal with Papa John's, expected to generate $14-$15 million in annual recurring revenue (ARR), marking it as one of their largest customers [21][29] - The partnership with Papa John's is seen as a validation of PAR's capabilities, especially given the competitive landscape where many pizza companies have developed their own systems [22][24] Financial Performance and Growth Outlook - The company aims to achieve mid-teens growth in ARR, with aspirations to return to a 20% growth target through large deals and cross-selling opportunities [36][37] - The current revenue mix is heavily weighted towards new customer acquisition, with a goal to balance this with upselling existing customers [34][35] - PAR's EBITDA margins are expected to improve as the company scales and manages operational costs effectively [51][52] AI Integration and Product Development - PAR is focusing on integrating AI into its products to enhance efficiency and create new revenue-generating SKUs [42][44] - The company has launched its first AI SKU, Coach AI, which has shown strong initial customer engagement [44][43] - Future AI developments aim to provide hyper-localized marketing solutions and personalized customer experiences [58][59] Capital Allocation and M&A Strategy - PAR is being cautious with M&A, focusing on small technology acquisitions that can enhance its product offerings without diluting shareholder value [54][55] - The company is looking for opportunities in the restaurant and retail technology space, particularly as many startups face financial challenges [55] Conclusion - PAR is navigating a challenging restaurant tech landscape with a strong focus on multi-product offerings, strategic customer acquisitions, and AI integration to drive future growth [12][14][42] - The company is optimistic about its growth trajectory, particularly with new customer wins and expanding into new market segments [21][36]

Group 1 - Bristlemoon Global Fund reported a return of -6.2% in Q4 2025, with a cumulative return of 11.9% since inception [1] - The fund's performance was impacted by a significant decline in two of its largest positions, Hemnet Group and PAR Technology Corporation, both of which lost more than half their value [3] - The market in 2025 saw a divergence where perceived AI winners rallied while stocks labeled as AI losers, including those considered "cheap," experienced further declines [1] Group 2 - PAR Technology Corporation (NYSE:PAR) had a one-month return of 4.56% but saw a 44.68% decline in value over the past 52 weeks, closing at $37.36 per share with a market capitalization of $1.51 billion on January 9, 2026 [2] - Despite a nearly 23% increase in revenue to $119 million in Q3, PAR Technology Corporation is not among the top 30 most popular stocks among hedge funds, with a decrease in hedge fund holdings from 28 to 24 [4] - The potential of PAR Technology Corporation as an investment is acknowledged, but certain AI stocks are viewed as having greater upside potential and lower downside risk [4]

Core Viewpoint - PAR Technology Corporation is actively engaging with institutional investors through presentations and meetings at the 28th Annual Needham Growth Conference, highlighting its commitment to growth and investor relations [1][2]. Company Overview - PAR Technology Corporation (NYSE: PAR) is a leading provider of foodservice technology, offering a unified platform designed to scale and adapt to brands at various growth stages [3]. - The company's solutions include point-of-sale, digital ordering, loyalty programs, back-office operations, payments, and hardware, all designed for flexibility and integration [3]. - PAR's innovations aim to streamline operations, enhance customer engagement, and improve guest experiences for restaurants and retailers globally [3].

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. During the quarter, the fund returned 2.26% (gross) and 2.01% (net), compared to the Russell 2000 Growth Index’s 12.19% return. During the quarter, all asset classes except fixed income outside the U.S. posted positive returns. In addition, please check the fund’s top five holdings to know its best picks in 202 ...