Expensify's Q2 2024 results revealed a stabilization of the core business with increasing cash flow, despite a 14% decrease in revenue compared to the same period last year. The new Expensify Card program is live with significant adoption, and the company is making progress on New Expensify, expected to add new revenue in Q3. The company generated $9.3 million in cash from operating activities and $5.7 million in free cash flow.
Core business stabilized with increasing cash flow; revenue and paid users within 1% of last quarter.
New Expensify Card program is live, with 34% of spend migrated, earning 20% more interchange.
New Expensify is live and expected to add new revenue in Q3.
Expensify Travel is live and expected to generate a new revenue stream in Q3.
Expensify estimates Free Cash Flow of $15.0 million to $16.0 million for the fiscal year ending December 31, 2024.
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