PAR Technology is evolving from a legacy restaurant tech vendor to a vertical AI-enabled software platform for multi-unit commerce. PAR's AI layer, PAR Intelligence, leverages proprietary operational data to drive customer ROI, improve retention, and create monetizable product features. Recurring revenue is strong, with ARR at $330.1M (16% YoY growth) and improving adjusted EBITDA; FY2026 guidance targets $500–$515M revenue and $44–$47M EBITDA.