Asure Software, Inc. (ASUR) SEC Filings & Earnings Calls

Increased leverage from new credit agreement; share dilution from issuance

“New debt obligation created; 1.2M shares issued for acquisition”

Net loss persists despite revenue growth

“Net loss of $4.4 million versus a net loss of $6.1 million” · word for word

Leverage and interest rate risk

“Interest expense for the three months ended June 30, 2026 was $1,753 compared to interest expense of $809 for the three months ended June 30, 2025. The increase in interest expense in the three months ended June 30, 2026, is primarily related to interest accrued under our Loan Agreement (defined below) with MidCap Financial Trust (“MidCap”).” · word for word

Cash burn and acquisition dependency

“Net cash used in investing activities of $23,205 for the six months ended June 30, 2026, is primarily due to cash paid in business combinations or asset acquisitions of $4,721, purchases of available-for-sale securities of $23,752, and software capitalization costs of $6,789” · word for word

Leverage and interest rate risk

“Interest expense for the three months ended March 31, 2026, was $1,748 compared to interest expense of $451 for the three months ended March 31, 2025. The increase in interest expense relative to the prior year is primarily attributable to interest accrued under our Loan Agreement (defined below) with MidCap Financial Trust (“MidCap”).” · word for word

Cash burn and acquisition dependency

“Net cash used in investing activities of $5,379 for the three months ended March 31, 2026 is primarily due to purchases intangible assets of $4,721” · word for word

No significant new risks identified; standard forward-looking statements.

“Referenced risk factors in quarterly/annual reports, no new disclosures.”

Increasing net losses

“Net Loss (in thousands) 2025: $(13,126); 2024: $(11,773); 2023: $(9,214)”

Flat total shareholder return

“Value of Initial Fixed $100 Investment Based On: Total Shareholder Return 2025: $100.86; 2024: $100.75; 2023: $101.93” · word for word

History of losses and accumulated deficit

“We experienced a net loss from continuing operations of $13.1 million in the fiscal year ended December 31, 2025. At December 31, 2025, our accumulated deficit was $320.4 million and total stockholders’ equity was $197.8 million.” · word for word

Material weakness in internal controls

“In connection with the preparation of our Annual Report for the year ended December 31, 2024, we identified a material weakness in our internal controls over financial reporting.” · word for word

Cybersecurity and data breach risk

“If our security measures, or those of our third-party data center hosting facilities, cloud computing platform providers or third-party service partners are compromised or breached, or if personal information of our clients or their employees is accessed or obtained, our services and HCM solution may be perceived as not being secure, our brand could be damag” · word for word

Regulatory compliance risk (money transmission, data privacy)

“Our products and services are subject to various complex laws and regulations on the federal, state and local levels, including those governing data security, privacy, payroll, benefits administration, insurance brokerage, and other regulated service offerings.” · word for word

Competitive pressure from larger players

“National payroll processors with loss-leader products. Large brand and market share payroll processing vendors (such as ADP and Paychex) offer equivalent point solutions at little or no cost to prospects when they sign up for the first few months when in a competitive engagement because the short-term lost revenue is inconsequential compared with the long-te” · word for word

No new risk factors disclosed; standard forward-looking statements caution.

“Refer to risk factors in quarterly and annual reports; no specific new risks.”

Net loss widened to $5.4M from $3.9M, indicating ongoing GAAP unprofitability despite strong revenue growth

“Net loss of $5.4 million versus a net loss of $3.9 million” · word for word

Non-GAAP gross margin declined from 73% to 70%, suggesting some cost pressure or mix shift

“Non-GAAP gross profit margin of 70% versus 73%”

Tariff exposure on hardware costs

“Recent increase in tariffs and the impositions of new trade restrictions by the United States and other countries have created uncertainty and volatility in global markets.” · word for word

Debt covenant compliance

“Under the Loan Agreement, we covenant to maintain (1) Total Leverage Ratio... no greater than 5.50 to 1.00, and (2) minimum liquidity threshold of $10,000.” · word for word

Interest expense increase

“Interest expense for the three months ended September 30, 2025 was $1,966 compared to interest expense of $274 for the three months ended September 30, 2024.” · word for word