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: ASUR : ASUR Investor Presentation February 2026 Payroll & HR Solutions 1
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2 Forward-Looking Statements This presentation contains certain statements made by management that may constitute “forward-looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements about our financial results may include expected or projected U.S GAAP and other operating and non-operating results. The words “believe,” “may,” “will,” “estimate,” “projects,” “anticipate,” “intend,” “expect,” “should,” “plan,” and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements include statements we make regarding our operating performance, future results of operations and financial position, revenue growth, earnings or other projections. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions, over many of which we have no control. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties referred to above include—but are not limited to—risks associated with breaches of our security measures; possible fluctuations in our financial and operating results; potential financing needed to meet future capital requirements; access to additional capital; volatility and weakness in bank and capital markets; the financial and other impact of any previous and future acquisitions; privacy concerns and laws and other regulations that may limit the effectiveness of our applications; inability to adopt new or correctly interpret existing money service and money transmitter business status; risk of our software and solutions not functioning adequately; interruptions, delays or changes in our services or our Web hosting; significant costs as a result of operating as a public company; interruptions to supply chains and extended shut down of businesses; risks related to weaknesses in internal control; the inability to continue to release timely updates for changes in laws; the inability to develop new and improved versions of our services and technological developments; customer’s nonrenewal of their agreements and other similar changes; the exposure of market, interest, credit and liquidity risk on client funds held in trust; our operations in highly competitive markets; risks that our clients could have insufficient funds, limitations in the ability to transmit ACH transactions; the nature of our business model; impairment of intangible assets; litigation and any related claims, negotiations and settlements, including with respect to intellectual property matters or industry-specific regulations; market demand of our Software-as-a-Service offerings; adverse effects to our business a result of claims, lawsuits, and other proceedings; issues in the use of artificial intelligence in our HCM products and services; adverse changes to financial accounting standards to us; intellectual property risks associated with the use of open source software; failures of our service providers; factors affecting our deferred tax assets and ability to value and utilize them; inability to maintain third-party licensed software; evolving regulation of the Internet, changes in the infrastructure underlying the Internet or interruptions in Internet services; the expiration of Employee Retention Tax Credits (“ERTC”) and the impact of recent regulatory and other measures by governmental authorities-regarding ERTC claims and the corresponding cash collections of existing receivables; our ability to hire, retain and motivate employees and manage our growth; potential enactment of adverse tax laws, regulation, political, economic and social factors; potential sales of a substantial number of shares of our common stock along with its volatility; and risks associated with potential equity-related transactions including dividends, rights under the stockholder plan to discourage certain actions and other impacts as a result of actions of our stockholders. Please review the Company’s risk factors in its annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2026. Non-GAAP and Adjusted Financial Measures This presentation includes information about bookings, non-GAAP gross profit, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP research and development expense, EBITDA, EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin, non-GAAP net income (loss) and non-GAAP net income (loss) per share. These non-GAAP and adjusted financial measures are measurements of financial performance that are not prepared in accordance with U.S. generally accepted accounting principles and computational methods may differ from those used by other companies. Non-GAAP and adjusted financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company’s Consolidated Financial Statements prepared in accordance with GAAP. Non-GAAP and adjusted financial measures are reconciled to GAAP in the tables set forth in this presentation and are subject to reclassifications to conform to current period presentations. Management uses GAAP, non-GAAP and adjusted measures when planning, monitoring, and evaluating the Company’s performance. The primary purpose of using non-GAAP and adjusted measures are to provide supplemental information that may prove useful to investors and to enable investors to evaluate the Company’s results in the same way management does. Management believes that supplementing GAAP disclosure with non-GAAP and adjusted disclosures provides investors with a more complete view of the Company’s operational performance and allows for meaningful period-to-period comparisons and analysis of trends in the Company’s business. Further, to the extent that other companies use similar methods in calculating adjusted financial measures, the provision of supplemental non-GAAP and adjusted information can allow for a comparison of the Company’s relative performance against other companies that also report non-GAAP and adjusted operating results. Safe Harbor Statement (Under the Private Securities Litigation Reform Act of 1995)
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Chairman’s Comments Chairman & CEO Pat Goepel • Our fourth quarter 2025 results were strong with our revenues growing by 28% to $39.3 million versus last year’s fourth quarter, underpinned by 10% organic growth. Our Full Year 2025 revenues grew 17% to $140.5 million, and we believe we are on the right trajectory to consistently deliver double digit revenue growth. • The launch of our new client interface Asure Central since last quarter has progressed strongly with a large percentage of our clients upgrading to the new technology. We remain excited about this new platform which is revolutionizing the client experience, and we believe will further accelerate our cross-selling efforts going forward. • Asure Central users have been quick to adopt Luna, our AI agent for Payroll and Tax that embeds intelligence and automation compliantly into HR workflows. In the first ~ 90 days of availability, conversations with Luna resulted in 80k+ messages and avoided thousands of support center interactions. • Our plan for 2026 includes increased investments in our sales and marketing efforts to further accelerate the success we have experienced during 2025. • In summary, we’re pleased to deliver strong results for 2025. As we look at the remainder of 2026, we are excited about capitalizing on the opportunities we have in our pipeline, and we remain focused on delivering increased value for our clients and shareholders. Pat Goepel Chairman and CEO 3
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4 Asure Accelerates Because of AI We are embedded in how ~100,000 businesses pay their people, file taxes, and stay compliant Compliance Moat Payroll tax rules span 11,000+ jurisdictions. That complexity doesn't disappear with AI — it deepens the need for a trusted execution layer. Recurring Revenue Every pay cycle, every quarter, every year — our customers have an obligation. Asure enables them to meet it. Data Gravity Years of payroll history, tax elections, and compliance records live in Asure. Switching costs are structural, not just contractual. AI Lowers Costs Luna AI and automation reduce our cost-to-serve. Margins expand as we serve the same clients better with fewer manual touchpoints. System of Record You don't replace your payroll system because AI got smarter. You use AI inside it. Asure Central is built for exactly that. SMB Underserved 1–5,000 employee businesses need enterprise-grade compliance without enterprise cost. AI makes that more achievable, not less relevant. Asure is not exposed to AI disruption — we are positioned to accelerate because of it 4*For information about certain risks to our business as a result of the emergence and our use of artificial intelligence, please see our risk factors in Item 1A of our Form 10-K filed with the SEC on February 26, 2026.
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5 Company Overview Payroll and HR for Growing businesses. Asure helps businesses get access to growth capital, stay compliant with HR laws, and win the war for talent with better tools to manage their workforce. All 50 States STICKY SOLUTIONS – CLIENTS STAY 8-10 YRS 8-10 Years NO GEOGRAPHIC OR INDUSTRY REVENUE CONCENTRATION Diverse Client Base HIGH INSIDER OWNERSHIP FOR PUBLIC COMPANY Insider Ownership CLIENTS AND EMPLOYEES IN ALL 50 STATES By The Numbers (1) As of December 31, 2025. . (2) Net income(loss) is the closest GAAP measure to Adjusted EBITDA. A reconciliation of GAAP to non-GAAP and Adjusted measures is contained in the Appendix to this presentation. Management does not provide a reconciliation of guidance of GAAP to non-GAAP or adjusted disclosures because management is unable to predict the nature and materiality of non-recurring expenses without unreasonable effort. (3) Reflects management's current outlook for the business in 2026 and is subject to a number of internal assumptions that may not be realized, and risks and uncertainties. See our SEC filings for more information about the risks to our business $159-$162M FY2026 Revenue Guidance(3) 91% Recurring Revenue 23%-25% FY2026 Adjusted EBITDA Margin Guidance(2) >100,000 Clients Served ~35% Direct Clients 2M + Employees Served 35% 2025 Bookings Growth 98% LTM(1) Net Retention $20B Money Movement (1) HQ Austin, TX ~641 Employees : ASUR
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Asure is a 35-year-old public company with the mindset—and momentum—of a startup. In just a few years, we’ve made bold moves: exiting non-core businesses, acquiring 30+ HCM providers, buying strategic platform components, and investing heavily to unify them into a single, modern HCM solution for growing businesses. This strategic foundation is now fueling sustained organic growth, with 2026 revenue expected to approximately double 2019 levels. With 65% of clients served through partners, Asure is quietly becoming the HCM platform powering Main Street. Asure’s Growth is Accelerating Strategic platform acquisitions poised for growth 6 Entered payroll business acquiring Mangrove HCM and Evolution Payroll platforms 2016-17 Sold Workspace business in December 2019; HCM Revenue $73M 2019 2020 Pure-Play HCM Company Acquired 30+ Asure resellers , payroll providers, and strategic components to a full HCM stack $159 to $162M (2026 Revenue Guidance) Payroll Tax Management 2020 Recruiting & Applicant Tracking 2024 HR & Benefits Brokerage 2024 Self-Install Time & Attendance 2025
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77 Operating Leverage Expands Margins Revenue growth drives EBITDA margin expansion through scale and fixed cost leverage • Scalable platform infrastructure • Fixed cost absorption • Higher incremental margins over time *This model is based on a number of internal assumptions and are being presented to illustrate how profit could grow as we increase revenue. $150M $200M $300M $500M 25% Margin 30% Margin 40% Margin 50% Margin $75M 10% Margin Total Revenue Adjusted EBTDA $
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$8M $12M $23M $23M $32M $36- $41M FY 2021A FY 2022A FY 2023A FY 2024A FY 2025A FY 2026E Guidance 12% Margin10% Margin 20% Margin 19% Margin 23% Margin 23%-25% Margin 8 Significant Near-Term Growth Underpinned by a Strong Financial Profile 8 Revenue Note FY Ending December 31 (1)Net income(loss) is the closest GAAP measure to Adjusted EBITDA. A reconciliation of GAAP to non -GAAP and Adjusted measures i s contained in the Appendix to this presentation. Management does not provide a reconciliation of guidance of GAAP to non -GAAP or adjusted disclosures because management is unable to predict the nature and materiality of non -recurring expenses without unreasonable effort. Reflects management's current outlook for the business in 2026 and is subject to a number of internal assumptions that may not be realized, and risks and uncertainties. See our SEC filings for more information about th e risks to our business Adjusted EBITDA (1) $73M $76M $96M $119M $120M $141M $159- 162M FY 2021A FY 2022A FY 2023A FY 2024A FY 2025A FY 2026E Guidance 17% CAGR ~ 37% CAGR
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9 Revenue Built On Core Platform & Tax Engine ● 72% from core HCM platform (direct + indirect), powered by proprietary payroll technology and managed services ● Enterprise Tax (18%) underpins our payroll operations and serves as a portable tax and treasury infrastructure layer ● Hardware & non-strategic (10%) reflects legacy and acquired lines; not central to capital focus $73M 18% 10% 8%64% HCM Platform (Direct) HCM Platform (Indirect) Hardware & Non-strategic Enterprise Tax Revenue Contribution by Customer Cohort
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Traditional Organic Traditional Sales & Marketing • Net-new clients that we grow • Proven approach that requires long-term go-to-market investments Asure’s Go-to-Market Strategy has Three Paths to Growth Enhanced Organic Elevate Reseller’s Client Relationship • Bring current indirect clients into our ecosystem • Recognize top-line vs only reseller software license • No migration - Clients already using Asure • Efficient use of growth capital Strategic Inorganic Strategic M&A • Expand market share, product capabilities, and sales channels • Disciplined, repeatable integration process • New clients enter ‘Traditional Organic’ model for continued growth Strategic Inorganic TraditionalOrganic EnhancedOrganic Sales Team Marketing Cross-sell Roll-Up Marketplace Cross-sell Complimentary businesses M&A Discipline Synergies 10
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11 $90B+ US HCM TAM Market is growing mid single digits(1) $45B+ Near-Term TAM 50% US HCM is businesses with < 1000 employees(2) $159M - $162M(3) Current Penetration: FY2026E Revenue $29B+ Near-Term SAM # U.S Employees at firms <500 ep x $40 PEPM (1) Census, D&B, IHS, Nelson Hall, Market Study Report LLC (2) Netscribes, Inc. (3) CY2026E Revenue Guidance 11 Large and Growing Addressable Market (TAM) Our enhanced product portfolio and recent technology investments give us a competitive edge to further penetrate this large and growing market
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One Brand Unified client experience across platform, services and infrastructure Managed Services Accountable expertise scaled through AI-enabled automation Unified Platform Integrated applications, one employer system of record Payroll Infrastructure Embedded compliance for tax, payments, employment data 12 A Layered Economic Model Built on Regulatory Infrastructure AsureWorks AsureCentral Enterprise Payroll Tax, Treasury, Data Managed Payroll and HR Embedded Tax & Treasury | Marketplace Payroll-HR | Time | Recruiting | 401k | Benefits | AsurePay Asure’s Moat Own the Outcomes Premium Managed Revenue PEPM + Consumption: AsurePay , Brokerage, Assets Under Management. Own the Work Platform & Infrastructure Economics Transactions | Float | Data | Rev-Share Powered by Luna AI Scaling human capacity while lowering cost to serve 12
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Expanding Revenue per Client Building a multi-layer HCM model that increases attach, expands share of wallet, and supports managed services. Recruiting Payroll & HR AsurePay Benefits Payroll & HR Time Tracking2020 ~$15 Max PEPM AsureWorks 401(k) Time Tracking 2026 ~$100+ PEPM Platform Acquisitions and Managed Services ~7x PEPM business model 13 Payroll Tax Payroll Tax & Marketplace
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14 25.0% 28.5% 31.6% Q4 2023 Q4 2024 Q4 2025 Unified Platform = Behavior Shift • Simplified buying experience • Payroll-led expansion • Managed services expansion • Workflow-driven cross-sell • Accelerating land-and-expand ~10% growth in 2+ product attach Drives higher RPU, stronger net retention, and organic revenue growth (1)Attach rates are based on direct payroll customers that have been with Asure more than twelve months with more than one product. Multi-Product Adoption Accelerating Asure Central Platform will drive Attach Rates (1) (% of Customers on 2+ Products at Year End)
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15 AI Enablement Up, Down, and Across the Stack Regulated AI execution environment, purpose-built for payroll and HR AI Orchestration Layer Model Context Protocol (MCP) | Secure APIs | Event Triggers | Permission Controls Agentic AI Execution Layer Internal API Orchestration | Embedded Workflows | Compliance-Aware Logic Multi-Faceted Moat Regulatory Expertise • Statutory tax logic • Compliance infrastructure • Controlled funds flow • PII workforce data • Audit trail Revenue Model • Recurring PEPM • Transaction fees • Filing fees • Money movement • Float economics • NOT seat-based SaaS Critical System of Record Foundation Models Agent & Workflow Platforms Copilot Studio | Zapier AI | n8n | Salesforce Einstein | ServiceNow Payroll & HR Time Recruiting 401k Benefits AsurePay Embedded Tax & Treasury | Marketplace Data Luna AI External Built to engage an AI ecosystem Internal AI infrastructure & structural moat 15
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16 Luna AI: Where Asure’s Margin Expansion Story Lives AI embedded inside a system of record compounds in ways a standalone AI product never can TODAY Cost Reduction Engine • Payroll query deflection — fewer support tickets • Guided compliance Q&A reduces processor time • Automated amendment suggestions cut manual review • Onboarding acceleration via conversational workflows NEAR-TERM Revenue Retention Tool • Proactive compliance alerts increase stickiness • AI-powered anomaly detection before pay runs • Processor productivity scores drive upsell conversations • Luna becomes a switching cost in itself LONG-TERM Competitive Differentiator • AI that only works because of Asure's data depth • Competes on AI intelligence, not just features • Platform data moat compounds with every pay cycle • AI capabilities justify premium tier pricing ▼Cost-to-Serve Fewer support touches per client per cycle ▲Gross Margin Same revenue base, lower delivery cost ▲Revenue Retention AI stickiness compounds with data depth ▲Competitive Moat Proprietary data advantage deepens over time Luna AI is not a feature — it's the mechanism by which Asure's margin profile improves over time without proportional cost growth 16
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1 7 AI-Driven Internal Operating Leverage Build Faster, Sell More, and Improve Margin Product Velocity Revenue Productivity Operational Efficiency • AI embedded tools and co-pilots across 100% of new product development • ~70% of new code generated from AI tools like GitHub Copilot and Claude • UX prototyping reduced from several hours to just minutes • Legacy code translated, summarized, and re-architected (Delphi modernization) • SDR agent collects and enriches buyer insights in 3-min vs 1-hour discovery • List building agent crawls job boards for new HR posting generating 1,000+ leads • SEO agent scrapes 687 online registers and publishes HR legal updates to blog • Content creation: Annual HR Benchmark eBook production time cut 90% • CSR agent transcribes 12,000+ calls per month for AI sentiment tool • Sentiment analysis links interaction patterns to resolution outcomes to isolate root causes for continuous improvement • Ticket agent mining 100k monthly cases to prioritize product improvement and CSR performance Tools Assist humans to work faster and better Enablement Standardize best practices at scale Automation Reduce manual touchpoints across processes Cost Out/Reinvest Lower structural expense, expand margin 17
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18 Select Financial Data
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$39.3 $33.6 $0.8 $11.4 Total Revenue Recurring Revenue Net Income Adjusted EBITDA 4Q25 Financial Highlights YoY 28% YoY 18% YoY 82% 19 YoY +$4.0m *All figures presented in millions
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Waterfall Definitions • Traditional Organic consists of the net revenue generated from new bookings, price increases, and same- store-sales minus churn. • Enhanced Organic consists of revenue generated from client acquisitions in existing product lines since the prior period • Strategic Inorganic consists of revenue generated in current period from client or company acquisitions that expand Asure’s product lines and sales channels 20 $30.8M $39.3M 9.7% 3.5% 14.6% Q4-24 Traditional Organic Enhanced Organic Strategic Inorganic Q4-25 YoY Revenue 4Q24 Bridge to 4Q25
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in $Millions 4Q24 3Q25 4Q25 Cash and Equivalents 21.4 21.5 25.2 Total Equity 197.3 193.1 197.8 Debt 12.7 70.4 67.6 Client Funds Assets 192.6 148.3 228.1 Outstanding Shares (as of 12-31-2025) ~27.4M Enterprise Value (as of 02-24-2026) $234M Average Daily Volume 90 day ~93.3k Management Ownership (as of 12/31/2025) Chairman and CEO Pat Goepel All board directors and executive officers as a group ~5% ~8% Select Financial Data : ASUR 52 week high $11.56 52 week low $6.80 Price as of 2/24/2026 $6.99 21
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22 Disclosure Regarding Non-GAAP and Adjusted Financial Measures (1 of 2) This presentation includes information about bookings, non-GAAP gross profit, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP research and development expense, EBITDA, EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin. These non-GAAP and adjusted financial measures are measurements of financial performance that are not prepared in accordance with U.S. generally accepted accounting principles and computational methods may differ from those used by other companies. Non-GAAP and adjusted financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company’s Condensed Consolidated Financial Statements prepared in accordance with GAAP. Non-GAAP and adjusted financial measures are reconciled to GAAP in the tables set forth in this presentation and are subject to reclassifications to conform to current period presentations. This presentation includes revisions to prior periods to conform with current period presentations. Bookings represent estimated new first year contracted revenue value for recurring and non-recurring services sold in the period. Non-GAAP gross profit differs from gross profit in that it excludes amortization, share-based compensation, and one-time items. Non-GAAP sales and marketing expense differs from sales and marketing expense in that it excludes share-based compensation and one-time items. Non-GAAP general and administrative expense differs from general and administrative expense in that it excludes share-based compensation and one-time items. Non-GAAP research and development expense differs from research and development expense in that it excludes share-based compensation and one-time items. EBITDA differs from net income (loss) in that it excludes items such as interest, income taxes, depreciation, and amortization. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Adjusted EBITDA differs from EBITDA in that it excludes share-based compensation, other income (expense), net and one-time expenses. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. All adjusted and non-GAAP measures presented as “margin” are computed by dividing the applicable adjusted financial measure by total revenue. Specifically, as applicable to the respective financial measure, management is adjusting for the following items when calculating non-GAAP and adjusted financial measures as applicable for the periods presented. No additional adjustments have been made for potential income tax effects of the adjustments based on the Company’s current and anticipated de minimis effective federal tax rate, resulting from the Company’s continued losses for federal tax purposes and its tax net operating loss balances. Share-Based Compensation Expenses. The Company’s compensation strategy includes the use of share-based compensation to attract and retain employees and executives. It is principally aimed at aligning their interests with those of our stockholders and at long-term employee retention, rather than to motivate or reward operational performance for any particular period. Thus, share-based compensation expense varies for reasons that are generally unrelated to operational decisions and performance in any particular period. Depreciation. The Company excludes depreciation of fixed assets. Also included in the expense is the depreciation of capitalized software costs. Amortization of Purchased Intangibles. The Company views amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, customer lists and customer relationships, and acquired lease intangibles, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period. Interest Expense, Net. The Company excludes accrued interest expense, the amortization of debt discounts and deferred financing costs. Income Taxes. The Company excludes income taxes, both at the federal and state levels.
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23 Disclosure Regarding Non-GAAP and Adjusted Financial Measures (2 of 2) One-Time Expenses. The Company’s adjusted financial measures exclude the following costs to normalize comparable reporting periods, as these are generally non-recurring expenses that do not reflect the ongoing operational results. These items are typically not budgeted and are infrequent and unusual in nature. Settlements, Penalties and Interest. The Company excludes legal settlements, including separation agreements, penalties and interest that are generally one-time in nature and not reflective of the operational results of the business. Acquisition and Transaction Related Costs. The Company excludes these expenses as they are transaction costs and expenses that are generally one-time in nature and not reflective of the underlying operational results of our business. Examples of these types of expenses include legal, accounting, regulatory, other consulting services, severance and other employee costs. Other non-recurring Expenses. The Company excludes these as they are generally non-recurring items that are not reflective of the underlying operational results of the business and are generally not anticipated to recur. Some examples of these types of expenses, historically, have included write-offs or impairments of assets, demolition of office space and cybersecurity consultants. Other (Expense) Income, Net. The Company’s adjusted financial measures exclude Other (Expense) Income, Net because it includes items that are not reflective of the underlying operational results of the business, such as loan forgiveness, adjustments to contingent liabilities and credits earned as part of the CARES Act, passed by Congress in the wake of the coronavirus pandemic.
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24 Appendix Unaudited Supplemental Quarterly Financial Information
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Information Regarding Unaudited Supplemental Quarterly Financial Information The Unaudited Supplemental Quarterly Financial Information in the appendix of this presentation reflect Asure Software, Inc.’s (the “Company”) financial statements for the periods presented give effect in prior periods certain reclassifications reflected in the Company’s annual report on Form 10-K filed on February 26, 2026. The Company is providing this financial information to assist investors in identifying trends in the Company’s HCM business and to enable the comparison of the Company’s current financial results to its historical results. This financial information has not been audited or reviewed by the Company’s independent registered accounting firm, nor does it contain footnotes or other information that may be required under Generally Accepted Accounting Standards (GAAP) or applicable securities laws. It is being provided for illustration purposes only and should not be relied upon to make investment decisions. Please see the Company’s annual reports on Form 10-K filed on March 6, 2025, and February 26, 2026, as well as the Company’s quarterly reports on Form 10-Q filed on May 1,2025, July 31, 2025 and October 30, 2025 for information about the Company’s actual financial results. Nothing in this supplemental quarterly financial information shall be deemed to amend or restate any of the financial information included with the Company's annual reports and quarterly reports on file with the SEC. The Company does not consider this presentation of the financial information material and provides it merely as a tool to aid its investors and other third parties in understanding the Company’s historical financial results. 25
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Balance Sheets (Unaudited) ($ in thousands) 26
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Income Statements (Unaudited) ($ in thousands) 27
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Statements of Cash Flows (Unaudited) ($ in thousands) 28
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Non-GAAP Reconciliation (Unaudited, 1 of 2) ($ in thousands) 29
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Non-GAAP Reconciliation (Unaudited, 2 of 2) ($ in thousands) 30
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31 Appendix Enhanced Organic Modeling & Other Supporting Slides
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Pre-Acquisition Asure Post-Acquisition Reseller Asure Acquire Year #1 Year #2 Year #3 Year #4 Direct Revenue $1M Purchase Price ~2x Revenue $1M $1M $1M $1M Reseller Revenue $.1M ($.1M) ($.1M) ($.1M) ($.1M) Total Revenue $1M $.1M $.9M $.9M $.9M $.9M Gross Profit $.6M $.07M $.6M $.6M $.6M $.6M OPEX $.4M $.02M $.1M $.1M $.1M $.1M Seller Discretion $.2M n/a n/a n/a n/a n/a Net Profit $0 $.05M $.5M $.5M $.5M $.5M Cash Flow $0 $.05M $.5M $.5M $.5M $.5M $2M $1.5M $1.0M $0.5M $0 * This example is based on Asure’s internal estimates, which is being provided to show how the acquisition of a reseller could affect Asure’s financial results after the acquisition. This is an example only and should not be relied on as a predictor of Asure’s financial results after an acquisition. Asure's Current Payroll License Reseller’s Payroll Top-Line 200+ Resellers • Reseller’s top line is ~10 to 15x+ our license fees • Highly accretive acquisitions • Clients already use Asure’s software o No data conversion o No software migration o No user retraining Acquisition Economics Reseller Markup ~$12M ~$200M+ Revenue grows ~10x recognizing 100% of topline Highly profitable accretive revenue Cash generation; Payback ~4 years Enhanced Organic | Modeling 32
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HCM Business | Competitive Landscape 33 ADP and Paychex are Asure’s largest competitors with more presence in major markets, but they also create the largest opportunity with significant churn. Many rely on their CPA or in-house software like QuickBooks. Paylocity, Paycom, and Paycor are fast growing providers for medium to large sized businesses. ADP, UKG, Workday, and Ceridian serve large and enterprise customers in all geographic markets Asure offers an Enterprise-grade Payroll Tax Management Platform that enables clients to streamline payroll tax processing, avoid risk, and grow their business Companies with 1-1000 Employees Mid-Market & Enterprise Micro (0-10) Small (10-100) Mid-Market (100 - 1,000) Enterprise (1,000+) CPA, Regional, and In-House
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Where Clients Come From* ADP & Paychex churn represents *50%+ of new clients Why Clients Choose Asure* 4% 16% 15% 12% 15% 24% 88% 68% 67% 65% 62% 54% High-Quality Customer Service Has the specific features I need Relationship with my Sales… Well-supported training &… Ease of learning the… Price 1 or 2 (Not Important) 3 or 4 5 or 6 7 or 8 9 or 10 (Extremely Important) *April 2021 survey of Asure’s direct payroll clients HCM | How, Why, and Where We Win 34 How Clients Find Asure ~60% New clients come from Trusted Advisors: Brokers, Banks, and CPAs ~40% Direct Sales & Marketing ADP & Paychex CPA & Regional Payroll In-house Other Trusted Advisor Universe Bank 4.4k CPA 130k Benefit Broker 100k