Is Repay Holdings profitable in 2026?

Repay reported FY2025 revenue of $309.3 million and Adjusted EBITDA of $128.6 million as of December 31, 2025 (reported March 9, 2026). For 2026 the company guides to roughly 42% Adjusted EBITDA margins and about 45% free cash flow conversion, suggesting continued operating profitability, though net income figures were not disclosed in cited sources.

Who owns Repay Holdings?

Repay Holdings (NASDAQ: RPAY) went public via SPAC merger with Thunder Bridge Acquisition on July 11, 2019. Corsair Capital was the largest post-merger shareholder. As of June 29, 2026, Forager Capital Management is the largest disclosed holder at about 13% and is actively pushing a take-private bid.

Could AI replace Repay Holdings?

AI is more likely to erode Repay's competitive edge than replace it outright. Rivals HighRadius and Paymentus already market agentic AI for AR disputes and bill-pay (HighRadius claims ~30% recovery lift across 500+ portals as of June 2026), while Repay's June 2026 tech announcement was a stablecoin proof of concept, not an AI feature.

Who is Repay Holdings' biggest competitor?

Paymentus is Repay's closest direct rival in vertical bill-payment processing, roughly 10 times larger with a ~$3 billion market cap and Q1 2026 revenue of $358.4 million, and it already markets a patented AI-powered bill-pay assistant claiming 4x faster payments.

What is Repay Holdings' stock price and market cap now?

As of July 21, 2026, Repay Holdings (RPAY) traded around $3.79 to $4.06 per share with a market capitalization of about $314.6 million, well below its 52-week high of $6.06 and its all-time high of $28.42, according to gurufocus.com data.

Payments companies · United States

Repay Holdings

repay.com ↗

REPAY runs payment processing for vertical software platforms and utility bill pay via KUBRA.

Losing its protection

Assessed 21 July 2026 · Evidence as of 21 July 2026

The structural protection is eroding.

On the recordSince 21 July 2026 · Checkable from December 2026 · Every call on the record Checkpoint: December 2026 Investor Day covering AI roadmap and KUBRA integration progress

The call

REPAY holds real integrations and billing distribution but faces flat core growth, a hostile takeover bid, and rivals already shipping the AI features it has yet to ship.

Repay processes bills and payments for businesses, and its software is baked into customer systems so it is hard to rip out. But the company's own growth went backward before it bought KUBRA, and larger rival Paymentus is winning customers with AI assistants that Repay has not built yet. The next 12 months will turn on whether a hostile takeover bid succeeds, whether Repay's new KUBRA purchase actually grows as promised, and whether the company can ship AI features fast enough to stay competitive with Paymentus and companies building AI agents that could make payment flows automatic.

Why

AI pressure: HighRadius and Paymentus AI bill-pay and AR automation. Rivals ship AI collections and bill assistants now, REPAY has no matching product before its December 2026 Investor Day. Could AI do the core job? Only partly.

Bigger players: Paymentus (roughly 10x REPAY's market cap). Paymentus is far larger, growing faster, and shipping AI bill pay while REPAY's organic growth turned negative. Could a giant copy it? Probably.

What protects it. Deep software integrations and utility billing licenses via KUBRA lock in switching costs for platform partners and utilities.

What would change this call

Repay ships an agentic AR or bill-pay AI feature by the December 2026 Investor Day. Shows whether Repay can close the product gap with Paymentus and HighRadius.
Forager Capital's hostile takeover bid resolves via tender, proxy vote, negotiated deal, or defeat within 12 months. Shows whether ownership uncertainty ends and management can focus on competitive response.
Q3/Q4 2026 organic revenue growth (ex-KUBRA) returns to positive mid-single digits. Shows whether core business is stabilizing against competitive share loss.

Key numbers

FY2025 revenue $309.3M, organic growth about -1.8% (2026-01-22)
Forager bid $5.25 a share, board rejected July 2026 (2026-07-13)
Net leverage about 4.0x after $372M KUBRA deal (2026-06-01)

Named risks

Hostile takeover campaign by Forager Capital and poison pill litigation overhang. Severity: high
4.0x net leverage from debt-funded KUBRA acquisition with integration execution risk. Severity: high
Pre-acquisition organic revenue growth was negative (~-1.8% YoY) as of early 2026. Severity: medium
No shipped AI/agentic bill-pay or AR features versus Paymentus and HighRadius. Severity: medium
Leadership instability after co-founder President Shaler Alias departed February 2026. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Paymentus	losing to	~10x market cap, $358.4M Q1 2026 revenue, ships AI bill-pay assistant claiming 4x speed (2026-04-28)
HighRadius	losing to	Agentic AI AR automation across 500+ portals, ~30% recovery lift claimed as of 2026-06-04
Mastercard/Visa/Ripple (x402, AP4M)	contesting	Launched agent-payment stablecoin rails June-July 2026, Repay countered with own USDC PoC 2026-06-18
Forager Capital Management	contesting	13% holder pushing hostile $5.25/share bid, rejected by board 2026-07-13

Questions people ask

Is Repay Holdings profitable in 2026?: Repay reported FY2025 revenue of $309.3 million and Adjusted EBITDA of $128.6 million as of December 31, 2025 (reported March 9, 2026). For 2026 the company guides to roughly 42% Adjusted EBITDA margins and about 45% free cash flow conversion, suggesting continued operating profitability, though net income figures were not disclosed in cited sources.
Who owns Repay Holdings?: Repay Holdings (NASDAQ: RPAY) went public via SPAC merger with Thunder Bridge Acquisition on July 11, 2019. Corsair Capital was the largest post-merger shareholder. As of June 29, 2026, Forager Capital Management is the largest disclosed holder at about 13% and is actively pushing a take-private bid.
Could AI replace Repay Holdings?: AI is more likely to erode Repay's competitive edge than replace it outright. Rivals HighRadius and Paymentus already market agentic AI for AR disputes and bill-pay (HighRadius claims ~30% recovery lift across 500+ portals as of June 2026), while Repay's June 2026 tech announcement was a stablecoin proof of concept, not an AI feature.
Who is Repay Holdings' biggest competitor?: Paymentus is Repay's closest direct rival in vertical bill-payment processing, roughly 10 times larger with a ~$3 billion market cap and Q1 2026 revenue of $358.4 million, and it already markets a patented AI-powered bill-pay assistant claiming 4x faster payments.
What is Repay Holdings' stock price and market cap now?: As of July 21, 2026, Repay Holdings (RPAY) traded around $3.79 to $4.06 per share with a market capitalization of about $314.6 million, well below its 52-week high of $6.06 and its all-time high of $28.42, according to gurufocus.com data.

Timeline

2026-06-29Forager Capital raises take-private offer to $5.25 per share (~91% premium)
2026-06-18Repay completes proof of concept for USDC stablecoin payments over Stellar
2026-06-01Repay completes ~$372 million acquisition of KUBRA Data Transfer from Hearst
2026-05-04Q1 2026 results reported; raised FY2026 outlook including KUBRA contribution
2026-04-13Board adopts shareholder rights (poison pill) plan
2026-03-30Repay announces definitive agreement to acquire KUBRA for ~$372 million
2026-02-27President and co-founder Shaler Alias departs company and board
2019-07-11Repay goes public via SPAC merger with Thunder Bridge Acquisition (~$653-665M EV)

Revision history

21 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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