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Q1 2025 Workstream Investor Update

Q1 2025 Workstream Investor Update

Hello Workstream investors and advisors,

We continue to double down on investing in Payroll and HR as our main focus for the company in Q1 '25. Here's some highlights:

  • Payroll all in one ARR increased from $128,000 ARR to $1.8M ARR in past 12 months from end of Q1 '24 to Q1 '25
  • We had a strong Q1 '25 for Payroll AIO ARR where we grew 3X in Q1 '25 compared to Q1 '24 for Payroll AIO ARR, as we added $400K!
  • We closed larger payroll deals despite smaller employee counts of customers closed.
  • The average Payroll AIO deal size has increased 19% YoY, from $6.8k to $8.1k.
  • We also launched new products including benefits admin platform and AC compliance
    • Affordable Care Act (ACA) compliance is a requirement for many restaurants and today they are doing it manually
    • Adding benefits admin platform also allows our customers to process their benefits for their customers and an integrated platform is a strong differentiator for us
  • 2025 is the year that we are leaning in to become a Payroll-first company → from enablement, training, selling, product knowledge, we are leaning in fully to become a payroll-first company and make Payroll and HR the core of our offering. 
  • We continue to invest in AI too, as we have built new voice AI agents for screening, interviewing and onboarding for our customers and actively piloting and rolling them out to our customers. 

Q1 2025 Investor Update - https://youtu.be/y1eBjCWCMeQ

 

Here are more detailed updates for Q1

  1. A year after launching Payroll and becoming a true AIO HR solution for the hourly workforce, we have been seeing encouraging YoY payroll growth demonstrated by increasing revenue, more opportunities to sell, and larger payroll deals 

    1. This year, we've managed to 3X our total revenue despite having only half the number of Inside Sales reps at this time last year, representing a 4.5x increase in productivity per rep
    2. We've also managed to increase Payroll pipeline, despite less top-of-funnel spend and fewer SDRs
    3. On top of becoming more efficient acquiring new payroll customers, our average Payroll AIO deal size has increased 19% YoY, from $6.8k to $8.1k, despite a lower average employee count in these deals
      1. This suggests further upside potential in our Payroll product pricing and we expect this trend to continue as we bring our Benefits Administration offerings to market
  2. We had our best RKO yet in February and solidified key goals to continue to grow confidently in 2025. Some key takeaways include:
    1. Focusing and doubling down on what worked for our first 100 payroll AIO customers in order to continue growing to 1,000+ AIO customers
      1. By continuing to solve deep pain points in payroll and HR for hourly workers, creating a connected ecosystem flywheel (across accounting partners, benefits brokers, franchisors, field sales, etc.), and investing more in our implementation, support, and enablement, we will be able to exceed this goal
    2. Our EPD team continue to build incredibly fast and showcased new products including mobile chat, benefits / ACA compliance, accountant portal, HRIS v2, AI and more
    3. HR compliance is a key issue for many of our customers, from ACA compliance to reducing risk around meal breaks, Overtime, onboarding and more
  3. Our biggest customer is Bajco (largest Papa John's franchisee with 250 locations)
    1. Ran first Bajco payroll and upgraded Bajco to HRIS v2
    2. This past quarter, we achieved two huge milestones in running payroll and upgrading our largest AIO customer, Bajco, to HRIS v2
    3. Bajco's successful implementation validates the fact that our payroll and AIO platform can successfully serve the largest enterprise customers
    4. Upgrading Bajco to HRIS v2 means that payroll admins no longer need to manually re-enter new hire data and authorized managers can now view and update their team's HR and payroll info without relying on admins
      1. This project was a huge cross-functional effort, requiring days of preparation and 24 hours of execution from Streamers across the company
  4. As we identified during RKO, HR compliance remains a key issue for many of our customers which is why we launched Benefits Administration and ACA Compliance
    1. In a customer panel at RKO with Christian Bankhead (Crumbl franchisee), he shared how he puts aside $15,000 every year to pay for fines because he knows he cannot comply. Both Christian and Macros (Bojangles franchisee & payroll customer) signed up for our ACA compliance product on the spot!
    2. While still in the early innings, Benefits Administration and ACA Compliance have had strong early success, resulting in an 8-20% increase in ACV

Workstream Team

Promotions and Internal Movements!

Sales

  • Andrew Walters - Sr. SDR
  • Nick Walters - Sr. New Business AE II
  • Hunter Britsch - Sr. New Business AE II
  • Chris Connelly - New Business AE Team Lead
  • Jacob Davis - Growth AE Team Lead
  • Patrick Ledesma - Channel AE
  • Justine Tan - Sr. BDR

Marketing

  • Emily Hancock - Partner Marketing and Demand Generation
  • Jee Ken Ong - Field Demand Gen Intern
  • Li Chen - Product Designer

Engineering

  • Irene Sou - Sr. SWE
  • Xinyan Zhang - Sr. QA Engineer

Customer Success

  • CJ Anderson - Sr. Solutions Engineer

Revops

  • Angel Gonzales - Sr. Order Management Specialist

Customer Support

  • Jill Banaag - Customer Support Specialist

 

New Streamers! (#OneTeamOneStream)

Utah

  • Matthew Conover - Channel Account Executive II
  • Makenna Clark - Sales Development Representative
  • Dallin Brown - Professional Services and Solutions Engineering Senior Manager
  • Tatia Meghdadi - Senior Events Marketing Manager
  • Mike Griffith - Senior Manager, Order Management

San Francisco

  • Vance Nguyen - Sr. Recruiter Manager
  • Jaime Ng - Software Engineer Intern
  • Max Yeo - Field Sales Intern
  • Jee Ken Ong - Field Sales Intern
  • Mark Presto - Head of CSM

Shanghai/Chengdu

  • Owen Zhijian Shi - Design Manager
  • Kahn Liu - Sr. QA Engineer
  • Max Wang - Chief Technology Officer CN
  • Feiran Yang - Sr. Software Engineer
  • Eli Wang - Staff Software Engineer
  • Dian Lei - Sr. Software Engineer

Phillipines

  • Kiara Talan - Customer Support Associate
  • Sarah Misajon - Customer Support Associate
  • Viel Artuz - Business Development Representative Manager
  • Shin Alba-Lopez - Customer Support Associate
  • Rica Gapas - Solutions Engineer
  • Renz Maghuyop - Customer Support Associate

Canada

  • Leang Paul Kho - Software Engineer Intern, Fullstack
  • Naz Sokmez - Consultant Business Development Account Executive

Singapore

  • Zakiyah Masud - Marketing Automation Specialist
  • Rousie Mok - Marketing Associate Intern

 

Investor Support

How you can help (investors & advisors)

  1. We are actively recruiting across many roles across all teams. Here's our career page - https://careers.workstream.us/

    More specifically, here's a few top priority roles that we will love to get your help on

    1. Product Marketing
    2. Field Sales AE
    3. Corporate Partnerships Account Executive
    4. People Operations Manager
    5. Senior Customer Implementation Manager
  2. Strategic partnerships with restaurant tech and point of sales companies
    We are exploring strategic partnerships with POS, technology and food supplier companies, so if you have introductions to any companies from point of sales companies that you may know well!
  3. Introductions to accounting firms and benefit brokers
    We are building out our channel partnerships with CPA/accounting firms and benefit brokers. Case in point, for many payroll companies, channel partners are often >50% of their revenue and we are seeing early traction in this.

It will be very much appreciated if you can help to make an introduction directly to me at desmond@workstream.is 

Screenshot 2026-07-03 at 4.49.29 PM

Also, for those who watched the video - did you realize that it was an AI-generated video of me speaking? Let me know if you realize or did not catch it!

Thank you all of you for your constant support!

Cheers,

Desmond

More Investor Update

Q1 2025

Q3 2025 Operational Highlights & Investor Update

Learn More
Q1 2025

Q2 2025 Workstream Achievements and Next Steps

Learn More
Q1 2025

Q1 2026 Workstream Update & Forward Outlook

Learn More
Q1 2025

Q4 2025 Investor Update: Progress Across Key Workstreams

Learn More

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Personal information is any data that identifies, relates to, or could reasonably be linked to you or your household. A few examples of personal information include:

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Sensitive personal information or “SPI” is a subset of personal information, defined as:

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Right to Opt-Out

Californians have the right to opt-out of the sale and sharing of their personal information. That means you have the right to opt-out of the sale of your personal information to third parties (e.g. data brokers, advertisers). You also have the right to opt-out of the sharing of your personal information to prevent the targeting of ads across different businesses, websites, apps, or services.

CCPA-covered businesses must provide a link to allow you to exercise this right. It is usually found at the bottom of a webpage and will say “do not sell or share my personal information” or “your privacy choices.” Sometimes businesses offer privacy choices through a pop-up window or form

To opt-out of the sale and sharing of your personal information, click on the link or use the toggle provided by the business and follow the directions. Doing this on every website you visit can feel burdensome, but to ease the burden you can automatically select your privacy preferences for every website by using an opt-out preference signal, or OOPS for short.

An OOPS is a user-friendly and straightforward way for consumers to automatically exercise their right to opt-out of the sale and sharing of their personal information with the businesses they interact with online. An OOPS, such as the Global Privacy Control. It can either be a setting on your internet browser or a browser extension. With an OOPS, consumers do not have to submit individual requests to opt-out of sale or sharing with each business.

Right to Limit

Californians also have the right to direct businesses to limit the use and disclosure of their sensitive personal information.

Businesses covered under the CCPA must provide a link on their website that allows you to request the limiting of your SPI, if they plan on using it in certain ways. That link will also typically be at the bottom of a webpage and will say: “limit the use of my sensitive personal information” or “your privacy choices.” Once you send this request, the business must stop using your SPI for anything other than to:

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Bringing it Together

In summary, the CCPA gives you the right to opt-out of the sale and sharing of your personal information and gives you additional rights to further limit the use and disclosure of your sensitive personal information.

When you exercise these rights together, you exert greater control in protecting your personal data which is important for your identity, safety, and financial health.

If you are on a business’s website and you can’t find the links to exercise your rights, remember to check their privacy policy. The privacy policy should tell you how you can exercise your rights under the law.

If you find your rights being violated, you can submit a complaint to CalPrivacy.

Next in the LOCKED series, we will explore the right to correct and right to know. Follow us on social media to get live updates or check back in one week for the next post.

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