AvidXchange Q1 2023 Earnings Report
Key Takeaways
AvidXchange Holdings, Inc. announced financial results for the first quarter ended March 31, 2023, with total revenue of $86.8 million, an increase of 21.9% year-over-year and GAAP net loss of $(16.0) million. The company delivered its first adjusted EBITDA profitable quarter as a public company.
Total revenue was $86.8 million, an increase of 21.9% year-over-year.
GAAP net loss was $(16.0) million, compared with a GAAP net loss of $(25.1) million in the first quarter of 2022.
Non-GAAP net loss was $(3.4) million, compared with a Non-GAAP net loss of $(14.6) million in the first quarter of 2022.
Adjusted EBITDA was $0.4 million compared with $(5.6) million in the first quarter of 2022.
AvidXchange
AvidXchange
Forward Guidance
AvidXchange anticipates its Full Year 2023 revenue and adjusted EBITDA to be in the ranges of $363.0 - $368.0 million and $2.0 - $4.0 million, respectively.