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Mar 31, 2023
AvidXchange Q1 2023 Earnings Report
Achieved adjusted EBITDA profit and higher revenue growth due to payment monetization, operational efficiencies and expense leverage.
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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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