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Jun 30, 2022
AvidXchange Q2 2022 Earnings Report
AvidXchange's Q2 2022 financial results were announced, showcasing revenue growth and a reduced net loss.
Key Takeaways
AvidXchange reported a 30.3% year-over-year increase in total revenue, reaching $76.6 million. The company's GAAP net loss was $(25.7) million, while the non-GAAP net loss was $(13.7) million. The results were driven by broad-based demand and solid operational execution, leading to an increased full-year outlook for 2022.
Total revenue increased by 30.3% year-over-year to $76.6 million.
GAAP net loss was $(25.7) million, compared to $(22.0) million in the second quarter of 2021.
Non-GAAP net loss was $(13.7) million, compared to $(14.9) million in the second quarter of 2021.
GAAP gross profit was $42.9 million, or 56.0% of total revenue.
AvidXchange
AvidXchange
Forward Guidance
AvidXchange anticipates its revised Full Year 2022 revenue and adjusted EBITDA to be in the following ranges (in millions): Revenue $308.0 - $310.0; Adjusted EBITDA(1) $(27.0) - $(29.0)