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Sep 30, 2021
AvidXchange Q3 2021 Earnings Report
AvidXchange's Q3 2021 financial results were announced, demonstrating strong year-over-year growth.
Key Takeaways
AvidXchange announced strong Q3 2021 results, with a 37% year-over-year increase in total revenue and a 40% increase in total payment volume. The company's GAAP net loss was $(35.5) million, while non-GAAP net loss was $(15.3) million.
Total revenue increased by 37% year-over-year, reaching $65.2 million.
Total payment volume grew by 40% year-over-year.
GAAP gross profit was $34.3 million, representing 53% of total revenue.
The acquisition of FastPay was completed, expanding AvidXchange's portfolio in the media industry.
AvidXchange
AvidXchange
Forward Guidance
AvidXchange anticipates full year 2021 revenue to be in the range of $244.5M - $245.5M and adjusted EBITDA to be in the range of $(30.1)M - $(28.1)M.