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Sep 30, 2022
AvidXchange Q3 2022 Earnings Report
Third quarter 2022 financial results ahead of internal forecast, driven by transaction growth and operating expense control.
Key Takeaways
AvidXchange reported Q3 2022 financial results with revenue of $82.4 million, a 26.4% increase year-over-year, and a GAAP net loss of $(25.4) million, compared to $(35.5) million in Q3 2021. The company's performance was driven by transaction growth and efficiencies, leading to a revised full-year 2022 revenue guidance of $314.0 - $315.0 million.
Total revenue was $82.4 million, an increase of 26.4% year-over-year.
GAAP net loss was $(25.4) million, improved from $(35.5) million in the third quarter of 2021.
Non-GAAP net loss was $(11.6) million, compared to $(15.3) million in the third quarter of 2021.
GAAP gross profit was $47.6 million, or 57.8% of total revenue, compared to $34.3 million, or 52.7% of total revenue in the third quarter of 2021.
AvidXchange
AvidXchange
Forward Guidance
AvidXchange anticipates its revised Full Year 2022 revenue and adjusted EBITDA to be in the following ranges (in millions): Revenue $314.0 - $315.0 and Adjusted EBITDA $(18.0) - $(19.0)