AvidXchange Q3 2023 Earnings Report
Key Takeaways
AvidXchange reported strong Q3 2023 results with a 19.7% year-over-year increase in total revenue to $98.7 million. The company's GAAP net loss decreased significantly to $(8.1) million, and non-GAAP net income was $5.8 million. Adjusted EBITDA swung positively to $11.4 million.
Total revenue increased by 19.7% year-over-year to $98.7 million.
GAAP net loss improved to $(8.1) million compared to $(25.4) million in Q3 2022.
Non-GAAP net income was $5.8 million, a significant improvement from a loss of $(11.7) million in the same period last year.
Adjusted EBITDA was $11.4 million, compared to $(3.7) million in the third quarter of 2022.
AvidXchange
AvidXchange
Forward Guidance
AvidXchange anticipates its Full Year 2023 revenue to be in the range of $374.5 million - $375.5 million and adjusted EBITDA to be in the range of $22.0 million - $23.0 million.