AvidXchange Q1 revenue up 21.6%, net loss narrows to $1M, adjusted EBITDA $17.7M

AvidXchange Holdings, Inc.

2024-Q1 EPS reported $0.00 revenue$105,598,000

Revenue $105.6M (+21.6% YoY); GAAP net loss narrowed to $(1.0)M from $(16.0)M.
Adjusted EBITDA surged to $17.7M from $0.4M; operating loss halved to $(4.1)M.
Non-GAAP net income of $11.3M vs prior-year non-GAAP net loss of $(3.4)M.
Cash and marketable securities $443.6M; updated 2024 outlook reflects sustained strong execution.
Interest income $13.1M (up 84% YoY); gross margin expanded to 65.5% from 60.0%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

AvidXchange Holdings, Inc. reported the first quarter ended March 31, 2024 results: revenue $105.6 million, net income $(1.0) million.

Period: the first quarter ended March 31, 2024
Revenue: $105.6 million
Net income: $(1.0) million
Result: reported results

Exact text from the filing

a long runway for growth and profits,” said Michael Praeger, Chief Executive Officer & Co-Founder of AvidXchange. First Quarter 2024 Financial Highlights: • Total revenue was $105.6 million, an increase of 21.6% year-over-year, compared with $86.8 million in the first quarter of 2023. • Revenue included interest income of $13.1 million compared with $7.1 million in

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Source: SEC EDGAR

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