AvidXchange Announces Second-Quarter 2025 Financial Results
CHARLOTTE, N.C., Aug. 06, 2025 (GLOBE NEWSWIRE) -- AvidXchange Holdings, Inc. (NASDAQ:AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced financial results for the second quarter ended June 30, 2025.
Second Quarter 2025 Financial Highlights:
Total revenue was $110.6 million, an increase of 5.2% year-over-year, compared with $105.1 million in the second quarter of 2024.
Revenue included interest income of $10.6 million compared with $11.8 million in the second quarter of 2024.
General and administrative expenses included transaction and deal costs of $6.4 million primarily related to the proposed plan of merger announced on May 6, 2025.
GAAP net loss was $(9.5) million, compared with a GAAP net income of $0.4 million in the second quarter of 2024.
Non-GAAP net income was $10.7 million, compared with $10.7 million in the second quarter of 2024.
GAAP gross profit was $73.6 million, or 66.6% of total revenue, compared with $68.7 million, or 65.3% of revenue in the second quarter of 2024.
Non-GAAP gross profit was $81.6 million, or 73.8% of total revenue, compared with $76.3 million, or 72.6% of revenue in the second quarter of 2024.
Adjusted EBITDA was $17.4 million compared with $17.5 million in the second quarter of 2024.
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Measures and Other Performance Metrics."
Second Quarter 2025 Key Business Metrics and Highlights:
Total transactions processed in the second quarter of 2025 were 20.1 million, an increase of 1.8% from 19.7 million in the second quarter of 2024.
Total payment volume in the second quarter of 2025 was $21.5 billion, an increase of 4.1% from $20.6 billion in the second quarter of 2024.
Transaction yield in the second quarter of 2025 was $5.50, an increase of 3.2% from $5.33 in the second quarter of 2024.
Financial Outlook & Earnings TeleconferenceAs disclosed previously, due to its pending acquisition by TPG in partnership with Corpay, AvidXchange has suspended its previously issued financial outlook for fiscal 2025 and will not hold a teleconference to discuss its second quarter 2025 financial results.
About AvidXchange™AvidXchange is a leading provider of accounts payable ("AP") automation software and payment solutions for middle market businesses and their suppliers. AvidXchange's software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,500 businesses and it has made payments to more than 1,350,000 supplier customers of its buyers over the past five years. To learn more about how AvidXchange is transforming the way companies pay their bills, visit www.AvidXchange.com.
Forward-Looking StatementsCertain statements made in this press release constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this press release that are not statements of historical fact and generally relate to future events, hopes, intentions, strategies, or performance may be deemed to be forward-looking statements, including, without limitation, statements regarding AvidXchange's pending acquisition by TPG in partnership with Corpay. These forward-looking statements are based on management's current expectations and beliefs as of the date they are made. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause AvidXchange's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risks discussed in AvidXchange's filings with the Securities and Exchange Commission ("SEC"), including AvidXchange's Annual Report on Form 10-K and other documents filed with the SEC, which may be obtained on the investor relations section of our website (https://ir.avidxchange.com/) and on the SEC website at www.sec.gov. AvidXchange undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise, except as required by law.
Non-GAAP Measures and Other Performance MetricsTo supplement the financial measures presented in our press release in accordance with generally accepted accounting principles in the United States ("GAAP"), we also present the following non-GAAP measures of financial performance: Non-GAAP Gross Profit, Non-GAAP Gross Margin, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP Earnings Per Share.
A "non-GAAP financial measure" refers to a numerical measure of our historical or future financial performance or financial position that is included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in our financial statements. We provide certain non-GAAP measures as additional information relating to our operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare our performance to that of other companies.
We have presented Non-GAAP Gross Profit, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP Earnings Per Share in this press release. We define Non-GAAP Gross Profit & Gross Margin as revenue less cost of revenue excluding the portion of depreciation and amortization and stock-based compensation expense allocated to cost of revenues. We define Adjusted EBITDA as our net loss before depreciation and amortization, impairment and write-off of intangible assets, interest income and expense, income tax expense (benefit), stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, and charitable contributions of common stock. We define Non-GAAP Net Income (Loss) as net loss before amortization of acquired intangible assets, impairment and write-off of intangible assets, stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, acquisition-related effects on income tax, and charitable contributions of common stock. Non-GAAP income tax expense is calculated using our blended statutory rate except in periods of non-GAAP net loss when it is based on our GAAP income tax expense. In each case, non-GAAP income tax expense excludes the effects of acquisitions in the period on tax expense. We define Non-GAAP Earnings per Share as Non-GAAP Net Income (Loss) per diluted share.
We believe the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are either not part of our core operations or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance.
Availability of Information on AvidXchange's WebsiteInvestors and others should note that AvidXchange routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts, and the Investor Relations section of AvidXchange's website. While not all information that AvidXchange posts to the Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, AvidXchange encourages investors, the media and others interested in AvidXchange to review the information that it shares at the Investor Relations link located at https://ir.avidxchange.com. Users may automatically receive email alerts and other information about AvidXchange when enrolling an email address by visiting "Email Alerts" in the "Resources" section of AvidXchange's Investor Relations website https://ir.avidxchange.com.
Investor Contact:
Subhaash
AvidXchange Holdings, Inc.Consolidated Statements of Operations(in thousands, except share and per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Revenues
$
110,570
$
105,132
$
218,512
$
210,730
Cost of revenues (exclusive of depreciation and amortization expense)
30,949
30,426
61,738
60,759
Operating expenses
Sales and marketing
23,068
19,956
45,579
39,697
Research and development
26,975
25,008
52,357
50,912
General and administrative
33,510
22,635
62,458
46,895
Impairment and write-off of intangible assets
-
-
-
162
Depreciation and amortization
8,479
9,208
17,148
18,515
Total operating expenses
92,032
76,807
177,542
156,181
Loss from operations
(12,411
)
(2,101
)
(20,768
)
(6,210
)
Other income (expense)
Interest income
4,480
5,979
8,621
12,541
Interest expense
(2,010
)
(3,323
)
(4,016
)
(6,660
)
Other income
2,470
2,656
4,605
5,881
(Loss) income before income taxes
(9,941
)
555
(16,163
)
(329
)
Income tax (benefit) expense
(477
)
119
612
244
Net (loss) income
$
(9,464
)
$
436
$
(16,775
)
$
(573
)
Net (loss) income per share attributable to common stockholders, basic and diluted
Basic
$
(0.05
)
$
0.00
$
(0.08
)
$
0.00
Diluted
$
(0.05
)
$
0.00
$
(0.08
)
$
0.00
Weighted average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted
Basic
206,933,045
207,025,967
205,982,206
205,961,720
Diluted
206,933,045
210,370,559
205,982,206
205,961,720
AvidXchange Holdings, Inc.Consolidated Balance Sheets(in thousands, except share and per share data)
As of June 30,
As of December 31,
2025
2024
Assets
Current assets
Cash and cash equivalents
$
335,773
$
355,637
Restricted funds held for customers
1,148,195
1,250,346
Marketable securities
71,461
33,663
Accounts receivable, net of allowances of $4,362 and $4,279, respectively
50,988
51,671
Supplier advances receivable, net of allowances of $2,024 and $1,644 respectively
18,035
14,080
Prepaid expenses and other current assets
15,503
15,317
Total current assets
1,639,955
1,720,714
Property and equipment, net
96,632
97,592
Deferred customer origination costs, net
29,005
28,119
