AvidXchange Holdings, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 08, 2023 at 07:01 am EST
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AvidXchange Holdings, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 98.68 million compared to USD 82.41 million a year ago. Net loss was USD 8.09 million compared to USD 25.37 million a year ago. Basic loss per share from continuing operations was USD 0.04 compared to USD 0.13 a year ago.
For the nine months, sales was USD 276.66 million compared to USD 230.18 million a year ago. Net loss was USD 42.85 million compared to USD 76.26 million a year ago. Basic loss per share from continuing operations was USD 0.21 compared to USD 0.39 a year ago.
AvidXchange Holdings, Inc. is a provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers. The Companyâs cloud-based, software and payment platform digitizes and automates the AP workflow for middle market businesses (AvidXchangeâs buyer customers), and their service providers and vendors (AvidXchangeâs supplier customers). The Company provides solutions and services throughout North America spanning multiple industries including real estate, homeownerâs associations, construction, financial services (including banks and credit unions), healthcare facilities, social services, education, and media. AvidXchangeâs software solutions are delivered primarily through a software-as-a-service (SaaS) platform that connects buyer customers using the Companyâs AP automation products with a network of their vendors, including supplier customers. The Company has made payments to more than 1,200,000 supplier customers of its buyers.
AVIDXCHANGE HOLDINGS, INC. 
