AvidXchange Holdings, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 28, 2024 at 05:15 pm IST
Share
AvidXchange Holdings, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 104.06 million compared to USD 86.18 million a year ago. Net loss was USD 4.47 million compared to USD 25.03 million a year ago. Basic loss per share from continuing operations was USD 0.02 compared to USD 0.13 a year ago.
For the full year, the company reported sales was USD 380.72 million compared to USD 316.35 million a year ago. Net loss was USD 47.33 million compared to USD 101.28 million a year ago. Basic loss per share from continuing operations was USD 0.23 compared to USD 0.51 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. 
