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Home Press Release GlobeNewswire

AvidXchange Announces Second-Quarter 2025 Financial Results

August 7, 2025
in GlobeNewswire, Web3
Reading Time: 39 mins read
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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 Teleconference
As 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 http://www.AvidXchange.com.

Forward-Looking Statements
Certain 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 http://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 Metrics
To 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 Website
Investors 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 Kumar
Skumar1@avidxchange.com
813.760.2309

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 
Goodwill  165,921   165,921 
Intangible assets, net  65,235   71,068 
Other noncurrent assets and deposits  7,087   6,297 
Total assets $2,003,835  $2,089,711 
Liabilities and Stockholders’ Equity      
Current liabilities      
Accounts payable $20,482  $15,494 
Accrued expenses  45,094   46,849 
Payment service obligations  1,148,195   1,250,346 
Deferred revenue  12,747   13,967 
Current maturities of lease obligations under finance leases  36   103 
Current maturities of lease obligations under operating leases  663   1,207 
Current maturities of long-term debt  4,800   4,800 
Total current liabilities  1,232,017   1,332,766 
Long-term liabilities      
Deferred revenue, less current portion  10,640   11,856 
Obligations under finance leases, less current maturities  63,342   63,025 
Obligations under operating leases, less current maturities  1,655   1,969 
Long-term debt  4,300   4,300 
Other long-term liabilities  4,331   3,962 
Total liabilities  1,316,285   1,417,878 
Commitments and contingencies      
Stockholders’ equity      
Preferred stock, $0.001 par value; 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2025 and December 31, 2024  –   – 
Common stock, $0.001 par value; 1,600,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 207,695,309 and 204,335,860 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively  208   204 
Additional paid-in capital  1,718,132   1,685,644 
Accumulated deficit  (1,030,790)  (1,014,015)
Total stockholders’ equity  687,550   671,833 
Total liabilities and stockholders’ equity $2,003,835  $2,089,711 
 
AvidXchange Holdings, Inc.
Consolidated Statements of Cash Flows
(in thousands)
 
  Six Months Ended June 30, 
  2025  2024 
Cash flows from operating activities      
Net loss $(16,775) $(573)
Adjustments to reconcile net loss to net cash used by operating activities      
Depreciation and amortization expense  17,148   18,515 
Amortization of deferred financing costs  190   212 
Provision for credit losses  1,976   1,481 
Stock-based compensation  29,571   23,278 
Accrued interest  638   822 
Impairment and write-off on intangible assets  –   162 
Loss on write-off of fixed assets  3   – 
Gain on lease buyout  (172)  – 
Accretion of investments held to maturity  (629)  (2,209)
Deferred income taxes  247   178 
Changes in operating assets and liabilities      
Accounts receivable  184   (3,652)
Accrued interest on investments  43   – 
Prepaid expenses and other current assets  (186)  (2,481)
Other noncurrent assets  (980)  (839)
Deferred customer origination costs  (887)  (142)
Accounts payable  4,988   (1,378)
Deferred revenue  (2,436)  (2,735)
Accrued expenses and other liabilities  (1,631)  (11,388)
Operating lease liabilities  (686)  (323)
Total adjustments  47,381   19,501 
Net cash provided by operating activities  30,606   18,928 
Cash flows from investing activities      
Purchase of marketable securities held to maturity  (65,329)  (98,996)
Proceeds from maturity of marketable securities held to maturity  28,117   55,996 
Purchases of equipment  (1,324)  (1,100)
Purchases of intangible assets  (9,034)  (8,087)
Supplier advances, net  (5,431)  (4,092)
Net cash used in investing activities  (53,001)  (56,279)
Cash flows from financing activities      
Repayments of long-term debt  –   (813)
Principal payments on finance leases  (81)  (150)
Proceeds from issuance of common stock  1,474   5,393 
Proceeds from issuance of common stock under ESPP  1,447   1,220 
Remittance of taxes upon vesting of restricted stock units  (209)  – 
Payment of acquisition-related liability  (100)  (100)
Payment service obligations  (102,151)  (385,201)
Net cash used in financing activities  (99,620)  (379,651)
Net decrease in cash, cash equivalents, and restricted funds held for customers  (122,015)  (417,002)
Cash, cash equivalents, and restricted funds held for customers      
Cash, cash equivalents, and restricted funds held for customers, beginning of year  1,605,983   1,985,630 
Cash, cash equivalents, and restricted funds held for customers, end of period $1,483,968  $1,568,628 
Supplementary information of noncash investing and financing activities      
Property and equipment purchases in accounts payable and accrued expenses $–  $19 
Interest paid on notes payable  –   2,673 
Interest paid on finance leases  3,000   2,954 
Cash paid for income taxes  369   254 
         
AvidXchange Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Measures
 
  Three Months Ended June 30,  Six Months Ended June 30, 
Reconciliation of Revenue to Non-GAAP Gross Profit and Non-GAAP Gross Margin 2025  2024  2025  2024 
(in thousands)            
Total revenues $110,570  $105,132  $218,512  $210,730 
Expenses:            
Cost of revenues (exclusive of depreciation and amortization expense)  (30,949)  (30,426)  (61,738)  (60,759)
Depreciation and amortization expense  (5,977)  (6,034)  (12,106)  (12,098)
GAAP Gross profit $73,644  $68,672  $144,668  $137,873 
Adjustments:            
Stock-based compensation expense  1,996   1,625   3,980   2,857 
Depreciation and amortization expense  5,977   6,034   12,106   12,098 
Non-GAAP gross profit $81,617  $76,331  $160,754  $152,828 
GAAP Gross margin  66.6%  65.3%  66.2%  65.4%
Non-GAAP gross margin  73.8%  72.6%  73.6%  72.5%
AvidXchange Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Measures (Continued)
 
  Three Months Ended June 30,  Six Months Ended June 30, 
Reconciliation of Net Income (Loss) to Non-GAAP Net Income (Loss), including per share amounts 2025  2024  2025  2024 
(in thousands, except share and per share data)            
Net income (loss) $(9,464) $436  $(16,775) $(573)
Exclude: Provision for income taxes  (477)  119   612   244 
Income (loss) before taxes  (9,941)  555   (16,163)  (329)
Amortization of acquired intangible assets  2,859   3,414   5,744   6,827 
Impairment and write-off of intangible assets  –   –   –   162 
Stock-based compensation expense  15,085   12,319   29,571   23,278 
Transaction and acquisition-related costs(1)  6,449   –   8,445   – 
Non-recurring items not indicative of ongoing operations(2)  (195)  (1,976)  528   (630)
Total net adjustments  24,198   13,757   44,288   29,637 
Non-GAAP income (loss) before taxes  14,257   14,312   28,125   29,308 
Non-GAAP income tax expense(2)  3,550   3,564   7,003   7,298 
Non-GAAP net income (loss) $10,707  $10,748  $21,122  $22,010 
             
Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, basic  206,933,045   207,025,967   205,982,206   205,961,720 
Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, diluted  207,348,652   209,896,829   205,982,206   205,961,720 
             
GAAP Net income (loss) per share attributable to common stockholders, basic and diluted $(0.05) $0.00  $(0.08) $0.00 
             
Non-GAAP basic net income (loss) per share attributable to common stockholders, basic $0.05  $0.05  $0.10  $0.11 
Non-GAAP basic net income (loss) per share attributable to common stockholders, diluted $0.05  $0.05  $0.10  $0.11 
             
GAAP income (loss) per common share, basic and diluted $(0.05) $0.00  $(0.08) $0.00 
Amortization of acquired intangible assets  0.01   0.02   0.03   0.03 
Impairment and write-off of intangible assets  –   –   –   – 
Stock-based compensation expense  0.07   0.06   0.14   0.11 
Transaction and acquisition-related costs  0.03   –   0.04   – 
Non-recurring items not indicative of ongoing operations(1)  –   (0.01)  –   – 
Provision for income taxes  (0.02)  (0.02)  (0.03)  (0.03)
Adjustment to fully diluted earnings per share  0.01   –   –   – 
Non-GAAP diluted income (loss) per common share $0.05  $0.05  $0.10  $0.11 
AvidXchange Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Measures (Continued)
 
  Three Months Ended June 30,  Six Months Ended June 30, 
Reconciliation of Net Loss to Adjusted EBITDA 2025  2024  2025  2024 
(in thousands)            
Net loss $(9,464) $436  $(16,775) $(573)
Depreciation and amortization  8,479   9,208   17,148   18,515 
Impairment and write-off of intangible assets  –   –   –   162 
Interest income  (4,480)  (5,979)  (8,621)  (12,541)
Interest expense  2,010   3,323   4,016   6,660 
Provision for income taxes  (477)  119   612   244 
Stock-based compensation expense  15,085   12,319   29,571   23,278 
Transaction and acquisition-related costs(1)  6,449   –   8,445   – 
Non-recurring items not indicative of ongoing operations(2)  (195)  (1,976)  528   (630)
Adjusted EBITDA $17,407  $17,450  $34,924  $35,115 
(1) For the three and six months ended June 30, 2025, this amount consists of transaction and deal costs incurred in connection with the proposed plan of merger announced on May 6, 2025 described in our unaudited consolidated financial statements.
(2) For the three months ended June 30, 2025, this amount includes a $172 gain on lease buyout. For the three months ended June 30, 2024, this amount was primarily comprised of an insurance recovery of $2,110 for costs incurred in response to the cybersecurity incident that was detected in April 2023. For the six months ended June 30, 2025, this amount includes $618 in restructuring costs and a $172 gain on lease buyout. For the six months ended June 30, 2024 this amount includes $1,157 of severance costs and a net benefit of $1,808 of response costs incurred in connection with the cybersecurity incident.
(3) Non-GAAP income tax expense is based on the Company’s blended tax rate of 24.9% in periods the Company has Non-GAAP income before tax. In periods the Company is in a non-GAAP loss position, tax expense is based on GAAP tax expense.

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Applied Materials Joins Apple and Texas Instruments in Strengthening U.S. Chip Manufacturing

Applied is providing American-made equipment from its Austin, Texas facility to TI’s U.S. factories to manufacture foundational semiconductors for Apple products New $200 million investment in Arizona components factory adds to more than $400 million Applied has invested in its U.S. manufacturing footprint over the past five years SANTA CLARA,...

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SilentSwap and Own. App Partner to Bring Privacy-Powered Asset Swaps to Social Media

New York City, Aug. 06, 2025 (GLOBE NEWSWIRE) -- New integration lends SilentSwap privacy to enable Own. App users secure and seamless wallet-to-wallet asset swaps across major blockchain networks New York City Aug 6, 2025 (Premium) SilentSwap, a non-custodial, privacy-first platform for compliant cross-chain digital asset swaps, today announced a strategic partnership with Own....

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Intuitive Machines Expands Deep Space Navigation Services with Agreement to Acquire KinetX, Positioning Itself for Constellation Management and Moon-to-Mars Data Relay

HOUSTON, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR) (“Intuitive Machines” or the “Company”), a leading space technology, infrastructure, and services company, today announced it has signed a definitive agreement to acquire KinetX, Inc. (“KinetX”), a privately held Arizona-based aerospace company with more than 30 years of...

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