AvidXchange reports Q1 EPS (8c), consensus (5c)

Reports Q1 revenue $86.8M, consensus $82.69M. "We are off to a strong start in the new year against what continues to be a volatile macro backdrop. This quarter marks our seventh consecutive quarter that we have outperformed our financial results relative to internal expectations. This quarter was particularly noteworthy as we delivered our first adjusted EBITDA profitable quarter as a public company and substantially ahead of expectations, thereby demonstrating our operational strategies and discipline. Furthermore, our strong execution around revenue, gross margin expansion and expense leverage during the quarter also leaves us cautiously optimistic about our revised full year business outlook. As our middle-market customers continue to navigate the current challenges of the macro-economic environment, we believe our purpose-built AP automation and payments value proposition provides our customers with a powerful lever for quantifiable cost reduction and cash flow optimization," said Michael Praeger, CEO & Co-Founder of AvidXchange.