AvidXchange reports Q2 adjusted EPS 5c, consensus 4c

Reports Q2 revenue $105.1M, consensus $106.91M. “We are extremely proud of the many milestones we have achieved in short order since our IPO with GAAP net income profitability being the latest. It is because of the transformational value proposition of our AP automation software and payments we deliver to our middle market buyer customers and their suppliers through our proprietary two-sided network that we are in such a strong financial position. As we continue to navigate macro choppiness with the disciplined execution by our team members, we are leveraging our strong balance sheet to advance our innovation by continuing to broaden the application of artificial intelligence across our customer and internal-facing opportunity sets, which, we believe, will drive increased value for our customers and further enhance our competitive position. I am particularly excited about the future given our recently launched integration partnerships and suite of innovative products that are on the near horizon, from our new Payment 2.0 Platform to Payment Accelerator 2.0, Spend Management, etc. These products, we believe, will not only further embed our capabilities into adjacent non-invoice back-office workflows and deepen our customer relationships, but also strengthen our competitive position, advance our balanced growth and profitability objectives as well as drive value creation for our investors,” said Michael Praeger, Chief Executive Officer & Co-Founder of AvidXchange.