AvidXchange reports Q2 EPS (9c), consensus (4c)

Reports Q2 revenue $91.2M, consensus $88.99M. “Coming off of a successful Investor Day with explicit medium and long-term financial targets, we are excited to report another quarter of strong financial results driven by healthy revenue growth and gross margin expansion. In particular, we are extremely pleased with the sharp year-over-year increase in adjusted EBITDA performance, highlighting the progress we are making on unit costs coupled with the inherent operating leverage in the model. Given the on-going macro volatility, our value proposition for cost containment and reduction has tremendous resonance with our B2B middle market customers. And while it is unclear how this macro backdrop fully plays out across the broader economy, we remained focused on executing strategies that enable us to capitalize on the current macro backdrop and believe we are well positioned to achieve our medium and long-term Rule of 40 and 40-plus targets,” said Michael Praeger, CEO & Co-Founder of AvidXchange.