AVDX - AvidXchange beats Q2 top line estimates raises FY guidance

2023-08-02 06:53:20 ET

• AvidXchange press release ( NASDAQ: AVDX ): Q2 GAAP EPS of -$0.09 misses by $0.01 .
• Revenue of $91.2M (+19.1% Y/Y) beats by $2.21M .
• GAAP net loss was $(18.8) million, compared with a GAAP net loss of $(25.7) million in the second quarter of 2022.
• Non-GAAP net loss was $(0.5) million, compared with a Non-GAAP net loss of $(13.7) million in the second quarter of 2022.
• GAAP gross profit was $55.6 million, or 61.0% of total revenue, compared with $42.9 million, or 56.0% of revenue in the second quarter of 2022.
• Non-GAAP gross profit was $62.3 million, or 68.3% of total revenue, compared with $48.7 million, or 63.7% of revenue in the second quarter of 2022.
• Adjusted EBITDA was $3.0 million compared with $(4.7) million in the second quarter of 2022.
• Current FY 2023 Guidance: Revenue revised to $368M - $370M from $363M - $368M; Adjusted EBITDA revised to $7M - $8M from $2M - $4M

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