AvidXchange Reports Improved Fourth Quarter and Full Year 2024 Financial Results

Charlotte, N.C. – AvidXchange Holdings, Inc., a provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, announced its financial results for the fourth quarter and full year ended December 31, 2024, on February 26, 2025.

The company reported healthy revenue growth, coupled with gross and operating margin improvement. For the full year 2024, GAAP earnings per share turned positive, and net cash provided by operating activities increased more than eightfold to $71.9 million.

Fourth quarter revenue was $115.4 million, an increase of 10.9% year-over-year. Net income was $4.7 million, compared to a net loss in the prior year's fourth quarter. Gross profit reached $78.8 million, or 68.2% of total revenue. The company also highlighted a disciplined capital allocation strategy, including paying down high-interest debt and repurchasing $50 million of its stock.

AvidXchange anticipates continued margin expansion in 2025, though it expects macroeconomic headwinds to impact revenue growth. The company is focusing on leveraging artificial intelligence and rolling out new products like Payment Accelerator 2.0 to strengthen its competitive positioning.