AvidXchange conducted its initial public offering (“IPO”) on or around October 12, 2021, selling 26.4 million shares priced at $25.00. Then, on July 31, 2024, AvidXchange issued a press release announcing its financial results for the second quarter of 2024. Among other items, AvidXchange reported revenue of $105.13 million, missing consensus estimates by $1.75 million. The Company also revised its fiscal year 2024 revenue guidance downward to a range of $436 million to $439 million, compared to previous guidance of $442 million to $448 million.

Following this news, AvidXchange’s stock price dropped over 29% on July 31, 2024.