GreenPower Signs Contract for More Than $5 Million with State of New Mexico for All-Electric School Bus Pilot Program
The two-year pilot project will deploy three GreenPower Type A all-electric, purpose-built, zero-emission Nano BEAST Access school buses in the first school year (2025-26), and three GreenPower Type D all-electric, purpose-built, zero-emission BEAST and Mega BEAST school buses in the second school year (2026-27). The school buses will rotate around the state in five pilot rounds each school year with each round lasting six weeks. GreenPower will install charging systems, provide training for the drivers, mechanics and the community's first responder and help ensure a seamless testing period.
The contract between GreenPower and the state of New Mexico provides more than $5 million for the purchase of vehicles, cost of charging infrastructure and overall management of the pilot. GreenPower will support the implementation of the project from a location to be established in New Mexico. Based on voluntary requests to participate, school districts are currently being selected by the state to participate in the pilot. The manufacturing of the three Nano BEAST Access school buses is substantially complete and they will be ready for deployment for Round 1 the week of September 15.
"The New Mexico pilot project provides an opportunity to expand the reach of GreenPower's zero-emission school bus product and gives parents, kids and school districts in the state the opportunity to evaluate the transition to all-electric, purpose-built school buses," said GreenPower President Brendan Riley. "The project is leveraging the successful pilot that GreenPower conducted in West Virginia, but also has a concentration on evaluating charging options and infrastructure."
The pilot will include both Level 3 DC fast chargers and Level 2 slow chargers for the Nano BEAST Access school buses, and will evaluate Level 3 DC fast charging in the second year with the BEAST school buses. A part of the second year will be a vehicle-to-grid (V2G) evaluation using the GreenPower Mega BEAST. The Mega BEAST is a 40-foot Type D all-electric, purpose-built, zero-emission school bus that delivers a class-leading range of up to 300 miles on a single charge because of its massive 387 kWh battery pack. The range of the Mega BEAST is greater than any electric school bus in its class. It has more uphill climbing power and the most compelling and cost effective V2G capability for a more stable electric grid and community sustainability in areas where it is deployed.
"We are particularly interested in evaluating charging as a part of the pilot project," said Mark Roper, Director of the Economic Development Division within the New Mexico Economic Development Department. "Range, charging rates and grid resiliency are critical components of switching to all-electric, zero-emission vehicles."
GreenPower is partnering with Highland Electric Fleets to install and implement the charging infrastructure necessary for the pilot. In a letter to the state, Highland's Chief Commercial Officer Brian Buccella shared the company's commitment to supporting GreenPower in assessing charging infrastructure and creating a reliable EV pilot project in New Mexico. "Our experience delivering and operating electric school buses at scale positions us well to assist in the successful execution of this pilot program. This initiative presents an opportunity to reduce transportation-related emissions in New Mexico communities, protect student health and modernize school transportation," Buccella said.
For further information contact:
Brendan Riley, President
510) 910-3377
Fraser Atkinson, CEO
(604) 220-8048
Mark Nestlen, Business Development & Strategy
(405) 850-9571
About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to www.greenpowermotor.com
Forward-Looking Statements
This document contains forward-looking statements relating to, among other things, GreenPower's business and operations and the environment in which it operates, which are based on GreenPower's operations, estimates, forecasts and projections. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "upon", "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. A number of important factors including those set forth in other public filings (filed under the Company's profile on www.sedar.com) could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. All amounts in U.S. dollars. ©2025 GreenPower Motor Company Inc. All rights reserved.
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Globe and Mail
9 minutes ago
- Globe and Mail
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The $239 million revenue figure (GAAP), though ahead of expectations, was mainly due to a one-off $175 million milestone from Sanofi following U.S. full approval (Biologics License Application, or BLA) of Nuvaxovid. By contrast, product sales (GAAP) shrank to just $11 million, less than half the prior year, as Sanofi took over commercialization in major markets. Licensing, royalties, and other revenue of $229 million (GAAP) includes a $175 million milestone earned related to the Nuvaxovid BLA approval, the company reported. The new mix signals a decisive transition away from selling directly to customers and toward relying on major pharma partners to handle marketing and distribution. Additional partners such as Takeda (Japan), Serum Institute, and SK bioscience contributed non-negligible revenue as Novavax's Matrix-M adjuvant and related vaccine ingredients enter more global markets. Expenses dropped sharply, contributing to positive net income of $107 million (GAAP). 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Cision Canada
36 minutes ago
- Cision Canada
MCAN FINANCIAL GROUP RELEASES Q2 2025 RESULTS AND DECLARES 41 CENTS CASH DIVIDEND
Core business performing in current environment TORONTO, Aug. 6, 2025 /CNW/ - MCAN Mortgage Corporation d/b/a MCAN Financial Group ("MCAN", the "Company" or "we") (TSX: MKP) reported net income of $20.2 million ($0.51 earnings per share) for the second quarter of 2025, an increase from net income of $19.7 million ($0.52 earnings per share) in the second quarter of 2024. Second quarter 2025 return on average shareholders' equity 1 was 13.19% compared to 13.63% for the same period in the prior year. Our Q2 results were mainly impacted by higher mortgage spread income and higher income from MCAP partially offset by higher provisions for credit losses compared to the same prior year period. For YTD 2025, we reported net income of $36.8 million ($0.94 earnings per share), a decrease from net income of $43.0 million ($1.17 earnings per share) for the same prior year period. Return on average shareholders' equity 1 was 12.10% for YTD 2025 compared to 15.31% for the same prior year period. We reported lower total net income for YTD mainly as a result of higher provisions for credit losses due to the forecasted economic and geopolitical environment. We are committed to a strategy of managing controllable factors to protect our bottom line and capital. We expect to take advantage of opportunities that arise in the current market environment. We believe that we have a quality loan portfolio with conservative loan to value ratios supporting our loans. The Board of Directors declared a third quarter regular cash dividend of $0.41 per share to be paid on September 29, 2025 to shareholders of record as of September 15, 2025. As a mortgage investment corporation, we pay out all of our taxable income to shareholders through dividends. "We recorded quality results for the second quarter of 2025 up 22% from Q1 2025 and 2% from Q2 2024. We continue to leverage our brand and exceptional customer service to take advantage in the marketplace, with record originations in our insured residential lending business while maintaining our spreads. Although we recorded higher provisions for credit losses than the prior year, our credit quality remains resilient as it has since our founding," said Derek Sutherland, CEO of MCAN. "In July 2025, we launched a new uninsured residential mortgage third-party securitization program with one of the major Canadian banks which will add to our securitization income and allow us to grow our uninsured originations. Looking ahead, we are focused on tapping new growth opportunities to drive value for all our stakeholders." HIGHLIGHTS Total assets reached $5.7 billion at June 30, 2025, a net increase of $391 million (7.3%) from December 31, 2024. Non-securitized mortgage portfolio totalled $2.7 billion at June 30, 2025, a net increase of $277 million (11%) from December 31, 2024. Uninsured residential mortgages totalled $1.2 billion at June 30, 2025, a net increase of $53 million (5%) from December 31, 2024. Uninsured residential mortgage originations totalled $231 million for YTD 2025, an increase of $34 million (17%) from YTD 2024. The economic and interest rate environment and its impact on the housing market and borrowers had improved somewhat due to expectations about further interest rate cuts. We had steady uninsured residential mortgage renewal rates with renewals of $245 million for YTD 2025 compared to $259 million for YTD 2024. This business is supported by outstanding service to our brokers, originators and customers. Construction and commercial mortgages totalled $1.2 billion at June 30, 2025, a net increase of $77 million (7%) from December 31, 2024. In 2025, the movement in the construction and commercial portfolios is attributed to new loan advances of $323 million in construction and commercial mortgages, slightly offset by repayments from completing projects. Originations have been steady this year and some extensions of projects due to normal construction delays or normal delays relating to the permitting and zoning process meant that we have not experienced as much run-off in the portfolio as expected. To date, projects continue to progress toward completion. Securitized mortgages totalled $2.4 billion at June 30, 2025, a net increase of $9 million (0.4%) from December 31, 2024. Our insured residential mortgage securitization volumes were $211 million in Q2 2025, an increase of $54 million (34%) from Q2 2024 and $264 million YTD 2025, a decrease of $107 million (29%) from YTD 2024. We use various channels in funding the insured residential mortgage portfolio, in the context of market conditions and net contributions over the life of the mortgages, in order to support our overall business. We have seen better securitization spreads compared to prior year. Beginning in July 2025, we have an agreement with a Canadian Schedule I Chartered bank to participate in an uninsured residential mortgage third-party securitization program sponsored by the bank. Under this agreement, we can sell our uninsured residential mortgages into the program and they remain in the program until maturity. In July 2025, we sold $80.2 million into this program. This is an integral part of our diversification and capital optimization strategy. FINANCIAL UPDATE Net non-securitized mortgage spread income 1 increased by $0.5 million for Q2 2025 from Q2 2024 mainly due to a higher average non-securitized mortgage portfolio balance from mortgage portfolio growth, offset by a reduction in the spread of non-securitized mortgages over term deposit interest and expenses. For YTD 2025, net non-securitized mortgage spread income 1 decreased by $1.2 million from YTD 2024 mainly due to a reduction in the spread of non-securitized mortgages over term deposit interest and expenses partially offset by a higher average non-securitized mortgage portfolio balance from continued originations and renewals. Net securitized mortgage spread income 1 increased by $0.5 million for Q2 2025 from Q2 2024 and increased $1.0 million YTD 2025 from YTD 2024 due to a higher average securitized mortgage portfolio balance and an increase in the spread of securitized mortgages over liabilities. For Q2 2025, we had a provision for credit losses on our non-securitized mortgage portfolio of $2.2 million compared to a provision for credit losses of $1.4 million in Q2 2024. For YTD 2025, we had a provision for credit losses on our non-securitized mortgage portfolio of $5.3 million compared to a provision for credit losses of $0.8 million for 2024. Equity income from MCAP Commercial LP totalled $9.7 million in Q2 2025, an increase of $2.0 million (26%) from $7.7 million in Q2 2024, and totalled $15.3 million for YTD 2025, an increase of $0.4 million (3%) from $14.9 million for YTD 2024. Credit Quality Arrears total mortgage ratio 1 was 2.49% at June 30, 2025 compared to 2.24% at March 31, 2025 and 2.06% at December 31, 2024. The majority of our residential mortgage arrears activity occurs in the 1-30 day category, in which the bulk of arrears are resolved and do not migrate to arrears categories over 30 days. While greater than 30 days arrears has increased in our uninsured residential mortgages, we believe overall that we have a quality uninsured residential mortgage loan portfolio with an average LTV of 64.0% at June 30, 2025 compared to 64.3% at March 31, 2025 and 63.7% at December 31, 2024 based on an industry index of current real estate values. With respect to our construction and commercial loan portfolio, we have a strong track record with our default management processes and asset recovery programs as the need arises. Impaired non-securitized mortgage ratio 1 was 2.34% at June 30, 2025 compared to 2.31% at March 31, 2025 and 2.46% at December 31, 2024. At June 30, 2025, impaired mortgages mainly represent five impaired construction mortgages as well as uninsured residential mortgages where asset recovery programs have been initiated or we expect the loans to be brought current. Impaired total mortgage ratio 1 was 1.25% at June 30, 2025 compared to 1.20% at March 31, 2025 and 1.25% at December 31, 2024. Capital We have a Base Shelf prospectus allowing us to make certain public offerings of debt or equity securities during the period that it is effective, through Prospectus Supplements. Our Base Shelf prospectus and our Prospectus Supplement for our ATM Program expire in September 2025 and we intend to renew both. We have an ATM Program, established pursuant to a Prospectus Supplement to our Base Shelf prospectus, allowing us to issue up to $30 million common shares to the public from time to time at the market prices prevailing at the time of sale. In Q2 2025, we sold 305,700 common shares at a weighted average price of $19.37 for gross proceeds of $5.9 million and net proceeds of $5.6 million including $0.1 million of agent commission paid and $0.2 million of other share issuance costs under the ATM Program. So far in 2025, we sold 366,900 common shares at a weighted average price of $19.19 for gross proceeds of $7.0 million and net proceeds of $6.7 million including $0.1 million of agent commission paid and $0.2 million of other share issuance costs under the ATM Program. At June 30, 2025, we have $13.9 million remaining available to be issued through our ATM Program. The volume and timing of distributions under the ATM Program are determined at MCAN's sole discretion. We issued $2.5 million in new common shares in Q2 2025 compared to $4.4 million in Q2 2024 and $7.0 million YTD 2025 compared to $12.5 million YTD 2024 through the Dividend Reinvestment Plan ("DRIP"). The DRIP participation rate for the 2025 second quarter dividend was 15% compared to 30% for the second quarter of 2024. Income tax assets to capital ratio 3 was 5.42 at June 30, 2025 compared to 5.41 at March 31, 2025 and 5.24 at December 31, 2024. Common Equity Tier 1 ("CET 1") and Tier 1 Capital to risk-weighted assets ratios 2 were 18.90% at June 30, 2025 compared to 19.12% at March 31, 2025 and 19.02% at December 31, 2024. Total Capital to risk-weighted assets ratio 2 was 19.22% at June 30, 2025 compared to 19.43% at March 31, 2025 and 19.28% at December 31, 2024. Leverage ratio 2 was 9.32% at June 30, 2025 compared to 9.64% at March 31, 2025 and 9.72% at December 31, 2024. All of our capital and leverage ratios are within our internal risk appetite and regulatory guidelines. 1 Considered to be a non-GAAP and other financial measure. For further details, refer to the "Non-GAAP and Other Financial Measures" section of this new release. Non-GAAP and other financial measures and ratios used in this document are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers. 2 These measures have been calculated in accordance with OSFI's Leverage Requirements and Capital Adequacy Requirements guidelines. 3 Tax balances are calculated in accordance with the Tax Act. FURTHER INFORMATION See our complete 2025 Second Quarter Report filed on the System for Electronic Document Analysis and Retrieval ("SEDAR+") at and on the Company's website at For our Outlook, refer to the "Outlook" section of the 2025 Second Quarter Report. MCAN is a public company listed on the Toronto Stock Exchange under the symbol MKP and is a reporting issuer in all provinces and territories in Canada. MCAN also qualifies as a Mortgage Investment Corporation ("MIC") under the Income Tax Act (Canada). MCAN is the largest MIC in Canada and the only federally regulated MIC that issues term deposits eligible for Canada Deposit Insurance Corporation deposit insurance. MCAN's primary objective is to generate a reliable stream of income by investing in a diversified portfolio of Canadian mortgages, including residential mortgages, residential construction, non-residential construction, and commercial loans, as well as other types of securities, loans, and real estate investments. MCAN is Investing in Communities and Homes for Canadians. For how to enroll in the DRIP, please refer to the Management Information Circular dated March 21, 2025 or visit our website at Under the DRIP, dividends paid to shareholders are automatically reinvested in common shares issued out of treasury at the weighted average trading price for the five days preceding such issue less a discount of 2% until further notice from MCAN. NON-GAAP AND OTHER FINANCIAL MEASURES This news release references a number of non-generally accepted accounting principles ("non-GAAP") and other financial measures and ratios to assess our performance such as return on average shareholders' equity, net non-securitized mortgage spread income, net securitized mortgage spread income, impaired non-securitized mortgage ratio, impaired total mortgage ratio, and arrears total mortgage ratio. These measures are not calculated in accordance with International Financial Reporting Standards ("IFRS"), are not defined by IFRS and do not have standardized meanings that would ensure consistency and comparability between companies using these measures. These metrics are considered to be non-GAAP and other financial measures and are incorporated by reference and defined in the "Non-GAAP and Other Financial Measures" section of our 2025 Second Quarter Management's Discussion and Analysis of Operations ("MD&A") available on SEDAR+ at Below are reconciliations for our non-GAAP financial measures included in this news release using the most directly comparable IFRS financial measures. Net N on-securitized Mortgage Spread Income Non-GAAP financial measure that is an indicator of net interest profitability of income-earning assets less cost of funding for our non-securitized mortgage portfolio. It is calculated as the difference between non-securitized mortgage interest and term deposit interest and expenses. Net Securitized Mortgage Spread Income Non-GAAP financial measure that is an indicator of net interest profitability of income-earning securitization assets less cost of securitization liabilities for our securitized mortgage portfolio. It is calculated as the difference between securitized mortgage interest and interest on financial liabilities from securitization. A CAUTION ABOUT FORWARD-LOOKING INFORMATION AND STATEMENTS This news release contains forward-looking information within the meaning of applicable Canadian securities laws. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. All of the forward-looking information in this news release is qualified by this cautionary note. Often, but not always, forward-looking information can be identified by the use of words such as "may," "believe," "will," "anticipate," "expect," "planned," "estimate," "project," "future," and variations of these or similar words or other expressions that are predictions of, or indicate, future events and trends and that do not relate to historical matters. Forward-looking information in this news release includes, among others, statements and assumptions with respect to: the current business environment, economic environment and outlook; possible or assumed future results; our ability to create shareholder value; our business goals and strategy; the potential impact of new regulations and changes to existing regulations as well as any changes in tax legislation; the stability of home prices; the effect of challenging conditions on us; the performance of our investments; factors affecting our competitive position within the housing lending market; international trade, including changes in tariffs, international economic uncertainties, failures of international financial institutions and geopolitical uncertainties and their impact on the Canadian economy; sufficiency of our access to liquidity and capital resources; the timing and effect of interest rate changes on our cash flows; and the declaration and payment of dividends. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information reflects management's current beliefs and is based on information currently available to management. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that we identified and were applied by us in drawing conclusions or making forecasts or projections set out in the forward-looking information, include, but are not limited to: our ability to successfully implement and realize on our business goals and strategy; government regulation of our business and the cost to us of such regulation; factors and assumptions regarding interest rates, including the effect of Bank of Canada actions already taken; the effect of supply chain issues; the effect of inflation; housing sales and residential mortgage borrowing activities; the effect of household debt service levels; the effect of competition; systems failure or cyber and security breaches; the availability of funding and capital to meet our requirements; investor appetite for securitization products; the value of mortgage originations; the expected spread between interest earned on mortgage portfolios and interest paid on deposits; the relative uncertainty and volatility of real estate markets; acceptance of our products in the marketplace; the stage of the real estate cycle and the maturity phase of the mortgage market; impact on housing demand from changing population demographics and immigration patterns; our ability to forecast future changes to borrower credit and credit scores, loan to value ratios and other forward-looking factors used in assessing expected credit losses and rates of default; availability of key personnel; our operating cost structure; the current tax regime; and operations within, and market conditions relating to, our equity and other investments. External geopolitical conflicts and government and Bank of Canada economic policy have resulted in uncertainty relating to the Company's internal expectations, estimates, projections, assumptions and beliefs, including with respect to the Canadian economy, employment conditions, interest rates, supply chain issues, international trade, inflation, levels of housing activity and household debt service levels. There can be no assurance that such expectations, estimates, projections, assumptions and beliefs will continue to be valid. The impacts that any further or escalating geopolitical conflicts will have on our business is uncertain and difficult to predict. Reliance should not be placed on forward-looking information because it involves known and unknown risks, uncertainties and other factors, which may cause actual results to differ materially from anticipated future results expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from those set forth in the forward-looking information include, but are not limited to, the risk that any of the above opinions, estimates or assumptions are inaccurate and the other risks and uncertainties referred to in our Annual Information Form for the year ended December 31, 2024, our MD&A and our other public filings with the applicable Canadian regulatory authorities. Subject to applicable securities law requirements, we undertake no obligation to publicly update or revise any forward-looking information after the date of this news release whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and any forward-looking information. However, any further disclosures made on related subjects in subsequent reports should be consulted. SOURCE MCAN Mortgage Corporation
Globe and Mail
an hour ago
- Globe and Mail
AvidXchange Announces Second-Quarter 2025 Financial Results
CHARLOTTE, N.C., Aug. 06, 2025 (GLOBE NEWSWIRE) -- AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Financial Highlights: Total revenue was $110.6 million, an increase of 5.2% year-over-year, compared with $105.1 million in the second quarter of 2024. Revenue included interest income of $10.6 million compared with $11.8 million in the second quarter of 2024. General and administrative expenses included transaction and deal costs of $6.4 million primarily related to the proposed plan of merger announced on May 6, 2025. GAAP net loss was $(9.5) million, compared with a GAAP net income of $0.4 million in the second quarter of 2024. Non-GAAP net income was $10.7 million, compared with $10.7 million in the second quarter of 2024. GAAP gross profit was $73.6 million, or 66.6% of total revenue, compared with $68.7 million, or 65.3% of revenue in the second quarter of 2024. Non-GAAP gross profit was $81.6 million, or 73.8% of total revenue, compared with $76.3 million, or 72.6% of revenue in the second quarter of 2024. Adjusted EBITDA was $17.4 million compared with $17.5 million in the second quarter of 2024. A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Measures and Other Performance Metrics." Second Quarter 2025 Key Business Metrics and Highlights: Total transactions processed in the second quarter of 2025 were 20.1 million, an increase of 1.8% from 19.7 million in the second quarter of 2024. Total payment volume in the second quarter of 2025 was $21.5 billion, an increase of 4.1% from $20.6 billion in the second quarter of 2024. Transaction yield in the second quarter of 2025 was $5.50, an increase of 3.2% from $5.33 in the second quarter of 2024. Financial Outlook & Earnings Teleconference As disclosed previously, due to its pending acquisition by TPG in partnership with Corpay, AvidXchange has suspended its previously issued financial outlook for fiscal 2025 and will not hold a teleconference to discuss its second quarter 2025 financial results. About AvidXchange™ AvidXchange is a leading provider of accounts payable ('AP') automation software and payment solutions for middle market businesses and their suppliers. AvidXchange's software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,500 businesses and it has made payments to more than 1,350,000 supplier customers of its buyers over the past five years. To learn more about how AvidXchange is transforming the way companies pay their bills, visit Forward-Looking Statements Certain statements made in this press release constitute forward-looking statements within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this press release that are not statements of historical fact and generally relate to future events, hopes, intentions, strategies, or performance may be deemed to be forward-looking statements, including, without limitation, statements regarding AvidXchange's pending acquisition by TPG in partnership with Corpay. These forward-looking statements are based on management's current expectations and beliefs as of the date they are made. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause AvidXchange's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risks discussed in AvidXchange's filings with the Securities and Exchange Commission ('SEC'), including AvidXchange's Annual Report on Form 10-K and other documents filed with the SEC, which may be obtained on the investor relations section of our website ( and on the SEC website at AvidXchange undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise, except as required by law. Non-GAAP Measures and Other Performance Metrics To supplement the financial measures presented in our press release in accordance with generally accepted accounting principles in the United States ('GAAP'), we also present the following non-GAAP measures of financial performance: Non-GAAP Gross Profit, Non-GAAP Gross Margin, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP Earnings Per Share. A 'non-GAAP financial measure' refers to a numerical measure of our historical or future financial performance or financial position that is included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in our financial statements. We provide certain non-GAAP measures as additional information relating to our operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare our performance to that of other companies. We have presented Non-GAAP Gross Profit, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP Earnings Per Share in this press release. We define Non-GAAP Gross Profit & Gross Margin as revenue less cost of revenue excluding the portion of depreciation and amortization and stock-based compensation expense allocated to cost of revenues. We define Adjusted EBITDA as our net loss before depreciation and amortization, impairment and write-off of intangible assets, interest income and expense, income tax expense (benefit), stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, and charitable contributions of common stock. We define Non-GAAP Net Income (Loss) as net loss before amortization of acquired intangible assets, impairment and write-off of intangible assets, stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, acquisition-related effects on income tax, and charitable contributions of common stock. Non-GAAP income tax expense is calculated using our blended statutory rate except in periods of non-GAAP net loss when it is based on our GAAP income tax expense. In each case, non-GAAP income tax expense excludes the effects of acquisitions in the period on tax expense. We define Non-GAAP Earnings per Share as Non-GAAP Net Income (Loss) per diluted share. We believe the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are either not part of our core operations or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance. Availability of Information on AvidXchange's Website Investors and others should note that AvidXchange routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts, and the Investor Relations section of AvidXchange's website. While not all information that AvidXchange posts to the Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, AvidXchange encourages investors, the media and others interested in AvidXchange to review the information that it shares at the Investor Relations link located at Users may automatically receive email alerts and other information about AvidXchange when enrolling an email address by visiting 'Email Alerts' in the 'Resources' section of AvidXchange's Investor Relations website Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues $ 110,570 $ 105,132 $ 218,512 $ 210,730 Cost of revenues (exclusive of depreciation and amortization expense) 30,949 30,426 61,738 60,759 Operating expenses Sales and marketing 23,068 19,956 45,579 39,697 Research and development 26,975 25,008 52,357 50,912 General and administrative 33,510 22,635 62,458 46,895 Impairment and write-off of intangible assets - - - 162 Depreciation and amortization 8,479 9,208 17,148 18,515 Total operating expenses 92,032 76,807 177,542 156,181 Loss from operations (12,411) (2,101) (20,768) (6,210) Other income (expense) Interest income 4,480 5,979 8,621 12,541 Interest expense (2,010) (3,323) (4,016) (6,660) Other income 2,470 2,656 4,605 5,881 (Loss) income before income taxes (9,941) 555 (16,163) (329) Income tax (benefit) expense (477) 119 612 244 Net (loss) income $ (9,464) $ 436 $ (16,775) $ (573) Net (loss) income per share attributable to common stockholders, basic and diluted Basic $ (0.05) $ 0.00 $ (0.08) $ 0.00 Diluted $ (0.05) $ 0.00 $ (0.08) $ 0.00 Weighted average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted Basic 206,933,045 207,025,967 205,982,206 205,961,720 AvidXchange Holdings, Inc. Consolidated Balance Sheets (in thousands, except share and per share data) As of June 30, As of December 31, 2025 2024 Assets Current assets Cash and cash equivalents $ 335,773 $ 355,637 Restricted funds held for customers 1,148,195 1,250,346 Marketable securities 71,461 33,663 Accounts receivable, net of allowances of $4,362 and $4,279, respectively 50,988 51,671 Supplier advances receivable, net of allowances of $2,024 and $1,644 respectively 18,035 14,080 Prepaid expenses and other current assets 15,503 15,317 Total current assets 1,639,955 1,720,714 Property and equipment, net 96,632 97,592 Deferred customer origination costs, net 29,005 28,119 Goodwill 165,921 165,921 Intangible assets, net 65,235 71,068 Other noncurrent assets and deposits 7,087 6,297 Total assets $ 2,003,835 $ 2,089,711 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 20,482 $ 15,494 Accrued expenses 45,094 46,849 Payment service obligations 1,148,195 1,250,346 Deferred revenue 12,747 13,967 Current maturities of lease obligations under finance leases 36 103 Current maturities of lease obligations under operating leases 663 1,207 Current maturities of long-term debt 4,800 4,800 Total current liabilities 1,232,017 1,332,766 Long-term liabilities Deferred revenue, less current portion 10,640 11,856 Obligations under finance leases, less current maturities 63,342 63,025 Obligations under operating leases, less current maturities 1,655 1,969 Long-term debt 4,300 4,300 Other long-term liabilities 4,331 3,962 Total liabilities 1,316,285 1,417,878 Commitments and contingencies Stockholders' equity Preferred stock, $0.001 par value; 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2025 and December 31, 2024 - - Common stock, $0.001 par value; 1,600,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 207,695,309 and 204,335,860 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 208 204 Additional paid-in capital 1,718,132 1,685,644 Accumulated deficit (1,030,790) (1,014,015) Total stockholders' equity 687,550 671,833 Total liabilities and stockholders' equity $ 2,003,835 $ 2,089,711 AvidXchange Holdings, Inc. Three Months Ended June 30, Six Months Ended June 30, Reconciliation of Revenue to Non-GAAP Gross Profit and Non-GAAP Gross Margin 2025 2024 2025 2024 (in thousands) Total revenues $ 110,570 $ 105,132 $ 218,512 $ 210,730 Expenses: Cost of revenues (exclusive of depreciation and amortization expense) (30,949) (30,426) (61,738) (60,759) Depreciation and amortization expense (5,977) (6,034) (12,106) (12,098) GAAP Gross profit $ 73,644 $ 68,672 $ 144,668 $ 137,873 Adjustments: Stock-based compensation expense 1,996 1,625 3,980 2,857 Depreciation and amortization expense 5,977 6,034 12,106 12,098 Non-GAAP gross profit $ 81,617 $ 76,331 $ 160,754 $ 152,828 GAAP Gross margin 66.6 % 65.3 % 66.2 % 65.4 % Non-GAAP gross margin 73.8 % 72.6 % 73.6 % 72.5 % AvidXchange Holdings, Inc. Reconciliation of GAAP to Non-GAAP Measures (Continued) Three Months Ended June 30, Six Months Ended June 30, Reconciliation of Net Income (Loss) to Non-GAAP Net Income (Loss), including per share amounts 2025 2024 2025 2024 (in thousands, except share and per share data) Net income (loss) $ (9,464) $ 436 $ (16,775) $ (573) Exclude: Provision for income taxes (477) 119 612 244 Income (loss) before taxes (9,941) 555 (16,163) (329) Amortization of acquired intangible assets 2,859 3,414 5,744 6,827 Impairment and write-off of intangible assets - - - 162 Stock-based compensation expense 15,085 12,319 29,571 23,278 Transaction and acquisition-related costs (1) 6,449 - 8,445 - Non-recurring items not indicative of ongoing operations (2) (195) (1,976) 528 (630) Total net adjustments 24,198 13,757 44,288 29,637 Non-GAAP income (loss) before taxes 14,257 14,312 28,125 29,308 Non-GAAP income tax expense (2) 3,550 3,564 7,003 7,298 Non-GAAP net income (loss) $ 10,707 $ 10,748 $ 21,122 $ 22,010 Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, basic 206,933,045 207,025,967 205,982,206 205,961,720 Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, diluted 207,348,652 209,896,829 205,982,206 205,961,720 GAAP Net income (loss) per share attributable to common stockholders, basic and diluted $ (0.05) $ 0.00 $ (0.08) $ 0.00 Non-GAAP basic net income (loss) per share attributable to common stockholders, basic $ 0.05 $ 0.05 $ 0.10 $ 0.11 Non-GAAP basic net income (loss) per share attributable to common stockholders, diluted $ 0.05 $ 0.05 $ 0.10 $ 0.11 GAAP income (loss) per common share, basic and diluted $ (0.05) $ 0.00 $ (0.08) $ 0.00 Amortization of acquired intangible assets 0.01 0.02 0.03 0.03 Impairment and write-off of intangible assets - - - - Stock-based compensation expense 0.07 0.06 0.14 0.11 Transaction and acquisition-related costs 0.03 - 0.04 - Non-recurring items not indicative of ongoing operations (1) - (0.01) - - Provision for income taxes (0.02) (0.02) (0.03) (0.03) Adjustment to fully diluted earnings per share 0.01 - - - Non-GAAP diluted income (loss) per common share $ 0.05 $ 0.05 $ 0.10 $ 0.11 AvidXchange Holdings, Inc. Reconciliation of GAAP to Non-GAAP Measures (Continued) Three Months Ended June 30, Six Months Ended June 30, Reconciliation of Net Loss to Adjusted EBITDA 2025 2024 2025 2024 (in thousands) Net loss $ (9,464) $ 436 $ (16,775) $ (573) Depreciation and amortization 8,479 9,208 17,148 18,515 Impairment and write-off of intangible assets - - - 162 Interest income (4,480) (5,979) (8,621) (12,541) Interest expense 2,010 3,323 4,016 6,660 Provision for income taxes (477) 119 612 244 Stock-based compensation expense 15,085 12,319 29,571 23,278 Transaction and acquisition-related costs (1) 6,449 - 8,445 - Non-recurring items not indicative of ongoing operations (2) (195) (1,976) 528 (630) Adjusted EBITDA $ 17,407 $ 17,450 $ 34,924 $ 35,115 (1) For the three and six months ended June 30, 2025, this amount consists of transaction and deal costs incurred in connection with the proposed plan of merger announced on May 6, 2025 described in our unaudited consolidated financial statements. (2) For the three months ended June 30, 2025, this amount includes a $172 gain on lease buyout. For the three months ended June 30, 2024, this amount was primarily comprised of an insurance recovery of $2,110 for costs incurred in response to the cybersecurity incident that was detected in April 2023. For the six months ended June 30, 2025, this amount includes $618 in restructuring costs and a $172 gain on lease buyout. For the six months ended June 30, 2024 this amount includes $1,157 of severance costs and a net benefit of $1,808 of response costs incurred in connection with the cybersecurity incident.
