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Private company

AvidXchange Holdings, Inc.

AvidXchange Holdings, Inc. is an American prepackaged software services company, incorporated in Delaware.1 It is headquartered in Charlotte, North Carolina.1

Last updated Oct 21, 2026.

Overview

  • IndustryServices-Prepackaged Software1
  • HeadquartersCharlotte, North Carolina1
  • Incorporated inDE2
  • Business address1210 Avidxchange Lane, Charlotte, Nc 282062
  • Filer categoryLarge accelerated filer2

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We introduced new partnerships and focused on improvements to our product set in 2024, all in support of revenue growth while at the same time taking actions to control our costs. This strategy enabled us to mark a milestone as we achieved our first-ever GAAP net income in the second quarter of fiscal year 2024, ahead of our third anniversary as a publicly traded company. We believe that this profitability milestone was, in part, attributable to how our value proposition of accounts payable automation and payments solutions, built upon our two-sided network of buyers and suppliers, continued to resonate with middle market companies.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

-0.6%Operating margin5
1.9%Net margin5
15.3%Revenue growth, 20245
1.2%Return on equity5
0.01×Debt to equity5

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Research and development23¢$101.1M
  • Other costs72¢$317.4M
  • Interest3¢$11.3M
  • Income tax0¢$921.0K
  • Profit2¢$8.1M

Out of $438.9M in revenue.5

Where each dollar of operating cash went, fiscal 2024

  • Share buybacks70¢$50.1M
  • Kept or used elsewhere30¢$21.8M

Out of $71.9M of cash from operations.5

Financial statements

Revenue6785$438.9M in 2024+193% since 2019
0$200.0M$400.0M$600.0M2019: $149.6M$149.6M20192020: $185.9M$185.9M2020+24%2021: $248.4M$248.4M2021+34%2022: $316.4M$316.4M2022+27%2023: $380.7M$380.7M2023+20%2024: $438.9M$438.9M2024+15%
Operating income6785-$2.6M in 2024−97% since 2019
-$150.0M-$100.0M-$50.0M02019: -$77.1M-$77.1M20192020: -$75.1M-$75.1M2020−3%2021: -$108.7M-$108.7M2021+45%2022: -$87.4M-$87.4M2022−20%2023: -$53.5M-$53.5M2023−39%2024: -$2.6M-$2.6M2024−95%
Net income6785$8.1M in 2024
-$200.0M-$100.0M0$100.0M2019: -$93.5M-$93.5M20192020: -$101.2M-$101.2M2020+8%2021: -$199.6M-$199.6M2021+97%2022: -$101.3M-$101.3M2022−49%2023: -$47.3M-$47.3M2023−53%2024: $8.1M$8.1M2024
Fiscal year2018201920202021202220232024
Revenue$149.6M6$185.9M7$248.4M8$316.4M5$380.7M5$438.9M5
Research and development$33.6M6$44.5M7$65.1M8$83.9M5$97.6M5$101.1M5
Operating expenses$257.1M8$285.9M5$312.9M5$319.7M5
Operating income-$77.1M6-$75.1M7-$108.7M8-$87.4M5-$53.5M5-$2.6M5
Interest$17.3M6$20.1M7$20.1M8$20.7M5$13.5M5$11.3M5
Income before tax-$204.3M8-$101.0M5-$46.1M5$9.1M5
Income tax$60.0K6$234.0K7-$4.7M8$321.0K5$1.2M5$921.0K5
Net income-$93.5M6-$101.2M7-$199.6M8-$101.3M5-$47.3M5$8.1M5
Earnings per share-$3.347-$2.648-$0.515-$0.235$0.045
Earnings per share (diluted)-$3.347-$2.648-$0.515-$0.235$0.045
Shares (weighted, basic)85.1M shares8198.0M shares5201.9M shares5206.1M shares5
Shares (weighted, diluted)85.1M shares8198.0M shares5201.9M shares5209.2M shares5

Compare AvidXchange Holdings, Inc. with another company

Corporate structure

AvidXchange Holdings, Inc. sits at the top of its group. 13 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of AvidXchange Holdings, Inc.

  • Michael Praeger Filed SCHEDULE 13G/A on AvidXchange Holdings, Inc., latest Oct 15, 2025 (3 filings since Jun 28, 2024)
  • GLAZER CAPITAL, LLC Filed SCHEDULE 13G on AvidXchange Holdings, Inc., latest Oct 10, 2025
  • Greenhouse Funds LLLP Filed SCHEDULE 13G/A on AvidXchange Holdings, Inc., latest Aug 13, 2025 (4 filings since Nov 14, 2024)
  • FMR LLC Filed SCHEDULE 13G/A on AvidXchange Holdings, Inc., latest Aug 6, 2025 (3 filings since Nov 12, 2024)
  • Senvest Management, LLC Filed SCHEDULE 13G/A on AvidXchange Holdings, Inc., latest Feb 13, 2025 (4 filings since Aug 7, 2023)
  • BAIN CAPITAL VENTURE FUND 2014, L.P. Filed SC 13G/A on AvidXchange Holdings, Inc., latest Nov 14, 2024 (4 filings since Feb 14, 2022)
  • VANGUARD GROUP INC Filed SC 13G/A on AvidXchange Holdings, Inc., latest Feb 13, 2024 (2 filings since Feb 9, 2023)
  • BlackRock Filed SC 13G on AvidXchange Holdings, Inc., latest Jan 29, 2024 (3 filings since Feb 3, 2023)
  • CAISSE DE DEPOT ET PLACEMENT DU QUEBEC Filed SC 13G/A on AvidXchange Holdings, Inc., latest Feb 14, 2023 (2 filings since Feb 14, 2022)
  • Capital Research Global Investors Filed SC 13G/A on AvidXchange Holdings, Inc., latest Feb 13, 2023 (2 filings since Feb 11, 2022)
  • Temasek Holdings (Private) Ltd Filed SC 13G/A on AvidXchange Holdings, Inc., latest Feb 8, 2023 (2 filings since Feb 14, 2022)
  • Mastercard Filed SC 13G on AvidXchange Holdings, Inc., latest Feb 8, 2022
  • AvidXchange Holdings, Inc. Charlotte, North Carolina
    • AFV Commerce, Inc. Subsidiary · Delaware, United States
    • AFV Holdings II, LLC Subsidiary · North Carolina, United States
    • AFV Holdings One, Inc. Subsidiary · North Carolina, United States
    • AvidXchange Financial Services, Inc. Subsidiary · Delaware, United States
    • AvidXchange Solutions, LLC Subsidiary · Delaware, United States
    • AvidXchange, Inc. Subsidiary · Delaware, United States
    • BTS Alliance, LLC Subsidiary · Delaware, United States
    • Core Associates, LLC Subsidiary · Delaware, United States
    • FastPay Payment Technologies Inc. Subsidiary · Delaware, United States
    • FPP Enterprise LLC Subsidiary · Delaware, United States
    • Oak HC/FT FPP Blocker Corp. Subsidiary · Delaware, United States
    • Strongroom Solutions, Inc. Subsidiary · Texas, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What AvidXchange Holdings, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$145.6M5 Dec 31, 2024$145.6M5 Dec 31, 20230%
Accumulated depreciation$48.0M5 Dec 31, 2024$44.6M5 Dec 31, 2023+7.7%
Property and equipment, net$97.6M5 Dec 31, 2024$101.0M5 Dec 31, 2023−3.4%
Finance-lease assets$74.6M5 Dec 31, 2024$74.6M5 Dec 31, 2023−0.1%
Operating-lease assets (leased space)$05 Dec 31, 2024$1.6M5 Dec 31, 2023−100.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$355.6M5 Dec 31, 2024$407.0M5 Dec 31, 2023−12.6%
Marketable securities, current$33.7M5 Dec 31, 2024$44.6M5 Dec 31, 2023−24.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$165.9M5 Dec 31, 2024$165.9M5 Dec 31, 20230%
Intangible assets, net (excluding goodwill)$71.1M5 Dec 31, 2024$84.8M5 Dec 31, 2023−16.2%
Finite-lived intangibles, gross$251.0M5 Dec 31, 2024$233.7M5 Dec 31, 2023+7.4%
Accumulated amortization$179.9M5 Dec 31, 2024$148.9M5 Dec 31, 2023+20.8%
Finite-lived intangibles, net$71.1M5 Dec 31, 2024$84.8M5 Dec 31, 2023−16.2%

Properties, in its own words

We lease our approximately 201,000 square foot built to suit corporate headquarters in Charlotte, North Carolina pursuant to a lease with an initial term that expires in 2032. In 2021, we purchased approximately 60,000 square feet of office space that we use as flex space to support our operations and additional real estate parcels that are adjacent to our corporate headquarters. We own approximately 17.1 acres of land adjacent to our current headquarters for future expansion.

In the fourth quarter of 2024, we undertook an effort to reduce our office footprint outside of our headquarters and we abandoned our leased offices in Framingham, Massachusetts, Sandy, Utah, Houston, Texas, and Birmingham, Alabama. We continue to maintain and support our employee-teammate concentrations in these areas.

Item 2 of the 10-K filed Feb 28, 2025.4

Leadership

Who has led AvidXchange Holdings, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael Praeger2022–now

President

  1. Michael Praeger2022–2023
  2. Daniel Drees2023–now
2025
Board members and other officers (14)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • AFV Commerce, Inc. Delaware3
  • AFV Holdings II, LLC North Carolina3
  • AFV Holdings One, Inc. North Carolina3
  • AvidXchange Financial Services, Inc. Delaware3
  • AvidXchange Solutions, LLC Delaware3
  • AvidXchange, Inc. Delaware3
  • BTS Alliance, LLC Delaware3
  • Core Associates, LLC Delaware3
  • FPP Enterprise LLC Delaware3
  • FastPay Payment Technologies Inc. Delaware3
  • Oak HC/FT FPP Blocker Corp. Delaware3
  • Strongroom Solutions, Inc. Texas3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 15, 20258-K Entered a material agreement; Ended a material agreement; Completed an acquisition or sale26
  2. Sep 16, 20258-K Shareholder vote27
  3. Aug 7, 20258-K Results of operations28
  4. Jun 30, 20258-K Shareholder vote29
  5. May 7, 20258-K Results of operations30
  6. May 7, 20258-K Entered a material agreement; Regulation FD disclosure31
  7. May 6, 20258-K Regulation FD disclosure32
  8. Feb 26, 20258-K Results of operations33
  9. Nov 6, 20248-K Results of operations34
  10. Aug 22, 20248-K Other events35
  11. Aug 9, 20248-K Entered a material agreement; New debt or obligation36
  12. Jul 31, 20248-K Results of operations37
  13. Mar 15, 2022New chief executive Michael Praeger becomes CEO11

Calendar

When it reported results

  1. Aug 7, 2025Reported quarterly or annual results28
  2. May 7, 2025Reported quarterly or annual results30
  3. Feb 26, 2025Reported quarterly or annual results33
  4. Nov 6, 2024Reported quarterly or annual results34
  5. Jul 31, 2024Reported quarterly or annual results37
  6. May 8, 2024Reported quarterly or annual results38
  7. Feb 28, 2024Reported quarterly or annual results39
  8. Nov 8, 2023Reported quarterly or annual results40

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

451 filings to the SEC since October 2021: 4 annual reports, 12 quarterly reports, 34 major events, 264 insider forms, 31 large holders, 106 other. The latest 20:

  1. Oct 27, 202515-12G EDGAR
  2. Oct 15, 20254 EDGAR
  3. Oct 15, 20254 EDGAR
  4. Oct 15, 20254 EDGAR
  5. Oct 15, 20254 EDGAR
  6. Oct 15, 20254 EDGAR
  7. Oct 15, 20254 EDGAR
  8. Oct 15, 20254 EDGAR
  9. Oct 15, 20254 EDGAR
  10. Oct 15, 20254 EDGAR
  11. Oct 15, 20254 EDGAR
  12. Oct 15, 20254 EDGAR
  13. Oct 15, 20254 EDGAR
  14. Oct 15, 20254 EDGAR
  15. Oct 15, 20254 EDGAR
  16. Oct 15, 2025SCHEDULE 13G/A EDGAR
  17. Oct 15, 2025S-8 POS EDGAR
  18. Oct 15, 2025S-8 POS EDGAR
  19. Oct 15, 2025S-8 POS EDGAR
  20. Oct 15, 2025S-8 POS EDGAR

The 451 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

143 open-market trades by officers, directors and large owners since October 2021: 3 buys and 140 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 10, 2025Cunningham Todd AlanSee RemarksSale62,585$9.79$612.7KForm 4
May 15, 2025Wilhite JoelSee RemarksSale20,914$9.74$203.7KForm 4
May 15, 2025Stahl RyanSee RemarksSale8,999$9.74$87.7KForm 4
May 15, 2025Praeger MichaelChief Executive OfficerSale40,005$9.74$389.6KForm 4
May 15, 2025Gibson AngelicSee RemarksSale10,921$9.74$106.4KForm 4
May 15, 2025Drees DanielPresidentSale25,972$9.74$253.0KForm 4
May 15, 2025Cunningham Todd AlanSee RemarksSale6,864$9.74$66.9KForm 4
Mar 17, 2025Praeger MichaelChief Executive OfficerSale92,215$8.25$760.8KForm 4
Mar 14, 2025Praeger MichaelChief Executive OfficerSale27,336$8.03$219.5KForm 4
Feb 28, 2025Wilhite JoelSee RemarksSale32,203$7.59$244.4KForm 4
Feb 28, 2025Stahl RyanSee RemarksSale18,916$7.59$143.6KForm 4
Feb 28, 2025Praeger MichaelChief Executive OfficerSale58,881$7.59$446.9KForm 4
Feb 28, 2025Gibson AngelicSee RemarksSale23,592$7.59$179.1KForm 4
Feb 28, 2025Drees DanielPresidentSale34,782$7.59$264.0KForm 4
Feb 28, 2025Cunningham Todd AlanSee RemarksSale15,320$7.59$116.3KForm 4
Dec 10, 2024Mackintosh TeresaDirectorSale400$11.04$4.4KForm 4
Dec 9, 2024HAUSMAN JAMES EDirectorSale25,000$11.25$281.2KForm 4
Dec 6, 2024Mackintosh TeresaDirectorSale13,316$11.44$152.3KForm 4
Dec 2, 2024Praeger MichaelChief Executive OfficerSale42,377$11.40$483.1KForm 4
Nov 29, 2024Gibson AngelicSee RemarksSale30,000$11.41$342.3KForm 4

All 143 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Michael Praeger57$520.2K$7.7M53
2024Daniel Drees57$443.1K$4.1M53
2024Joel Wilhite55$430.2K$3.9M53
2024Angelic Gibson48$397.4K$3.2M53
2024Ryan Stahl50$392.3K$2.6M53
2023Chief ExecutiveOfficer and Chairman of the Board$500.0K$7.3M53
2023President$428.8K$5.2M53
2023Chief Financial OfficerSenior Vice President$410.0K$3.6M53
2023Chief InformationOfficer, Senior Vice President$384.5K$2.8M53
2023General Counsel andSecretary, Senior Vice President$381.0K$2.6M53
2022Chief ExecutiveOfficer and Chairman of the Board$497.7K$7.2M53
2022Chief Financial OfficerSenior Vice President$405.4K$3.8M53
2022President$390.4K$3.8M53
2022Chief InformationOfficer, Senior Vice President$370.4K$2.7M53
2022General Counsel andSecretary, Senior Vice President$358.5K$2.5M53

SEC filer profile

How AvidXchange Holdings, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAvidXchange Holdings, Inc.1
  • CIK0001858257
  • Employer ID (EIN)86-33911924
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)7372 Services-Prepackaged Software1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business address1210 Avidxchange Lane, Charlotte, NC 282061
  • Phone80056093051
  • Shares outstanding207,698,753 as of Aug 4, 202510
  • Public float$1.6B as of Jun 28, 20244
  • AuditorPricewaterhouseCoopers LLP, Charlotte, North Carolina, United States PCAOB ID 238; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceJul 14, 20211
  • Filings479 in all: 4 (237), 144 (56), 8-K (33), 3 (19), DEFA14A (15), SC 13G (13), 10-Q (12), CORRESP (10)1
    All 42 form types

    SC 13G/A (9), SCHEDULE 13G/A (7), 144/A (5), 3/A (5), S-8 (5), 10-K (4), DEF 14A (4), S-8 POS (4), SC 13E3/A (4), UPLOAD (4), ARS (3), S-1/A (3), 4/A (2), DRSLTR (2), PRER14A (2), SCHEDULE 13G (2), SEC STAFF LETTER (2), 15-12G (1), 25-NSE (1), 424B4 (1), 5 (1), 8-A12B (1), 8-K/A (1), CERT (1), CT ORDER (1), DEFM14A (1), DRS (1), DRS/A (1), EFFECT (1), PREM14A (1), RW (1), S-1 (1), S-1MEF (1), SC 13E3 (1)

  • Latest filingsAnnual report (10-K) Feb 28, 2025
    Quarterly report (10-Q) Aug 7, 2025
    Proxy statement (DEF 14A) Apr 30, 2025
    Latest 8-K (8-K) Oct 15, 2025

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.001 par value per shareAVDXNasdaq Global Select Market

From the cover page of the 10-K filed Feb 28, 2025 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks AvidXchange Holdings, Inc. names in Item 1A of its 10-K filed Feb 28, 2025: 58 risks under these headings, as written.4

  • differ materially from those anticipated in the forward-looking statements as a result of specific factors, including the risks and uncertainties described below.
  • Risks Related to Our Business and Industry
  • Risks Related to Growth
  • We have a history of operating losses and we may not sustain profitability in the future.
  • Our future revenue and operating results will be harmed if we are unable to acquire new customers, retain existing customers, expand sales to our existing customers, or deliver new features, functionality and integrations for our platform that achieve market acceptance.
  • Our historical growth may not be indicative of our future performance and we may not be able to sustain our current growth rate, which is dependent on a number of factors that we do not control.
  • We participate in highly competitive and fragmented markets, and our industry is rapidly evolving.
  • We earn a substantial portion of our revenue from electronic payment transactions and our growth is dependent upon the continued acceptance, adoption and security of electronic payment types that result in interchange revenue.
  • Certain of our customer segments are cyclical.
  • We may not be able to scale our business and technology quickly enough to meet our growth.
  • Future acquisitions, strategic investments, partnerships, collaborations, or alliances could be difficult to identify and integrate, divert the attention of management, disrupt our business, dilute stockholder value, and adversely affect our operating results and financial condition.
  • Our business depends, in part, on our relationships with providers of accounting and ERP solutions.
The other 48 risks
  • Our long-term growth strategy depends, in part, on strategic partnerships and indirect sales partners.
  • The loss of one or more of our key buyers or strategic partners could negatively affect our ability to market our platform.
  • Our estimates of market opportunity and forecasts of market growth may prove to be inaccurate, and even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar rates as we could fail to capture the market share that we anticipate.
  • If we fail to maintain or grow our brand recognition, our ability to expand our base of suppliers and buyers will be impaired and our financial condition may suffer.
  • Risks Related to Operations
  • We transfer large sums of customer funds daily, and are subject to the risk of errors, which could result in financial losses and damage to our reputation and customer trust.
  • We depend on banks, bank partners and other third-party service providers to process transactions.
  • Interruptions or delays in the services provided by third-party providers of cloud-based infrastructure and platforms or internet service providers could impair the delivery of our products and services.
  • If we fail to offer high-quality customer support, or if our support is more expensive than anticipated, our business and reputation could suffer.
  • Risks Related to Electronic Payments
  • We are subject to the payment card network rules and our failure to comply with these rules could harm our business.
  • Risks Related to Cybersecurity and Data Privacy
  • The cybersecurity incident that we detected in early April 2023, or other cyber incidents that we may encounter in the future, may have a material adverse impact on our business and results of operations.
  • We, our strategic partners, our buyers and suppliers, and others who use our services obtain and process a large amount of data. Any real or perceived improper or unauthorized use of, exposure of, disclosure of, or access to such data could harm our reputation as a trusted brand, as well as have a material adverse effect on our business.
  • Risks Related to Talent Acquisition and Retention
  • If we lose key members of our team including our Co-Founder and Chief Executive Officer, or if we are unable to attract and retain talent, our business may be harmed.
  • Failure to effectively develop and expand our sales and marketing capabilities could harm our ability to increase our base of buyers and suppliers and achieve broader market acceptance of our products.
  • If we cannot maintain our company culture as we grow, we could lose the innovation, teamwork, passion and focus on execution that we believe contribute to our success and our business may be harmed.
  • Risks Related to Intellectual Property
  • We may lose existing customers or fail to attract new customers if we are unable to deliver new software, solutions and technology for our platform.
  • Indemnity provisions in various agreements potentially expose us to substantial liability for intellectual property infringement, data protection, and other losses.
  • If we are unable to effectively document or perfect our ownership over our proprietary technology and intellectual property, our ability to protect our proprietary rights against third parties might be adversely affected.
  • If we are unable to obtain necessary or desirable third-party technology licenses, our ability to develop platform enhancements may be impaired.
  • Uncertainty in the development, deployment, and use of artificial intelligence in our operations and in our products and services may result in harm to our business and reputation.
  • Complexities and Risks in AI Product Development and Deployment May Impact Our Business and Competitive Edge.
  • Evolving Legal and Regulatory Frameworks for AI Technologies May Increase Compliance Costs and Operational Challenges.
  • We use open-source software, which could subject us to litigation or other actions.
  • If our technology and other proprietary rights are not adequately protected to prevent use or appropriation by our competitors, the value of our brand and other intangible assets may be diminished, and our business may be adversely affected.
  • Risk Related to Financial Controls, Customer Funds, and Risk Management
  • Should we identify a material weakness in our internal control over financial reporting or otherwise fail to design, implement, and maintain effective internal control over financial reporting, we may be unable to accurately report our financial results in a timely manner, which may adversely affect investor confidence in us and materially and adversely affect our business and operating results.
  • Customer funds held by us are subject to market, interest rate, credit, and liquidity risks, as well as general economic and political conditions. The loss of these funds and fluctuations in rates of return could have a material adverse effect on our business, financial condition, and results of operations.
  • We maintain cash deposits in excess of federally insured limits. Adverse developments affecting financial institutions, including bank failures, could adversely affect our liquidity and financial performance.
  • Our risk management efforts may not be effective to prevent fraudulent activities by our customers or their counterparties or third parties, which could expose us to material financial losses and liability and otherwise harm our business.
  • Any future litigation against us could be costly and time consuming to defend.
  • Natural catastrophic events and man-made problems such as power-disruptions, computer viruses, data security breaches, war and terrorism may disrupt our business.
  • Risks Related to Credit and Liquidity
  • Certain of our products and services expose us to credit risk.
  • Our 2024 Amended and Restated Credit Agreement provides our lenders with a first-priority lien against substantially all of our and our subsidiaries’ assets and personal property, and contains financial covenants and other restrictions on our and our subsidiaries’ actions, which could limit our operational flexibility and otherwise adversely affect our financial condition.
  • Regulatory Risks
  • Our business, which includes payment services and commercial lending, is subject to extensive government regulation and oversight. Our failure to comply with extensive, complex, overlapping, and frequently changing rules, regulations, and legal interpretations could materially harm our business and noncompliance with such laws can subject us to civil and criminal liability.
  • Financial Services Regulation
  • Other Regulation
  • We are subject to governmental regulation and other legal obligations related to privacy, data protection, and information security, and our actual or perceived failure to comply with such obligations could harm our business, by resulting in litigation, fines, penalties, or adverse publicity and reputational damage that may negatively affect the value
  • of our business and decrease the value of our common stock. Compliance with such laws could also result in additional costs and liabilities to us or inhibit sales of our products.
  • We are subject to governmental laws and requirements regarding economic and trade sanctions, export controls, anti-money laundering, and counter-terror financing that could impair our ability to compete in international markets or subject us to civil and criminal liability if we violate them.
  • We are subject to anti-corruption, anti-bribery, and similar laws, and non-compliance with such laws can subject us to civil and criminal liability and harm our business and reputation.
  • The increasing focus on environmental sustainability and social matters could increase our costs, harm our reputation and adversely impact our financial results.
  • Tax Related Risks
  • Our ability to use our net operating losses, or NOLs, to offset future taxable income may be subject to certain limitations.
  • We could be required to collect additional sales taxes or be subject to other tax liabilities that may increase the costs our customers would have to pay for our offerings and adversely affect our operating results.
  • Changes in our effective tax rate or tax liability may adversely affect our operating results.
  • Risks Related to Ownership of Our Common Stock
  • You may be diluted by the future issuance of common stock, preferred stock or securities convertible into common or preferred stock, in connection with our incentive plans, acquisitions, capital raises or otherwise.
  • The market price of our common stock may be volatile or may decline steeply or suddenly regardless of our operating performance and we may not be able to meet investor or analyst expectations. You may not be able to resell your shares at or above the market price of our common stock at the time you bought it and may lose all or part of your investment.
  • Sales of a substantial number of shares of our common stock in the public market, or the perception that they might occur, could cause the price of our common stock to decline.
  • We may require additional capital to support the growth of our business, and this capital might not be available on acceptable terms, if at all.
  • If securities or industry analysts either do not publish research about us or publish inaccurate or unfavorable research about us, our business or our market, or if they change their recommendations regarding our common stock adversely, the trading price or trading volume of our common stock could decline.
  • We do not intend to pay dividends for the foreseeable future and, as a result, your ability to achieve a return on your investment will depend on appreciation in the price of our common stock.
  • Delaware law, our status as a licensed money transmitter and provisions in our restated certificate of incorporation and amended and restated bylaws could make a merger, tender offer or proxy contest difficult, thereby depressing the trading price of our common stock.
  • We must develop and maintain effective internal control over financial reporting, and if we fail to develop and maintain effective disclosure controls and procedures and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired.

Legal proceedings

From time to time, we may be subject to legal proceedings and claims in the ordinary course of business, including commercial, intellectual property, employment, class action, whistleblower, and other litigation and claims, as well as governmental and other regulatory investigations and proceedings. In addition, third parties may from time to time assert claims against us in the form of letters and other communications. We are not currently a party to any legal proceedings that we believe to be material to our business or financial condition. The results of any future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.

The opening of Item 3, Legal Proceedings.4

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