Expensify, Inc. ( (EXFY) ) has released its Q3 earnings. Here is a breakdown of the information Expensify, Inc. presented to its investors.
Expensify, Inc. is a payments superapp that facilitates financial management for businesses and individuals worldwide by offering features like corporate cards, expense tracking, and travel booking. In its latest earnings report for the third quarter of 2024, Expensify highlighted significant strategic and financial developments. Revenue for the quarter was reported at $35.4 million, which is a 3% decrease year-over-year, but the company achieved a notable increase in free cash flow guidance, now expected to be between $19.0 million to $20.0 million for the fiscal year 2024.
The company’s financial performance was marked by a rise in interchange revenue from the Expensify Card, which grew by 48% compared to the same period last year, reaching $4.6 million. Despite a net loss of $2.2 million, Expensify saw improvements with a non-GAAP net income of $5.4 million and an adjusted EBITDA of $9.7 million. The transition to the New Expensify Card program is nearly complete, with 94% of card spend migrated, demonstrating the company’s strategic shift towards enhancing its card offerings.
In addition to financial metrics, Expensify reported an increase in engagement and interest in its New Expensify platform, which generated 61% more leads at a recent industry conference compared to the previous year. The launch of Expensify Travel also showed promise, as it began generating revenue, following the completion of its initial beta phase and expansion to mid-market customers.
Looking ahead, Expensify’s management remains optimistic about its growth prospects, focusing on driving more leads and expanding its product offerings. The company aims to continue leveraging its established Expensify Classic platform as a stable foundation to support the growth of New Expensify and Expensify Travel, positioning itself for sustained success in the competitive payments industry.
