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Expensify, Inc. [EXFY], a leading provider of expense management software, has announced its financial results for the third quarter of 2023. The company reported a net loss of $34.3 million for the quarter, compared to a net loss of $8.2 million in the same period last year. Despite the challenging economic environment, Expensify managed to generate quarterly revenue of $36.5 million.
Expensify's gross margin for the quarter stood at $18.8 million, reflecting a decrease from $25.9 million in the third quarter of 2022. The decline can be attributed to higher cost of revenue, which amounted to $17.7 million, compared to $16.6 million in the same period last year. Operating expenses for the quarter amounted to $33.7 million, up from $31.7 million in the previous year. The increase in operating expenses was primarily driven by higher general and administrative expenses.
Despite the challenges faced during the quarter, Expensify managed to generate revenue of $36.5 million, indicating a modest decline from $42.5 million in the third quarter of 2022. This decline can be attributed to lower sales and marketing expenses, as well as the ongoing impact of the global pandemic on customer spending patterns.
Expensify remains financially stable, with total assets of $212.3 million as of September 30, 2023. The company reported total liabilities of $117.3 million, resulting in stockholders' equity of $95.1 million. With a strong balance sheet, Expensify is well-positioned to navigate the current economic challenges.
Expensify reported a net loss per share of $0.21 for the third quarter of 2023, compared to a net loss per share of $0.10 in the same period last year. The increase in net loss per share can be attributed to higher operating expenses and the ongoing impact of the global pandemic on the company's revenue.
Looking ahead, Expensify remains focused on driving revenue growth and improving profitability. The company continues to invest in research and development to enhance its product offerings and meet the evolving needs of its customers. Expensify also aims to optimize its operating expenses and improve operational efficiency to drive long-term financial success.
Despite the challenges faced during the third quarter of 2023, Expensify demonstrated resilience by generating significant revenue and maintaining financial stability. With a strong balance sheet and a strategic focus on innovation and efficiency, the company is well-positioned to capitalize on opportunities in the expense management software market. Expensify remains committed to delivering value to its customers and driving long-term shareholder value.