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Expensify Announces Q4 and Full Year Fiscal 2024 Results

Feb 27, 2025 - financialpost.com
Expensify, Inc. reported its Q4 and full-year fiscal 2024 results, highlighting a 5% increase in Q4 revenue compared to Q3 2024, and a 76% reduction in net loss year-over-year. The company generated $23.9 million in both operating and free cash flow for the fiscal year, surpassing its forecast by 19%. Expensify achieved significant milestones, including a 44% year-over-year increase in Expensify Card spend and a 54% increase in interchange revenue. The company also paid off $22.7 million in debt, becoming debt-free, and expanded its AI capabilities, reducing human intervention in processes and improving customer service efficiency.

For the full year 2024, Expensify reported a revenue of $139.2 million, an 8% decrease from the previous year, but saw improvements in net loss and adjusted EBITDA. The company completed its migration to a new card program and launched Expensify Travel, adding new revenue opportunities. Looking ahead, Expensify estimates free cash flow of $16.0 million to $20.0 million for fiscal year 2025 and plans to continue integrating AI into its operations, aiming for AI supremacy in fintech.

Key takeaways:

  • Expensify reported a 5% increase in Q4 2024 revenue compared to Q3 2024, with a total revenue of $37.0 million for the quarter.
  • The company achieved a significant reduction in net loss for FY24, down 76% year-over-year, and increased its adjusted EBITDA by 199% year-over-year to $39.4 million.
  • Expensify has successfully integrated AI into its operations, reducing costs and improving efficiency, such as eliminating human intervention in the SmartScan process and upgrading its AI Concierge system.
  • The company has become debt-free after paying off $22.7 million in debt and has completed the migration to its new Expensify Card program, which has increased interchange revenue by 54% year-over-year.
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