BILL Holdings Reports $358.2 Million Revenue with 11% Growth, Faces Net Loss of $11.6 Million

BILL Holdings, Inc. reported a total revenue of $358.2 million for the three months ended March 31, 2025, marking an increase of 11% from $323.0 million in the same period last year. For the nine months ending March 31, 2025, revenue reached $1.08 billion, up 14% from $946.5 million in the prior year. The growth was primarily driven by a 14% increase in subscription and transaction fees, which amounted to $320.3 million, compared to $281.3 million in the previous year. However, the company experienced a net loss of $11.6 million for the quarter, a significant decline from a net income of $31.8 million in the same quarter of 2024. For the nine-month period, the company reported a net income of $30.9 million, contrasting with a net loss of $36.5 million in the prior year.

The financial performance reflects a strategic shift as the company continues to expand its customer base and product offerings. As of March 31, 2025, BILL Holdings had approximately 488,600 businesses using its solutions, with a total payment volume (TPV) of $79.4 billion for the quarter. This represents a notable increase from $71.4 billion in the same quarter of the previous year. The company has also seen a rise in the number of transactions processed, totaling approximately 11.5 million for the quarter, compared to 10.2 million in the prior year.

In terms of operational developments, BILL Holdings has made significant investments in its technology infrastructure and product development. The company reported an increase in research and development expenses, which rose to $86.5 million for the quarter, up from $81.6 million in the previous year. This investment is aimed at enhancing the platform's capabilities and expanding its market reach. Additionally, the company has been actively repurchasing shares, having repurchased approximately $201.3 million worth of its common stock under a share repurchase program initiated in August 2024.

The filing also highlighted the company's ongoing efforts to manage credit risk associated with its BILL Divvy Corporate Card offering. The provision for expected credit losses decreased to $14.9 million for the quarter, down from $17.7 million in the prior year, reflecting improvements in delinquency performance and refinements in the methodology used to reserve for credit losses. However, the company remains cautious about macroeconomic conditions that could impact small and medium-sized businesses, which constitute a significant portion of its customer base.

Looking ahead, BILL Holdings expressed optimism about its growth trajectory, although it acknowledged potential challenges posed by economic volatility and competition. The company plans to continue investing in its platform and expanding its customer base while monitoring market conditions closely. The management emphasized the importance of maintaining strong relationships with financial institutions and accounting firms, which are critical to its business model.