Billcom Holdings reported QQ2 2025 total revenue of $362.6 million, up 14% year over year, with core revenue (subscription and transaction fees) of $320.0 million, up 16% year over year. Non-GAAP operating income rose to $63.0 million, yielding a 17% non-GAAP operating margin, and free cash flow margin reached 20% in the quarter, signaling strong operating leverage amid ongoing investments to scale SMB financial operations. The company’s AI-enabled platform continues to broaden its surface area: Bill APAR and spend & expense revenue grew 16% and 21% YoY respectively, with embedded solutions contributing $19.0 million in revenue. The network now comprises over 7 million members, with more than 480,000 SMBs using the platform and $85 billion in payment volume across 30 million transactions. Management highlighted continued monetization initiatives (e.g., embedded 1099s, new card experiences, and real-time payments) and multi-entity capabilities intended to deepen wallet share, particularly among mid-market customers. However, the quarter was not without headwinds: monetization was modestly affected by seasonality (TPV mix shifts toward checks/ACH) and currency volatility, leading to a slight dip in take rate from the prior quarter. For the second half of fiscal 2025, management reiterated guidance implying continued monetization expansion and a return to growth momentum, underscored by expanding card adoption, ACH enhancements, and a broader go-to-market focus with accounting firms and larger suppliers. The company remains confident in achieving its full-year targets, including core revenue growth of 16%–17% and non-GAAP net income per share of roughly $1.87–$1.97, supported by a robust balance sheet and strong cash flow generation.