AvePoint Announces First Quarter 2024 Financial Results

First quarter SaaS revenue of $51.3 million, representing 44% year-over-year growth
First quarter Total revenue of $74.5 million, representing 25% year-over-year growth
Total ARR of $274.5 million, representing 23% year-over-year growth

JERSEY CITY, N.J., May 09, 2024 (GLOBE NEWSWIRE) -- AvePoint (NASDAQ: AVPT), a global leader in robust data management and data governance, today announced financial results for the first quarter ended March 31, 2024. 

“Our first quarter was a very strong start to the year, as we outperformed our guidance for total revenues and non-GAAP operating income, while delivering strong growth in total and net new ARR,” said Dr. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint. “Our performance was again driven by the robust capabilities of our platform, as well as the growing recognition among customers and partners of the need – now more important than ever – for a strong data foundation, which in turn is critical to deploying a successful AI strategy. We are laser focused on steady execution as we continue capitalizing on the massive opportunity ahead of us.”

First Quarter 2024 Financial Highlights

  • Revenue: Total revenue was $74.5 million, up 25% from the first quarter of 2023. Within total revenue, SaaS revenue was $51.3 million, up 44% from the first quarter of 2023.
  • Gross Profit: GAAP gross profit was $54.1 million, compared to $41.7 million for the first quarter of 2023. Non-GAAP gross profit was $55.2 million, compared to $42.6 million for the first quarter of 2023. Non-GAAP gross margin was 74.1%, compared to 71.5% for the first quarter of 2023.
  • Operating Income/(Loss): GAAP operating loss was $(3.2) million, compared to $(8.8) million for the first quarter of 2023. Non-GAAP operating income was $6.6 million, compared to a non-GAAP operating loss of $(0.3) million for the first quarter of 2023.
  • Cash, cash equivalents and short-term investments: $219.3 million as of March 31, 2024.
  • Cash from operations: for the three months ended March 31, 2024, the Company generated $7.8 million of cash from operations, compared to $1.3 million generated in the prior year period.

First Quarter 2024 Key Performance Indicators and Recent Business Highlights

  • ARR as of March 31, 2024 was $274.5 million, up 23% year-over-year.
  • Adjusted for FX, dollar-based gross retention rate was 87%, while dollar-based net retention rate was 110%. On an as-reported basis, dollar-based gross retention rate was 86%, while dollar-based net retention rate was 110%.
  • Added three new FedRAMP (moderate) Authorized products to the more than 20 that have achieved this certification to support the US Public Sector; also achieved compliance with HITRUST CSF v11.0.1 for the AvePoint Confidence Platform, supporting the global healthcare industry and evolving its existing SOC 2 Type II certifications.
  • Announced new analytical capabilities of the Company’s tyGraph product that enable customers to identify areas of high collaboration within the organization and pinpoint for readiness for Copilot for Microsoft 365.

Financial Outlook
The company is raising its full year outlook for total ARR, total revenues and non-GAAP operating income.

For the second quarter of 2024, the Company expects:

  • Total revenues of $73.8 million to $75.8 million, or year-over-year growth of 15% at the midpoint.
  • Non-GAAP operating income of $3.6 million to $4.6 million.

For the full year 2024, the Company now expects:

  • Total ARR of $316.8 million to $321.8 million, or year-over-year growth of 21% at the midpoint.
  • Total revenues of $314.3 million to $320.3 million, or year-over-year growth of 17% at the midpoint.
  • Non-GAAP operating income of $30.0 million to $32.0 million.

Quarterly Conference Call

AvePoint will host a conference call today, May 9, 2024, to review its first quarter 2024 financial results and to discuss its financial outlook. The call is scheduled to begin at 4:30pm ET. You may access the call and register with a live operator by dialing 1 (833) 816-1428 for US participants and 1 (412) 317-0520 for outside the US. The passcode for the call is 1888574. Investors can also join by webcast by visiting https://ir.avepoint.com/events. The webcast will be available live, and a replay will be available following the completion of the live broadcast for approximately 90 days.

About AvePoint

Securing the Future. AvePoint is the global leader in data management and data governance, and over 21,000 customers worldwide rely on our solutions to secure the digital workplace across Microsoft, Google, Salesforce and other cloud environments. AvePoint's global partner program includes over 3,500 managed service providers, value added resellers and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit www.avepoint.com.

Non-GAAP Financial Measures

To supplement AvePoint’s consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses (including percentage of revenue figures), non-GAAP operating income and non-GAAP operating margin. The company has included a reconciliation of GAAP to non-GAAP financial measures at the end of this press release. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense and the amortization of acquired intangible assets. The company believes the presentation of its non-GAAP financial measures provides a better representation as to its overall operating performance. The presentation of AvePoint’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for its financial results prepared in accordance with GAAP, and AvePoint’s non-GAAP measures may be different from non-GAAP measures used by other companies.

Disclosure Information

AvePoint uses the https://ir.avepoint.com/ website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K and its registration statement on Form S-1 and related prospectus and prospectus supplements filed with the SEC. Copies of these and other documents filed by AvePoint from time to time are available on the SEC’s website, www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations. Unless the context otherwise indicates, references in this press release to the terms “AvePoint”, “the Company”, “we”, “our” and “us” refer to AvePoint, Inc. and its subsidiaries.

Investor Contact
Jamie Arestia
(551) 220-5654

Media Contact
Nicole Caci
(201) 201-8143

AvePoint, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
    Three Months Ended  
    March 31,  
    2024     2023  
SaaS   $ 51,311     $ 35,512  
Term license and support     10,005       10,904  
Services     10,481       9,747  
Maintenance     2,737       3,409  
Total revenue     74,534       59,572  
Cost of revenue:                
SaaS     9,770       7,895  
Term license and support     416       461  
Services     10,073       9,351  
Maintenance     183       183  
Total cost of revenue     20,442       17,890  
Gross profit     54,092       41,682  
Operating expenses:                
Sales and marketing     29,939       26,851  
General and administrative     16,868       14,648  
Research and development     10,486       9,015  
Total operating expenses     57,293       50,514  
Loss from operations     (3,201 )     (8,832 )
Other income, net     3,404       1,628  
Income (loss) before income taxes     203       (7,204 )
Income tax expense     2,157       1,978  
Net loss   $ (1,954 )   $ (9,182 )
Net (loss) income attributable to noncontrolling interest     (238 )     15  
Net loss available to common shareholders   $ (1,716 )   $ (9,197 )
Basic and diluted loss per share   $ (0.01 )   $ (0.05 )
Basic and diluted shares used in computing loss per share     181,495       182,818  


AvePoint, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except par value)
    March 31,     December 31,  
    2024     2023  
Current assets:                
Cash and cash equivalents   $ 215,489     $ 223,162  
Short-term investments     3,795       3,721  
Accounts receivable, net of allowance for doubtful accounts of $792 and $926, respectively     73,404       85,877  
Prepaid expenses and other current assets     11,037       12,824  
Total current assets     303,725       325,584  
Property and equipment, net     4,906       5,118  
Goodwill     18,692       19,156  
Intangible assets, net     10,165       10,546  
Operating lease right-of-use assets     12,887       13,908  
Deferred contract costs     52,595       54,675  
Other assets     10,848       13,595  
Total assets   $ 413,818     $ 442,582  
Liabilities, mezzanine equity, and stockholders’ equity                
Current liabilities:                
Accounts payable   $ 7,347     $ 1,384  
Accrued expenses and other liabilities     40,917       53,766  
Current portion of deferred revenue     115,197       121,515  
Total current liabilities     163,461       176,665  
Long-term operating lease liabilities     8,121       9,383  
Long-term portion of deferred revenue     7,372       7,741  
Earn-out shares liabilities     17,140       18,346  
Other non-current liabilities     4,976       5,603  
Total liabilities     201,070       217,738  
Commitments and contingencies                
Mezzanine equity                
Redeemable noncontrolling interest           6,038  
Total mezzanine equity           6,038  
Stockholders’ equity                
Common stock, $0.0001 par value; 1,000,000 shares authorized, 185,216 and 184,652 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively     19       18  
Additional paid-in capital     677,926       667,881  
Accumulated other comprehensive income     2,693       3,196  
Accumulated deficit     (469,517 )     (460,496 )
Noncontrolling interest     1,627       8,207  
Total stockholders’ equity     212,748       218,806  
Total liabilities, mezzanine equity, and stockholders’ equity   $ 413,818     $ 442,582  

AvePoint, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
    Three Months Ended  
    March 31,  
    2024     2023  
Operating activities                
Net loss   $ (1,954 )   $ (9,182 )
Adjustments to reconcile net loss to net cash provided by operating activities:                
Depreciation and amortization     1,295       1,134  
Operating lease right-of-use assets expense     1,420       1,749  
Foreign currency remeasurement loss (gain)     580       (175 )
Stock-based compensation     9,458       8,104  
Deferred income taxes     (72 )     (82 )
Other     (146 )     (1,566 )
Change in value of earn-out and warrant liabilities     (1,490 )     109  
Changes in operating assets and liabilities:                
Accounts receivable     10,933       10,049  
Prepaid expenses and other current assets     1,718       3,571  
Deferred contract costs and other assets     4,447       2,987  
Accounts payable, accrued expenses, operating lease liabilities and other liabilities     (14,293 )     (12,828 )
Deferred revenue     (4,140 )     (2,620 )
Net cash provided by operating activities     7,756       1,250  
Investing activities                
Maturities of investments     240       1,670  
Purchases of investments     (389 )     (74 )
Capitalization of internal-use software     (391 )     (259 )
Purchase of property and equipment     (502 )     (225 )
Investment in notes     (500 )     (250 )
Net cash (used in) provided by investing activities     (1,542 )     862  
Financing activities                
Repurchase of common stock     (13,743 )     (1,811 )
Proceeds from stock option exercises     784       1,131  
Repayments of finance leases     (2 )     (10 )
Net cash used in financing activities     (12,961 )     (690 )
Effect of exchange rates on cash     (926 )     217  
Net (decrease) increase in cash and cash equivalents     (7,673 )     1,639  
Cash and cash equivalents at beginning of period     223,162       227,188  
Cash and cash equivalents at end of period   $ 215,489     $ 228,827  
Supplemental disclosures of cash flow information                
Income taxes paid   $ 984     $ 327  
Unpaid redemption of noncontrolling interest   $ 5,926     $  

AvePoint, Inc.
Non-GAAP Reconciliations
(In thousands)
    Three Months Ended    
    March 31,    
    2024     2023    
Non-GAAP operating income                  
GAAP operating loss   $ (3,201 )   $ (8,832 )  
Stock-based compensation expense     9,458       8,104    
Amortization of acquired intangible assets     353       399    
Non-GAAP operating income (loss)   $ 6,610     $ (329 )  
Non-GAAP operating margin     8.9 %     -0.6 %  
Non-GAAP gross profit                  
GAAP gross profit   $ 54,092     $ 41,682    
Stock-based compensation expense     871       670    
Amortization of acquired intangible assets     241       242    
Non-GAAP gross profit   $ 55,204     $ 42,594    
Non-GAAP gross margin     74.1 %     71.5 %  
Non-GAAP sales and marketing                  
GAAP sales and marketing   $ 29,939     $ 26,851    
Stock-based compensation expense     (2,284 )     (2,201 )  
Amortization of acquired intangible assets     (112 )     (157 )  
Non-GAAP sales and marketing   $ 27,543     $ 24,493    
Non-GAAP sales and marketing as a % of revenue     37.0 %     41.1 %  
Non-GAAP general and administrative                  
GAAP general and administrative   $ 16,868     $ 14,648    
Stock-based compensation expense     (4,967 )     (4,382 )  
Non-GAAP general and administrative   $ 11,901     $ 10,266    
Non-GAAP general and administrative as a % of revenue     16.0 %     17.2 %  
Non-GAAP research and development                  
GAAP research and development   $ 10,486     $ 9,015    
Stock-based compensation expense     (1,336 )     (851 )  
Non-GAAP research and development   $ 9,150     $ 8,164    
Non-GAAP research and development as a % of revenue     12.3 %     13.7 %  


Media Contact

Nicole Caci


(201) 201-8143

Investor Contact

Jamie Arestia


(551) 220-5654