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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 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 a global leader in data management and data governance, and over 21,000 customers worldwide rely on our solutions to modernize the digital workplace across Microsoft, Google, Salesforce and other collaboration environments. AvePoint’s global channel 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

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 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, 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% 

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