AvePoint(AVPT) - 2025 Q1 - Quarterly Results

Financial & Business Highlights AvePoint reported strong Q1 2025 financial results, achieving significant revenue and SaaS growth, and improved GAAP operating income Q1 2025 Key Financial Metrics (YoY) | Metric | Q1 2025 ($M) | YoY Growth | YoY Growth (Constant Currency) | | :--- | :--- | :--- | :--- | | Total Revenue | $93.1M | 25% | 27% | | SaaS Revenue | $68.9M | 34% | 37% | | Total ARR | $345.5M | 26% | 28% | | GAAP Operating Income | $3.3M | N/A (vs. $(3.2)M loss) | N/A | | Non-GAAP Operating Income | $13.4M | 103% | N/A | Q1 2025 Key Performance Indicators | Indicator | As-Reported | Adjusted for FX | | :--- | :--- | :--- | | Dollar-based Gross Retention Rate | 88% | 89% | | Dollar-based Net Retention Rate | 111% | 111% | - Key strategic initiatives in Q1 2025 included: - Acquisition: Completed the acquisition of Ydentic to enhance its AI-driven platform for Managed Service Providers (MSPs) - Product Launch: Launched the next generation of AvePoint Elements to help MSPs automate insights and secure data - Platform Expansion: Released new data security solutions for Google, expanding multi-cloud protection capabilities - Capital Allocation: Renewed the Share Repurchase Program for an additional three years, authorizing up to $150.0 million in buybacks[5][6] Financial Outlook AvePoint issued Q2 2025 guidance and raised its full-year 2025 outlook, reflecting strong Q1 performance and FX tailwinds Q2 2025 Guidance | Metric | Guidance Range ($M) | YoY Growth (Reported) | YoY Growth (Constant Currency) | | :--- | :--- | :--- | :--- | | Total Revenue | $95.3M - $97.3M | 22% - 25% | 20% - 22% | | Non-GAAP Operating Income | $13.2M - $14.2M | N/A | N/A | Full Year 2025 Updated Guidance | Metric | Guidance Range ($M) | YoY Growth (Reported) | YoY Growth (Constant Currency) | | :--- | :--- | :--- | :--- | | Total ARR | $411.8M - $417.8M | 26% - 28% | 24% - 26% | | Total Revenue | $397.4M - $405.4M | 20% - 23% | 18% - 20% | | Non-GAAP Operating Income | $61.4M - $64.4M | N/A | N/A | - The updated full-year guidance incorporates both the first quarter's outperformance and incremental foreign exchange tailwinds[7] Consolidated Financial Statements Consolidated financial statements detail AvePoint's Q1 2025 financial position, highlighting profitability, balance sheet strength, and significant financing cash inflows Condensed Consolidated Statements of Income (Loss) AvePoint reported a net income of $3.6 million in Q1 2025, a significant turnaround from a prior-year loss, driven by robust revenue growth Q1 Income Statement Highlights (in thousands) | Metric | Q1 2025 ($ thousands) | Q1 2024 ($ thousands) | | :--- | :--- | :--- | | SaaS Revenue | $68,942 | $51,311 | | Total Revenue | $93,064 | $74,534 | | Gross Profit | $69,165 | $54,092 | | Income (loss) from operations | $3,287 | $(3,201) | | Net income (loss) | $3,566 | $(1,954) | | Diluted EPS | $0.02 | $(0.01) | Condensed Consolidated Balance Sheets As of March 31, 2025, AvePoint's balance sheet showed a strong financial position with increased assets, cash, and equity Balance Sheet Highlights (in thousands) | Metric | March 31, 2025 ($ thousands) | December 31, 2024 ($ thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $351,481 | $290,735 | | Total Assets | $598,848 | $519,055 | | Total Liabilities | $237,395 | $248,107 | | Total Stockholders' Equity | $361,453 | $270,948 | Condensed Consolidated Statements of Cash Flows Net cash from operations decreased to $0.5 million, while financing activities provided a significant $76.2 million inflow, primarily from warrant exercises Cash Flow Summary (in thousands) | Activity | Three Months Ended Mar 31, 2025 ($ thousands) | Three Months Ended Mar 31, 2024 ($ thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $495 | $7,756 | | Net cash used in investing activities | $(16,859) | $(1,542) | | Net cash provided by (used in) financing activities | $76,181 | $(12,961) | | Net increase (decrease) in cash | $60,746 | $(7,673) | Non-GAAP Financial Measures & Key Metrics AvePoint presents non-GAAP financial measures, excluding certain expenses, and defines key operational metrics like ARR and retention rates GAAP to Non-GAAP Operating Income Reconciliation (in thousands) | Line Item | Q1 2025 ($ thousands) | Q1 2024 ($ thousands) | | :--- | :--- | :--- | | GAAP operating income (loss) | $3,287 | $(3,201) | | Stock-based compensation expense | $9,620 | $9,458 | | Amortization of acquired intangible assets | $466 | $353 | | Non-GAAP operating income | $13,373 | $6,610 | GAAP to Non-GAAP Gross Profit Reconciliation (in thousands) | Line Item | Q1 2025 ($ thousands) | Q1 2024 ($ thousands) | | :--- | :--- | :--- | | GAAP gross profit | $69,165 | $54,092 | | Stock-based compensation expense | $342 | $871 | | Amortization of acquired intangible assets | $333 | $241 | | Non-GAAP gross profit | $69,840 | $55,204 | - Key metrics definitions: - Annual Recurring Revenue (ARR): The annualized sum of contractually obligated Annual Contract Value (ACV) from all active customers - Dollar-based Gross Retention Rate: Measures the ability to retain ARR from existing customers over a 12-month period - Dollar-based Net Retention Rate: Measures the ability to retain and expand ARR from existing customers over a 12-month period[12][13][14]