JERSEY CITY, N.J., August 8, 2024 – AvePoint (NASDAQ: AVPT), a global leader in data management and data governance, announced solid financial results for the second quarter of 2024, reflecting continued demand for its SaaS platform and data governance solutions.
The company reported a total revenue of $78.0 million for the quarter, marking a 20% increase compared to the same period last year. Notably, SaaS revenue grew by 40% year-over-year, reaching $53.6 million. AvePoint’s Annual Recurring Revenue (ARR) also saw significant growth, hitting $290.1 million, a 23% increase from the previous year.
Dr. Tianyi Jiang (TJ), CEO and Co-Founder of AvePoint, attributed the company’s performance to the increasing need for robust data management as companies navigate the complexities of AI and cybersecurity. “Our second quarter results reflect the continued execution of our teams, the ongoing customer need for a strong data foundation, and the demand for our SaaS platform, which is designed to enhance data security and cyber resilience,” said Dr. Jiang. He further highlighted that AvePoint’s focus on profitable growth has provided the confidence to raise full-year expectations for all key metrics.
Key Financial Metrics
- Revenue: $78.0 million, up 20% year-over-year
- SaaS Revenue: $53.6 million, up 40% year-over-year
- GAAP Gross Profit: $59.0 million, up from $45.1 million in Q2 2023
- Non-GAAP Gross Profit: $59.4 million, up from $46.1 million in Q2 2023
- GAAP Operating Loss: $(2.1) million, an improvement from $(7.1) million in Q2 2023
- Non-GAAP Operating Income: $8.7 million, up from $2.9 million in Q2 2023
- Cash and Equivalents: $230.8 million as of June 30, 2024
- Cash from Operations: $23.9 million for the first half of 2024, up from $9.3 million in the same period last year
AvePoint’s strong financial performance is further underscored by its recognition in the industry. The company was named to Inc.’s annual Best Workplaces list in the software industry and won its sixth global Microsoft Partner of the Year award.
Outlook for 2024
AvePoint has raised its full-year outlook, reflecting confidence in continued growth:
- Q3 2024 Revenue: Expected to be between $82.0 million and $84.0 million, with a Non-GAAP operating income of $11.0 million to $12.0 million.
- Full-Year 2024 ARR: Projected between $319.0 million and $323.0 million, representing a 21% year-over-year growth.
- Full-Year 2024 Revenue: Expected between $320.2 million and $324.2 million, reflecting 19% year-over-year growth.
- Full-Year 2024 Non-GAAP Operating Income: Estimated between $38.3 million and $39.8 million.
With solid financials and a positive outlook, AvePoint continues to strengthen its position as a leader in data management and governance, driven by the growing demand for secure and efficient data solutions in the digital age.
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