Summary
AvePoint's FY2024 first quarter revenue rose 25.1% year over year to $74.5 million. Gross profit rose 29.8% to $54.1 million. Gross margin rose to 72.6%. GAAP operating loss narrowed to $3.2 million. Net loss narrowed to $1.95 million. Diluted EPS was -$0.01. Operating margin improved to -4.3%. On a non-GAAP basis, operating income was $6.6 million, compared with a non-GAAP operating loss of $0.3 million in the prior-year quarter, and non-GAAP gross margin was 74.1%. The quarter showed better operating leverage than the prior-year period, with the loss reductions coming alongside double-digit top-line growth. Total ARR was $274.5 million as of March 31, 2024, up 23% year over year. The revenue mix continued to shift toward SaaS, which represented 69% of total revenue, up from 60% in the prior year.
Cash generation improved. Operating cash flow was $7.8 million, up 520.5%. Capital expenditures were $0.5 million, up 123.1%. Deferred revenue was $122.6 million, up 23.6%. Remaining performance obligations were $309.7 million, up 29.8%. Dollar-based gross retention rate was 87% adjusted for FX, while dollar-based net retention rate was 110%. Those retention figures suggest AvePoint is holding onto customers and expanding within them, even as some legacy revenue lines face pressure.
Management raised its full year outlook for total ARR, total revenues, and non-GAAP operating income. For the second quarter of 2024, the company guides to year-over-year revenue growth of 15% at the midpoint and non-GAAP operating income of $3.6 million to $4.6 million. For the full year 2024, AvePoint now expects total ARR of $316.8 million to $321.8 million, or 21% year-over-year growth at the midpoint, year-over-year revenue growth of 17% at the midpoint, and non-GAAP operating income of $30.0 million to $32.0 million. The guidance covers both the next quarter and the full fiscal year.
AvePoint highlighted several product and compliance items during the quarter. It added three new FedRAMP (moderate) Authorized products to the more than 20 that have achieved this certification. It also achieved compliance with HITRUST CSF v11.0.1 for the AvePoint Confidence Platform. The company announced new analytical capabilities for its tyGraph product to help customers identify areas of high collaboration and readiness for Copilot for Microsoft 365. These moves support the US public sector and healthcare markets and tie into the company's data governance pitch around AI adoption.
Risks remain. AvePoint competes in a dynamic and highly competitive software and cloud market, where customer preferences and technology shift quickly. Macroeconomic and geopolitical factors can affect demand, costs, and foreign exchange rates. The company has significant international operations, so currency movements can affect revenue and expenses. Maintenance revenue is expected to continue declining as AvePoint moves away from perpetual licenses, and term license and support revenue is also expected to decrease. Services revenue is not inherently recurring and can fluctuate. Revenue is seasonal, with the third and fourth quarters historically the highest. Tax expense can also be affected by the mix of pre-tax results by jurisdiction, foreign inclusions, stock-based compensation, and changes in valuation allowances. The raised guidance sets a higher bar for execution over the rest of the year.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q1 FY2024 | Q4 FY2023 | QoQ | Q1 FY2023 | YoY |
|---|---|---|---|---|---|
| Revenue | $74.5M | $74.6M | -0.1% | $59.6M | +25.1% |
| Gross profit | $54.1M | $55.0M | -1.7% | $41.7M | +29.8% |
| Gross margin | 72.6% | 73.7% | -1.1 pp | 70.0% | +2.6 pp |
| Research & development | $10.5M | $9.4M | +11.4% | $9.0M | +16.3% |
| Sales & marketing | $29.9M | $29.1M | +2.8% | $26.9M | +11.5% |
| General & administrative | $16.9M | $15.6M | +8.2% | $14.6M | +15.2% |
| Total operating expenses | $57.3M | $54.1M | +5.8% | $50.5M | +13.4% |
| Operating income (loss) | -$3.2M | $878.0K | -464.6% | -$8.8M | +63.8% |
| Operating margin | -4.3% | 1.2% | -5.5 pp | -14.8% | +10.5 pp |
| Net income (loss) | -$2.0M | $4.4M | -144.0% | -$9.2M | +78.7% |
| Net margin | -2.6% | 5.9% | -8.6 pp | -15.4% | +12.8 pp |
| Net retention rate | 110.0% | — | — | 102.0% | +8.0 pp |
Risks
MD&A states the software and cloud-based services markets are dynamic and highly competitive, with competitors developing new software and deploying competing cloud services. AvePoint must continue to evolve and adapt to changing customer preferences, which may require ongoing investment.
MD&A warns that investments in infrastructure, research and development, marketing, and geographic expansion will continue to increase operating costs and may decrease operating margins. This pressure could offset recent GAAP operating margin improvement.
MD&A states AvePoint's success is highly dependent on its ability to attract and retain qualified employees and that it competes for talent globally. Failure to retain key personnel could impair execution.
MD&A says demand is correlated to global macroeconomic and geopolitical factors, including multiple ongoing conflicts with unpredictable outcomes. These could disrupt global trade, currency exchange rates, regional and global economies, increase costs, reduce sales and earnings, or impair capital raising.
SaaS KPIs
All quarters →Non-GAAP operating margin
Total ARR
Dollar-based net retention rate
Total customers
Non-GAAP Gross Margin
Dollar-Based Gross Retention Rate (as-reported)
Non-GAAP operating income
Dollar-Based Gross Retention Rate (FX-adjusted)
Summary, forecast, risks and KPIs are extracted from AvePoint, Inc.'s SEC filings for Q1 FY2024 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.