Summary
AvePoint reported first quarter 2025 total revenue of $93.1 million, up 24.9% from the prior-year quarter. Gross profit was $69.2 million, up 27.9%, and gross margin reached 74.3%, up 1.7 percentage points. The company swung to GAAP operating income of $3.3 million, and operating margin was 3.5%, up 7.8 percentage points from the prior-year quarter. Net income was $3.4 million, and diluted EPS was $0.02, up from a loss in the prior-year quarter. On a non-GAAP basis, operating income was $13.4 million and non-GAAP operating margin was 14.4%.
Total ARR was $345.5 million as of March 31, 2025, up 26% year over year, or 28% adjusted for FX. The dollar-based gross retention rate was 88% on an as-reported basis and 89% adjusted for FX, while the dollar-based net retention rate was 111% on both bases. Deferred revenue was $160.6 million, up 31.0%, and remaining performance obligations were $405.1 million, up 30.8%. Business highlights included the acquisition of Ydentic, the launch of the next generation of AvePoint Elements, new data security solutions for Google, and a renewed share repurchase program that gives authority to buy up to $150.0 million of common stock over three years.
Cash generation was the weak spot. Operating cash flow was $0.5 million for the quarter, down 93.6% from the prior-year quarter. Capital expenditures were $1.5 million, up 201.6% from the prior-year quarter. The operating cash flow figure reflects net income adjusted for non-cash items and seasonal changes in working capital. Management said the company had no outstanding debt under its credit facility and remained compliant with its covenants.
Guidance points to continued growth. For the second quarter of 2025, AvePoint expects revenue growth of 22% to 25% year over year, or 20% to 22% on a constant currency basis, and non-GAAP operating income of $13.2 million to $14.2 million. For the full year 2025, the company expects total ARR of $411.8 million to $417.8 million, or year-over-year growth of 26% to 28%, which is 24% to 26% adjusted for FX. Full-year revenue growth is guided to 20% to 23%, or 18% to 20% on a constant currency basis, alongside non-GAAP operating income of $61.4 million to $64.4 million.
The outlook depends on a fluid macroeconomic and geopolitical environment. AvePoint faces foreign exchange rate fluctuations, intense competition, rapid changes in software and cloud markets, and the need to attract and retain qualified employees. The company also noted that its first quarter has historically been its lowest revenue quarter and the fourth quarter its highest. Management said the weakening U.S. dollar provided a modest currency tailwind in the first quarter and continued into the second quarter, which is reflected in the updated full-year guidance.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q1 FY2025 | Q4 FY2024 | QoQ | Q1 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $93.1M | $89.2M | +4.4% | $74.5M | +24.9% |
| Gross profit | $69.2M | $67.3M | +2.8% | $54.1M | +27.9% |
| Gross margin | 74.3% | 75.4% | -1.1 pp | 72.6% | +1.8 pp |
| Research & development | $12.7M | $12.9M | -1.4% | $10.5M | +21.0% |
| Sales & marketing | $34.5M | $32.4M | +6.5% | $29.9M | +15.3% |
| General & administrative | $18.7M | $17.1M | +9.0% | $16.9M | +10.7% |
| Total operating expenses | $65.9M | $62.4M | +5.6% | $57.3M | +15.0% |
| Operating income (loss) | $3.3M | $4.9M | -32.3% | -$3.2M | +202.7% |
| Operating margin | 3.5% | 5.4% | -1.9 pp | -4.3% | +7.8 pp |
| Net income (loss) | $3.6M | -$17.2M | +120.8% | -$2.0M | +282.5% |
| Net margin | 3.8% | -19.3% | +23.1 pp | -2.6% | +6.5 pp |
| Diluted EPS | $0.02 | -$0.09 | +$0.11 | — | — |
| Net retention rate | 111.0% | — | — | 110.0% | +1.0 pp |
Risks
New risk factor warns that significant and new tariffs, sanctions and trade barriers have been imposed and modified. Although AvePoint does not directly rely on importing or exporting physical goods, future tariffs on software as a service could make products more expensive, decrease profitability or lessen demand, and customers affected by tariffs may not renew or reduce contracts.
SaaS KPIs
All quarters →Non-GAAP operating margin
Total ARR
Dollar-based net retention rate
Total customers
Summary, forecast, risks and KPIs are extracted from AvePoint, Inc.'s SEC filings for Q1 FY2025 (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.