Summary
AvePoint closed fiscal 2024 with fourth quarter total revenue of $89.2 million, up 19.5% from the prior-year quarter. Full year revenue reached $330.5 million, up 21.6%. GAAP gross profit was $67.3 million in the quarter, up 22.3%, and $248.0 million for the full year, up 27.6%. GAAP gross margin was 75.4% in the quarter, up 1.7 percentage points, and 75.0% for the full year, up 3.5 percentage points. GAAP operating income was $4.9 million in the quarter, up 452.7%, and $7.2 million for the full year, a swing from a prior-year operating loss. Operating margin was 5.4% in the quarter, up 4.3 percentage points, and 2.2% for the full year, up 7.8 percentage points. The bottom line was weaker. The quarter produced a net loss of $17.2 million, a swing from a profit in the prior-year quarter. The full year net loss was $29.1 million, and the loss widened 33.9%. Diluted EPS was -$0.16 for the full year, with the loss widening 33.3%.
Cash generation improved sharply. Fourth quarter operating cash flow was $32.8 million, up 53.0%, and full year operating cash flow was $88.9 million, up 156.2%. Capital expenditures were $0.74 million in the quarter, up 21.7%, and $3.04 million for the full year, up 45.9%. Deferred revenue stood at $153.31 million, up 18.6% from the prior-year quarter. Remaining performance obligations were $373.40 million. The company reported no outstanding debt under its credit facility.
The recurring revenue base kept expanding. Total ARR was $327.0 million as of December 31, 2024, up 24% year over year, or 25% adjusted for foreign exchange. Dollar-based gross retention was 88% on an as-reported basis and 89% adjusted for FX. Dollar-based net retention was 110% as reported and 111% adjusted for FX. AvePoint introduced benchmarking capabilities within AvePoint tyGraph for Microsoft 365 Copilot. It launched an AI Lab in Singapore. It was named to the inaugural Forbes America's Best Companies list. The company serves over 25,000 customers and works with approximately 5,000 managed service providers, value-added resellers, and systems integrators across more than 100 cloud marketplaces.
Guidance covers the first quarter and the full year 2025. For the first quarter of 2025, AvePoint expects total revenue growth of 18% to 21% year over year, or 19% to 22% on a constant currency basis. Non-GAAP operating income is guided to $11.1 million to $12.1 million. For the full year 2025, the company expects total ARR of $401.3 million to $407.3 million, or year-over-year growth of 23% to 25%, and FX-adjusted ARR growth of 24% to 26%. Full year revenue growth is guided to 15% to 17%, or 17% to 19% on a constant currency basis. Non-GAAP operating income is guided to $52.3 million to $55.3 million.
Risks center on competition in software and cloud services, evolving regulations, and the company's ability to execute its business plans and forecasts. Macroeconomic and geopolitical conditions could affect global trade, currency exchange rates, and regional economies. AvePoint also flags foreign exchange exposure because international operations contribute a significant portion of revenue and expenses. Seasonality matters, as the first quarter has historically been the lowest revenue quarter and the fourth quarter the highest. The company faces pressure from data growth, security threats, and the need to keep investing in infrastructure, research and development, marketing, and geographic expansion.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2024 | Q3 FY2024 | QoQ | Q4 FY2023 | YoY |
|---|---|---|---|---|---|
| Revenue | $89.2M | $88.8M | +0.4% | $74.6M | +19.5% |
| Gross profit | $67.3M | $67.6M | -0.5% | $55.0M | +22.3% |
| Gross margin | 75.4% | 76.1% | -0.7 pp | 73.7% | +1.7 pp |
| Research & development | $12.9M | $12.8M | +0.3% | $9.4M | +36.8% |
| Sales & marketing | $32.4M | $30.1M | +7.9% | $29.1M | +11.3% |
| General & administrative | $17.1M | $17.0M | +0.5% | $15.6M | +9.8% |
| Total operating expenses | $62.4M | $59.9M | +4.1% | $54.1M | +15.3% |
| Operating income (loss) | $4.9M | $7.7M | -36.6% | $878.0K | +452.7% |
| Operating margin | 5.4% | 8.6% | -3.2 pp | 1.2% | +4.3 pp |
| Net income (loss) | -$17.2M | $2.9M | -686.7% | $4.4M | -487.2% |
| Net margin | -19.3% | 3.3% | -22.6 pp | 5.9% | -25.2 pp |
| Diluted EPS | -$0.09 | $0.01 | -$0.10 | $0.02 | -$0.11 |
Risks
The significant majority of customers integrate AvePoint products with Microsoft Azure, SharePoint, and Office 365, and the company relies on Microsoft for co-sell, co-market, and early access to preview technology. Microsoft or other platform providers could develop competing native features, end partnerships, or restrict API access, which would harm renewals and growth.
The filing notes an existing material weakness in internal control over financial reporting that may not be remediated in a timely manner. This could result in restatements, failure to meet reporting obligations, and loss of investor confidence.
Unfavorable global economic conditions, geopolitical conflicts, and reductions in IT spending could cause customers to delay purchasing decisions and lengthen sales cycles. AvePoint also has significant customers in financial services, the public sector, and pharmaceutical and manufacturing industries, where downturns or reduced public sector spending could disproportionately hurt revenue.
Customers have no obligation to renew subscriptions and may renew for fewer AvePoint products, shorter periods, or lower pricing terms. Acquisitions of customers may lead to cancellation of existing contracts, making revenue less predictable.
SMB customer acquisition relies on resale and distribution partnerships, and sales to partners are expected to account for a substantial portion of revenue. Loss of a substantial number of partners or removal from major distribution platforms could slow revenue growth.
The majority of SaaS offerings are served from Microsoft-operated third-party data centers, and a significant portion of operating costs come from third-party data hosting and transmission. Cost increases, service interruptions, or capacity constraints could raise costs and reduce demand.
Success is highly dependent on attracting and retaining qualified employees, including sales, technical solutions, customer success, and engineering staff. Competition for talent globally could impede growth and execution.
Most offerings are licensed based on customer headcount, and increased use of consumption-based pricing may make revenue more difficult to predict. Consumption-based subscriptions may lower total customer cost over time or cause customers to limit usage, reducing revenue.
MD&A reports total ARR grew 24% year over year to $327.0 million and SaaS revenue increased 43% year over year to $230.7 million. This growth places significant demands on management, operational, and financial infrastructure, and failure to scale could hurt software quality and brand.
SaaS KPIs
All quarters →Non-GAAP operating margin
Total ARR
Total customers
Dollar-Based Gross Retention Rate (as-reported)
Dollar-Based Gross Retention Rate (FX-adjusted)
Dollar-Based Net Retention Rate (FX-adjusted)
Dollar-based Net Retention Rate (as-reported)
Summary, forecast, risks and KPIs are extracted from AvePoint, Inc.'s SEC filings for Q4 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.