On August 8, 2024, AvePoint Inc (AVPT, Financial) released its 8-K filing for the second quarter ended June 30, 2024. AvePoint Inc provides customizable solutions to optimize SaaS operations, enable secure collaboration, and accelerate digital transformation across technologies and industries. Its Confidence Platform delivers a comprehensive set of cloud-based solutions enabling IT operations, development operations, and cybersecurity professionals to monitor and secure the digital workplace using SaaS tools.
Performance Overview
AvePoint Inc (AVPT, Financial) reported total revenue of $78.0 million for Q2 2024, surpassing the analyst estimate of $75.17 million. This represents a 20% year-over-year growth. The company's SaaS revenue was particularly notable, reaching $53.6 million, a 40% increase from the same period last year.
Key Financial Achievements
Gross profit for the quarter was $59.0 million, up from $45.1 million in Q2 2023. Non-GAAP gross profit was $59.4 million, compared to $46.1 million in the previous year, with a non-GAAP gross margin of 76.2%, up from 71.1%.
GAAP operating loss improved to $(2.1) million from $(7.1) million in Q2 2023. Non-GAAP operating income was $8.7 million, a significant increase from $2.9 million in the same period last year, with a non-GAAP operating margin of 11.2%, up from 4.4%.
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Total Revenue | $78.0 million | $64.9 million |
| Gross Profit | $59.0 million | $45.1 million |
| GAAP Operating Loss | $(2.1) million | $(7.1) million |
| Non-GAAP Operating Income | $8.7 million | $2.9 million |
Balance Sheet and Cash Flow
As of June 30, 2024, AvePoint Inc (AVPT, Financial) had cash, cash equivalents, and short-term investments totaling $230.8 million. The company generated $23.9 million in cash from operations for the first six months of 2024, compared to $9.3 million in the same period last year.
Key Performance Indicators
Total Annual Recurring Revenue (ARR) was $290.1 million, up 23% year-over-year. The dollar-based gross retention rate was 87%, while the dollar-based net retention rate was 110%.
Commentary and Outlook
“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. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint.
For the third quarter of 2024, AvePoint Inc (AVPT, Financial) expects total revenues between $82.0 million and $84.0 million, representing a year-over-year growth of 14% at the midpoint. Non-GAAP operating income is projected to be between $11.0 million and $12.0 million.
For the full year 2024, the company has raised its outlook, now expecting total ARR between $319.0 million and $323.0 million, and total revenues between $320.2 million and $324.2 million, representing a year-over-year growth of 19% at the midpoint. Non-GAAP operating income is expected to be between $38.3 million and $39.8 million.
For more detailed information, visit the 8-K filing.
Explore the complete 8-K earnings release (here) from AvePoint Inc for further details.
