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AvePoint Announces Fourth Quarter and Full Year 2023 Financial Results
02/29/2024
Full year SaaS revenue of $161.0 million, representing 37% year-over-year growth
Full year Total revenue of $271.8 million, representing 17% year-over-year growth
Total ARR of $264.5 million, representing 23% year-over-year growth, 24% adjusted for FXJERSEY CITY, N.J., Feb. 29, 2024 (GLOBE NEWSWIRE) – AvePoint (NASDAQ: AVPT), the most advanced platform to optimize SaaS operations and secure collaboration, today announced financial results for the fourth quarter and full year ended December 31, 2023.
“Our fourth quarter results were an outstanding close to our strongest year yet as a public company,” said Dr. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint. “The strength and differentiation of our platform offering, coupled with the continued customer demand to manage and protect critical data, reduce costs and improve productivity, enabled us to meaningfully outperform our financial guidance, as well as show substantial cash flow generation and improvement across key customer metrics. Looking ahead, our ability to secure and manage organizations’ rapidly expanding data estates leaves us well positioned to drive businesses’ generative AI adoption in 2024 and beyond.”
Fourth Quarter 2023 Financial Highlights
Revenue: Total revenue was $74.6 million, up 17% from the fourth quarter of 2022. Within total revenue, SaaS revenue was $45.3 million, up 37% from the fourth quarter of 2022.
Gross Profit: GAAP gross profit was $55.0 million, compared to $44.8 million for the fourth quarter of 2022. Non-GAAP gross profit was $56.1 million, compared to $45.9 million for the fourth quarter of 2022. Non-GAAP gross margin was 75.2%, compared to 72.2% for the fourth quarter of 2022.
Operating Income/(Loss): GAAP operating income was 0.9$ million, compared to a GAAP operating loss of (8.0$) million for the fourth quarter of 2022. Non-GAAP operating income was 10.3$ million, compared to 1.4$ million for the fourth quarter of 2022.
Full Year 2023 Financial Highlights
Revenue: Total revenue was $271.8 million, up 17% from the full year 2022. Within total revenue, SaaS revenue was $161.0 million, up 37% from the full year 2022.
Gross Profit: GAAP gross profit was $194.4 million, compared to $166.1 million for the full year 2022. Non-GAAP gross profit was $198.5 million, compared to $169.3 million for the full year 2022. Non-GAAP gross margin was 73.0%, compared to 72.9% for the full year 2022.
Operating Income/(Loss): GAAP operating loss was (15.4$) million, compared to (41.1$) million for the full year 2022. Non-GAAP operating income was 22.2$ million, compared to a non-GAAP operating loss of (2.9$) million for the full year 2022.
Cash and short-term investments: $226.9 million as of December 31, 2023.
Cash from operations: for the twelve months ended December 31, 2023, the Company generated 34.7$ million of cash from operations, compared to $(0.8) million in the prior year period.