AvePoint Reports Robust Financial Results for Q2 2024
Intellectia.AI Updated: 1970-01-01
AvePoint Reports Robust Financial Results for Q2 2024
AvePoint (NASDAQ: AVPT), a leader in data management and governance, released its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates | Quarter-over-Quarter Change |
|---|---|---|---|---|---|
| Total Revenue | $78.0M | $65.0M | 20% | $75.17M | Not Provided |
| SaaS Revenue | $53.6M | $38.3M | 40% | Not Provided | Not Provided |
| GAAP Gross Profit | $59.0M | $45.1M | 30.8% | Not Provided | Not Provided |
| Non-GAAP Gross Profit | $59.4M | $46.1M | 28.7% | Not Provided | Not Provided |
| GAAP Operating Income/(Loss) | $(2.1)M | $(7.1)M | 70.4% | Not Provided | Not Provided |
| Non-GAAP Operating Income | $8.7M | $2.9M | 200% | Not Provided | Not Provided |
| Non-GAAP Operating Margin | 11.2% | 4.4% | 6.8 p.p. | Not Provided | Not Provided |
| EPS | Not Provided | Not Provided | Not Provided | $0.02 | Not Provided |
AvePoint's financial performance in Q2 2024 showed significant year-over-year growth across key metrics, including a 20% increase in total revenue and a 40% rise in SaaS revenue, outperforming the consensus estimate of $75.17M. The company's robust growth can be attributed to its strong data management solutions and ongoing demand for its SaaS platform.
Segment Performance
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| SaaS | $53.6M | $38.3M | 40% |
| Total | $78.0M | $65.0M | 20% |
The SaaS segment showed the most substantial growth, indicating strong customer demand for AvePoint's core services. The total revenue surpassed consensus estimates, demonstrating effective market penetration and customer retention strategies.
Operational Highlights
| Operational Data | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| ARR | $290.1M | Not Provided | 23% |
| Cash from Operations | $23.9M | $9.3M | 157.5% |
AvePoint's annual recurring revenue (ARR) grew by 23% year-over-year, and cash from operations surged by 157.5%, highlighting the company's efficient management and strong cash flow generation.
Comments from Company Officers
"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," said Dr. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint. "The momentum we continue to see, coupled with our sustained focus on profitable growth, provides us with the confidence to again raise our full-year expectations for all key metrics."
Financial Outlook
The company has raised its full-year expectations for total ARR, total revenues, and non-GAAP operating income. For Q3 2024, AvePoint expects: - Total revenues of $82.0M to $84.0M, representing year-over-year growth of 14% at the midpoint. - Non-GAAP operating income of $11.0M to $12.0M.
For the full year 2024, AvePoint now expects: - Total ARR of $319.0M to $323.0M, or year-over-year growth of 21% at the midpoint. - Total revenues of $320.2M to $324.2M, or year-over-year growth of 19% at the midpoint. - Non-GAAP operating income of $38.3M to $39.8M.
Stock Price Movement
Following the earnings release, AvePoint's stock experienced a 4.3% increase, reflecting investor confidence in the company's strong performance and optimistic outlook.
AvePoint continues to solidify its position as a market leader in data management and governance, fostering sustained growth and innovation.
