Business
AvePoint Announces First Quarter 2022 Financial Results
First quarter SaaS revenue of $26.6 million, up 45% year-over-year First quarter total revenue of $50.3 million, up 30% year-over-year Total ARR of $167.4
About this update from Avepoint, Inc.
[{"type":"text","content":"First quarter SaaS revenue of $26.6 million, up 45% year-over-year First quarter total revenue of $50.3 million, up 30% year-over-year Total ARR of $167.4 million, up 30% year-over-year JERSEY CITY, N.J., May 12, 2022 (GLOBE NEWSWIRE) -- AvePoint (NASDAQ: AVPT), the most advanced SaaS and data management platform provider, today announced financial results for the first quarter ended March 31, 2022. “AvePoint’s first quarter results were a good start to 2022, with robust SaaS revenue growth of 45%, solid ARR growth of 30% and profitability that was ahead of expectations,” said Dr. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint. “Underpinning our strong revenue growth is the continued evolution of our full suite of SaaS solutions that enable organizations worldwide to collaborate with confidence in the cloud by securing collaboration data, sustaining the connections between people, and ensuring business continuity. I'm thankful to our AvePoint team for its continued focus on execution through extending innovative product offerings, expanding our channel business, and quickly responding to the evolving market trends our existing customers face as they continue their cloud transformations.” First Quarter 2022 Financial Highlights Revenue: Total revenue for the first quarter of 2022 was $50.3 million, up 30% from the first quarter of 2021. Within total revenue, SaaS revenue was $26.6 million, up 45% from the first quarter of 2021, and term license and support revenue was $10.2 million, up 17% from the first quarter of 2021.Gross Profit: Gross profit for the first quarter of 2022 was $35.7 million, compared to $28.0 million for the first quarter of 2021. Gross margin for the first quarter of 2022 was 70.9%, compared to 72.2% for the first quarter of 2021. Non-GAAP gross profit for the first quarter of 2022 was $36.2 million, compared to $28.1 million for the first quarter of 2021. Non-GAAP gross margin was 72.1% for the first quarter of 2022, compared to 72.5% for the first quarter of 2021.Operating Income/(Loss): Operating loss for the first quarter of 2022 was $(13.8) million, compared to $(5.9) million for the first quarter of 2021. Non-GAAP operating loss for the first quarter of 2022 was $(5.6) million, compared to $(2.6) million for the first quarter of 2021. Cash and Short-Term Investments: $260 million as of March 31, 2022. ...