Business
AvePoint Announces First Quarter 2023 Financial Results
First quarter SaaS revenue of $35.5 million, representing 34% year-over-year growth, 39% adjusted for constant currencyFirst quarter Total revenue of $59.6
About this update from Avepoint, Inc.
[{"type":"text","content":"First quarter SaaS revenue of $35.5 million, representing 34% year-over-year growth, 39% adjusted for constant currencyFirst quarter Total revenue of $59.6 million, representing 18% year-over-year growth, 23% adjusted for constant currencyTotal ARR of $222.4 million, representing 26% year-over-year growth, 31% adjusted for FX impact JERSEY CITY, N. J., May 10, 2023 (GLOBE NEWSWIRE) -- AvePoint (NASDAQ: AVPT), the most advanced platform to optimize SaaS operations and secure collaboration, today announced financial results for the first quarter ended March 31, 2023. “Our first quarter results were a solid start to 2023,” said Dr. Tianyi Jiang (TJ), CEO and Co-Founder of AvePoint. “Our revenue and operating income performance exceeded our guidance and underscores our commitment to shareholder value by advancing the digital workplace, capturing growing markets and prioritizing profitable growth. While we remain mindful of the uncertain macro environment, our ability to drive continued topline growth and ongoing margin expansion provides the confidence to raise our full-year expectations for ARR, revenues and operating income.” First Quarter 2023 Financial Highlights Revenue: Total revenue was $59.6 million, up 18% from the first quarter of 2022 and up 23% year-over-year on a constant currency basis. Within total revenue, SaaS revenue was $35.5 million, up 34% from the first quarter of 2022 and up 39% on a constant currency basis.Gross Profit: GAAP gross profit was $41.7 million, compared to $35.5 million for the first quarter of 2022. Non-GAAP gross profit was $42.6 million, compared to $36.1 million for the first quarter of 2022. Non-GAAP gross margin was 71.5%, compared to 71.8% for the first quarter of 2022.Operating Income/(Loss): GAAP operating loss was $(8.8) million, compared to $(13.8) million for the first quarter of 2022. Non-GAAP operating loss was $(0.3) million, compared to $(5.5) million for the first quarter of 2022.Cash and short-term investments: $231.7 million as of March 31, 2023. First Quarter 2023 Key Performance Indicators and Business Highlights ARR as of March 31, 2023 was $222.4 million, up 26% year-over-year. Adjusted for FX, ARR grew 31%. Dollar-based gross retention rate was 84%, while dollar-based net retention rate was 102%. Adjusted for FX, dollar-based gross retention rate was 87%, while dollar-based...