Business
AvePoint Announces Preliminary First Quarter 2021 Financial Results and $20.0 million APXT Share Purchase Program
JERSEY CITY, N.J., April 14, 2021 /PRNewswire/ -- AvePoint, Inc. ("AvePoint" or the "Company"), the largest data management solutions provider for Microsoft
About this update from Avepoint, Inc.
[{"type":"text","content":"JERSEY CITY, N.J., April 14, 2021 /PRNewswire/ -- AvePoint, Inc. (\"AvePoint\" or the \"Company\"), the largest data management solutions provider for Microsoft 365, today announced AvePoint's preliminary financial results for the first quarter ended March 31, 2021. \n\"Although the Company's first quarter is historically our slowest quarter, the Company has achieved significant growth. We reported strong first quarter results with subscription revenue growth of 49% year over year at the mid-point of the range,\" said Dr. Tianyi \"TJ\" Jiang, CEO of AvePoint. \"Over the past two quarters we have made meaningful investments in scaling our go-to-market organization to accelerate growth and capture the significant market opportunity ahead. Our first quarter results continue the growth momentum we experienced in 2020 and combined with the ongoing ramp of our salesforce, gives us confidence in our outlook for 2021.\"\nPreliminary First Quarter 2021 Financial Results\nTotal Revenue in the range of $38.4 million to $38.8 million, in line with our quarterly revenue expectation Total ARR1 in the range of $128.0 million to $129.2 million as of March 31, 2021, up 32.6% year-over-year at the mid-point Subscription Revenue in the range of $26.7 million to $27.0 million, up 49.3% year-over-year at the mid-point GAAP operating loss in the range of $(11.9) million to $(4.1) million, representing GAAP operating margins of (31.0)% and (10.6)%, respectively Non-GAAP operating loss in the range of $(1.9) million to $(1.5) million, representing non-GAAP operating margins of (4.9)% and (3.9)%, respectively Cash, Cash Equivalents and Short-Term Investments of approximately $65.8 million as of March 31, 2021; Company remains debt-freeBased upon the Company's strong first quarter results, the Company is raising its revenue guidance for Fiscal Year 2021 to $194.0 million.\nIn addition, today AvePoint announced that the Board of Directors has authorized a share purchase program pursuant to which the Company may purchase up to $20.0 million of Apex Technology Acquisition Corporation (NASDAQ: APXT, \"Apex\") common stock until the date on which the SEC declares Apex's S-4 Registration Statement effective. The closing of the business combination remains subject to customary closing conditions, including SEC review and the approval of the shareholders of Apex...