Business
AvePoint Announces Second Quarter 2023 Financial Results
Second quarter SaaS revenue of $38.3 million, representing 39% year-over-year growthSecond quarter Total revenue of $64.9 million, representing 16%
About this update from Avepoint, Inc.
[{"type":"text","content":"Second quarter SaaS revenue of $38.3 million, representing 39% year-over-year growthSecond quarter Total revenue of $64.9 million, representing 16% year-over-year growthTotal ARR of $236.2 million, representing 26% year-over-year growth, 30% adjusted for FX impact JERSEY CITY, N.J., Aug. 09, 2023 (GLOBE NEWSWIRE) -- AvePoint (NASDAQ: AVPT), the most advanced platform to optimize SaaS operations and secure collaboration, today announced financial results for the second quarter ended June 30, 2023. “Highlighted by 30% ARR growth, our second quarter results demonstrate the demand for the AvePoint Confidence Platform and the strength of our business model, as we again delivered robust topline growth and operating leverage,” said Dr. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint. “Amidst the ongoing uncertainty in the macro environment, our customers continue to depend on AvePoint’s Confidence Platform to rapidly reduce costs, improve productivity and make more informed business decisions. As a result, we are pleased to once again raise our full-year guidance for total ARR, total revenues and operating income.” Second Quarter 2023 Financial Highlights Revenue: Total revenue was $64.9 million, up 16% from the second quarter of 2022. Within total revenue, SaaS revenue was $38.3 million, up 39% from the second quarter of 2022.Gross Profit: GAAP gross profit was $45.1 million, compared to $40.1 million for the second quarter of 2022. Non-GAAP gross profit was $46.1 million, compared to $40.9 million for the second quarter of 2022. Non-GAAP gross margin was 71.1%, compared to 73.4% for the second quarter of 2022.Operating Income/(Loss): GAAP operating loss was $(7.1) million, compared to $(11.7) million for the second quarter of 2022. Non-GAAP operating income was $2.9 million, compared to a non-GAAP operating loss of $(1.2) million for the second quarter of 2022.Cash and short-term investments: $222.9 million as of June 30, 2023. Second Quarter 2023 Key Performance Indicators and Business Highlights ARR as of June 30, 2023 was $236.2 million, up 26% year-over-year. Adjusted for FX, ARR grew 30%. Adjusted for FX, dollar-based gross retention rate was 87%, while dollar-based net retention rate was 107%. On an as-reported basis, dollar-based gross retention rate was 85%, while dollar-based net retention rate was 104%.Added new functionali...