Business
AvePoint Announces Third Quarter 2021 Financial Results
JERSEY CITY, N.J., Nov. 15, 2021 (GLOBE NEWSWIRE) -- AvePoint, Inc. (NASDAQ: AVPT), the largest data management solutions provider for Microsoft 365, today
About this update from Avepoint, Inc.
[{"type":"text","content":"JERSEY CITY, N.J., Nov. 15, 2021 (GLOBE NEWSWIRE) -- AvePoint, Inc. (NASDAQ: AVPT), the largest data management solutions provider for Microsoft 365, today announced financial results for the third quarter ended September 30, 2021. \"AvePoint delivered its eleventh consecutive record quarter with total revenue of $54 million and 79% year over year growth in subscription revenue for our SaaS and data management platform,\" said Dr. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint. \"With most companies still in the early stages of their SaaS optimization and multi-cloud shifts, there is a massive market opportunity for AvePoint to manage and protect digital collaboration data on a recurring basis that will only increase as companies' SaaS operations become more mature and complex.\" Third Quarter 2021 Financial Results Total Revenue of $53.9 million, up 36% year-over-yearTotal ARR of $147.5 million as of September 30, 2021, up 32% year-over-yearSaaS Revenue of $22.4 million, up 59% year-over-yearGAAP Operating Loss of $28.7 millionNon-GAAP Operating Income of $4.0 millionCash and Short-Term Investments of approximately $262.3 million as of September 30, 2021 Third Quarter 2021 Key Highlights Launched first global partner program, designed to support the unique needs of different types of channel partners as they build services around digital collaboration.AvePoint was awarded a $37 million SGD ($27.5 million USD) contract from lead agency Temasek Polytechnic to deploy a training management platform for career professionals. The platform will be powered by AvePoint EduTech and will be available to six institutions of higher learning (IHL) for over 100,000 students.Maintained triple digit growth in monthly recurring revenue (MRR) tied to the managed services provider (MSP) business.Achieved record level sequential growth in accounts with over $100k in annual recurring revenue (ARR). Financial Outlook For the fourth quarter of 2021, AvePoint currently expects: Total revenues between $56.4 and $58.4 millionNon-GAAP operating income between break even and $1.5 million For the full year ending December 31, 2021, AvePoint currently expects: Total revenues between $194.4 and $196.4 millionNon-GAAP operating income between $4.7 and $6.2 million Conference Call AvePoint will host a conference call today on November 15, 2021 to review its th...