Third quarter SaaS revenue of $41.9 million, representing 40% year-over-year growth
Third quarter Total revenue of $72.8 million, representing 16% year-over-year growth
Total ARR of $250.6 million, representing 23% year-over-year growth, 25% adjusted for FX

JERSEY CITY, N.J., Nov. 09, 2023 (GLOBE NEWSWIRE) -- AvePoint (NASDAQ: AVPT), the most advanced platform to optimize SaaS operations and secure collaboration, today announced financial results for the third quarter ended September 30, 2023.

“The third quarter was another strong result for AvePoint, as we again meaningfully outperformed our guidance for both total revenues and non-GAAP operating income, while delivering total ARR growth of 25%,” said Dr. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint. “We see tremendous ambition from companies to leverage generative AI for competitive advantage and value creation, but for their efforts to succeed, they must first establish a robust data management strategy. This is the core business problem AvePoint has been solving for over 20 years and positions us well to be a key enabler of the generative AI solutions companies implement going forward. We are excited for a strong close to 2023 and for the many opportunities we see ahead of us.”

Financial Outlook
The Company is again raising its full year outlook for total ARR, total revenues and non-GAAP operating income.

AvePoint will host a conference call today, November 09, 2023, to review its third quarter 2023 financial results and to discuss its financial outlook. The call is scheduled to begin at 4:30pm ET. You may access the call and register with a live operator by dialing 1 (844) 826-3035 for US participants and 1 (412) 317-5195 for outside the US. The passcode for the call is 3803378. Investors can also join by webcast by visiting https://ir.avepoint.com/events. The webcast will be available live, and a replay will be available following the completion of the live broadcast for approximately 90 days.

Collaborate with Confidence. AvePoint provides the most advanced platform to optimize SaaS operations and secure collaboration. Over 17,000 customers worldwide rely on our solutions to modernize the digital workplace across Microsoft, Google, Salesforce and other collaboration environments. AvePoint's global channel partner program includes over 3,500 managed service providers, value added resellers and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit www.avepoint.com.

AvePoint is considered an emerging growth company. Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under Section 21E of the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies, but any such election to opt out is irrevocable. AvePoint elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, AvePoint, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

Because the market value of our common stock held by non-affiliates exceeded $700.0 million as of June 30, 2023, AvePoint will meet the conditions to be deemed a "large-accelerated filer" as of December 31, 2023, and will consequently no longer be an emerging growth company as of that date. AvePoint will be subject to the regulations applicable to all large-accelerated filers as of December 31, 2023.

To supplement AvePoint’s consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses (including percentage of revenue figures), non-GAAP operating income and non-GAAP operating margin. The company has included a reconciliation of GAAP to non-GAAP financial measures at the end of this press release. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense and the amortization of acquired intangible assets. The company believes the presentation of its non-GAAP financial measures provides a better representation as to its overall operating performance. The presentation of AvePoint’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for its financial results prepared in accordance with GAAP, and AvePoint’s non-GAAP measures may be different from non-GAAP measures used by other companies.

AvePoint uses the https://ir.avepoint.com/ website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Quarterly Report on Form 10-Q and its registration statement on Form S-1 and related prospectus and prospectus supplements filed with the SEC. Copies of these and other documents filed by AvePoint from time to time are available on the SEC's website, www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations. Unless the context otherwise indicates, references in this press release to the terms “AvePoint”, “the Company”, “we”, “our” and “us” refer to AvePoint, Inc. and its subsidiaries.

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☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
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Exhibit Number		Description

99.1		Press Release, dated November 9, 2023, reporting AvePoint, Inc.’s financial results for the third quarter ended September 30, 2023 (furnished pursuant to Item 2.02 of Form 8-K)
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

	AvePoint, Inc.


Date: November 9, 2023	By:	/s/ BRIAN MICHAEL BROWN
		Brian Michael Brown
		Chief Legal and Compliance Officer, and Secretary

Date: November 9, 2023	By:	/s/ JAMES CACI
		James Caci
		Chief Financial Officer


AvePoint, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Revenue:
SaaS	$	41,910		$	29,959		$	115,701		$	84,131
Term license and support		16,293			18,288			40,474			42,501
Services		11,194			10,458			31,007			29,231
Maintenance		3,363			4,034			10,019			12,868
Total revenue		72,760			62,739			197,201			168,731
Cost of revenue:
SaaS		9,561			7,164			26,586			18,934
Term license and support		484			524			1,441			1,600
Services		9,922			9,218			29,231			26,204
Maintenance		189			192			584			748
Total cost of revenue		20,156			17,098			57,842			47,486
Gross profit		52,604			45,641			139,359			121,245
Operating expenses:
Sales and marketing		28,436			27,425			82,978			82,002
General and administrative		15,838			16,429			45,679			48,411
Research and development		8,643			9,214			26,931			23,850
Total operating expenses		52,917			53,068			155,588			154,263
Loss from operations		(313	)		(7,427	)		(16,229	)		(33,018	)
(Loss) gain on earn-out and warrant liabilities		(2,785	)		913			(6,921	)		6,848
Interest income, net		232			16			843			50
Other income (expense), net		1,477			48			4,502			(822	)
Loss before income taxes		(1,389	)		(6,450	)		(17,805	)		(26,942	)
Income tax expense		2,841			336			8,132			99
Net loss	$	(4,230	)	$	(6,786	)	$	(25,937	)	$	(27,041	)
Net loss (income) attributable to and accretion of redeemable noncontrolling interest		18			(626	)		(57	)		(1,870	)
Net loss attributable to AvePoint, Inc.	$	(4,212	)	$	(7,412	)	$	(25,994	)	$	(28,911	)
Net loss available to common shareholders	$	(4,212	)	$	(7,412	)	$	(25,994	)	$	(28,911	)
Basic and diluted loss per share	$	(0.02	)	$	(0.04	)	$	(0.14	)	$	(0.16	)
Basic and diluted shares used in computing loss per share		181,769			180,732			182,630			179,563


AvePoint, Inc. Condensed Consolidated Balance Sheets (In thousands, except par value) (Unaudited)

	September 30,			December 31,
	2023			2022
Assets
Current assets:
Cash and cash equivalents	$	205,786		$	227,188
Short-term investments		3,478			2,620
Accounts receivable, net of allowance for doubtful accounts of $1,176 and $725 as of September 30, 2023 and December 31, 2022, respectively		69,329			66,474
Prepaid expenses and other current assets		8,276			10,013
Total current assets		286,869			306,295
Property and equipment, net		4,983			5,537
Goodwill		18,595			18,904
Intangible assets, net		10,427			11,079
Operating lease right-of-use assets		14,547			15,855
Deferred contract costs		50,232			48,553
Other assets		12,558			9,310
Total assets	$	398,211		$	415,533
Liabilities, mezzanine equity, and stockholders’ equity
Current liabilities:
Accounts payable	$	1,855		$	1,519
Accrued expenses and other liabilities		44,538			47,784
Current portion of deferred revenue		102,433			93,405
Total current liabilities		148,826			142,708
Long-term operating lease liabilities		9,982			11,348
Long-term portion of deferred revenue		6,296			8,085
Earn-out shares liabilities		13,822			6,631
Other non-current liabilities		5,183			3,607
Total liabilities		184,109			172,379
Commitments and contingencies
Mezzanine equity
Redeemable noncontrolling interest		13,991			14,007
Total mezzanine equity		13,991			14,007
Stockholders’ equity
Common stock, $0.0001 par value; 1,000,000 shares authorized, 183,996 and 185,278 shares issued and outstanding		18			19
Additional paid-in capital		659,892			665,715
Treasury stock		—			(21,666	)
Accumulated other comprehensive income		2,307			2,006
Accumulated deficit		(462,106	)		(416,927	)
Total stockholders’ equity		200,111			229,147
Total liabilities, mezzanine equity, and stockholders’ equity	$	398,211		$	415,533


AvePoint, Inc. Non-GAAP Reconciliations (In thousands) (Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Non-GAAP operating income
GAAP operating loss	$	(313	)	$	(7,427	)	$	(16,229	)	$	(33,018	)
Stock-based compensation expense		9,285			9,609			26,975			28,287
Amortization of acquired intangible assets		353			229			1,106			428
Non-GAAP operating income (loss)	$	9,325		$	2,411		$	11,852		$	(4,303	)
Non-GAAP operating margin		12.8	%		3.8	%		6.0	%		-2.6	%



Non-GAAP gross profit
GAAP gross profit	$	52,604		$	45,641		$	139,359		$	121,245
Stock-based compensation expense		806			667			2,292			1,948
Amortization of acquired intangible assets		241			133			725			224
Non-GAAP gross profit	$	53,651		$	46,441		$	142,376		$	123,417
Non-GAAP gross margin		73.7	%		74.0	%		72.2	%		73.1	%

Non-GAAP sales and marketing
GAAP sales and marketing	$	28,436		$	27,425		$	82,978		$	82,002
Stock-based compensation expense		(2,358	)		(2,847	)		(7,267	)		(8,705	)
Amortization of acquired intangible assets		(112	)		(96	)		(381	)		(204	)
Non-GAAP sales and marketing	$	25,966		$	24,482		$	75,330		$	73,093
Non-GAAP sales and marketing as a % of revenue		35.7	%		39.0	%		38.2	%		43.3	%

Non-GAAP general and administrative
GAAP general and administrative	$	15,838		$	16,429		$	45,679		$	48,411
Stock-based compensation expense		(5,264	)		(5,060	)		(14,551	)		(14,825	)
Non-GAAP general and administrative	$	10,574		$	11,369		$	31,128		$	33,586
Non-GAAP general and administrative as a % of revenue		14.5	%		18.1	%		15.8	%		19.9	%

Non-GAAP research and development
GAAP research and development	$	8,643		$	9,214		$	26,931		$	23,850
Stock-based compensation expense		(857	)		(1,035	)		(2,865	)		(2,809	)
Non-GAAP research and development	$	7,786		$	8,179		$	24,066		$	21,041
Non-GAAP research and development as a % of revenue		10.7	%		13.0	%		12.2	%		12.5	%