Data security firm AvePoint Q2 revenue up 31%
Overview
AvePoint Q2 revenue hits $102 mln, up 31% yr/yr, surpassing $100 mln for the first time
SaaS revenue grows 44% yr/yr to $77.3 mln, driving overall revenue growth
ARR increases 27% yr/yr to $367.6 mln, reflecting strong subscription growth
Outlook
AvePoint sees Q3 revenue between $104.6 mln and $106.6 mln
Company expects Q3 non-GAAP operating income of $18 mln to $19 mln
AvePoint projects full-year revenue of $406.6 mln to $410.6 mln
Company forecasts full-year ARR of $412.8 mln to $418.8 mln
Result Drivers
SAAS REVENUE GROWTH - SaaS revenue increased 44% yr/yr to $77.3 mln, driving overall revenue growth
ARR INCREASE - Annual recurring revenue rose 27% yr/yr to $367.6 mln, reflecting strong subscription growth
PLATFORM EXPANSION - Expanded AvePoint Confidence Platform with new features, enhancing data governance and security
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Net Income |
| $2.89 mln |
|
Q2 Adjusted Gross Margin |
| 74.8% |
|
Q2 Adjusted Gross Profit |
| $76.30 mln |
|
Q2 ARR |
| $367.60 mln |
|
Q2 Gross Profit |
| $75.54 mln |
|
Q2 Operating Expenses |
| $68.44 mln |
|
Q2 Operating Income |
| $7.09 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the it services & consulting peer group is "buy"
Wall Street's median 12-month price target for AvePoint Inc is $21.50, about 16.9% above its August 6 closing price of $17.86
The stock recently traded at 59 times the next 12-month earnings vs. a P/E of 58 three months ago
Press Release: ID:nGNX8FLZT8
