Avepoint, Inc. ( (AVPT) ) has released its Q3 earnings. Here is a breakdown of the information Avepoint, Inc. presented to its investors.
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AvePoint, Inc. is a leading global provider in the field of data management and governance, offering solutions that help businesses modernize their digital workplaces across platforms like Microsoft, Google, and Salesforce.
In its third quarter of 2024, AvePoint reported robust financial growth, highlighted by a significant increase in its SaaS revenue and overall financial performance. The company demonstrated a year-over-year growth in total revenue and exceeded its financial guidance for the seventh consecutive quarter.
Key financial metrics from the report include a 45% increase in SaaS revenue amounting to $60.9 million and a total revenue of $88.8 million, marking a 22% increase from the previous year. AvePoint’s annual recurring revenue reached $308.9 million, showcasing a 23% growth. The company also reported a GAAP operating income of $7.7 million compared to a loss in the previous year, indicating improved financial health.
AvePoint continues to capitalize on market opportunities with its AvePoint Confidence Platform, which meets the growing demand for automated data management solutions across multi-cloud environments. The company introduced new products such as AvePoint Cloud Backup Express, enhancing its data protection services.
Looking ahead, AvePoint is optimistic about closing 2024 on a strong note, raising its full-year financial outlook, including expectations for continued revenue growth and an increase in annual recurring revenue, positioning itself for sustained success in the data management sector.
