NASDAQ listed, data management solutions provider, AvePoint finishes its first year as a public company with a solid 64% SaaS revenue growth and 34% ARR growth, with an additional 36% growth in customers with ARR above 100k.
CEO and Co-Founder of AvePoint, Tianyi Jiang said, “As enterprises continue their long-term shift to SaaS based platforms, we see increased application usage in 2022 and beyond. We believe we are well positioned to capitalize on this massive opportunity which will require industry leading data management and collaboration security solutions that AvePoint offers.”
Highlights of Avepoint’s 2021 results
- Revenue: Total revenue for the full year 2021 was $191.9 million, up 27% from 2020. Within total revenue, SaaS revenue was $85.6 million, up 64% from 2020, and term license and support revenue was $51.0 million, up 31% from 2020
- Gross Profit: Gross profit for the full year of 2021 was $139.2 million, compared to $111.2 million for 2020. Gross margin for the full year 2021 was 72.6%, compared to 73.4% for 2020. Non-GAAP gross profit for the full year 2021 was $142.7 million, compared to $111.8 million for 2020. Non-GAAP gross margin was 74.4% for the full year 2021, compared to 73.8% for 2020.
- Operating Income/(Loss): Operating loss for the full year 2021 was $(53.5) million, compared to $(15.4) million for 2020. Non-GAAP operating income for the full year 2021 was $6.0 million, compared to $18.3 million for 2020.
- Free cash flow of $3.1 million for the full year 2021 and $271 million of cash and short-term investments as of the end of the year.
Share Repurchase Program
AvePoint’s board of directors have also authorized a new share repurchase program for AvePoint to buy back its outstanding common shares. Under the share repurchase program, AvePoint has the authority to buy up to a maximum of $150 million worth of shares, over the next three years, via acquisitions in the open market or privately negotiated transactions.
Projection for year-ended December 31, 2022
Avepoint has announced that its total revenue is expected to be in the range of $236-$242.0 million or approximately 25% YoY growth. Non-GAAP operating income/loss is expected to be in the range of a loss of $(3.5) million to income of $1.0 million. ARR is expected to be in the range of $212 million to $216 million or approximately 34% year-over-year growth.
Founded in 2001, AvePoint is a five-time Global Microsoft Partner of the Year and headquartered in Jersey City, New Jersey. For more information, visit www.avepoint.com.