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1. Company Snapshot

1.a. Company Description

AvePoint, Inc.provides Microsoft 365 data management solutions worldwide.It offers SaaS platform cloud-hosted collaboration systems by providing suite of software products.


The company focuses on data protection, governance, compliance management extensions for Microsoft 365, Dynamics 365, Salesforce, and Google Workspace.In addition, the company offers software solutions for Microsoft 365, including microsoft teams, sharepoint online, exchange online, onedrive, project online, planner, yammer and other public folders.The company was incorporated in 2001 and is headquartered in Jersey City, New Jersey.

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1.b. Last Insights on AVPT

AvePoint's recent performance was negatively impacted by a Q4 loss of $0.04 per share, surpassing the Zacks Consensus Estimate of $0.06. This decline in profitability contrasts with the company's Q3 performance. Despite strong revenue growth, with full-year SaaS revenue increasing 43% year-over-year, AvePoint's profitability may not have kept pace. The company's recent product launches, including the Risk Posture Command Center and the next generation of Elements, aim to enhance data security posture management and automate insights, but their immediate impact on profitability is unclear.

1.c. Company Highlights

2. AvePoint's Strong Q4 and Full-Year 2025 Earnings

AvePoint's Q4 total revenues were $114.7 million, up 29% year over year, with SaaS revenue growing 37% year over year to $88.9 million. The company's revenue mix was 78% SaaS, with services revenue growing 20% year over year to $14.6 million. Gross profit for Q4 was $85.1 million, representing a gross margin of 74.2% compared to 75.5% a year ago. Q4 non-GAAP operating income was $22.9 million, with a 20% operating margin. The actual EPS came out at $0.06766, relative to estimates at $0.09.

Publication Date: Mar -02

📋 Highlights
  • Revenue Growth:: Q4 total revenue reached $114.7M, up 29% YoY, with SaaS revenue growing 37% to $88.9M.
  • ARR Expansion:: Full-year 2025 ARR hit $416.8M, reflecting 27% growth, driven by record net new ARR of $89.8M (44% growth).
  • Strong Retention Metrics:: Q4 gross retention rate (GRR) was 88%, and net retention rate (NRR) reached 110%, with 820 customers having ARR over $100K.
  • Margin Efficiency:: Q4 non-GAAP operating income was $22.9M (20% margin), with full-year 2025 non-GAAP operating income at $79.2M (18.9% margin).
  • 2026 Guidance:: Projects total ARR of $525.1M–$531.1M (27% growth) and total revenue of $509.4M–$517.4M (22% growth), with $481M in cash reserves.

Revenue Growth and Customer Retention

AvePoint ended the year with total ARR of $416.8 million, representing year-over-year growth of 27%, and net new ARR in Q4 was $26.8 million, growing 48% year over year. The company's customer retention rates were strong, with a Q4 gross retention rate of 88% and a Q4 net retention rate of 110%. AvePoint has a record number of large customers, with 820 customers having ARR of over $100,000 and 298 customers having ARR of over $250,000.

Guidance and Investment Strategy

The company expects total revenues of $509.4 million to $517.4 million for the full year 2026, or growth of 22% at the midpoint. AvePoint will continue to balance strategic growth investments with a commitment to driving operating leverage, prioritizing bundle offerings and moving towards a hybrid pricing model. James Caci explained that the company is making outsized investments in marketing and technology to drive growth, but these investments will not pay off until later.

Valuation and Growth Prospects

With a P/S Ratio of 5.55 and an EV/EBITDA of 40.9, the market is pricing in significant growth prospects for AvePoint. Analysts estimate next year's revenue growth at 19.7%. The company's ROIC is 5.56%, and ROE is 7.96%, indicating a relatively efficient use of capital. AvePoint's confidence in its platform's ability to replace point solution providers and its robust demand for AI governance are expected to drive future growth.

Operational Efficiency and AI Governance

Tianyi Jiang emphasized that the company is not slowing down on the tech side and is investing in areas like GitHub Copilot. AvePoint is also investing in a new data intelligence offering, which will provide real-time unstructured data governance intelligence at scale. The company's focus on data curation, data governance, and context is critical for AI, providing a defensible moat.

3. NewsRoom

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AvePoint, Inc. (AVPT) Presents at Morgan Stanley Technology, Media & Telecom Conference 2026 Transcript

02:32

Source: seekingalpha.com

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AvePoint (NASDAQ:AVPT) Shares Gap Up – Should You Buy?

Mar -01

Source: defenseworld.net

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AvePoint Q4 Earnings and Revenues Beat Estimates, Sales Rise Y/Y

Feb -27

Source: zacks.com

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AvePoint, Inc. (AVPT) Q4 2025 Earnings Call Transcript

Feb -27

Source: seekingalpha.com

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AvePoint, Inc. (AVPT) Tops Q4 Earnings and Revenue Estimates

Feb -27

Source: zacks.com

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AvePoint (AVPT) Q4 Earnings: Taking a Look at Key Metrics Versus Estimates

Feb -27

Source: zacks.com

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AvePoint Announces Fourth Quarter and Full Year 2025 Financial Results

Feb -26

Source: globenewswire.com

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AvePoint to Report Q4 Earnings: What's in the Cards for the Stock?

Feb -24

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.93%)

6. Segments

Software-as-a-Service

Expected Growth: 14.4%

AvePoint's 14.4% growth in Software-as-a-Service is driven by increasing demand for cloud-based collaboration and data management solutions, particularly in the Microsoft 365 ecosystem. Growing adoption of remote work, digital transformation, and cybersecurity concerns are also key contributors. AvePoint's strong partnerships, innovative products, and expanding global presence further support its rapid growth.

Term License and Support

Expected Growth: 11.53%

AvePoint's Term License and Support growth is driven by increasing demand for Microsoft 365 data management and protection, expansion into new markets, and strategic partnerships. The company's innovative solutions, such as AvePoint Cloud Governance and AvePoint FLY, are resonating with customers, leading to a 11.53% growth rate.

Services

Expected Growth: 22.0%

AvePoint's 22.0% growth is driven by increasing demand for cloud-based Microsoft 365 data management solutions, expansion into new markets, and strategic partnerships. The company's innovative products, such as AvePoint Cloud Governance and AvePoint FLY, are resonating with customers seeking to simplify and secure their Microsoft 365 environments.

Maintenance

Expected Growth: 10.98%

AvePoint's Maintenance segment growth of 10.98% is driven by increasing adoption of cloud-based solutions, expansion of existing customer relationships, and strategic partnerships. Additionally, the company's focus on innovation, customer success, and sales execution have contributed to the growth. Furthermore, the rising demand for data management and protection solutions, particularly in the Microsoft 365 ecosystem, has also fueled the segment's growth.

7. Detailed Products

AvePoint Cloud Governance

AvePoint Cloud Governance is a cloud-based solution that enables organizations to manage and govern their Microsoft 365 and SharePoint environments. It provides features such as automated provisioning, permissions management, and content lifecycle management.

AvePoint FLY

AvePoint FLY is a cloud-based migration tool that enables organizations to migrate their content from on-premises environments to Microsoft 365. It provides features such as automated content analysis, migration, and validation.

AvePoint Compliance Guardian

AvePoint Compliance Guardian is a solution that enables organizations to monitor and manage their Microsoft 365 environment for compliance with regulatory requirements. It provides features such as real-time monitoring, alerting, and reporting.

AvePoint Edge

AvePoint Edge is a solution that enables organizations to extend their Microsoft 365 environment to the edge of their network, providing secure and fast access to content and applications.

AvePoint Perimeter

AvePoint Perimeter is a solution that enables organizations to secure their Microsoft 365 environment with advanced threat protection and data loss prevention capabilities.

8. AvePoint, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

AvePoint, Inc. operates in a niche market, providing Microsoft-centric software solutions. While there are some substitutes available, they are not as comprehensive as AvePoint's offerings, reducing the threat of substitutes.

Bargaining Power Of Customers

AvePoint's customers are primarily large enterprises and governments, which have limited bargaining power due to their complex IT infrastructure and reliance on AvePoint's solutions.

Bargaining Power Of Suppliers

AvePoint has a diversified supplier base, and its suppliers have limited bargaining power due to the company's strong market position and negotiating power.

Threat Of New Entrants

The barriers to entry in AvePoint's market are relatively high, requiring significant investments in research and development, marketing, and sales. This limits the threat of new entrants.

Intensity Of Rivalry

AvePoint operates in a competitive market, but its strong brand recognition, comprehensive product offerings, and established customer base help to mitigate the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 6.53%
Debt Cost 3.95%
Equity Weight 93.47%
Equity Cost 8.24%
WACC 7.96%
Leverage 6.99%

11. Quality Control: AvePoint, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
CSG Systems

A-Score: 6.0/10

Value: 4.1

Growth: 5.1

Quality: 6.0

Yield: 4.0

Momentum: 9.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Couchbase

A-Score: 5.1/10

Value: 6.2

Growth: 5.0

Quality: 5.5

Yield: 0.0

Momentum: 8.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Evertec

A-Score: 5.0/10

Value: 5.7

Growth: 6.3

Quality: 6.4

Yield: 1.0

Momentum: 3.0

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Sterling Check

A-Score: 4.1/10

Value: 5.0

Growth: 7.1

Quality: 3.9

Yield: 0.0

Momentum: 6.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Bridgeline Digital

A-Score: 3.5/10

Value: 9.2

Growth: 2.0

Quality: 4.9

Yield: 0.0

Momentum: 2.5

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
AvePoint

A-Score: 3.4/10

Value: 0.7

Growth: 6.3

Quality: 6.2

Yield: 0.0

Momentum: 2.5

Volatility: 4.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

10.8$

Current Price

10.8$

Potential

-0.00%

Expected Cash-Flows