AvePoint, Inc. reported significant financial growth in its fiscal year ending December 31, 2024, with total revenue reaching $330.5 million, a 22% increase from $271.8 million in 2023. The company's annual recurring revenue (ARR) also saw a notable rise, climbing to $327 million, which represents a 24% year-over-year growth. The growth was primarily driven by a 43% increase in Software as a Service (SaaS) revenue, which accounted for 70% of total revenue, up from 59% in the previous year. The company achieved a GAAP operating income of $7.2 million, a turnaround from a loss of $15.4 million in 2023, while non-GAAP operating income surged to $47.6 million from $22.2 million.
In terms of operational metrics, AvePoint's customer base expanded to over 25,000 organizations across more than 100 countries, with no single customer accounting for more than 10% of total billings. The company reported strong growth in its Asia-Pacific region, where revenue increased by 33.2%, driven by a significant rise in SaaS and services revenue. The company also noted a 14.7% increase in North America and a 21.4% increase in the EMEA region. As of December 31, 2024, AvePoint employed 2,934 individuals, reflecting its commitment to scaling operations in response to growing demand.
Strategically, AvePoint has focused on expanding its product offerings and enhancing customer engagement. The company has made six acquisitions since 2022 to bolster its technology and service capabilities. Additionally, it has invested in its customer success program to improve retention and satisfaction, which is critical given the competitive landscape of cloud data management. The company also launched the AvePoint Confidence Platform, which integrates data security, governance, and business continuity, addressing the complexities of modern data management.
Looking ahead, AvePoint anticipates continued growth driven by its platform-first strategy and the increasing demand for cloud-native data management solutions. The company plans to further invest in research and development, particularly in AI-ready solutions, to enhance its product offerings. AvePoint's management expressed confidence in its ability to maintain growth momentum, although they acknowledged potential challenges related to market conditions and competition. The company remains committed to leveraging its strategic partnerships, particularly with major cloud providers like Microsoft, to expand its market presence and drive future revenue growth.
About AvePoint, Inc.
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