AvePoint, Inc. FY 2025 Financial Analysis: Robust Growth and Profitable Execution
AvePoint, Inc., a leading enterprise data management platform, delivered its FY 2025 financial results, showing strong growth, improved profitability, and continued expansion across industries and global markets. This analysis reviews key financial metrics, performance trends, and strategic developments presented in AvePoint’s investor report for the year ended December 31, 2025.
Key Financial Metrics: Q4 2025 and FY 2025
| Metric |
Q4 2025 |
Q3 2025 |
Q4 2024 |
YoY Change |
QoQ Change |
| Annual Recurring Revenue (ARR) |
\$416.8M |
N/A |
\$327.0M |
+27% |
N/A |
| Total Revenue |
\$416.8M |
N/A |
\$327.0M |
+27% |
N/A |
| Non-GAAP Operating Income |
\$22.9M |
N/A |
\$14.5M |
+58% |
N/A |
| Operating Margin (Non-GAAP) |
19.9% |
N/A |
16.2% |
+3.7pp |
N/A |
| Free Cash Flow |
\$81.6M (FY) |
N/A |
\$85.9M (FY) |
-5% |
N/A |
Note: Dividends are not disclosed in the report.
Historical Performance Trends
- ARR grew at a CAGR of 25% from 2022 to 2025, reaching \$416.8M in 2025.
- Total customers increased from 17,085 in 2022 to 28,604 in 2025 (CAGR: 19%).
- Non-GAAP operating margin improved from -1.2% in 2022 to 18.9% in 2025.
- Gross retention rate held steady at 88% in 2025; net retention rate at 110%.
- Channel sales became more significant, accounting for 57% of ARR in 2025, up from 47% in 2022.
Strategic Developments and Corporate Actions
- Multiple acquisitions to strengthen market presence and product offerings: UK-based Torsion (data access governance), South Korea-based Essential, Singapore-based I-Access Solutions, UK-based Combined Knowledge, Canada-based tyGraph, and Netherlands-based Ydentic (MSP platform evolution).
- Expanding global reach: Revenue contributions balanced across North America (42%), EMEA (36%), and APAC (22%).
- Share repurchases and strategic investments are part of capital allocation priorities.
- Strong focus on broadening platform offerings, scaling channel ecosystem, and accelerating customer adoption and retention.
- Substantial cash position: \$481.1M as of December 31, 2025.
Forecast and Guidance
| Metric |
FY 2026 Low |
FY 2026 High |
YoY Growth |
| Annual Recurring Revenue |
\$525.1M |
\$531.1M |
+26%/+27% |
| Total Revenue |
\$509.4M |
\$517.4M |
+21%/+23% |
| Non-GAAP Operating Income |
\$92.6M |
\$96.6M |
+16%/+22% |
Errors, Inconsistencies, and Exceptional Items
- No material errors or inconsistencies are disclosed.
- Exceptional items: Includes ~\$7M in one-time tax payments affecting FY 2025 free cash flow.
- Stock-based compensation as a percentage of revenue declined from 16% in 2022 to 9% in 2025, indicating improved expense management.
- GAAP operating income turned positive in 2024 and 2025 after losses in prior years.
Chairman’s Statement
The Chairman’s Statement is not explicitly included in the provided report, so it cannot be quoted or analyzed for tone.
Directors’ Remuneration
No detailed information on directors’ pay or remuneration is provided.
Share Buybacks, Dilution, Placements, or Mandates
- Share repurchases are mentioned as a capital allocation priority and the company remains active and opportunistic in the open market.
Divestments, IPOs, Fundraising, or Asset Sales
No divestments, fundraising, or asset sales are disclosed. AvePoint previously went public with only \$60M in primary capital and no debt.
Events Impacting Business
No mention of natural disasters, legal disputes, policy or tax changes, or macroeconomic shifts affecting performance in the report.
Unusual Fund Flows or Related-Party Transactions
No unusual fund flows or related-party transactions are disclosed.
Customer Growth and Market Diversification
- Strong customer growth across industries: Professional services, finance, government, manufacturing, and healthcare are major contributors.
- Large enterprise customer counts (\$100K+ ARR) rose from 455 in 2022 to 826 in 2025.
Conclusion and Investor Recommendations
Overall Performance and Outlook: AvePoint demonstrates robust financial performance with consistent top-line growth, improving profitability, strong cash generation, and expanding global presence. Its diversified customer base, recurring revenue model, and strategic acquisitions bolster resilience and growth potential. The outlook remains positive, supported by management’s guidance for continued double-digit growth, further margin expansion, and platform innovation.
Investor Recommendations:
- If you currently hold AvePoint stock: Based on the strong financial performance, positive outlook, and ongoing strategic execution, holding AvePoint shares is recommended. The company is positioned for durable, profitable growth with expanding market opportunities and operational leverage.
- If you do not currently hold AvePoint stock: Consider initiating a position. AvePoint’s consistent growth, improving margins, and large addressable market make it an attractive opportunity for investors seeking exposure to enterprise SaaS and data management. Monitor execution risks and upcoming quarterly results for confirmation of guidance and continued performance.
Disclaimer: This analysis is based solely on information disclosed in AvePoint’s FY 2025 investor report. It does not constitute investment advice or a solicitation to buy or sell securities. Investors should conduct their own due diligence or consult with a qualified advisor before making investment decisions.
View AvePoint Historical chart here
