Revenue growth accelerated to 22.0% YoY in Q2 2026, reaching $124.5M, with gross margin stable at 73.1% and operating margin improving to 8.2% from -4.3% in Q1 2024, reflecting emerging operating leverage.
AvePoint, Inc. (AVPT) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 487.53M | 419.5M | 330.48M | 271.82M | 232.34M | 191.91M | 151.53M | 116.1M |
| Revenue Growth % | 23.74% | 26.93% | 21.58% | 16.99% | 21.07% | 26.65% | 30.52% | - |
| Cost of Goods Sold | 132.09M | 108.8M | 82.53M | 77.46M | 66.28M | 52.66M | 40.29M | 36.4M |
| COGS % of Revenue | - | 25.94% | 24.97% | 28.5% | 28.53% | 27.44% | 26.59% | 31.35% |
| Gross Profit | 355.44M | 310.7M | 247.96M | 194.37M | 166.06M | 139.25M | 111.24M | 79.7M |
| Gross Margin % | 72.91% | 74.06% | 75.03% | 71.5% | 71.47% | 72.56% | 73.41% | 68.65% |
| Gross Profit Growth % | - | 25.3% | 27.57% | 17.04% | 19.26% | 25.17% | 39.58% | - |
| Operating Expenses | 306.51M | 277.66M | 240.79M | 209.72M | 207.13M | 192.74M | 126.68M | 98.71M |
| OpEx % of Revenue | - | 66.19% | 72.86% | 77.15% | 89.15% | 100.43% | 83.6% | 85.02% |
| Selling, General & Admin | 249.96M | 225.08M | 192.09M | 173.38M | 175.77M | 159.73M | 113.42M | 86.52M |
| SG&A % of Revenue | - | 53.65% | 58.12% | 63.78% | 75.65% | 83.23% | 74.85% | 74.52% |
| Research & Development | 59.49M | 52.59M | 48.7M | 36.34M | 31.36M | 31.77M | 12.2M | 11.15M |
| R&D % of Revenue | - | 12.54% | 14.74% | 13.37% | 13.5% | 16.55% | 8.05% | 9.6% |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 1.24M | 1.06M | 1.05M |
| Operating Income | 48.93M | 33.03M | 7.17M | -15.35M | -40.37M | -53.49M | -15.44M | -19.01M |
| Operating Margin % | 10.04% | 7.87% | 2.17% | -5.65% | -17.37% | -27.87% | -10.19% | -16.38% |
| Operating Income Growth % | - | 361% | 146.68% | 61.97% | 24.54% | -246.51% | 18.8% | - |
| EBITDA | 55.64M | 39.24M | 12.55M | -10.66M | -36.87M | -52.25M | -14.38M | -17.96M |
| EBITDA Margin % | 11.41% | 9.35% | 3.8% | -3.92% | -15.87% | -27.23% | -9.49% | -15.47% |
| EBITDA Growth % | 89.46% | 212.72% | 217.67% | 71.08% | 29.44% | -263.42% | 19.96% | - |
| D&A (Non-Cash Add-back) | 6.71M | 6.21M | 5.38M | 4.69M | 3.49M | 1.24M | 1.06M | 1.05M |
| EBIT | 61.38M | 40.5M | -24.4M | -18.61M | -33.61M | -32.79M | -15.44M | -19.01M |
| Net Interest Income | 1.03M | 4.57M | 166K | 26K | -40K | 102K | 41K | 56K |
| Interest Income | 2.52M | 4.57M | 166K | 26K | 0 | 102K | 41K | 56K |
| Interest Expense | 1.49M | 0 | 0 | 0 | 40K | 0 | 0 | 0 |
| Other Income/Expense | 10.96M | 7.47M | -31.57M | -3.26M | 6.72M | 20.7M | -470K | -548K |
| Pretax Income | 59.88M | 40.5M | -24.4M | -18.61M | -33.65M | -32.79M | -15.91M | -19.56M |
| Pretax Margin % | 12.28% | 9.65% | -7.38% | -6.85% | -14.48% | -17.09% | -10.5% | -16.85% |
| Income Tax | -16.52M | 5.38M | 4.74M | 2.89M | 5.04M | 457K | 1.06M | 614K |
| Effective Tax Rate % | -27.58% | 13.29% | -19.44% | -15.51% | -14.97% | -1.39% | -6.68% | -3.14% |
| Net Income | 76.4M | 35.12M | -29.09M | -21.73M | -41.63M | -35.22M | -17M | -20.17M |
| Net Margin % | 15.67% | 8.37% | -8.8% | -7.99% | -17.92% | -18.35% | -11.22% | -17.38% |
| Net Income Growth % | 3778.17% | 220.73% | -33.9% | 47.81% | -18.2% | -107.22% | 15.75% | - |
| Net Income (Continuing) | 76.4M | 35.12M | -29.14M | -21.5M | -38.69M | -33.24M | -16.97M | -20.17M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 1.79M | 14.24M | 14.01M | 5.21M | 3.06M | 0 |
| EPS (Diluted) | 0.34 | 0.15 | -0.16 | -0.12 | -0.23 | -0.48 | -0.57 | 0.07 |
| EPS Growth % | 3810.99% | 193.75% | -33.33% | 47.83% | 52.08% | 15.79% | -946.95% | - |
| EPS (Basic) | - | 0.17 | -0.16 | -0.12 | -0.23 | -0.48 | -0.57 | 0.07 |
| Diluted Shares Outstanding | 221.99M | 229.29M | 183.72M | 182.26M | 181.96M | 141.6M | 89.64M | 44.06M |
| Basic Shares Outstanding | 210.51M | 207.59M | 183.72M | 182.26M | 181.96M | 141.6M | 89.64M | 44.06M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AVPT stock.
For fiscal year 2025, AvePoint, Inc. (AVPT) reported total revenue of $419.5M. This represents a 261.3% increase compared to $116.1M in 2019.
AvePoint, Inc. (AVPT) is profitable, generating $35.1M in net income for the fiscal year ending 2025 with a net profit margin of 8.4%.
AvePoint, Inc. (AVPT) reported an operating income of $33.0M, resulting in an operating profit margin of 7.9%. This margin reflects the operational efficiency of the business before interest and taxes.
AvePoint, Inc. (AVPT) generated $310.7M in gross profit for the year, representing a gross profit margin of 74.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Microsoft Purview competitive threat
Metrics are mathematically derived from official filings.
Accelerating Growth on AI Tailwinds
AvePoint's revenue growth accelerated to 22.0% YoY in Q2 2026, reaching $124.5M, with record net new ARR and raised guidance, suggesting durable momentum from AI-driven demand.
The 22.0% YoY growth in Q2 2026 marks a rebound from the 19.5% in Q4 2024, indicating a re-acceleration. Management's raised guidance to $128.2M-$130.2M for the next quarter implies continued strength, likely fueled by enterprises preparing for AI deployments like Microsoft Copilot. The consistent double-digit growth across the past ten quarters, despite a slight dip in Q4 2024, underscores the resilience of the subscription model and the expanding TAM tied to Microsoft 365 adoption.
Gross Margin Stability Amid Mix Shift
Gross margin has held steady around 73-74% over the last year, with Q2 2026 at 73.1%, reflecting a balanced mix of SaaS and services, though slightly below the 75%+ seen in 2024.
The slight compression from 75.4% in Q4 2024 to 73.1% in Q2 2026 may indicate a higher proportion of lower-margin professional services or increased cloud hosting costs. However, the stability suggests pricing power and efficient cost management. As SaaS revenue grows faster than services, gross margin could expand, but investors should monitor the mix shift and any potential impact from Microsoft's native governance enhancements.
Operating Leverage Emerging at Scale
Operating margin improved from -4.3% in Q1 2024 to 8.2% in Q2 2026, as revenue growth outpaced expense growth, indicating that AvePoint is beginning to leverage its fixed cost base.
While revenue grew 67% from Q1 2024 to Q2 2026, operating expenses (R&D + SG&A) grew at a slower pace, allowing operating income to turn positive and expand. The Q2 2026 operating margin of 8.2% is below the 12.7% in Q4 2025, but the sequential dip is likely due to increased R&D investment (up 20% QoQ) and SG&A (up 9% QoQ) to capture AI opportunities. This suggests management is deliberately investing for growth, which could pressure near-term margins but enhance long-term scalability.
Net Income Boosted by Non-Operating Items
Q2 2026 net income of $27.6M (22.1% net margin) far exceeds operating income of $10.2M, implying significant non-operating gains, likely from interest income on the $480M cash pile.
The gap between operating and net income widened dramatically in Q2 2026, with net income more than double operating income. This suggests a substantial contribution from interest income or other non-operating items, which may not be sustainable as rates normalize. Excluding these, the core profitability is more modest, and investors should focus on operating income trends. Additionally, SBC of $9.6M in Q2 2026 remains a significant drag on GAAP earnings, though it is non-cash.
R&D and SG&A Discipline Drives Profitability
R&D and SG&A as a percentage of revenue declined from 77% in Q1 2024 to 65% in Q2 2026, reflecting improved cost discipline while still investing in growth.
The combined R&D and SG&A ratio has trended down from 77% to 65% over the period, indicating that AvePoint is scaling efficiently. R&D spending has remained relatively flat in absolute terms (around $13-16M per quarter), while SG&A has grown but at a slower pace than revenue. This suggests a maturing cost structure, though the sequential increase in R&D in Q2 2026 (to $16.6M) may signal renewed investment in AI-related features, which could temper near-term margin expansion.
Microsoft Purview Threat Looms
Despite strong growth, AvePoint faces a structural risk from Microsoft's expanding native governance capabilities, which could compress pricing power and reduce the addressable market for basic compliance features.
Microsoft's introduction of Purview enhancements could erode AvePoint's differentiation in basic data governance, forcing the company to either lower prices or increase R&D to stay ahead. The recent beat-and-raise quarter may be partly driven by AI-related urgency, but if Microsoft bundles more governance features into its core offerings, AvePoint's net revenue retention could suffer. Investors should monitor the pace of Purview adoption and AvePoint's ability to innovate in advanced AI governance, as this is the most significant competitive overhang.