AvePoint, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data AvePoint, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	116	152	192	232	272	330	419
Cost of revenue	36.4	40.3	53	66.3	77.5	82.5	109
Gross profit	79.7	111	139	166	194	248	311
Research and development	11.1	12.2	32.1	31.4	36.3	48.7	52.6
Selling, general and administrative		5.31
Selling and marketing	61.9	76.5	101	111	112	123	144
General and administrative	24.6	36.9	59.4	65.1	61.3	69.2	81.1
Operating expenses	98.7	127	192	207	210	241	278
Operating income	-19	-15.4	-53.5	-41.1	-15.4	7.17	33
Interest income		1.62
Other non-operating income	-0.6	-0.51	20.7	7.42	-3.26	-31.6	7.47
Pre-tax income	-19.6	-15.9	-32.8	-33.7	-18.6	-24.4	40.5
Income tax	0.61	1.06	0.46	5.04	2.89	4.74	5.38
Net income to minority interests			1.97	2.94	0.22	-0.05	0.32
Net income	-20.2	-17	-35.2	-41.6	-21.7	-29.1	34.8
EBITDA	-18	-14.4	-52.3	-39	-12.8	10.1	36
EPS, basic	-1.72	-0.57	-0.48	-0.23	-0.12	-0.16	0.17
EPS, diluted	-1.72	-0.57	-0.48	-0.23	-0.12	-0.16	0.15
Shares, basic (weighted)	74	89.6	142	182	182	184	208
Shares, diluted (weighted)	74	89.6	142	182	182	184	229

Balance sheet

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.99	69.1	268	227	223	291	481
Short-term investments		0.99	2.41	2.62	3.72	0.17
Receivables		48.3	55.1	66.5	85.9	87.4	125
Other current assets		2.34	8.46	10	12.8	16.7	19.7
Total current assets	1.18	121	334	306	326	395	625
Property, plant and equipment		2.66	3.92	5.54	5.12	5.29	6.02
Lease right-of-use assets			0	15.9	13.9	16	16.8
Goodwill			0	18.9	19.2	17.7	38
Intangible assets			0	11.1	10.5	8.89	12.1
Long-term investments		177
Other non-current assets		8.25	11.7	9.31	13.6	16.6	19.7
Total assets	353	169	389	416	443	519	789
Accounts payable	0.01	0.77	1.82	1.52	1.38	2.35	3.81
Accrued liabilities		16.7	22.7	26.6	27.8	39.5	36.9
Deferred revenue		65.2	74.3	93.4	122	144	186
Total current liabilities	0.62	92.2	111	143	177	223	274
Lease liabilities					9.38	9.91	9.95
Other non-current liabilities		3.66	3.94	3.61	5.6	6.4	11.6
Total liabilities	34.7	149	133	172	218	248	310
Paid-in capital	2.03	105	625	666	668	779	980
Retained earnings	2.97	-300	-375	-417	-460	-510	-510
Treasury stock		0	-1.74	-21.7	0
Other comprehensive income		1.79	2.32	2.01	3.2	0.58	8.37
Shareholders' equity	-199	-193	250	229	219
Minority interests				0	8.21	1.79	0
Total equity	-199	-193	250	229	219	271	479
Total liabilities and equity	353	169	389	416	443	519	789
Shares outstanding		100	182	185	185	194	215

Cash flow statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-20.2	-17	-33.2	-38.7	-21.5	-29.1	35.1
Depreciation and amortization	1.05	1.06	1.2	2.1	2.6	2.9	3
Stock-based compensation	13.9	33.8	59.5	37.2	36	39.1	39.3
Deferred income tax	-1.28	-0.45	-0.25	3.91	-0.87	0.4	-2.53
Change in receivables		-10.1	-8.24	-14.4	-19.4	-4.9	-31.3
Change in payables	7.78	0.97	10.6	-2.55	6.88	22.4	3.38
Cash from operations	-2.05	19.1	5.03	-0.77	34.7	88.9	85.3
Capital expenditures	-1.08	-1.02	-2.46	-3.85	-2.09	-3.04	-3.68
Acquisitions			0	-18.6	0	0	-14.9
Purchases of investments			-0.92	-181	-3.5	-1.82	-0.17
Cash from investing	-1.48	1.37	-3.38	-21.5	-5.65	-2.6	-20.2
Stock issued	0.09	0.61	5.57	2.82	5.57	11	17.7
Share buybacks	0	0	-1.63	-19.9	-39	-33.1	-49.8
Cash from financing	-0.09	35.6	199	-17.1	-33.7	-15.5	124
Net change in cash	-4.22	57	199	-41	-4.03	67.6	190
Free cash flow	-3.13	18.1	2.57	-4.63	32.6	85.9	81.6
Interest paid	0	0	4.04	3.32	6.11	6.88	6.83
Income taxes paid	0.25	1.07	4.04				6.36

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $13.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	73.4%	Gross profit / revenue.
Operating margin	9.8%	Operating income / revenue.
Pre-tax margin	12.3%	Pre-tax income / revenue.
Net margin	15.3%	Net income / revenue.
FCF margin	21.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	22.5%	Cash from operations / revenue.
Effective tax rate	-24.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	9.4%	Net income / average total assets.
R&D / revenue	12.3%	Research and development expense / revenue.
Stock-based pay / revenue	7.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	26.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	21.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	25.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	23.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	22.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	361.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	258.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-4.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	34.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-5.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	35.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	52.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	23.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	36.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	24.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	8.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	20.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.00x	Current assets / current liabilities.
Quick ratio	1.92x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.50x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	42.3%	Total liabilities / total assets.
Working capital	$278.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	6.3%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.62x	Revenue / average total assets.
Fixed asset turnover	68.6x	Revenue / average property, plant and equipment.
Receivables turnover	3.98x	Revenue / average receivables.
Days sales outstanding	92 days	365 x average receivables / revenue.
Days payables	10 days	365 x average accounts payable / cost of revenue.
FCF conversion	141.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.32	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.11	Revenue / diluted weighted shares.
FCF per share	$0.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.47	Cash from operations / diluted weighted shares.
Cash per share	$1.97	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	139.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.75B	Share price x shares outstanding.
Enterprise value	$2.33B	Market cap + total debt - cash - short-term investments.
P/E	38.5x	Market cap / net income. Only when net income is positive.
P/S	5.90x	Market cap / revenue.
P/FCF	27.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	26.3x	Market cap / cash from operations, when positive.
EV/Sales	5.01x	Enterprise value / revenue.
EV/EBIT	51.2x	Enterprise value / operating income, when both are positive.
EV/FCF	23.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.7%	Free cash flow / market cap.
Earnings yield	2.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	5.1%	(Dividends paid + share buybacks) / market cap.

What was AvePoint, Inc.'s revenue in fiscal 2025?

AvePoint, Inc. reported revenue of $419.5M for fiscal 2025, 26.9% higher than the year before.

Was AvePoint, Inc. profitable in fiscal 2025?

Yes. Net income was $34.8M, a net margin of 8.3%.

How much free cash flow did AvePoint, Inc. generate in fiscal 2025?

Cash from operations of $85.3M minus capital expenditures of $3.7M left free cash flow of $81.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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