Detailed financial statements for AvePoint, Inc. (AVPT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
AvePoint, Inc. provides cloud-native data management software platform in North America, Europe, the Middle East, Africa, and the Asia Pacific. It also provides platform-as-a-service architecture to address critical operational challenges and the management of data to organizations that leverage third-party cloud vendors, including Microsoft, Salesforce, Google, AWS, Box, DropBox, and others; license and support; and maintenance services.
Analysis Summary
AvePoint, Inc. reported revenue of $419.5M in the most recent fiscal year, growing at a 5-year CAGR of 22.6%.
Trailing-twelve-month margins: gross margin 73.4%, operating margin 9.8%, net margin 15.3%. Free cash flow grew at 35.1% CAGR over 5 years.
Balance sheet quality for AVPT: current ratio of 2.3, net cash position of $463.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $81.6M represents 232% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $107.3M | $116.1M | $151.5M | $191.9M | $232.3M | $271.8M | $330.5M | $419.5M |
| Cost of Revenue | $32.0M | $36.4M | $40.3M | $52.7M | $66.3M | $77.5M | $82.5M | $108.8M |
| Gross Profit | $75.3M | $79.7M | $111.2M | $139.2M | $166.1M | $194.4M | $248.0M | $310.7M |
| Research & Development | $8.2M | $11.1M | $12.2M | $31.8M | $31.4M | $36.3M | $48.7M | $52.6M |
| Selling, General & Admin | $69.4M | $86.5M | $113.4M | $159.7M | $175.8M | $173.4M | $192.1M | $225.1M |
| Operating Expenses | $77.6M | $98.7M | $126.7M | $192.7M | $207.1M | $209.7M | $240.8M | $277.7M |
| Operating Income | -$2.3M | -$19.0M | -$15.4M | -$53.5M | -$40.4M | -$15.4M | $7.2M | $33.0M |
| EBITDA | -$809000 | -$18.0M | -$14.4M | -$31.6M | -$30.1M | -$13.9M | -$19.0M | $46.7M |
| Interest Expense | 0 | 0 | 0 | 0 | $40000 | 0 | 0 | 0 |
| Pre-tax Income | -$2.0M | -$19.6M | -$15.9M | -$32.8M | -$33.6M | -$18.6M | -$24.4M | $40.5M |
| Income Tax | $1.9M | $614000 | $1.1M | $457000 | $5.0M | $2.9M | $4.7M | $5.4M |
| Net Income | -$3.9M | -$20.2M | -$17.0M | -$35.2M | -$41.6M | -$21.7M | -$29.1M | $35.1M |
| EPS | $-0.47 | $0.07 | $-0.57 | $-0.48 | $-0.23 | $-0.12 | $-0.16 | $0.17 |
| EPS (Diluted) | $-0.47 | $0.07 | $-0.57 | $-0.48 | $-0.23 | $-0.12 | $-0.16 | $0.15 |
| Shares Outstanding (Diluted) | $8.4M | $44.1M | $89.6M | $141.6M | $182.0M | $182.3M | $183.7M | $229.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $109.7M | $114.7M | $117.2M | $124.5M |
| Gross Profit | $81.6M | $84.4M | $85.4M | $91.0M |
| Operating Income | $8.1M | $14.5M | $12.7M | $10.2M |
| EBITDA | $14.3M | $17.5M | $18.2M | $21.6M |
| Net Income | $13.0M | $15.6M | $15.2M | $27.6M |
| EPS | $0.06 | $0.07 | $0.07 | $0.13 |
| EPS (Diluted) | $0.06 | $0.07 | $0.07 | $0.12 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $12.2M | $69.1M | $268.2M | $227.2M | $223.2M | $290.7M | $481.1M |
| Short-term Investments | $3.3M | $992000 | $2.4M | $2.6M | $3.7M | $167000 | 0 |
| Receivables | $39.9M | $48.2M | $55.1M | $66.5M | $85.9M | $87.4M | $124.5M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $58.6M | $120.7M | $334.2M | $306.3M | $325.6M | $394.8M | $625.3M |
| Property, Plant & Equipment | $2.7M | $2.7M | $3.9M | $21.4M | $19.0M | $21.2M | $22.8M |
| Goodwill | 0 | 0 | 0 | $18.9M | $19.2M | $17.7M | $38.0M |
| Intangible Assets | 0 | 0 | 0 | $11.1M | $10.5M | $8.9M | $12.1M |
| Total Assets | $98.1M | $169.1M | $388.7M | $415.5M | $442.6M | $519.1M | $789.2M |
| Accounts Payable | $898000 | $774000 | $1.8M | $1.5M | $1.4M | $2.4M | $3.8M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $7.5M |
| Total Current Liabilities | $69.2M | $92.2M | $111.2M | $142.7M | $176.7M | $223.0M | $273.7M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $112.8M | $173.9M | $133.2M | $172.4M | $217.7M | $248.1M | $310.5M |
| Retained Earnings | -$234.0M | -$299.8M | -$375.3M | -$416.9M | -$460.5M | -$510.4M | -$510.1M |
| Total Equity | -$14.7M | -$7.9M | $250.4M | $229.1M | $210.6M | $269.2M | $478.7M |
| Total Debt | $247000 | 0 | 0 | $16.7M | $14.7M | $16.5M | $17.4M |
| Net Debt | -$15.2M | -$70.1M | -$270.6M | -$213.1M | -$212.2M | -$274.4M | -$463.6M |
| Working Capital | -$10.7M | $28.5M | $223.0M | $163.6M | $148.9M | $171.8M | $351.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $471.6M | $481.1M | $444.1M | $417.2M |
| Total Assets | $743.5M | $789.2M | $734.2M | $757.0M |
| Total Liabilities | $276.7M | $310.5M | $295.4M | $320.1M |
| Total Equity | $466.8M | $478.7M | $438.8M | $436.9M |
| Total Debt | $11.3M | $17.4M | $13.3M | $16.3M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$3.9M | -$20.2M | -$17.0M | -$33.2M | -$38.7M | -$21.7M | -$29.1M | $35.1M |
| Depreciation & Amortization | $1.2M | $1.0M | $1.1M | $1.2M | $3.5M | $4.7M | $5.4M | $6.2M |
| Stock-based Compensation | $1.7M | $13.9M | 0 | $59.5M | $37.2M | $36.0M | $39.1M | $39.3M |
| Change in Working Capital | -$2.2M | $4.1M | $1.3M | -$1.6M | -$8.3M | -$2.4M | $28.8M | -$10.4M |
| Operating Cash Flow | -$3.2M | -$2.1M | $19.1M | $5.0M | -$774000 | $34.7M | $88.9M | $85.3M |
| Capital Expenditure | -$456000 | -$1.1M | -$1.0M | -$2.5M | -$5.5M | -$3.5M | -$3.0M | -$3.7M |
| Acquisitions | 0 | 0 | 0 | 0 | -$18.6M | 0 | 0 | -$14.9M |
| Stock Repurchased | 0 | 0 | -$33.7M | -$132.6M | -$19.9M | -$39.0M | -$33.1M | -$49.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.7M | -$3.1M | $18.1M | $2.6M | -$6.2M | $31.2M | $85.8M | $81.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $34.8M | $29.7M | $24.3M | $15.9M |
| Capital Expenditure | -$857000 | -$697000 | -$1.3M | -$1.2M |
| Free Cash Flow | $34.0M | $29.0M | $23.0M | $14.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $10.7M | $7.9M | $7.3M | $9.6M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +8.2% | +30.5% | +26.6% | +21.1% | +17.0% | +21.6% | +26.9% |
| Net Income Growth (YoY) | | -411.0% | +15.8% | -107.2% | -18.2% | +47.8% | -33.9% | +220.7% |
| EPS Growth (YoY) | | +114.3% | -947.0% | +15.8% | +52.1% | +47.8% | -33.3% | +206.2% |
| Shares Change (YoY) | | +421.4% | +103.4% | +58.0% | +28.5% | +0.2% | +0.8% | +24.8% |
| FCF Growth (YoY) | | +14.5% | +677.4% | -85.8% | -342.9% | +599.6% | +175.4% | -5.0% |
| Gross Margin | 70.2% | 68.6% | 73.4% | 72.6% | 71.5% | 71.5% | 75.0% | 74.1% |
| Operating Margin | -2.1% | -16.4% | -10.2% | -27.9% | -17.4% | -5.6% | 2.2% | 7.9% |
| EBITDA Margin | -0.8% | -15.5% | -9.5% | -16.4% | -13.0% | -5.1% | -5.8% | 11.1% |
| Net Margin | -3.7% | -17.4% | -11.2% | -18.4% | -17.9% | -8.0% | -8.8% | 8.4% |
| FCF Margin | -3.4% | -2.7% | 11.9% | 1.3% | -2.7% | 11.5% | 26.0% | 19.4% |
| Effective Tax Rate | -95.6% | -3.1% | -6.7% | -1.4% | -15.0% | -15.5% | -19.4% | 13.3% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.43 | $-0.07 | $0.20 | $0.02 | $-0.03 | $0.17 | $0.47 | $0.36 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $8.4M | $44.1M | $89.6M | $141.6M | $182.0M | $182.3M | $183.7M | $207.6M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Gross Margin | 73.45% |
| Operating Margin | 9.78% |
| Net Margin | 15.33% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 2.00 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -20.81 | 146.66 | -26.33 | -13.10 | -17.87 | -68.42 | -103.19 | 81.71 |
| P/B | 0.00 | -29.51 | -169.28 | 3.56 | 3.26 | 7.11 | 11.27 | 6.02 |
| P/S | 0.77 | 3.75 | 8.88 | 4.64 | 3.22 | 5.50 | 9.18 | 6.87 |
| Gross Margin | 70.2% | 68.6% | 73.4% | 72.6% | 71.5% | 71.5% | 75.0% | 74.1% |
| Operating Margin | -2.1% | -16.4% | -10.2% | -27.9% | -17.4% | -5.6% | 2.2% | 7.9% |
| Net Margin | -3.7% | -17.4% | -11.2% | -18.4% | -17.9% | -8.0% | -8.8% | 8.4% |