Avepoint Inc (AVPT)
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symbol.quality_heading
Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.
The business demonstrably carries itself: $419.5 million of revenue in 2025 with 27 percent growth, 76 percent of it recurring, $85.3 million of operating cash flow, and more than 28,000 customers without a single one above 10 percent of billings. As of March 31, 2026 the balance sheet is debt-free, with $444.1 million of cash and $438.8 million of equity. There is no going-concern flag, no interest burden, no accounting or governance breach. The open questions this analysis names — the 13 percent of potential dilution, the 89 percent gross retention rate and the $340.0 million consumption commitment running to 2030 — concern how the profit is divided and what the cost base will look like, not the substance of the company. Hence green: quality on the record, paid for dearly. The decision is yours.
symbol.quality_note
AvePoint made money for the first time in 2025: $35.1 million after two years of losses. That is why our in-house stock scanner lists the stock on its fundamental-rank screen — a Piotroski score of 8 out of 9, $444.1 million in cash, no debt. But the annual report filed February 26, 2026, also shows where more than half of that swing came from: a mark-to-market item left over from the blank-check days had cost $35.8 million in 2024. And the quarterly report filed May 7, 2026, lists 18.4 million options at a weighted-average $4.95 plus 9.2 million employee share awards still waiting for their cut. A look at how much of a first profit actually reaches the shareholder.
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Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at AVPT since then.
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Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 13.00 $ — 40% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Sells AIAvePoint beschreibt im Geschäftsbericht 10-K für 2025 eigene KI-Produkte als Umsatzquelle — die Anwendungsfälle „AI Confidence and Readiness“ und „Agentic AI Governance“ sind Bestandteil der verkauften Plattform-Bündel, nicht bloß interne Werkzeuge.
View the full file — quotes, sources, reviewed filings
„Agentic AI Governance : Discover, monitor, and control AI agents to strengthen compliance, security, and trust as organizations scale AI."
Steuerung agentischer KI: KI-Agenten erkennen, überwachen und kontrollieren, um Regeltreue, Sicherheit und Vertrauen zu stärken, während Organisationen ihren KI-Einsatz ausweiten.
„AI Confidence and Readiness : Improve data quality, security, governance, and adoption to accelerate AI-driven innovation while reducing exposure, regulatory, and integrity risks."
KI-Vertrauen und KI-Reife: Datenqualität, Sicherheit, Steuerung und Nutzung verbessern, um KI-getriebene Innovation zu beschleunigen und zugleich Offenlegungs-, Regulierungs- und Integritätsrisiken zu senken.
„In an era where trusted data is a prerequisite for AI adoption, data protection is no longer a back-office IT function, it is a strategic business imperative."
In einer Zeit, in der vertrauenswürdige Daten die Voraussetzung für den Einsatz von KI sind, ist Datenschutz keine IT-Funktion im Hintergrund mehr, sondern ein strategisches Gebot für das Geschäft.
Filings Reviewed: 10-K 2026-02-26 · 10-Q 2026-05-07 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2025-02-28
Rated on July 26, 2026 · How the Rating Is Built
What the Earnings Calls Reveal
Red flags Delivers, pledges unfinishedAcross all ten calls we reviewed, from fiscal 2023-Q4 to 2026-Q1, AvePoint beat its own revenue and operating income guidance every single time and met both core pledges from its first investor day: GAAP profitability (a year early) and Rule of 40 status in 2025. On the numbers, delivery is exceptionally reliable. Other commitments are still open: two projects announced in the 2023-Q4 call with an explicit promise to report back, the A3 Ventures growth fund and an AI industry lab in Singapore, never come up again in the nine following calls. The self-imposed target of gross retention above 90 percent is still narrowly missed at 89 percent more than two years on, and gross margin at 73.4 percent sits below the 75 percent goal that was never withdrawn. Management called the Control suite its fastest-growing family in three calls and it then grew slower than the group in 2025, though management explained that swing at length, unprompted, in the 2025-Q4 call.
10 calls reviewed, 2023-Q4 through 2026-Q1 · As of August 2, 2026
Ten straight quarters above own guidance
From 2023-Q4 to 2026-Q1, revenue came in above the top end of guidance in every single quarter. For 2024, management guided in the 2023-Q4 call to full-year revenue of 308.6 to 316.6 million dollars and non-GAAP operating income of 27.4 to 30.4 million; the 2024-Q4 call reported 330.5 million of revenue and 47.6 million of operating income. For 2025 the opening guide was 380 to 388 million of revenue and the outcome was 419.5 million. The company's own Rule of 40 figure was lifted from 29 to 37 during 2024 and finished at 38, then from 38 to 46 during 2025. This track record is the stock's strongest feature.
Control suite: growth leader, then below group
In three calls the CEO described the Control suite as the fastest-growing family: in 2024-Q2 literally as "the strongest growth, in fact", in 2025-Q1 as the "highest growth suite", and twice in 2025-Q2. In the 2025-Q4 call an analyst countered that the Control suite's share of total ARR had fallen from 28 to 26 percent; the CFO put its growth at "roughly 20 percent" against 27 percent for the group, and in the 2026-Q1 call an analyst cited 18 percent for the fourth quarter. This did not go unexplained: in the same call the CFO and CEO attributed the decline to the sharp pick-up in migration projects in the second half of 2025, which lifted the Modernization suite by almost 40 percent, and to the smaller average deal size of Control licences. What stands is that the superlatives from 2024-Q2 through 2025-Q2 were not borne out by the annual disclosure, and that the Opus product moved from the Control suite ("Opus is part of our ControlSuites", 2024-Q2) to the Resilience suite by 2025-Q1 with no explanation. That reshuffle takes volume out of Control rather than flattering its growth rate, but it does make a metric AvePoint discloses only once a year harder to compare.
Two announced initiatives vanish without comment
In the 2023-Q4 call the CEO announced two projects with an explicit promise to report back: the A3 Ventures growth fund, on which more would follow "in the coming months", and an AI industry lab in Singapore with the local economic development board, on which progress would be shared "in the coming quarters". Across the nine following calls through 2026-Q1 the name A3 Ventures never appears again; the Singapore lab is never mentioned again, and the umbrella "AvePoint AI" programme only once more, in the 2024-Q1 call. No analyst followed up and management volunteered nothing.
Gross retention: target narrowly missed since 2023
In the 2023-Q4 call the CFO named 90 percent plus as the medium-term target for gross retention, which then stood at 87 percent. In the 2024-Q3 call he put the horizon at "the next couple of years". Since then: 89 percent in 2024-Q4, 89 percent in 2025-Q1 and 2025-Q2, 88 percent in 2025-Q3 and 2025-Q4, 89 percent in 2026-Q1. That is two points of progress, but the target is still unmet after more than two years. From the 2025-Q2 call onward management also quotes a figure excluding migration products, which comes to 90 or 91 percent. That second calculation does not hide the headline number: both are given in every call since, the CFO had already named the weaker renewal rate of migration products as the biggest churn driver back in the 2024-Q2 call, and in the 2025-Q4 call he warned unprompted of further pressure on the ratio in 2026.
Gross margin below its own 75 percent goal
In the 2023-Q4 call the CFO named 75 percent as the long-term gross margin target and cited a further shrinking services share, with a long-run goal of roughly 10 percent of revenue, as the route there. On the services share AvePoint is on track: 16 percent in 2023, 14 percent in 2024-Q1, 12 percent in 2026-Q1, and in the 2024-Q3 call the CFO explicitly noted that the figure keeps trending closer to the 10 percent target. Gross margin itself, however, sits below target: after peaking at 77.0 percent in 2024-Q3 it was 74.2 percent in 2025-Q4 and 73.4 percent in 2026-Q1. For 2026-Q1 management attributed the decline not to a larger services share but to lower margins within the services business itself. The 75 percent goal has never been withdrawn, while by the 2026-Q1 call the services business is recast as "outcome as a service" and an IP engine.
What the AI products earn stays unanswered for two years
The question of what new products actually contribute in revenue has been asked repeatedly since 2024 and repeatedly left unanswered. In the 2024-Q1 call an analyst asked about the ARPU uplift from Opus; the answer pointed to 2025. In the 2024-Q2 call Opus monetisation was raised twice and the answer stayed at suite level. In the 2025-Q3 call an analyst asked what the new command centers contribute to pipeline and bookings; the answer was that such detail comes only annually or at the investor day so soon after a launch. On AgentPulse, the 2025-Q4 and 2026-Q1 calls offer only qualitative wording such as the "beginning of revenue generation" plus a pipeline share, but no figure. The same pattern applies to the suite split, asked three calls running in 2024-Q1, 2024-Q2 and 2024-Q3 and three times deferred to the annual disclosure. That annual disclosure does happen, though: it is what allowed analysts to challenge the suite shares in the 2025-Q4 and 2026-Q1 calls in the first place.
Management promises
-
2023-Q4 kept
GAAP profitability and Rule of 40 status in 2025.
Exceeded. GAAP profitability arrived for full-year 2024, a year ahead of the pledge, and 2025 closed at Rule of 46 with a 7.9 percent GAAP margin.
-
2023-Q4 open
Gross retention rate to 90 percent or better over the medium term.
Narrowly missed after more than two years: 89 percent in 2026-Q1 against 87 percent at the outset. Since 2025-Q2 management also quotes a figure excluding migration products that clears the target on paper; both numbers are given in every call.
-
2023-Q4 broken
More information on the A3 Ventures growth fund within the coming months.
The fund is never mentioned again in any of the nine following calls through 2026-Q1. The promised update never came.
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2023-Q4 broken
Progress reports in coming quarters on the AvePoint AI programme including an AI industry lab in Singapore.
The lab is never named again after 2023-Q4 and the programme only once more, in passing, in 2024-Q1. Silence for nine quarters thereafter.
-
2025-Q1 open
One billion dollars of annual recurring revenue by 2029, announced at the March 2025 investor day.
Starting point 416.8 million dollars at the end of 2025 with guidance of 525 to 531 million for 2026. That requires roughly 25 percent annual growth through 2029, about the pace achieved in 2025; the pledge is reaffirmed in every call since.
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2023-Q4 open
Services share to about 10 percent of revenue over the long run, gross margin toward 75 percent.
A split picture: the services share has fallen from 16 percent in 2023 to 12 percent in 2026-Q1, close to the 10 percent goal. Gross margin, at 73.4 percent, sits below the 75 percent target, which has never been withdrawn.
Based on public earnings call transcripts. Reviewed: 10 transcripts 2023-Q4 through 2026-Q1.
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 24.6% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 8
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.40 | 0.36 – 0.44 | 513 | 26.7% | 12 |
| 12/31/2027 | 0.50 | 0.43 – 0.56 | 616 | 23.2% | 12 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 0.03 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.09 | -493.20 | 89 | 19.50 | -19.30 | 33 | 32 |
| 2025: Q1 | 0.02 | – | 93 | 24.90 | 3.70 | 1 | -2 |
| 2025: Q2 | 0.01 | – | 102 | 30.90 | 2.60 | 20 | 19 |
| 2025: Q3 | 0.06 | 292.40 | 110 | 23.60 | 11.90 | 35 | 34 |
| 2025: Q4 | 0.07 | – | 115 | 28.60 | 13.60 | 30 | 29 |
| 2026: Q1 | 0.07 | 340.30 | 117 | 26.00 | 13.00 | 24 | 23 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2018 | 107 | -2 | -4 | -0.47 | -3 | – | – |
| 2019 | 116 | -19 | 3 | 0.07 | -2 | 318 | 353 |
| 2020 | 152 | -15 | -17 | -0.19 | 19 | -8 | 169 |
| 2021 | 192 | -53 | -35 | -0.25 | 5 | 250 | 389 |
| 2022 | 232 | -40 | -42 | -0.23 | -1 | 229 | 416 |
| 2023 | 272 | -15 | -22 | -0.12 | 35 | 211 | 443 |
| 2024 | 330 | 7 | -29 | -0.16 | 89 | 269 | 519 |
| 2025 | 420 | 33 | 35 | 0.15 | 85 | 479 | 789 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Revenue rose 27 percent in 2025 to $419.5 million, the SaaS share went from 70 to 76 percent and reached 80 percent in the first quarter of 2026. Annual recurring revenue hit $435.2 million on March 31, 2026. More than 28,000 customers in over 100 countries, none above 10 percent of billings — a business without concentration risk.
As of March 31, 2026 the books carried $444.1 million of cash without a dollar of debt, plus $438.8 million of equity and an undrawn $30.0 million credit line. An Altman Z-Score of 5.63 and a Piotroski F-Score of 8 out of 9 (data as of July 26, 2026) describe exactly that position.
Of the $64.2 million improvement in the bottom line between 2024 and 2025, only $25.9 million came from operations. The rest sits in other income (expense), net, which carried $35.8 million of expense in 2024 for earn-out shares from the blank-check era. Operationally the margin does improve, but unspectacularly: 2.2 percent (2024), 7.9 percent (2025), 10.9 percent (Q1 2026).
As of March 31, 2026, 18,414,381 options were outstanding at a weighted-average $4.95, 17,187,597 of them immediately exercisable, plus 9,160,384 unvested employee awards — roughly 13 percent on top of 211,853,736 shares. That cuts 2025 earnings per share from $0.17 to $0.15. In 2025 the share count rose 10.8 percent despite $49.8 million of buybacks.
Gross retention stood at 89 percent as of March 31, 2026: roughly eleven of every hundred base dollars have to be replaced each year before growth begins. Net retention of 111 percent shows the remaining customers more than make up for it — but 89 percent gross is fine, not good, for enterprise software.
As of July 26, 2026 the stock trades at about 5.8 times trailing revenue and 61 times trailing earnings; on the company's own 2026 outlook, price-to-sales falls to roughly 5.1. On top of that sits a $340.0 million consumption commitment through November 2030, of which $290.0 million only falls due in 2030.
AvePoint is not a turnaround but a business that already worked, whose bottom line in 2025 finally shows what began operationally in 2024. In its favor: $419.5 million of revenue (+27 percent), a 76 percent subscription share, $435.2 million of annual recurring revenue as of March 31, 2026, $444.1 million of cash without debt, and a customer base with no concentration risk. Against it: 27.6 million shares still allowed to emerge from options and employee programs, a gross retention rate of 89 percent, a $340.0 million consumption commitment running to 2030, and a price-to-sales ratio of about 5.8. Whoever buys here buys quality at a price that presumes growth. Not investment advice.
- AvePoint reached our research list through the fundamental-rank screen of our in-house stock scanner (fundamental score 80 out of 100, Piotroski 8 of 9, Altman Z of 5.63; as of July 26, 2026). On the same day the stock also appeared on the Fallen Angels, Pros 80 and Quality Growth screens. These lists are recalculated every day.
- Possible confusion: the SEC file under CIK 1777921 was named Apex Technology Acquisition Corp until July 21, 2021 — the blank-check company through which AvePoint went public. Older documents under that name concern the same entity. The stock also carries a secondary listing on the Singapore Exchange (symbol AVP); prices and volumes on the two venues are not identical.
- Valuation figures are dated and evergreen: the $12.24 anchor is the closing price on July 24, 2026 (data as of July 26, 2026). For comparison, mandatory filings document the company's own repurchases at an average $10.45 in March 2026 and insider sales at $13.00 on July 14 and $13.18 on July 15, 2026. Analyses are evergreen; daily prices are not a buy argument.
About the Company
AvePoint, Inc. bietet eine cloudnative Datenmanagement-Softwareplattform in Nordamerika, Europa, im Nahen Osten, in Afrika und im asiatisch-pazifischen Raum an.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 3,443 |
| Headquarters | Jersey City, NJ |
| Address | 525 Washington Boulevard, 07310 Jersey City, United States |
| Phone | 201 793 1111 |
| Website | avepoint.com |
| IPO Date | 2. Jul 2021 |
| ISIN | US0536041041 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Xunkai Gong | Co-founder & Executive Chairman | 1962 |
| Tianyi Jiang | Co-Founder, CEO & Director | 1975 |
| James Caci CPA | Chief Financial Officer | 1965 |
| Brian Michael Brown J.D. | Chief Legal & Compliance Officer, Secretary and Director | 1973 |
| Stuart Robertson | Chief Operating Officer | – |
| Sophia Wu | Chief Accounting Officer | 1977 |
| John Peluso | Chief Technology Officer | – |
| Dana Louise Simberkoff Cipp, J.D. | Chief Risk, Privacy & Information Security Officer | – |
| Clara Lim | Chief Administrative Officer | – |
| James Arestia | Vice President of Investor Relations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 29. Jul 2026 | Brown Brian Michael | Chief Legal Officer | Sell | 5,176 | 13.06 | 67,599 |
| 28. Jul 2026 | Brown Brian Michael | Chief Legal Officer | Sell | 4,824 | 13.08 | 63,098 |
| 15. Jul 2026 | Brown Brian Michael | Chief Legal Officer | Sell | 31,631 | 13.18 | 416,897 |
| 14. Jul 2026 | Brown Brian Michael | Chief Legal Officer | Sell | 8,369 | 13.00 | 108,797 |
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.