Apex Technology Acquisition Corporation and AvePoint Announce First Quarter 2021 Financial Results
Apex Technology Acquisition Corporation and AvePoint, Inc., the largest data management solutions provider for Microsoft 365, announced AvePoint’s financial results for the first quarter ended March 31, 2021.
“The momentum in our business continues to be strong, with our software-as-a-service revenue growing 78% year-over-year, comprising nearly half of total Company revenue,” said Dr. Tianyi “TJ” Jiang, CEO of AvePoint. “The investments we are making in our go-to-market organization, including the build out of new channel partnerships, are starting to generate results. Coupled with the significant demand opportunity created by the acceleration of Microsoft 365 and Microsoft Teams adoption, we believe we are well positioned to drive growth in 2021 and the years ahead.”
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First Quarter 2021 Financial Results
- Total Revenue of $38.8 million, up 19% year-over-year
- Total ARR1of $129.2 million as of March 31, 2021, up 33% year-over-year
- SaaS Revenue of $18.3 million, up 78% year-over-year
- GAAP Operating Loss of $5.9 million; GAAP Operating Margin of (15.3)%
- Non-GAAP Operating Loss of $2.6 million; Non-GAAP Operating Margin2 of (6.8)%
- Cash and Cash Equivalents of approximately $64.6 million as of March 31, 2021; Company remains debt-free
Included in AvePoint’s first quarter GAAP and Non-GAAP operating results was approximately $1.2 million of incremental audit fees that were expensed in the quarter. This non-recurring expense was not previously included in the preliminary estimates as it was a reclassification accounting determination made subsequent to the quarterly financial closing process.
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First Quarter 2021 Key Highlights
- Microsoft showcased AvePoint leveraging the latest AI-powered Microsoft Turing to innovate new solutions at the recently concluded Microsoft Ignite online conference attended by over 200,000 IT professionals worldwide
- AvePoint expanded channel business investment with senior leadership hires: Jason Beal, former Palo Alto Networks leader, will be AvePoint’s Channel SVP and Tony Lanni, former industry demand generation and channel marketing leader from Blackline, will be AvePoint’s Demand Generation SVP
- Milestone channel growth achievements with the MSP business eclipsing 1,000 active partners and triple digit growth in partner-sourced bookings
Based upon the Company’s strong first quarter results, the Company raised its revenue guidance for fiscal year 2021 from $193.0 million to $194.0 million.
In addition, Apex today filed an amended registration statement on Form S-4 with the U.S. Securities and Exchange Commission (“SEC”), which incorporates recent accounting and reporting changes for warrants issued by Special Purpose Acquisition Companies, or SPACs. The consummation of the business combination between Apex and AvePoint remains subject to customary closing conditions, including SEC review and the approval of the shareholders of Apex and AvePoint.