AvePoint (AVPT) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 and full year 2025 results, with total revenue of $419.5M, up 27% year-over-year, and ARR of $416.8M, up 27% year-over-year; SaaS revenue reached $319.2M, up 38% year-over-year.

• Delivered double-digit GAAP and non-GAAP operating margins, with non-GAAP operating income margin improving to 18.9% and 11th consecutive quarter of double-digit net new ARR growth.

• Platform differentiation in AI-ready data governance and protection cited as a key competitive advantage, validated by customer wins, industry recognition, and new agentic AI governance features.

• Customer base expanded to 28,604, with significant growth in large enterprise customers and robust demand across all regions, customer sizes, and verticals.

• Channel transformation continued, with 57% of ARR from channel partners and a 48% CAGR in channel partners since 2022.

Financial highlights

• Q4 total revenue was $114.7M, up 29% year-over-year; SaaS revenue grew 37% to $88.9M, representing 78% of total revenue.

• Full year 2025 revenue reached $419.5M, up 27% year-over-year; SaaS revenue was $319.2M, up 38% and 76% of total revenue.

• Q4 gross profit was $85.1M (74.2% margin); Q4 non-GAAP operating income was $22.9M (19.9% margin); full year non-GAAP operating income was $79.2M (18.9% margin).

• Ended 2025 with $416.8M ARR, up 27% year-over-year; net new ARR for the year was $89.8M, up 44%.

• Cash and equivalents at year-end were $481.1M; free cash flow for the year was $81.6M (19% margin).

Outlook and guidance

• Q1 2026 revenue guidance: $115M–$117M (25% growth at midpoint); non-GAAP operating income: $19.5M–$20.5M.

• Full year 2026 revenue guidance: $509.4M–$517.4M (22% growth at midpoint); ARR guidance: $525.1M–$531.1M (27% growth at midpoint); non-GAAP operating income: $92.6M–$96.6M.

• 2026 is positioned as an investment year, with increased marketing spend and continued focus on long-term non-GAAP operating margin targets of 25–30%.

• Long-term targets include 80% gross margin and 27.5% operating margin by 2029.