AvePoint, Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $88.8 million, marking a 22.1% increase from $72.8 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $241.3 million, up 22.4% from $197.2 million year-over-year. The growth was primarily driven by a 45.2% increase in Software as a Service (SaaS) revenue, which totaled $60.9 million for the quarter, representing 69% of total revenue.

The company's gross profit for the three months ended September 30, 2024, was $67.6 million, a 28.5% increase from $52.6 million in the prior year. Operating income improved significantly to $7.7 million, compared to a loss of $0.3 million in the same quarter of 2023. Net income for the quarter was $2.9 million, a turnaround from a net loss of $4.2 million in the previous year. For the nine-month period, however, the company reported a net loss of $12.0 million, an improvement from a loss of $25.9 million in the same period of 2023.

AvePoint's total assets increased to $463.0 million as of September 30, 2024, up from $442.6 million at the end of 2023. Current assets also rose to $341.0 million, with cash and cash equivalents increasing to $249.8 million. Total liabilities grew to $247.2 million, up from $217.7 million, with current liabilities rising to $194.7 million.

The company has been actively investing in its growth, with research and development expenses for the three months ended September 30, 2024, increasing by 48.5% to $12.8 million. General and administrative expenses also rose by 7.6% to $17.0 million, reflecting the costs associated with operating as a public company.

Strategically, AvePoint announced the general availability of AvePoint Cloud Backup Express, aimed at enhancing data protection for Microsoft 365 users. The company also increased its ownership in MaivenPoint Pte. Ltd. to 76.1% and established a joint venture with Lumens Capital Partners Ltd. for growth equity investments.

As of September 30, 2024, AvePoint's total Annual Recurring Revenue (ARR) was $308.9 million, a 23% increase from $250.6 million a year earlier. The company continues to focus on expanding its SaaS offerings and enhancing its market position in the cloud-native software sector.