AvePoint Inc - DBS Research 2026-05-08: Two Key Areas Of Growth Amid In Line Results & Outlook

• Annual recurring revenue (ARR) of US$435mil (+26% y-o-y, +4% q-o-q) was in line while non-GAAP EBIT of US$20.5mil (+53% y-o-y, -10% q-o-q) was ~2% above consensus.

1Q26 was a steady quarter, supported by demand for AI governance and resiliency solutions.

• Total revenue increased 26% y-o-y and 2% q-o-q to US$117.2mil in 1Q26, ~1% above consensus of US$115.9mil, meeting the higher end of the management guidance of US$115.0mil-117.0mil, led by SaaS revenue growth of 35% y-o-y and 5% q-o-q to US$93.4mil (vs consensus US$92.3mil), lifting SaaS mix to a record 80%.

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• Governance mix in pipeline has expanded from below 33% last year to ~40% today (~30% increase in contribution) led by bundling of AI governance. During the quarter, the company launched AgentPulse Command Center, enabling unified monitoring and control of AI agents across Microsoft 365 and Google Cloud environments.

Non-GAAP operating margin higher than consensus estimate.

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• 2Q26F revenue guidance is at US$120.3–122.3mil (+19%y/y at midpoint; +4% q-o-q at midpoint), vs consensus of US$124.6mil with non-GAAP operating income guidance of US$18.7–19.7mil implying ~16% margin at midpoint (vs 17% in 1Q26 and 18% in 2Q25) vs consensus expectation of US$21.6mil. However, AvePoint has a track record of delivering above its quarterly guidance for revenue and non-GAAP operating income as we have seen in the past 4 quarters. For example, AvePoint reported 6% and 37% above the midpoints of its revenue and non-GAAP operating guidance respectively in 2Q25.

FY26F ARR and non-GAAP operating income guidance was slightly revised down due to strong US$.

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Sachin MITTAL DBS Group Research | https://www.dbs.com/insightsdirect/ 2026-05-08

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