AvePoint FY 2025 results set the stage for a new profitability phase

AvePoint (AVPT) closed FY 2025 with fourth quarter revenue of $114.7 million and basic EPS of $0.07, supported by trailing twelve month revenue of $419.5 million and EPS of $0.17 that includes a one off $8.3 million gain in earnings. Over recent periods the company has seen revenue move from $89.2 million in Q4 2024 to $114.7 million in Q4 2025, while trailing twelve month net income shifted from a loss of $29.1 million in Q4 2024 to a profit of $34.8 million in Q4 2025 as AvePoint became profitable over the last year. For investors, the key question is how durable these margins look once that one off gain is stripped out and how that shapes expectations for future profitability.

See our full analysis for AvePoint.

With the headline numbers on the table, the next step is to line them up against the widely followed narratives around AvePoint's growth profile, risk factors, and earnings quality to see which views hold up and which might need a rethink.

Revenue climbs from $330.5m to $419.5m on a trailing basis

• On a trailing twelve month view, total revenue sits at $419.5 million versus $330.5 million a year earlier, with quarterly revenue ranging from $93.1 million in Q1 2025 to $114.7 million in Q4 2025.
• Consensus narrative expects revenue to grow around 21.5% per year over the next 3 years, and this trailing profile gives some support to that view while also highlighting that analysts are projecting a move from the current $419.5 million level to about $751.9 million by 2029. This is a sizeable step up that investors may want to compare with the recent quarterly range.

Profitability swings from $29.1m loss to $34.8m profit

• Trailing twelve month net income moved from a loss of $29.1 million in Q4 2024 to a profit of $34.8 million in Q4 2025, alongside quarterly net income (excluding extra items) running between $2.7 million and $15.6 million during FY 2025.
• Bulls point to AvePoint becoming profitable and to forecast earnings growth of about 32.1% per year, yet the one off $8.3 million gain inside the $34.8 million profit means investors need to think carefully about how much of that shift is repeatable and how it lines up with bullish expectations for higher margins and larger earnings over time.
  • On the one hand, four straight quarters of positive net income excluding extra items, from $3.4 million in Q1 2025 to $15.6 million in Q4 2025, heavily supports the bullish view that the business is now operating in the black.
  • On the other hand, the presence of the $8.3 million gain inside the trailing result challenges the more optimistic margin assumptions, because it lifts the $34.8 million profit above what the core run rate alone would produce.

Strong trailing profitability with an $8.3 million one off gain is exactly what bullish investors are debating, so it can be useful to see how that story is laid out end to end in the 🐂 AvePoint Bull Case

Rich 64x P/E against peers and DCF fair value

• The stock trades on a trailing P/E of 64x compared with US Software and peer averages near 29x to 30x, while the supplied DCF fair value of about $24.17 sits well above the current share price of $10.32.
• Bears argue that a 64x P/E leaves little room for disappointment, yet the DCF fair value of $24.17 and analyst price target of $16.48 both sit meaningfully above the current share price. This creates tension between concerns about a premium multiple and the upside suggested by those valuation markers.
  • Critics focus on the high multiple relative to the industry because it is measured off earnings that include the $8.3 million one off, so they see quality of earnings as a key watch point.
  • Supporters counter that if earnings do track the forecast 32.1% growth rate, that same P/E could look less stretched over time, although the data here only confirms the current premium and the valuation reference points, not whether those forecasts will play out.

The mix of a 64x P/E, a $10.32 share price and a $24.17 DCF fair value is exactly what more cautious investors focus on, so it is worth seeing how the more skeptical case frames those numbers in context of the 🐻 AvePoint Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for AvePoint on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Seeing both optimism and concern in this story, it makes sense to check the key numbers yourself, weigh the trade offs, and review the 3 key rewards and 1 important warning sign

See What Else Is Out There

AvePoint's rich 64x P/E multiple, partly supported by earnings that include a one off $8.3 million gain, raises questions about valuation strength.

If that premium and earnings quality make you hesitant about paying up here, compare it with companies screened for stronger value using the 51 high quality undervalued stocks

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.