AVPT // AvePoint Inc.

DES <GO> NASDAQ CIK 0001777921 ↗

Technology • Computer Software: Prepackaged Software

$17.35 ▲ +0.15 (+0.87%)

MKT CAP: $3.67B • VOL: 5.16M

52W L $9 52W H $18

ALTMAN Z

7.39 SAFE

PIOTROSKI

9 / 9

AVPT // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 68/100 [C+] (-1 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C+

RQD CONFIDENCE

67 / 100 -1D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Upper Neutral / Watch for Breakout

01 MASSIVE / SEC XBRL

Forensic Fundamentals

13 / 20

SOLID

FCF -5% vs NI +200% • ROIC-WACC -1.5% • Z 7.39

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

17 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

15 / 20

SOLID

20 BASE - 5 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON AVPT)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 94/100 Z-SCORE: +3.59σ

AVPT Accounting Gap: Net Income (+219.6%) Outpaced OCF (-4.1%) With +11.7% Working-Capital Build

CASH CONVERSION GAP

+223.7% (NI vs OCF)

RECEIVABLES / WC BLOAT

+11.7% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on AvePoint Inc. (AVPT) exposes a +223.7% Cash Conversion Gap as YoY Net Income growth (+219.6%) diverged from Operating Cash Flow growth (-4.1%). Non-cash current assets and receivables expanded +11.7% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

AVPT // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +75.28%▲ ASCENDING CHANNEL

2026-10-30O $17.35H $17.52L $16.96C $17.09VOL 27.96M

RES: $18.22SUP: $12.80SMA50: $14.22SMA200: $11.88

AVPT // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 34/100

BEAR 0

100 BULL

AvePoint Inc. (AVPT) exhibits 74.1% gross margins and 8.9% return on invested capital within Technology (Computer Software: Prepackaged Software), balanced against a 91.8x enterprise multiple and 8.2% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 74.1% gross profitability converts into 7.9% operating margin and 8.9% ROIC, outpacing sector cost of capital.

ROIC: 8.9% // GM: 74.1%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +26.9% paired with 2.22% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +26.9% // FCF YLD: 2.22%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 7.39 and Piotroski F-Score of 9/9 indicate low near-term refinancing stress.

ALTMAN Z: 7.39 // F-SCORE: 9/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 105.5x trailing P/E (88.6x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 105.5x // EV/EBITDA: 91.8x

02. Options Skew & Event Volatility Risk

Options market prices a ±8.2% implied move with a 0.73 put/call ratio around $17.00 max pain.

IMPL MOVE: ±8.2% // P/C: 0.73

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Computer Software: Prepackaged Software require continuous execution to defend 8.3% net margins.

NET MARGIN: 8.3% // D/E: 0.27x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 88.6x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.37).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 105.5x

FORWARD P/E 88.6x

EV / EBITDA 91.8x

FCF YIELD 2.22%

GROSS MARGIN 74.1%

OPERATING MARGIN 7.9%

NET MARGIN 8.3%

ROIC % 8.9%

REV GROWTH YOY +26.9%

DILUTED EPS TTM $0.16

DEBT / EQUITY 0.27x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 69.9

5Y EQUITY BETA 1.37

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // AVPTPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $15.88

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for AVPT & activate live FRED threshold breach alerts.

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