Revenue has expanded to $117.2M in 2026Q1, supported by stable gross margins that have consistently hovered around the 74% level.
| Sales/Revenue | 443.68M | - | - | - |
| Revenue Growth % | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - |
| COGS % of Revenue | - | - | - | - |
| Gross Profit | 326.9M | 310.7M | 247.96M | 0 |
| Gross Margin % | 73.68% | 74.06% | 75.03% | - |
| Gross Profit Growth % | - | 25.3% | - | - |
| Operating Expenses | 284.43M | 277.66M | 240.79M | 5.51M |
| OpEx % of Revenue | - | 66.19% | 72.86% | - |
| Selling, General & Admin | 230.77M | 225.08M | 192.09M | 5.31M |
| SG&A % of Revenue | - | 53.65% | 58.12% | - |
| Research & Development | 0 | - | - | - |
| R&D % of Revenue | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - |
| Operating Income | 42.48M | 33.03M | 7.17M | -5.51M |
| Operating Margin % | 9.57% | 7.87% | 2.17% | - |
| Operating Income Growth % | - | 361% | 230.03% | - |
| EBITDA | 48.82M | 39.24M | 12.55M | -3.84M |
| EBITDA Margin % | 11% | 9.35% | 3.8% | - |
| EBITDA Growth % | 58.03% | 212.72% | 426.77% | - |
| D&A (Non-Cash Add-back) | 6.35M | 6.21M | 5.38M | 1.67M |
| EBIT | 19.66M | 0 | 0 | -5.51M |
| Net Interest Income | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | -1.67M |
| Other Income/Expense | 0 | - | - | - |
| Pretax Income | 52.16M | 40.5M | -24.4M | -3.84M |
| Pretax Margin % | 11.76% | 9.65% | -7.38% | - |
| Income Tax | 5.36M | 5.38M | 4.74M | 411.31K |
| Effective Tax Rate % | 10.28% | 13.29% | -19.44% | -10.71% |
| Net Income | 46.8M | 35.12M | -29.14M | -4.25M |
| Net Margin % | 10.55% | 8.37% | -8.82% | - |
| Net Income Growth % | 192.13% | 220.51% | -585.53% | - |
| Net Income (Continuing) | 46.8M | 35.12M | -29.14M | -4.25M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 1.79M | 0 |
| EPS (Diluted) | 0.21 | 0.15 | -0.16 | -0.10 |
| EPS Growth % | 114.71% | 193.75% | -67.71% | - |
| EPS (Basic) | - | 0.17 | -0.16 | -0.44 |
| Diluted Shares Outstanding | 226.11M | 229.29M | 183.72M | 44.56M |
| Basic Shares Outstanding | 213.27M | 207.59M | 183.72M | 9.56M |
| Dividend Payout Ratio | - | - | - | - |
Platform Ecosystem Dependency
As evidenced by the quarterly progression from $88.8M in 2024Q3 to $117.2M in 2026Q1, the company has demonstrated consistent top-line expansion, reflecting successful market penetration within the Microsoft 365 ecosystem that appears to be outpacing the broader software sector's growth rates during the same period.
The revenue trajectory suggests a successful transition from a SPAC entity to a functional SaaS provider, with consistent quarterly gains indicating strong product-market fit. Investors should monitor whether this growth remains organic or if it relies heavily on aggressive customer acquisition costs that could eventually pressure long-term scalability.
Financial data indicates that gross margins have remained remarkably stable, hovering consistently around the 74% level, which suggests that the company maintains significant pricing power and a cost-efficient delivery model despite the inherent complexities of managing enterprise data governance across diverse cloud environments.
This margin profile is characteristic of a mature SaaS platform that has successfully optimized its hosting and service delivery costs. However, the stability of these margins warrants further investigation into whether competitive pressures from native cloud provider features might eventually force a pricing reset.
Based on reported figures, operating margins have fluctuated between 3.5% and 12.7% over the last five quarters, suggesting that the company has yet to achieve the significant operating leverage typically expected of a high-growth software firm as it continues to scale its overhead expenses.
The lack of a clear, widening spread between revenue growth and operating expenses implies that management is prioritizing market share capture over immediate bottom-line optimization. Analysts should watch for a potential inflection point where SG&A growth begins to decelerate relative to revenue, signaling true operational maturity.
An analysis of recent filings reveals that net income has been significantly impacted by volatile stock-based compensation charges, such as the $20.8M recorded in 2025Q2, which complicates the assessment of the company's underlying profitability and true cash-generating capacity for equity holders.
The wide variance in net income, ranging from $2.9M to $15.6M in recent quarters, appears heavily influenced by non-cash accounting items rather than core operational shifts. Investors should focus on adjusted EBITDA or free cash flow metrics to better understand the company's actual economic performance.
While the company currently enjoys a strong position, the reliance on Microsoft's proprietary APIs creates a structural risk, as any decision by the platform owner to integrate native governance tools could render the company's core value proposition redundant and lead to rapid margin compression.
Short-term growth figures may mask the long-term threat of platform-level disruption, which remains the most significant risk to the company's business model. The market may be underestimating the potential for a 'feature-kill' scenario where the primary ecosystem provider absorbs the company's functionality into its standard enterprise license.
Quick answers to the most common questions about buying APXT stock.
Apex Treasury Corporation Class A (APXT) is profitable, generating $35.1M in net income for the fiscal year ending 2025 with a net profit margin of 8.4%.
Apex Treasury Corporation Class A (APXT) reported an operating income of $33.0M, resulting in an operating profit margin of 7.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Apex Treasury Corporation Class A (APXT) generated $310.7M in gross profit for the year, representing a gross profit margin of 74.1%. This demonstrates the company's core pricing power and production efficiency.