36 slides from Commerce.com, Inc. - Series 1's earnings presentation, Jul 31, 2025
Slide 1: 2Q 2025 Earnings Presentation
2Q 2025 Earnings Presentation © Commerce. All rights reserved. Confidential.
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Commerce.com, Inc. (“we,” “us,” “our,” “Commerce,” “Commerce.com” or the “Company”). This presentation may contain forward-looking statements which constitute the views of the Company with respect to future events which can be identified by the use of
Slide 3: Meet Commerce
Meet Commerce © Commerce. All rights reserved. Confidential.
Slide 4: Our vision, our mission
Our vision Powering an open, intelligent ecosystem for next-generation commerce. Our mission We empower businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. We © Commerce. All rights reserved. Confidential. connect the tools and systems that power growth, enabl
Slide 5: Solving the commerce problems of today. Powering the agents of tomorrow.
A NEW ERA OF AI-LED COMMERCE Solving the commerce problems of today. Powering the agents of tomorrow. Traditional commerce problems we solve Agentic commerce challenges we solve ● Fragmented discovery and loss of buyer visibility ● AI search engines are skipping storefronts Shoppers and buyers are u
Slide 6: From product data to conversion: An end-to-end AI-optimized commerce stack
OVERVIEW From product data to conversion: An end-to-end AI-optimized commerce stack. MAKESWIFT Storefront BigCommerce storefront Intelligent storefront FEEDONOMICS Agentic commerce Agentic search and discovery Agentic checkout BIGCOMMERCE Commerce engine B2C / B2B commerce Product catalog Orders Car
Slide 7: Who we serve
WHO WE SERVE $$ $$ Agentic Search $ $ Agentic Checkout © Commerce. All rights reserved. Confidential. B2C COMMERCE B2B OMNICHANNEL AGENTIC COMMERCE Medium complex operational needs Highly complex operational needs Extremely complex operational AI driven shopping & buying needs powered by agents 7
Slide 8: Moving forward into the agentic era
OVERVIEW Moving forward into the agentic era. OMNICHANNEL ERA COMPOSABLE ERA AGENTIC ERA Mid-Market Acquires Acquires Acquires Builds Commerce AI Partnerships Expansion Feedonomics B2B Ninja Makeswift Catalyst Family © Commerce. All rights reserved. Confidential. With API-centric Leading data Unifyin
Slide 9: BigCommerce at $355M
OVERVIEW BigCommerce at Non-GAAP Gross Margin* 6/30/2025. 80% 2Q25 Non-GAAP Operating Income/(Loss)* $5M $355M ($14M) 2Q22 2Q25 ARR © Commerce. All rights reserved. Confidential. Operating Cash Flow* $14M 76% ($14M) Enterprise ARR 2Q22 2Q25 9 *See the Appendix to this presentation for a reconciliatio
Slide 10: Commerce: Built for businesses. Ready for agents.
OVERVIEW Commerce: Built for businesses. Ready for agents. Commerce gives businesses unmatched control over their product, data, and brand experience across both traditional and emerging Data Engine Experience digital channels. Enrich, structure, and Power transactions with Create AI-optimized, synd
Slide 11: We power growth for leading brands across all industries
We power growth for leading brands across all industries. © Commerce. All rights reserved. Confidential. 11
Slide 12: A global ecosystem of best-of-breed partner solutions
A global ecosystem of best-of-breed partner solutions. AD CHANNELS AGENTIC SEARCH MARTECH MARKETPLACES CMS SALES AND MERCH CHECKOUT, FRAUD, LENDING ERP SHIPPING AND FULFILLMENT PAYMENTS TAX © Commerce. All rights reserved. Confidential. POINT OF SALE Item OMS PIM 90 + PREFERRED & ELITE PARTNERS
Slide 13: Industry and analyst awards & accolades
INDUSTRY AND ANALYST AWARDS & ACCOLADES 2025 2025 2025 2024 AI Trusted by Best-in-class B2B Top rated for B2B readiness users capabilities and automation Strategic partnerships and BigCommerce seen as trusted 24 medals across Paradigm B2B BigCommerce praised for B2B integrations into Perplexity, par
Slide 14: Why we win.
Why we win. 14 © Commerce. All rights reserved. Confidential.
Slide 15: Investment highlights
Investment highlights. Multi-billion dollar Rebuilt to execute: High gross margins, TAM expansion SaaS veteran leadership, clear expanding cash flow, disciplined Combines strengths across core commerce (BigCommerce), brand identity, GTM at scale growth product syndication and AI channel distribution
Slide 16: Why 12,000+ leading B2B brands trust Commerce
WHY 12,000+ LEADING B2B BRANDS TRUST COMMERCE Manufacturers, distributors, and wholesalers look to Commerce to solve these business challenges: Accelerate growth Streamline Lower overall and launch faster operations technology costs $20M+ 24% 391% Additional net revenue per year More efficient sales
Slide 17: Why B2Bs choose Commerce
COMMERCE DIFFERENTIATION IN MARKET Why B2Bs choose Commerce: B2B functionality Supporting enterprise Driving business out-of-the-box B2B scale agility Multi-company hierarchy +17K Data feeds Composable-led architecture Configure-price-quote +30M Products Flexible payments Invoice portal +20M Product
Slide 18: Why leading B2C brands trust Commerce
WHY LEADING B2C BRANDS TRUST COMMERCE B2C brands and retailers look to Commerce to solve these business challenges: Accelerate growth Streamline Lower overall and launch faster operations technology costs 61.9% $180k+ 211% Average checkout conversion rate Average savings on integrations development
Slide 19: Why B2Cs choose Commerce
COMMERCE DIFFERENTIATION IN MARKET Why B2Cs choose Commerce: Customization Supports complex Unified ecommerce capabilities business models infrastructure Custom checkout and Multi-storefront and flexible Pre-integrated composable-led composable led architecture pricing architecture Component-based sit
Slide 20: Why we win in the agentic commerce era
COMMERCE DIFFERENTIATION IN MARKET Why we win in the agentic commerce era: Discoverability Merchant control and Intelligent and agentic in the AI era brand integrity commerce Structured and unstructured Dynamic and customizable Agentic search and checkout product data storefronts Own your data and S
Slide 21: Financials
Financials 21 © Commerce. All rights reserved. Confidential.
Slide 22: Commerce revenue model
FINANCIALS Commerce revenue model. Revenue model Sales-led motions Self-serve motions Direct sales to mid-market SaaS software subscription Self-serve to small businesses and larger customers Freemium and self-serve for small SaaS software subscription that Direct sales to mid-market business BigCom
Slide 23: Executing with discipline, building for momentum
FINANCIALS Executing with discipline, building for momentum. Total ARR – CAGR Total ARR – YoY +3% YoY +3% YoY +5% YoY +4% YoY +4% YoY $355M $355M $351M $348M $350M 17% $346M CAGR $167M © Commerce. All rights reserved. Confidential. 3Q20 (IPO) 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 Note: Annual revenue run-rat
Slide 24: Enterprise: High value customers, long term growth path
FINANCIALS Enterprise: High value customers, long term growth path. Enterprise Enterprise % of Enterprise ARR – YoY ARR – CAGR Total ARR +6% YoY +7% YoY +6% YoY 24% +7% YoY 46% +7% YoY $269M $269M $264M $262M $257M $254M 26% CAGR 76% 54% © Commerce. All rights reserved. Confidential. $90M 3Q20 (IPO)
Slide 25: Our focus: accelerating revenue growth efficiently
FINANCIALS Our focus: accelerating revenue growth efficiently. Total Revenue Total Revenue Total Revenue Total Revenue Quarter Annual CAGR Annual YoY Quarter CAGR YoY +8% YoY +11% YoY $333M $84M $333M +27% YoY 22% $309M +3% YoY CAGR +44% YoY $279M $87M $85M +7% YoY +3% YoY $220M 17% $21M $85M $80M $8
Slide 26: Operating discipline drives sustained margin expansion
FINANCIALS Operating discipline drives sustained margin expansion. Non-GAAP Operating Expense as % of Revenue – Annual Non-GAAP Operating Expense as % of Revenue – Quarter Non-GAAP Non-GAAP Operating Operating Margin Margin (18%) (18%) 6% 6% 18% 19% 16% 16% 30% 29% 20% 18% 48% 49% 36% 39% © Commerce
Slide 27: Growing average revenue per account
FINANCIALS Growing average revenue per account. Enterprise Enterprise Account ARPA – Number of Number of Enterprise Account YoY Enterprise Accounts – YoY ARPA – CAGR Accounts – CAGR +1% YoY -1% YoY -2% YoY -2% YoY -3% YoY +9% YoY +9% YoY 5.8k $46.4k +9% YoY 6.0k 11% 5.9k 5.9k 5.8k 5.8k +8% YoY CAGR
Slide 28: Operating cash flow reflects strategic discipline
FINANCIALS Operating cash flow reflects strategic discipline. Operating Cash Flow and Margin % 16% Margin $14M 2Q22 2Q25 © Commerce. All rights reserved. Confidential. (20%) Margin ($14M) 28
Slide 29: Appendix
Appendix 29 © Commerce. All rights reserved. Confidential.
Slide 30: GAAP income statement
FINANCIALS Figures in thousands GAAP income statement. Three Months Ended June 30 Unaudited) 2025 2024 Revenue $84,433 $81,829 Cost of Revenue1 17,739 19,811 Gross Profit 66,694 62,018 Operating Expenses: Sales & Marketing1 35,071 34,425 Research & Development1 18,310 20,287 General & Adminis
Slide 31: GAAP balance sheet
FINANCIALS Figures in thousands GAAP balance sheet. As of June 30 Unaudited) 2025 2024 Assets Current assets Cash and cash equivalents $46,265 $133,088 Restricted cash 1,164 1,120 Marketable securities 88,190 142,712 Accounts receivable, net 51,767 45,054 Prepaid expenses and other assets, net 14,7
Slide 32: GAAP cash flow statement
FINANCIALS Figures in thousands GAAP cash flow statement. Three Months Ended June 30 Unaudited) 2025 2024 Cash flows from operating activities Net loss $8,382 $11,255 Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 3,845 3,512 Amo
Slide 33: Non-GAAP reconciliation
FINANCIALS Figures in thousands Non-GAAP reconciliation. Three Months Ended June 30 Unaudited) Gross Profit 2025 2024 GAAP Gross Profit $66,694 $62,018 Stock-based Compensation1 720 1,028 Non-GAAP Gross Profit $67,414 $63,046 Non-GAAP Gross Margin 80% 77% Sales & Marketing GAAP S&M Expense $35,07
Slide 34: Adjusted EBITDA reconciliation
FINANCIALS Figures in thousands Adjusted EBITDA reconciliation. Three Months Ended June 30 Unaudited) 2025 2024 Net Loss $8,382 $11,255 Stock-based Compensation1 7,325 10,021 Acquisition Related Costs 111 334 Depreciation 946 1,060 Amortization of Intangible Assets 2,520 2,452 Gain on Convert
Slide 35: Non-GAAP net income (loss) reconciliation
FINANCIALS Figures in thousands Non-GAAP net income (loss) reconciliation. Three Months Ended June 30 Unaudited) 2025 2024 Net Loss $8,382 $11,255 Stock-based Compensation1 7,325 10,021 Acquisition Related Costs 111 334 Amortization of Intangible Assets 2,520 2,452 Restructuring Charges 1,614
Slide 36: AI Glossary
AI GLOSSARY Term Definition Application Agent An autonomous or semi-autonomous software entity that can perceive its Agents interact with users or systems on behalf of shoppers, merchants, or businesses (e.g., assisting in purchasing, environment, make decisions, and act to achieve specific goals. c