Coveo Solutions, Inc. · TSX:CVO
Coveo Solutions — Q1 2027 Earnings Presentation
38 slides from Coveo Solutions's earnings presentation, Jul 30, 2026
Slide 1: Q1 Fiscal 2027 Financial Results
Q1 Fiscal 2027 Financial Results For the three months ended June 30, 2026 July 30, 2026
Slide 2: Disclaimer
Disclaimer This presentation (“Presentation”) is qualified in its entirety by reference to, and must be read in conjunction with, the information contained in our Annual Information Form dated May 27, 2026 (the “AIF”), as well as in our audited consolidated financial statements for the three months
Slide 3: Q1 Overview
Q1 Overview Louis Têtu Executive Chairman, Coveo
Slide 4: Q1 FY'27 at a glance
Q1 FY’27 at a glance Q1 FY’27 Q1 FY’27 US $37.4M SaaS Subscription Revenue (1) 13% SaaS Subscription Revenue (1) Growth (Coveo Core Platform) (2) Q1 FY’27 First 8-figure ARR(3) US $9.2M Cash Flows from Operating Activities US $10M+ Annual Recurring Revenue(3) Customer customer Largest subscription i
Slide 5: Coveo's first US$10M+ ARR customer validates our strategy and value
SIGNIFICANT MILESTONE (1) (2) Coveo’s first US$10M+ ARR customer validates our strategy and value Expanding 7 and 8-figure subscriptions show that customers increasingly view Coveo as foundational to their long-term AI strategies, rather than as a point solution, and our ability to build larger, lon
Slide 6: Enterprise AI has moved from possibility to business value
THE MARKET SHIFT Enterprise AI has moved from possibility to business value The winning question is not “Which model?” It is “Which measurable business outcomes can we deliver repeatedly, securely, and at scale?” 2022 2024 2026 TODAY FOUNDATION MODELS EXPERIMENTATION DEPLOYMENT MEASURABLE VALUE BREA
Slide 7: We help enterprises compete in the Experience AI economy
OUR MISSION We help enterprises compete in the Experience AI economy [digital] Experiences are the most LEARN pervasive use of AI BUY FIX Digital interactions are intent-rich moments where people most often Experience AI experience AI DISCOVER SOLVE 7 Copyright © Coveo Solutions Inc. All rights rese
Slide 8: Experience AI is re-shaping competitiveness
Experience AI is re-shaping competitiveness PERSONALIZED EXPECTATION An interaction intent LEARN is an AI opportunity INTENT at every point-of-experience PRESCRIPTIVE CONVERSATIONAL BUY FIX Consumer expectations for experiences Experience AI enter the enterprise PRECISE DISCOVER SOLVE CONTEXTUAL Exp
Slide 9: AI does not intrinsically understand your business
THE MISCONCEPTION & LEARNINGS AI does not intrinsically understand your business. A powerful model is not an enterprise brain. Foundation models are broad pattern engines They do not intrinsically know your operating reality FOUNDATION MODELS ENTERPRISE UNDERSTANDING Knows language patterns Your con
Slide 10: Experience AI turns intent into context-aware outcomes
WHAT IS EXPERIENCE AI Experience AI turns intent into context-aware outcomes INTENT [CUSTOMER • PARTNER • EMPLOYEE • AGENT] COMMERCE SERVICE AI AGENTS WORKPLACE WEBSITES Products, discovery, Self-service, MCP, retrieval, Knowledge, people, Content, digital journeys, recommendations, advice agents, s
Slide 11: Partners extend our growth opportunity
Partners extend our growth opportunity System integrators and technology partners are bringing Coveo into larger transformations, recognizing the importance of the Experience AI opportunity 11 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 12: Executing a balanced growth strategy
Executing a 200.0 In million of U.S. dollars SaaS Subscription Revenue Coveo core Platform Cash flows from operating activities (1) Coveo Driving an Efficient Model 120% balanced (2) 110% (1) SaaS Subscription Revenue as a % of Total revenue (Coveo core Platform) 156.0 150.0 139.8 100% 121.3 growth
Slide 13: Q1 Strategic Update
Q1 Strategic Update Laurent Simoneau Co-Founder & CEO, Coveo
Slide 14: F27 Priorities: Positioned for the next phase of enterprise AI
F27 Priorities Customer Focus Measurable Coveo as a Competitive Positioned for ROI Strategic Partner Advantage the next phase Agentic Innovation of enterprise AI Conversational Search Conversational Product Discovery Merchandising Copilot adoption Investing to capture the massive Disciplined Growth
Slide 15: Deepening customer relationships continue to validate our strategy
Deepening customer relationships continue to validate our strategy Largest transaction Another 7-figure Growing adoption in Coveo history (1) ARR transaction across multiple Fortune Global 500 technology Leader Fortune 500 distributor of 1st 8-figure ARR (2) customer healthcare products AI experienc
Slide 16: Cementing our place in the modern AI tech stack
Cementing our place in the modern AI tech stack Seeing strong early adoption from customers Personal Assistants Agentic AI Platforms Coveo Applications Ground your personal assistants on your enterprise data Ground your own agentic platform on your enterprise data Fully managed agentic apps OpenAI A
Slide 17: Measurable business outcomes result in expanded relationships
Measurable business outcomes result in expanded relationships RESULTS WITH COVEO RESULTS WITH COVEO +25% +30% +10% Significant increases in Revenue per Conversion Average Search AOV with Conversion Visit (RPV) Rate Order Value Usage Search with Search (1) These estimates were formulated after A/B te
Slide 18: Largest transaction in Coveo history
Largest Large and complex enterprise account Global technology leader transaction US$10+ million ARR (2) in Coveo Enterprise-wide impact Leverages the Coveo platform across customer facing + internal use cases: history (1) Gen AI Self-service support portal Agentic AI Assistants Exemplifies the stra
Slide 19: We help global enterprises with experience AI
We help global enterprises with experience AI Financial Healthcare Manufacturing Distribution Retail & Brands Technology Services & Others 19 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and
Slide 20: Our Business Model
Our Subscription-based revenue Contractually committed volumes for the entire term of the contract Business Strong unit economics 80%+ Product Gross Margin + healthy CAC-to-LTV Model Multi-year agreements Majority of contracts are 3+ years with upfront annual billing Enterprise customers US$220k+ av
Slide 21: Q1 Financial Highlights
Q1 Financial Highlights Karine Hamel Chief Financial Officer, Coveo
Slide 22: Q1 FY'27 at a glance
Q1 FY’27 at a glance (2) (2) US $37.4M 13% 102% Q1 FY’27 SaaS Q1 FY’27 SaaS Net Expansion Rate(1) Subscription Revenue(1) Subscription Revenue(1) Growth (Coveo Core Platform) (Coveo Core Platform) as of June 30, 2026 US $0.1M US $9.2M 81% Q1 FY’27 Adjusted EBITDA(3) Q1 FY’27 Cash Flows Q1 FY’27 Prod
Slide 23: Revenue Growth
Revenue Growth USD millions Q1 FY’27 Q1 FY’26 YoY SaaS Subscription Revenue(1) $37.4 $34.2 9% Coveo core Platform(2) $37.4 $33.1 13% Qubit Platform(3) - $1.0 (100%) Professional Services Revenue $1.2 $1.4 (15%) Total Revenue $38.5 $35.5 8% (1) SaaS Subscription Revenue is a Key Performance Indicator
Slide 24: Gross Profit Measures
Gross Profit Measures % Q1 FY’27 Q1 FY’26 Gross Margin 78% 77% Adjusted Gross Margin(1) 79% 79% Product Gross Margin 81% 81% Adjusted Product Gross Margin(1) 81% 82% (1) Adjusted Gross Margin and Adjusted Product Gross Margin are non-IFRS financial ratios. Please refer to the "Non-IFRS Measures and
Slide 25: Profitability Measures
Profitability Measures USD millions Q1 FY’27 Q1 FY’26 Net loss ($5.8) ($15.1) Adjusted EBITDA(1) $0.1 ($1.9) Cash Flow from Operating Activities $9.2 $7.1 (1) Adjusted EBITDA is a non-IFRS measure. Please refer to the "Non-IFRS Measures and Ratios" section of the disclaimer to this Presentation, and
Slide 26: Strategic initiatives continue to drive bookings strength
Distributor/B2B Commerce Q1 UPDATE: 7-Figure expand with a 500 Distributor of Healthcare products Strategic Core ICP: Service + Commerce Gen AI initiatives ~30% of Total Bookings Driving strong Land + Expand Motion continue to Innovation Encouraging adoption of Agentic AI innovation: ▪ Search Agents
Slide 27: Q2 FY'27 and Full Year Guidance
Q2 FY’27 and Full Year Guidance USD millions Q2 FY’27 Full Year FY’27 SaaS Subscription Revenue(1) $38.5 – $39.0 $154.0 – $158.0 Total Revenue $39.7 – $40.2 $160.0 – $164.0 Adjusted EBITDA(2) $0.5 – $1.5 $2.0 - $7.0 The company expects to deliver operating cash flows of more than $10 million for the
Slide 28: Q&A Session
Q&A Session 28
Slide 29: Appendix
Appendix 29
Slide 30: Consolidated Statements of Loss
Consolidated Statements of Loss (in thousands of US dollars, except share and per share data) 30 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 31: Consolidated Statements of Loss
Consolidated Statements of Loss (in thousands of US dollars) 31 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 32: Reconciliation of Net Loss to Adjusted EBITDA
Reconciliation of Net Loss to Adjusted EBITDA (in thousands of US dollars) Adjusted EBITDA is defined as net income or net loss, excluding interest, taxes, depreciation of property and equipment and right-of-use-assets, amortization and impairment of intangible assets (or EBITDA), adjusted for stock
Slide 33: Reconciliation of Adjusted Gross Profit Measures and Adjusted Gross Margin Measures
Reconciliation of Adjusted Gross Profit Measures and Adjusted Gross Margin Measures (in thousands of US dollars) “Adjusted Gross Profit”, “Adjusted Product Gross Profit”, and “Adjusted Professional Services Gross Profit” are respectively defined as gross profit, product gross profit, and professiona
Slide 34: Reconciliation of Adjusted Operating Expense Measures and Adjusted Operating Expense (%) Measures
Reconciliation of Adjusted Operating Expense Measures and Adjusted Operating Expense (%) Measures (in thousands of US dollars) “Adjusted Sales and Marketing Expenses”, “Adjusted Research and Product Development Expenses”, and “Adjusted General and Administrative Expenses” are respectively defined as
Slide 35: Consolidated Statements of Financial Position
Consolidated Statements of Financial Position (in thousands of US dollars) 35 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 36: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (in thousands of US dollars, unaudited) 36 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 37: Definition of Key Performance Indicators
Definition of Key Performance Indicators “SaaS Subscription Revenue” means Coveo’s SaaS subscription revenue, as presented in its financial statements in accordance with IFRS. “Current SaaS Subscription Remaining Performance Obligations” is a forward-looking indicator of anticipated future revenue u
Slide 38: The AI-Relevance Company
The AI-Relevance Company 38 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026