Coveo Solutions, Inc. · TSX:CVO
Coveo Solutions — Q1 2026 Earnings Presentation
33 slides from Coveo Solutions's earnings presentation, Jul 31, 2025
Slide 1: For the three months ended June 30, 2025
x For the three months ended June 30, 2025 July 31, 2025
Slide 2: 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 Disclaimer Information Form dated May 20, 2025 (the “AIF”), as well as in our condensed interim consolidated financial statements (unaudited)
Slide 3: Louis Têtu, Chairman and CEO
Louis Têtu Chairman and CEO, Coveo
Slide 4: Realizing Significant Results with Coveo's GenAI
Realizing Significant Results with Coveo’s GenAI Case Submission Explicit Case Deflection Self-service Success Searches per Visit Decrease (1) Rate Reduction (1) Rate Improvement (1) Improvement (1) Large US Airline 19% €8M 39% 11% Multinational Tech. co Cost-to-Serve Savings Results achieved after
Slide 5: Coveo's Relevance Augmented Generation is critical to Generative AI success
Coveo’s Relevance Augmented Generation [RAG] is critical to Generative AI success Unified access to Accuracy, precision & Interoperability Speed & Security Knowledge Relevance AI needs unified access to Understand and interpret The ability to seamlessly Instantly deliver the right enterprise-wide us
Slide 6: Grounding Agentic AI with Relevance
AI agents need relevance to maximize outcomes. Grounding Agentic AI with AI relies on quality inputs, and Agentic AI is no different. 6 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 7: Laurent Simoneau, Co-Founder & CEO
Laurent Simoneau Co-Founder & CEO, Coveo
Slide 8: Q1 FY'26 Highlights
Q1 FY’26 Highlights $34.2M 16% 108% (2) (2) Q1 FY’26 SaaS Q1 FY’26 SaaS Net Expansion Rate (1) Subscription Subscription (Coveo core Platform) Revenue (1) Revenue Growth (1) as of June 30, 2025 (Coveo core Platform) (1) SaaS Subscription Revenue and Net Expansion Rate are key performance indicators
Slide 9: Q1 Update: Generative AI
Q1 Update: Best Q1 bookings performance in company history Select customer wins: Generative AI contributed of new business bookings 9 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 10: Why and How: Unified AI-Relevance platform
Commerce Websites Service Workplace Engagement Apps Multi-step Agentic Orchestrators Why SEARCH RESULTS, RECOMMENDATIONS, ANSWERS ACTIONS UNIFIED AI-RELEVANCE Enterprises must deliver modern, unified, hyper-personalized SEARCH & GENERATIVE AGENTIC ANALYTICS RANKING API ANSWERS API RAG API and precis
Slide 11: Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 12: Relevance for Me: cost savings and case volume reduction
for Me Cost Savings(1) reduction in support case volumes(1) (1) These estimates were formulated after A/B testing and reflect the estimated benefits to the selected customers based on feedback received from such customers and data reported by them. No guarantee of accuracy. The estimate of the poten
Slide 13: Coveo Commerce: Built to give a competitive commerce edge in both B2C and B2B
Coveo Commerce: Built to give a competitive commerce edge in both B2C and B2B for the second consecutive year in the 2025 Gartner® Magic Quadrant (1) Source: Gartner, Magic Quadrant for Search and Product Discovery, Mike Lowndes, Noam Dorros, et al., 24 June 2025. Gartner does not endorse any vendor
Slide 14: Advancing Agentic RAG in collaboration with a select group of customers
Advancing Agentic RAG in collaboration with a select group of customers AI And more… 14 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 15: Growth, Innovation, Operational Excellence
Growth 1 Drive growth with strong unit economics and a high recurring margin profile 2 Deliver meaningful innovation that creates Innovation real, tangible value for our customers 3 Maintain and enhance operational excellence, with a clear focus on sales Operational execution and customer success Ex
Slide 16: Brandon Nussey, Chief Financial Officer
Brandon Nussey Chief Financial Officer, Coveo
Slide 17: Q1 FY'26 Highlights
Q1 FY’26 Highlights $34.2M 16% (2) 108% (2) Q1 FY’26 SaaS Q1 FY’26 SaaS Subscription Net Expansion Rate(1) Subscription Revenue(1) Revenue(1) Growth (Coveo core Platform) (Coveo core Platform) as of June 30, 2025 ($1.9M) 81% $7.1M Q1 FY’26 Adjusted EBITDA(3) Q1 FY’25 Product Q1 FY’26 Cash Flows ($15
Slide 18: Revenue Growth
Revenue Growth USD millions Q1 FY’26 Q1 FY’25 YoY SaaS Subscription Revenue(1) $34.2 $30.6 12% Coveo core Platform(2) $33.1 $28.7 16% Qubit Platform(3) $1.0 $1.9 (46%) Professional Services Revenue $1.4 $1.7 (16%) Total Revenue $35.5 $32.2 10% (1) SaaS Subscription Revenue is a Key Performance Indic
Slide 19: Gross Profit Measures
Gross Profit Measures % Q1 FY’26 Q1 FY’25 Gross Margin 77% 78% Adjusted Gross Margin(1) 79% 79% Product Gross Margin 81% 82% Adjusted Product Gross Margin(1) 82% 82% (1) Adjusted Gross Margin and Adjusted Product Gross Margin are non-IFRS financial ratios. Please refer to the "Non-IFRS Measures and
Slide 20: Profitability Measures
Profitability Measures USD millions Q1 FY’26 Q1 FY’25 Making Net loss ($15.1) ($6.1) select investments in GTM to drive Adjusted EBITDA(1) ($1.9) ($1.7) further growth Cash Flows used in Operating $7.1 $3.0 Activities (1) Adjusted EBITDA is a non-IFRS measure. Please refer to the "Non-IFRS Measures
Slide 21: Generative AI, Commerce, GTM Investments
Generative AI Commerce GTM Investments GenAI represented 50% of new Fastest growing use case Building momentum business bookings from Account Management Strong momentum with SAP (1) investments, NER (Coveo Near perfect partnership. core) improved to 108% retention rates Now making investments in Gen
Slide 22: Q2 FY'26 and Full Year Guidance
Q2 FY’26 and Full Year Guidance USD millions Q2 FY’26 Full Year FY’26 SaaS Subscription Revenue(1) $35.3 – $35.8 $141.5 – $144.5 Total Revenue $36.6 – $37.1 $147.5 – $150.5 Adjusted EBITDA(2) ($0.5) – $0.5 Approximately breakeven The company continues to expect to deliver positive operating cash flo
Slide 23: Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
23 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 24: Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
24 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 25: Condensed Consolidated Interim Statements of Loss
Condensed Consolidated Interim Statements of Loss (in thousands of US dollars, except share and per share data, unaudited) 25 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 26: Condensed Consolidated Interim Statements of Loss
Condensed Consolidated Interim Statements of Loss (in thousands of US dollars, unaudited) 26 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 27: Reconciliation of Net Loss to Adjusted EBITDA
Reconciliation of Net Loss to Adjusted EBITDA (in thousands of US dollars, unaudited) 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), adjuste
Slide 28: 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, unaudited) Adjusted Gross Profit, Adjusted Product Gross Profit, and Adjusted Professional Services Gross Profit are respectively defined as gross profit, product gross profit, and profes
Slide 29: Reconciliation of Adjusted Operating Expense Measures
Reconciliation of Adjusted Operating Expense Measures and Adjusted Operating Expense (%) Measures (in thousands of US dollars, unaudited) “Adjusted Sales and Marketing Expenses”, “Adjusted Research and Product Development Expenses”, and “Adjusted General and Administrative Expenses” are respectively
Slide 30: Consolidated Statements of Financial Position
Consolidated Statements of Financial Position (in thousands of US dollars, unaudited) 30 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 31: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (in thousands of US dollars, unaudited) 31 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 32: 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 33: The AI-Relevance Company
The AI-Relevance Company 33 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025