40 slides from Commerce.com, Inc. - Series 1's earnings presentation, Feb 12, 2026
Slide 1: 4Q 2025 Earnings Presentation
4Q 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 and 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: A new era of AI-led commerce
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 $359M ARR
OVERVIEW BigCommerce at Non-GAAP Gross Margin* 12/31/2025. 79% 4Q25 Non-GAAP Operating Income/(Loss)* $7M $359M ($9M) 4Q22 4Q25 ARR © Commerce. All rights reserved. Confidential. Operating Cash Flow* $3M 80% ($3M) Enterprise ARR 4Q22 4Q25 9 *Note: Enterprise account metrics will no *See the Appendix
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 SaaS software subscription that Direct sales to mid-market Freemium and self-serve for small scales with gro
Slide 23: Executing with discipline, investing in growth
FINANCIALS Executing with discipline, investing in growth. Total ARR – CAGR Total ARR – YoY +3% +3% +3% Y/Y +4% +3% $359M $356M $359M 16% $355M $350M $351M CAGR $167M © Commerce. All rights reserved. Confidential. 3Q20 (IPO) 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 Note: Annual revenue run-rate (“ARR”) is calcu
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 +10% +6% +5% +7% +6% 20% $287M 46% $269M $269M $287M $262M $264M 25% CAGR 80% 54% © Commerce. All rights reserved. Confidential. $90M 3Q20 3Q20 4Q25 4Q25 4Q24 1Q25
Slide 25: Our focus: accelerating revenue growth efficiently
FINANCIALS Our focus: accelerating revenue growth efficiently. Y/Y Y/Y Total Revenue Total Revenue Total Revenue Total Revenue Quarter Annual CAGR Annual YoY Quarter CAGR YoY +3% +8% +3% +3% 18% +11% +3% +27% CAGR $342M $342M $90M +3% $333M 17% $90M $309M $87M +3% $87M CAGR $86M $279M $24M $87M $85M
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%) 8% 8% 18% 19% 14% 15% 30% 29% 19% 19% 48% 49% 38% © Commerce. Al
Slide 27: Average revenue per account over time
FINANCIALS Average revenue per account over time. Y/Y Y/Y Enterprise Enterprise Account ARPA – Number of Number of Enterprise Account YoY Enterprise Accounts – YoY ARPA – CAGR Accounts – +13% CAGR -2% -2% -3% -2% +7% +9% +9% +9% -3% 6.6k 8% $43.2k 6.6k 5.9k 15% 5.8k 5.8k 5.8k CAGR $46.8k $46.4k CAGR
Slide 28: Operating cash flow reflects strategic discipline
FINANCIALS Operating cash flow reflects strategic discipline. Operating Cash Flow and Margin % 3% Margin $3M 4Q22 4Q25 (4%) Margin ($3M) © Commerce. All rights reserved. Confidential. 28
Slide 29: GMV: broad base, consistent growth
FINANCIALS GMV: broad base, consistent growth. GMV - Quarter GMV - Annual +12% +11% $31.7B $28.2B $8.9B $7.9B $25.4B $7.2B $7.7B © Commerce. All rights reserved. Confidential. 1Q25 2Q25 3Q25 4Q25 2023 2024 2025 Y/Y Note: Gross Merchandise Volume (“GMV”) represents the total dollar value of completed
Slide 30: Total NRR: stable retention, investing to drive expansion
FINANCIALS Total NRR: stable retention, investing to drive expansion. Total NRR % - Quarter © Commerce. All rights reserved. Confidential. Note: Net Revenue Retention (“NRR”) measures our ability to retain and expand revenue from existing customers over time. NRR is calculated by dividing total billi
Slide 31: Non-GAAP disclosure updates
FINANCIALS Non-GAAP disclosure updates Metric Disclosure Update Gross Merchandise Volume (GMV) New disclosure beginning Q4 2025 earnings, and quarterly thereafter. Net Revenue Retention (NRR) New disclosure beginning Q4 2025 earnings, and quarterly thereafter. Annual Revenue Run-Rate (ARR) Disclosur
Slide 32: Q1 and FY 2026 guidance
FINANCIALS Q1 and FY 2026 guidance Q1 2026 YoY Midpoint FY 2026 YoY Midpoint Total revenue $82.5M - $83.5M 1% $347.5M - $369.5M 5% Non-GAAP operating income $9.3M - $10.3M $34.0M - $53.0M Non-GAAP operating margin 11% - 12% 10% - 14% © Commerce. All rights reserved. Confidential. Note: We do not prov
Slide 33: Appendix
Appendix 33 © Commerce. All rights reserved. Confidential.
Slide 34: GAAP income statement
FINANCIALS Figures in thousands GAAP income statement. Three Months Ended December 31 Unaudited) 2025 2024 Revenue $89,517 $87,028 Cost of Revenue1 19,434 19,476 Gross Profit 70,083 67,552 Operating Expenses: Sales & Marketing1 35,250 29,605 Research & Development1 18,041 19,763 General & Adm
Slide 35: GAAP balance sheet
FINANCIALS Figures in thousands GAAP balance sheet. As of December 31 Unaudited) As of December 31 Audited) 2025 2024 Assets Current assets Cash and cash equivalents $44,258 $88,877 Restricted cash 1,905 1,479 Marketable securities 96,838 89,283 Accounts receivable, net 49,967 48,117 Prepaid expen
Slide 36: GAAP cash flow statement
FINANCIALS Figures in thousands GAAP cash flow statement. Three Months Ended December 31 Unaudited) 2025 2024 Cash flows from operating activities Net loss $8,364 $2,390 Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 2,811 3,329
Slide 37: Non-GAAP reconciliation
FINANCIALS Figures in thousands Non-GAAP reconciliation. Three Months Ended December 31 Unaudited) Gross Profit 2025 2024 GAAP Gross Profit $70,083 $67,552 Stock-based Compensation1 515 735 Non-GAAP Gross Profit $70,598 $68,287 Non-GAAP Gross Margin 79% 78% Sales & Marketing GAAP S&M Expense $35,
Slide 38: Adjusted EBITDA reconciliation
FINANCIALS Figures in thousands Adjusted EBITDA reconciliation. Three Months Ended December 31 Unaudited) 2025 2024 Net Loss $8,364 $2,390 1 Stock-based Compensation 4,850 6,895 Acquisition Related Costs 0 333 Depreciation 918 946 Amortization of Intangible Assets 1,720 2,383 Interest Income
Slide 39: Non-GAAP net income reconciliation
FINANCIALS Figures in thousands Non-GAAP net income reconciliation. Three Months Ended December 31 Unaudited) 2025 2024 Net Loss $8,364 $2,390 Stock-based Compensation1 4,850 6,895 Acquisition Related Costs 0 333 Amortization of Intangible Assets 1,720 2,383 Restructuring Charges 7,434 1,225
Slide 40: 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