Slide 1: Q4 Fiscal 2025 Financial Results
Q4 Fiscal 2025 Financial Results For the three months and fiscal year ended March 31, 2025 May 20, 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 consolidated financial statements (audited) for the three month
Slide 3: Q4 Performance Highlights
Q4 Performance Highlights Louis Têtu Executive Chairman, Coveo
Slide 4: Q4 FY’25 Highlights
Q4 FY’25 Highlights $32.6M 10% (1) 107% (1) Q4 FY’25 SaaS Q4 FY’25 SaaS Subscription Net Expansion Rate(2) Subscription Revenue(2) Revenue(1) Growth (Coveo Core Platform) (12% growth on a constant day/constant currency basis)(4) As of March 31, 2025 (Coveo core Platform) $0.7M 82% $6.8M Q4 FY’25 Adj
Slide 5: Select Customer Wins and Progress
Q4 Update: Select Customer Wins and Progress Q4 Transactions sample Generative AI customers increased 3x year-over-year 5 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 6: AI changes everything
Support Marketplace / Portals App Store NIFIED AI-RELEVAN s -U -G CE AI Agents Store tio n ene a Associates end omer and conte rat m cust xt s ive In-App/in-product om o f ign an ec 0 ° als s 6 3 r w In-store Commerce n, er Partner and tio ing ce Se Dealer Portals iga er r ,a nav dv m vi m ce ice B2
Slide 7: Relevance, in digital experiences, impacts business
Relevance, in digital experiences, impacts business Today more than ever, people are saying, “Don’t waste what I value the most—my time.” This is why digital technology adoption has become so person-centric over the past decade. All these advancements have made the average digital citizen more than
Slide 8: In digital experiences, Relevance refers to how closely enterprise content
HYBRID SEARCH, DISCOVERY PERSONALIZED AI GENERATIVE ANSWERING, NEXT BEST QUESTIONS, GENERATIVE PRODUCT & DYNAMIC NAVIGATION RECOMMENDATIONS CONVERSATIONS, ADVICE, SOURCES & CITATIONS & CATEGORY RECOMMENDATIONS In digital experiences, RELEVANCE refers to how closely enterprise content, products, reco
Slide 9: Why / How: Unified AI-Relevance
Commerce Websites Service Workplace Why Engagement Apps Multi-step Agentic Orchestration Enterprises must deliver modern, SEARCH RESULTS, RECOMMENDATIONS, ANSWERS ACTIONS unified, hyper-personalized UNIFIED AI-RELEVANCE generative experiences SEARCH GENERATIVE AGENTIC ANALYTICS ANSWERS RAG CLOSED-LO
Slide 10: Coveo, the AI-Relevance Company
Coveo, the AI-Relevance Company, powers augmented relevance at every point-of-experience for the world’s leading enterprises, driving superior business outcomes from all their digital experiences. B2B Commerce Customer Service Brands to consumer Websites powered by our SaaS multi-tenant platform B2C
Slide 11: Coveo’s momentum in the applied AI market
Coveo’s momentum in the applied AI market Modern AI experiences Coveo’s AI-Relevance must be grounded and Generative Search into unified, secure and technology is trusted relevant enterprise by many of the data & content world’s leading enterprises Coveo’s AI-Relevance and Generative Search are agno
Slide 12: The AI-Relevance Company
The AI-Relevance Company 12 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 13: Innovation and Strategic Priorities
Innovation and Strategic Priorities Laurent Simoneau Co-Founder & CEO, Coveo
Slide 14: Relevance is poor & disjointed across points-of-experience
Customer experiences [shopper, buyer, customer, partner, dealer, …] Employee experiences BRAND TO CONSUMER B2C COMMERCE STORE ASSOCIATES B2B COMMERCE SALES WEBSITES PORTALS DEALER SUPPORT IN-PRODUCT SELF-SERVICE PORTALS CONTACT CENTERS FIELD SERVICE KNOWLEDGE MANAGEMENT INTRANETS EMPLOYEE EXPERIENCE
Slide 15: Unified AI-Relevance
Customer experiences [shopper, buyer, customer, partner, dealer, …] Employee experiences BRAND TO CONSUMER B2C COMMERCE STORE ASSOCIATES B2B COMMERCE SALES WEBSITES PORTALS DEALER SUPPORT IN-PRODUCT SELF-SERVICE PORTALS CONTACT CENTERS FIELD SERVICE KNOWLEDGE MANAGEMENT INTRANETS EMPLOYEE EXPERIENCE
Slide 16: Coveo Commerce
Coveo Commerce Built to give you the competitive commerce edge in both B2C and B2B Search & Listings 1:1 Personalization AI & ML Models Unified indexing and predictive search capabilities to achieve Exceed customer expectations with individualized search results Powerful, multi-layered AI models tha
Slide 17: Coveo Knowledge
Coveo Knowledge Self-Service Knowledge and Proficiency Generative Answering Follow-up & Clarifications AI Agents & Chatbots Generate relevant answers in all your Service channels and touchpoints – from Effortless case submission and deflection. Because not all cases should be Allow your AI Agents an
Slide 18: Unified AI-Relevance sets a new bar
One “intent” box THE universal digital experience ENGAGEMENT PARADIGM User queries or questions, AI-suggestions HYBRID SEARCH, DISCOVERY Generated answer for you GENERATIVE ANSWERING, & DYNAMIC NAVIGATION NEXT BEST QUESTIONS, CONVERSATION DISAMBIGUATION mechanism CONVERSATIONS, ADVICE, SOURCES & CIT
Slide 19: The rise of Agentic AI
The rise of Agentic AI Currently piloting our In March, Agentic AI integration launched Coveo for with a select group of customers 19 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 20: Prioritize growth strategy
2026 priorities Constant, Prioritize growth customer driven pace of strategy innovation Superior A solid foundation for investment, significant customer value gains in market recognition, growth and scale Recognized leader for large enterprises Unique technology, and pace of innovation of single mul
Slide 21: Q4 Financial Highlights
Q4 Financial Highlights Brandon Nussey Chief Financial Officer, Coveo
Slide 22: Q4 FY’25 Highlights
Q4 FY’25 Highlights $32.6M 10% (2) 107% (2) Q4 FY’25 SaaS Q4 FY’25 SaaS Subscription Net Expansion Rate(1) Subscription Revenue(1) Revenue(1) Growth (Coveo core Platform) (12% growth on a constant day/constant currency basis)(4) as of March 31, 2025 (Coveo core Platform) $0.7M 82% $6.8M Q4 FY’25 Adj
Slide 23: FY’25 Highlights
FY’25 Highlights $126.6M 11% (2) 107% (2) FY’25 SaaS FY’25 SaaS Subscription Net Expansion Rate(1) Subscription Revenue(1) Revenue(1) Growth (Coveo core Platform) (Coveo core Platform) as of March 31, 2025 $1.0M 82% $11.1M FY’25 Adjusted EBITDA(3) FY’25 Product FY’25 Cash Flows ($13.8M) Gross Margin
Slide 24: Revenue Growth
Revenue Growth USD millions Q4 FY’25 Q4 FY’24 YoY FY'25 FY'24 YoY SaaS Subscription Revenue(1) $32.6 $30.7 6% $126.6 $118.6 7% Coveo core Platform(2) $31.6 $28.7 10% $121.3 $109.1 11% Qubit Platform(3) $1.0 $2.0 (50%) $5.3 $9.5 (44%) Professional Services Revenue $1.7 $1.8 (6%) $6.6 $7.5 (12%) Total
Slide 25: Gross Profit Measures
Gross Profit Measures % Q4 FY’25 Q4 FY’24 FY’25 FY’24 Gross Margin 79% 79% 79% 78% Adjusted Gross Margin(1) 80% 80% 80% 79% Product Gross Margin 82% 82% 82% 82% Adjusted Product Gross Margin(1) 83% 83% 83% 82% (1) Adjusted Gross Margin and Adjusted Product Gross Margin are non-IFRS financial ratios.
Slide 26: Profitability Measures
Profitability Measures USD millions Q4 FY’25 Q4 FY’24 FY’25 FY’24 Net loss ($6.3) ($4.1) ($13.8) ($23.6) Adjusted EBITDA(1) $0.7 $0.2 $1.0 ($2.4) Cash Flows used in Operating $6.8 $4.6 $11.1 $4.2 Activities (1) Adjusted EBITDA is a non-IFRS measure. Please refer to the "Non-IFRS Measures and Ratios"
Slide 27: Q4 progress
Q4 progress (1) NER improved by 200 basis GenAI products points compared continue to show Fastest growing to last quarter to momentum customer use case Customer expanding their usage 107% (2) (1) Net Expansion Rate is key performance indicator of Coveo. Please refer to the "Definition of Key Perform
Slide 28: Q1 FY’26 and Full Year Guidance
Q1 FY’26 and Full Year Guidance USD millions Q1 FY’26 Full Year FY’26 SaaS Subscription Revenue(1) $33.5 – $34.0 $141.5 – $144.5 Total Revenue $34.9 – $35.4 $147.5 – $150.5 Approximately Adjusted EBITDA(2) ($2.0) – ($1.0) breakeven The company expects to continue to deliver positive operating cash f
Slide 29: Q&A Session
Q&A Session 29 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 30: Appendix
Appendix 30 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 31: Consolidated Statements of Loss
Consolidated Statements of Loss (in thousands of US dollars, except share and per share data) 31 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 32: Consolidated Statements of Loss
Consolidated Statements of Loss (in thousands of US dollars, audited) 32 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 33: 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 34: 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 professional serv
Slide 35: 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 36: Reconciliation of SaaS Subscription Revenue at constant currency and days
Reconciliation of SaaS Subscription Revenue to SaaS Subscription Revenue in Coveo Core Platform at constant currency and constant days (in thousands of US dollars) In this table, SaaS Subscription Revenue in currencies other than US dollars are converted into US dollars using the exchange rates from
Slide 37: Consolidated Statements of Financial Position
Consolidated Statements of Financial Position (in thousands of US dollars, audited) 37 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 38: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (in thousands of US dollars, audited) 38 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025
Slide 39: 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 40: The AI-Relevance Company
The AI-Relevance Company 40 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2025