37 slides from Commerce.com, Inc. - Series 1's earnings presentation, May 7, 2026
Slide 1: 1Q 2026 Earnings Presentation
1Q 2026 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: Commerce at 3/31/2026
OVERVIEW Commerce at Non-GAAP Gross Margin* 3/31/2026. 77% 1Q26 Non-GAAP Operating Income/(Loss)* $12M ($9M) $360M 4Q22 1Q26 ARR © Commerce. All rights reserved. Confidential. Operating Cash Flow* $18M ($3M) 4Q22 1Q26 9 *See the Appendix to this presentation for a reconciliation of non-GAAP financial
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% +2% +3% $359M $360M $355M $356M 15% $360M $351M CAGR $167M © Commerce. All rights reserved. Confidential. 3Q20 (IPO) 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 Note: Annual revenue run-rate (“ARR”) is calculate
Slide 24: Our focus: accelerating revenue growth efficiently
FINANCIALS Our focus: accelerating revenue growth efficiently. Y/Y Y/Y Total Revenue Total Revenue Total Revenue Total Revenue Quarter Annual CAGR Annual YoY ($M) Quarter CAGR YoY ($M) +3% +8% +11% +3% +5% 18% +3% +3% +27% $87M +3% CAGR $342M $333 $342 $309 15% $90 $87 $82 $84 $86 $279 CAGR $23M $87M
Slide 25: 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 (18%) Margin (18%) 8% 14% © Commerce. All rights reserved. Confidential. S&M R&D G&A
Slide 26: Operating cash flow reflects strategic discipline
FINANCIALS Operating cash flow reflects strategic discipline. Operating Cash Flow and Margin % 21% Margin $18M 4Q22 1Q26 (4%) Margin ($3M) © Commerce. All rights reserved. Confidential. 26
Slide 27: GMV: broad base, consistent growth
FINANCIALS GMV: broad base, consistent growth. GMV - Quarter GMV - Annual +12% +11% +14% $31.7B $28.2B $8.9B $7.9B $8.3B $25.4B $7.7B $7.2B © Commerce. All rights reserved. Confidential. 1Q25 2Q25 3Q25 4Q25 1Q26 2023 2024 2025 Y/Y Note: Gross Merchandise Volume (“GMV”) represents the total dollar val
Slide 28: Total NRR: stable retention, investing to drive expansion
FINANCIALS Total NRR: stable retention, investing to drive expansion. Total NRR % - Quarter 1Q25 2Q25 3Q25 4Q25 1Q26 © 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 calculate
Slide 29: Q2 and FY 2026 guidance
FINANCIALS Q2 and FY 2026 guidance Q2 2026 YoY Midpoint FY 2026 YoY Midpoint Total revenue $84.5M - $85.5M 1% $347.5M - $369.5M 5% Non-GAAP operating income $4.0M - $5.0M $34.0M - $53.0M Non-GAAP operating margin 5% - 6% 10% - 14% © Commerce. All rights reserved. Confidential. Note: We do not provide
Slide 30: Appendix
Appendix 30 © Commerce. All rights reserved. Confidential.
Slide 31: GAAP income statement
FINANCIALS Figures in thousands GAAP income statement. Three Months Ended March 31 Unaudited) 2026 2025 Revenue $86,842 $82,370 Cost of Revenue1 20,191 16,984 Gross Profit 66,651 65,386 Operating Expenses:1 Sales & Marketing 26,196 30,366 Research & Development 18,033 19,206 General & Administr
Slide 32: GAAP balance sheet
FINANCIALS Figures in thousands GAAP balance sheet. As of March 31 Unaudited) As of December 31 Audited) 2026 2025 Assets Current assets Cash and cash equivalents $57,204 $44,258 Restricted cash 1,887 1,905 Marketable securities 97,936 96,838 Accounts receivable, net 49,555 49,967 Prepaid expenses
Slide 33: GAAP cash flow statement
FINANCIALS Figures in thousands GAAP cash flow statement. Three Months Ended March 31 Unaudited) 2026 2025 Cash flows from operating activities Net income / (loss) $3,729 $353 Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization expense
Slide 34: Non-GAAP reconciliation
FINANCIALS Figures in thousands Non-GAAP reconciliation. Three Months Ended March 31 Unaudited) Gross Profit 2026 2025 GAAP Gross Profit $66,651 $65,386 Stock-based Compensation1 534 746 Non-GAAP Gross Profit $67,185 $66,132 Non-GAAP Gross Margin 77.4% 80.3% Sales & Marketing GAAP S&M Expense $26
Slide 35: Adjusted EBITDA reconciliation
FINANCIALS Figures in thousands Adjusted EBITDA reconciliation. Three Months Ended March 31 Unaudited) 2026 2025 Net Income / Loss $3,729 $353 1 Stock-based Compensation 4,234 5,419 Acquisition Related Costs - 333 Depreciation 1,357 1,244 Amortization of Intangible Assets 1,529 2,335 Gain on
Slide 36: Non-GAAP net income reconciliation
FINANCIALS Figures in thousands Non-GAAP net income reconciliation. Three Months Ended March 31 Unaudited) 2026 2025 Net Income / Loss $3,729 $353 Stock-based Compensation1 4,234 5,419 Acquisition Related Costs - 333 Amortization of Intangible Assets 1,529 2,335 Restructuring Charges 910 1,91
Slide 37: 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