Coveo Solutions, Inc. · TSX:CVO
Coveo Solutions — Q3 2026 Earnings Presentation
30 slides from Coveo Solutions's earnings presentation, Jan 29, 2026
Slide 1: Q3 Fiscal 2026 Financial Results
Q3 Fiscal 2026 Financial Results x For the three and nine months ended December 31, 2025 January 29, 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 20, 2025 (the “AIF”), as well as in our condensed interim consolidated financial statements (unaudited)
Slide 3: Q3 Overview
Q3 Overview Louis Têtu Executive Chairman, Coveo
Slide 4: Q3 FY’26 at a glance
Q3 FY’26 at a glance US$36.6M 15% 105% (2) (2) Q3 FY’26 Q3 FY’26 Net Expansion Rate(1) (Coveo Core Platform) SaaS Subscription SaaS Subscription as of December 31, 2025 Revenue(1) Revenue(1) Growth (Coveo Core Platform) (1) SaaS Subscription Revenue and Net Expansion Rate are key performance indicat
Slide 5: Delivered a record bookings quarter
Delivered a record Select Q3 New Customer Wins bookings quarter Largest New Customer Win in Coveo History +80 Subscription Expansions 7-figure ACV with a Global Leader in the Industrial Sector Ongoing Commerce Momentum 5 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENT
Slide 6: Innovation Focus + Key Partnerships
Innovation Focus + Key Partnerships 1 2 3 Continued Innovation MOU with the Coveo + Deloitte Introduced RAG-as-a-Service Government of Canada Deepening our partnership with for AWS Agentic AI Services to modernize public service Deloitte to bring together Deloitte’s deep industry insight and digital
Slide 7: Why / How: the Coveo technology platform
Why Commerce Websites Service Workplace Enterprises must deliver modern, Engagement Apps Multi-step Agentic Orchestrators unified, hyper-personalized SEARCH RESULTS, RECOMMENDATIONS, ANSWERS ACTIONS and precise generative content UNIFIED AI-RELEVANCE experiences, leveraging siloed structured and uns
Slide 8: Q3 Strategic Update
Q3 Strategic Update Laurent Simoneau Co-Founder & CEO, Coveo
Slide 9: Prioritize growth strategy: 2026 CEO priorities
2026 CEO priorities Innovation Prioritize Value to Customers growth strategy Growth + Market Expansion A solid foundation for investment, significant gains in market recognition, growth and scale Disciplined Execution Healthy Unit Economics Copyright © Coveo Solutions Inc. All rights reserved. Propr
Slide 10: Committed to Agentic Interoperability
Q3 Innovation Update: 3 Committed to Agentic 1 Interoperability 1 Coveo MCP Server 2 2 RAG-as-a-Service Connect to any agentic 3 platform 10 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 11: We serve global enterprises
Manufacturing, We serve Technology Retail, Brands, B2C Commerce Distribution, B2B Commerce Financial Services Healthcare Others global enterprises Thousands of use cases (1) • Our platform is uniquely suited for the demands of large global enterprises • Expertise servicing the technology, healthcare
Slide 12: Our Business Model
Subscription-based revenue Our Contractually committed volumes for the entire term of the contract Strong Unit Economics Business +80% Product Gross Margin + healthy CAC-to-LTV Multi-year agreements Model Predominantly 3+ year contracts with upfront annual billing Enterprise customers +US$200k avera
Slide 13: Q3 Financial Highlights
Q3 Financial Highlights Karine Hamel Incoming Interim-Chief Financial Officer, Coveo
Slide 14: Q3 FY’26 at a glance
Q3 FY’26 at a glance (2) (2) USD $36.6M 15% 105% Q3 FY’26 SaaS Q3 FY’26 SaaS Net Expansion Rate(1) Subscription Revenue(1) Subscription Revenue(1) Growth (Coveo Core Platform) (Coveo Core Platform) as of December 31, 2025 ($0.2M) Q3 FY’26 Adjusted EBITDA(3) 81% $0.5M Q3 FY’26 Product Q3 FY’26 Cash F
Slide 15: Revenue Growth
Revenue Growth USD millions Q3 FY’26 Q3 FY’25 YoY YTD FY’26 YTD FY’25 YoY SaaS Subscription Revenue(1) $36.6 $32.3 13% $106.6 $94.0 13% Coveo core Platform(2) $35.8 $31.1 15% $103.9 $89.7 16% Qubit Platform(3) $0.8 $1.2 (30%) $2.8 $4.3 (35%) Professional Services Revenue $1.4 $1.7 (15%) $4.3 $4.9 (1
Slide 16: Gross Profit Measures
Gross Profit Measures % Q3 FY’26 Q3 FY’25 YTD FY’26 YTD FY’25 Gross Margin 78% 78% 78% 79% Adjusted Gross Margin(1) 79% 80% 79% 80% Product Gross Margin 81% 82% 81% 82% Adjusted Product Gross Margin(1) 82% 82% 82% 82% (1) Adjusted Gross Margin and Adjusted Product Gross Margin are non-IFRS financial
Slide 17: Profitability Measures
Profitability Measures USD millions Q3 FY’26 Q3 FY’25 YTD FY’26 YTD FY’25 Net loss ($7.2) $4.0 ($26.6) ($7.4) Adjusted EBITDA(1) ($0.2) $0.6 ($1.6) $0.3 Cash Flow from Operating Activities $0.5 ($0.2) ($3.2) $4.3 Quarterly cash flow from operating activities is impacted by the timing of working capi
Slide 18: Strong Momentum + Disciplined Capital Allocation
Q3 Update: Strong Momentum + Disciplined Capital Allocation Record ~150% Disciplined Bookings 3-year NER(1) from Capital Allocation Driven by Strong Execution, Top 20 Customers Deployed $4.7 million to Commerce & GenAI Solutions buyback ~1.1 million shares (1) Net Expansion Rate is key performance i
Slide 19: Q4 FY’26 and Full Year Guidance
Q4 FY’26 and Full Year Guidance USD millions Q4 FY’26 Full Year FY’26 SaaS Subscription Revenue(1) $35.6 – $36.1 $142.2 – $142.7 Total Revenue $37.1 – $37.6 $148.0 – $148.5 Adjusted EBITDA(2) Approximately breakeven Approximately breakeven The company expects to deliver positive operating cash flows
Slide 20: Q&A Session
Q&A Session 20 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 21: Appendix
Appendix 21 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 22: Condensed Consolidated Interim Statements of Loss
Condensed Consolidated Interim Statements of Loss (in thousands of US dollars, except share and per share data, unaudited) 22 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 23: Condensed Consolidated Interim Statements of Loss
Condensed Consolidated Interim Statements of Loss (in thousands of US dollars, unaudited) 23 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 24: 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 25: Reconciliation of Adjusted Gross Profit 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
Slide 26: 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 27: Consolidated Statements of Financial Position
Consolidated Statements of Financial Position (in thousands of US dollars, unaudited) 27 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 28: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (in thousands of US dollars, unaudited) 28 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 29: 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 30: The AI-Relevance Company
The AI-Relevance Company 30 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026