Bigmerce (BIGC) - 2025 Q2 - Quarterly Results

Commerce Q2 2025 Financial Results Financial & Business Highlights The company reported Q2 revenue of $84.4 million and announced a major rebranding to Commerce, focusing on an AI-driven ecosystem - The company rebranded from BigCommerce Holdings, Inc to Commerce.com, Inc, unifying its brands under a new parent, Commerce[2] - CEO Travis Hess stated the company's transformation phase is complete, with a new focus on executing an AI-driven commerce ecosystem[3] Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $84.4M | $81.8M | +3% | | Total ARR | $354.6M | $344.3M (implied) | +3% | | Enterprise ARR | $269.3M | $254.1M (implied) | +6% | | GAAP Gross Margin | 79% | 76% | +3 p.p. | | Non-GAAP Gross Margin | 80% | 77% | +3 p.p. | | GAAP Loss from Operations | ($6.8M) | ($13.5M) | Improved | | Non-GAAP Operating Income | $4.8M | $1.9M | +153% | | Adjusted EBITDA | $5.7M | $3.0M | +90% | | GAAP Net Loss per Share | ($0.10) | ($0.15) | Improved | | Non-GAAP Net Income per Share | $0.04 | $0.05 | -20% | Q2 2025 Key Business Metrics (vs. Q2 2024) | Metric | As of June 30, 2025 | Change YoY | | :--- | :--- | :--- | | Number of Enterprise Accounts | 5,803 | -3% | | ARPA of Enterprise Accounts | $46,403 | +9% | | Enterprise ARR as % of Total ARR | 76% | +3 p.p. | Q2 2025 Revenue Growth by Geography (vs. Q2 2024) | Region | Growth Rate | | :--- | :--- | | United States | +3% | | EMEA | +7% | | APAC | -4% | Business Highlights Strategic developments included a new board appointment, multiple industry awards, and key partnerships to accelerate merchant performance through AI Corporate Highlights - Former Adobe Fellow and Vice President of Technology, Anil Kamath, joined the Company's Board of Directors[12] - For the third consecutive year, BigCommerce received 24 out of 24 medals in the 2025 Paradigm B2B Combines for Digital Commerce Solutions[12] - Launched the B2B Quick Start Accelerator, a partner-led program to help mid-market B2B sellers launch faster and achieve ROI sooner[12] Customer Highlights - Several customers launched new storefronts, including Minerva Beauty, NanoTemper Technologies, and Belami e-Commerce[11][15] - Great Star Tools utilized the Multi-Storefront functionality to build separate B2B and B2C sites for its subsidiary companies[15] Partner Highlights - Customers can now access the AI-powered search engine Perplexity, improving brand visibility in AI search results[15] - Deepened its partnership with Google Cloud to leverage next-generation AI tools for accelerating merchant performance[15] - Launched an ecommerce accelerator for the UK building materials industry in collaboration with Brave Bison, Pimberly, and The Journey[15] Financial Outlook The company projects Q3 revenue of $85-$87 million and full-year 2025 revenue of $339.6-$346.6 million Q3 2025 Financial Outlook | Metric | Expected Range | | :--- | :--- | | Total Revenue | $85.0M - $87.0M | | Non-GAAP Operating Income | $2.3M - $3.3M | Full Year 2025 Financial Outlook | Metric | Expected Range | | :--- | :--- | | Total Revenue | $339.6M - $346.6M | | Non-GAAP Operating Income | $19.0M - $25.0M | Condensed Consolidated Financial Statements The statements show total assets of $302.5 million, a Q2 GAAP net loss of ($8.4) million, and net cash from operations of $13.6 million Condensed Consolidated Balance Sheets Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Current Assets | $209,664 | $251,219 | | Total Assets | $302,534 | $340,289 | | Total Current Liabilities | $98,281 | $88,006 | | Total Liabilities | $263,768 | $306,920 | | Total Stockholders' Equity | $38,766 | $33,369 | Condensed Consolidated Statements of Operations Statement of Operations Summary - Three Months Ended June 30 (in thousands) | Account | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | $84,433 | $81,829 | | Gross Profit | $66,694 | $62,018 | | Loss from Operations | ($6,787) | ($13,488) | | Net Loss | ($8,382) | ($11,255) | | Basic Net Loss per Share | ($0.10) | ($0.15) | Condensed Consolidated Statements of Cash Flows Statement of Cash Flows Summary - Three Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $13,557 | $11,738 | | Net cash provided by (used in) investing activities | ($21,223) | $60,324 | | Net cash provided by financing activities | $1,847 | $134 | | Net change in cash | ($5,819) | $72,196 | | Cash, end of period | $47,429 | $134,208 | Disaggregation of Revenue Revenue is detailed by type and geography, with subscription solutions at $63.7 million and the US market contributing $64.4 million Revenue by Type - Three Months Ended June 30 (in thousands) | Type | 2025 | 2024 | | :--- | :--- | :--- | | Subscription solutions | $63,656 | $61,796 | | Partner and services | $20,777 | $20,033 | | Total Revenue | $84,433 | $81,829 | Revenue by Geography - Three Months Ended June 30 (in thousands) | Region | 2025 | 2024 | | :--- | :--- | :--- | | United States | $64,405 | $62,428 | | EMEA | $9,889 | $9,281 | | APAC | $6,118 | $6,343 | | Rest of World | $4,021 | $3,777 | | Total Revenue | $84,433 | $81,829 | Reconciliation of GAAP to Non-GAAP Results This section details adjustments from GAAP to non-GAAP measures, reconciling a ($6.8) million GAAP operating loss to a $4.8 million non-GAAP income Q2 2025 GAAP to Non-GAAP Reconciliation Summary (in thousands) | Metric | GAAP Value | Non-GAAP Value | | :--- | :--- | :--- | | Loss from Operations | ($6,787) | $4,783 | | Net Loss / Income | ($8,382) | $3,188 | | Net Loss / Income per Share | ($0.10) | $0.04 | | Net Cash from Operations | $13,557 | N/A | | Free Cash Flow | N/A | $11,906 | Definitions of Key Metrics and Non-GAAP Measures Key performance indicators and non-GAAP measures such as ARR, Adjusted EBITDA, and Free Cash Flow are defined - Annual Revenue Run-Rate (ARR): Calculated as 12 times the contractual monthly recurring revenue plus the trailing twelve-month non-recurring and variable revenue[23] - Adjusted EBITDA: Defined as net loss excluding stock-based compensation, amortization of intangibles, acquisition costs, restructuring charges, depreciation, interest, and taxes[27] - Non-GAAP Operating Income (Loss): Defined as GAAP Loss from operations excluding stock-based compensation, amortization of intangibles, acquisition-related costs, and restructuring charges[29] - Free Cash Flow: Defined as GAAP cash flow from operating activities less cash paid for website domain name and purchases of property, equipment, and capitalized software[32]