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Visual21 Nov 2025
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Commerce.com (CMRC) investor relations material
Commerce.com Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue reached $86 million, up 2.8–3% year-over-year, with ARR at $355.7–$356 million, 76% from enterprise customers, and a strategic focus on AI-driven, agentic commerce and unified B2B/B2C platform.
Non-GAAP operating income was $8 million, surpassing expectations, and cash flow exceeded guidance, supporting continued investment and profitability.
Strategic partnerships with PayPal, Microsoft, Google, Stripe, Perplexity, and OpenAI reinforce leadership in AI-led commerce.
Completed strategic rebranding, unifying BigCommerce, Feedonomics, and Makeswift under Commerce.com to drive a cohesive AI-led commerce platform.
Recognized by industry analysts for leadership in B2B, composable commerce, and AI readiness.
Financial highlights
Q3 revenue grew 2.8–3% year-over-year to $86 million; non-GAAP operating income was $8 million (9% margin), and non-GAAP gross margin reached 79%.
Operating cash flow was $10.6–$11 million for the quarter, with free cash flow at $7.6 million and cash/equivalents at $143.2 million.
Net loss narrowed to ($2.2) million, improved from ($7.0) million year-over-year; non-GAAP net income was $6.2 million (7% of revenue).
Adjusted EBITDA was $8.8 million, up from $5.4 million year-over-year.
Net debt decreased 86% year-over-year to just under $11 million.
Outlook and guidance
Q4 2025 revenue expected between $87.8 million and $92.8 million; non-GAAP operating income between $4.3 million and $9.3 million.
Full-year 2025 revenue guidance is $340.6–$345.6 million; non-GAAP operating income $24.7–$29.7 million.
Management expects cost of revenue and sales/marketing expenses to increase in absolute dollars but remain consistent as a percentage of revenue.
Focus remains on efficiency, operating leverage, and responsible scaling for 2025 and beyond.
Liquidity is expected to be sufficient for at least the next twelve months.
AI's impact on competitive differentiation?
How will product-led growth boost ARPU?
What shifts demand for core platform products?
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Next Commerce.com earnings date
Raymond James TMT & Consumer Conference9 Dec, 2025
Next Commerce.com earnings date
Raymond James TMT & Consumer Conference9 Dec, 2025
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Frequently asked questions
Ecommerce infrastructure on tap
BigCommerce is a cloud-based ecommerce platform that provides a comprehensive suite of tools and services for businesses to set up and run their online stores. It offers a range of features, including website design and development, shopping cart functionality, payment gateway integration, inventory management, marketing, and analytics.
BigCommerce's business model revolves around providing a software-as-a-service (SaaS) platform for businesses to create and manage their online stores. The company generates revenue by charging a subscription fee to its users based on the features and services they require. It also generates revenue through transaction fees for using third-party payment gateways.
Assisting merchants of all sizes
Just like Shopify, BigCommerce is designed to cater to the needs of both small businesses and large enterprises, providing scalability and flexibility to businesses of all sizes. Additionally, BigCommerce offers customizable templates, which can also be integrated with multiple sales channels, including Amazon, eBay, and Google Shopping (Alphabet), enabling businesses of all sizes to reach a broader audience.
Overall, BigCommerce provides a robust and reliable platform for businesses to build and run their online stores. Its scalable solutions, customizable templates, and integration with multiple sales channels make it unique and stand out in the crowded ecommerce platform market. The toughest listed peers include Shopify, Magento, WooCommerce, and Volusion. Shopify is the most direct competitor of BigCommerce, offering a similar SaaS platform for online stores.
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