Coveo Solutions (CVO) investor relations material

Executive summary

• Achieved record fourth quarter and full-year new business bookings, including the largest deal in company history with a Global 1000 industrial manufacturer, driven by B2B commerce and generative AI solutions.

• Maintained break-even operating levels and generated $13.7 million in operating cash flow in Q4, with strong customer expansions and high retention rates.

• Strategic focus on large, complex enterprise deployments, especially in B2B, commerce, and GenAI, now forms the majority of ARR.

• Announced strategic partnerships, including agreements with Bell AI Fabric and the Government of Canada for sovereign AI, and launched new AI-powered product features.

• Hired a new Chief Sales Officer with over 20 years of enterprise sales leadership experience.

Financial highlights

• Q4 SaaS subscription revenue was $35.9 million, up 10% year-over-year; core platform revenue grew 14%.

• Full-year SaaS subscription revenue reached $142.5 million, up 13%; core platform grew 15%.

• Q4 total revenue was $37.4 million (+9%); full-year total revenue was $148.3 million (+11%).

• Gross margin held at 78% for both Q4 and full year; product gross margin was 80% in Q4 and 81% for the year.

• Adjusted EBITDA was $0.8 million in Q4 and -$0.8 million for the year, in line with guidance.

• Operating cash flow was $13.7 million in Q4 and $10.5 million for the year.

• Q4 net loss was $2.3 million; FY2026 net loss was $28.9 million.

Outlook and guidance

• Q1 FY27 SaaS subscription revenue expected between $37.1M–$37.6M; total revenue $38.2M–$38.7M.

• FY27 SaaS subscription revenue guidance: $154M–$158M; total revenue $160M–$164M.

• Adjusted EBITDA guidance: Q1 between -$1.5M and -$0.5M; FY27 between $2M and $7M.

• Operating cash flow expected to exceed $10M for FY27.