Coveo Solutions (CVO) investor relations material

Executive summary

• Achieved record subscription and net bookings, including the largest new customer win in company history with a seven-figure ACV from a Fortune 500/global industrial leader, and expanded over 80 existing customer deployments.

• Continued innovation with launches such as RAG-as-a-Service for AWS, Coveo App for OpenAI ChatGPT Enterprise, and deepened partnerships with Deloitte and a memorandum of understanding with the Government of Canada for digital modernization.

• Focused on growth strategy, disciplined execution, and healthy unit economics, with strong momentum in commerce and generative AI solutions.

Financial highlights

• Q3 SaaS subscription revenue was $36.6M, up 13% year-over-year; core platform subscription revenue grew 15% to $35.8M.

• Total revenue reached $38M, a 12% increase from last year; gross margin and product gross margin were 78% and 81%, respectively.

• Net loss was $7.2M compared to net income of $4.0M in the prior year; adjusted EBITDA was -$0.2M (vs. $0.6M prior year); operating cash flow was $0.5M (vs. -$0.2M prior year).

• Cash and cash equivalents stood at $100.8M as of December 31, 2025, with no debt.

Outlook and guidance

• Q4 SaaS subscription revenue expected at $35.6M–$36.1M; total revenue at $37.1M–$37.6M.

• Full year SaaS subscription revenue expected at $142.2M–$142.7M; total revenue at $148M–$148.5M, both at the high end of prior guidance.

• Adjusted EBITDA and operating cash flows expected to be approximately breakeven for Q4 and full year; positive operating cash flows anticipated.