Commerce Announces Second Quarter 2025 Financial Results

Rhea-AI Summary

Commerce.com (Nasdaq: BIGC), formerly BigCommerce Holdings, announced its Q2 2025 financial results and a major corporate rebranding. The company reported total revenue of $84.4 million, up 3% year-over-year, with total ARR reaching $354.6 million. Enterprise ARR grew 6% to $269.3 million, representing 76% of total ARR.

Key financial metrics include subscription revenue of $63.7 million (up 3%), improved GAAP gross margin of 79%, and a reduced GAAP loss from operations of ($6.8) million. The company achieved non-GAAP operating income of $4.8 million and Adjusted EBITDA of $5.7 million.

The company announced its rebranding from BigCommerce to Commerce.com, with plans to change its ticker to "CMRC" effective August 1, 2025. For Q3 2025, Commerce expects revenue between $85-87 million and projects full-year 2025 revenue of $339.6-346.6 million.

Positive

• Non-GAAP operating income improved to $4.8M from $1.9M YoY
• Enterprise ARR grew 6% YoY to $269.3M
• GAAP gross margin improved to 79% from 76% YoY
• Average revenue per enterprise account increased 9% to $46,403
• Positive free cash flow of $11.9M in Q3
• Strong cash position with $135.6M in cash and equivalents

Negative

• Total revenue growth limited to 3% YoY
• GAAP net loss of $8.4M in Q2
• Number of enterprise accounts declined 3% YoY
• Revenue decline of 4% in APAC region
• Restructuring charge of $1.6M impacted operating results

Insights

Financial Analyst

Commerce.com shows modest 3% revenue growth with improving margins and operational efficiency, transitioning from transformation to execution phase.

Commerce.com (formerly BigCommerce) delivered Q2 2025 revenue of $84.4 million, growing 3% year-over-year, with a similar 3% increase in total Annual Revenue Run Rate (ARR) to $354.6 million. While overall growth remains modest, there are several bright spots in the results.

The company's strategic shift toward enterprise customers continues to gain traction, with Enterprise ARR growing 6% to $269.3 million, now representing 76% of total ARR (up from 73% last year). This is reinforced by a 9% increase in Average Revenue Per Account (ARPA) for enterprise customers to $46,403, offsetting a 3% decline in total enterprise account numbers to 5,803.

Profitability metrics showed significant improvement. GAAP gross margin expanded to 79% from 76% in Q2 2024, while non-GAAP gross margin reached 80%. The company narrowed its GAAP operating loss to $6.8 million from $13.5 million last year, and more importantly, non-GAAP operating income more than doubled to $4.8 million from $1.9 million.

Cash flow performance was particularly strong, with operating cash flow of $13.6 million and free cash flow of $11.9 million for the quarter. The company maintains a healthy balance sheet with $135.6 million in cash and marketable securities.

Geographically, US revenue grew 3% and EMEA revenue increased 7%, though APAC revenue declined 4%. The company's rebranding to Commerce.com and ticker change to CMRC reflects its strategic shift to an "AI-driven commerce ecosystem." Management's statement that "our transformation phase is over" signals confidence in their strategic direction.

For Q3 2025, the company projects revenue of $85-87 million with non-GAAP operating income of $2.3-3.3 million. Full-year 2025 guidance indicates revenue of $339.6-346.6 million and non-GAAP operating income of $19-25 million. While growth remains modest, the improving profitability and cash flow metrics suggest the company is successfully optimizing its operations.

Second Quarter Total Revenue of $84.4 Million, an Increase of 3% Versus Prior Year. Total ARR of $354.6 Million, an Increase of 3% Versus Prior Year. Enterprise ARR of $269.3 Million, an Increase of 6% Versus Prior Year

AUSTIN, Texas, July 31, 2025 (GLOBE NEWSWIRE) -- Commerce.com, Inc. (Nasdaq: BIGC) (formerly BigCommerce Holdings, Inc.), a provider of an open, intelligent ecosystem of technology solutions that empower businesses to unlock data potential and deliver seamless, personalized experiences at scale, today announced financial results for its second quarter ended June 30, 2025. Earlier this morning, BigCommerce announced the launch of its new parent brand, Commerce, and that it has officially changed its corporate name to Commerce.com, Inc. (“Commerce” or the “Company”), unifying BigCommerce, Feedonomics and Makeswift to power the next era of agentic commerce. In connection with the name change and rebranding, the Company will change its ticker to the symbol “CMRC” on the Nasdaq Global Market effective on or about August 1, 2025.

“The second quarter was a defining period for our company, and today we mark an important milestone as we reintroduce ourselves as Commerce,” said Travis Hess, CEO of Commerce. “The strategy, product and go-to-market engine we have built over the past year came together behind a singular focus: powering an AI-driven commerce ecosystem at scale. Our transformation phase is over. We have moved fully into execution and growth.”

Second Quarter Financial Highlights:

• Total revenue was $84.4 million, up 3% compared to the second quarter of 2024.

• Total annual revenue run-rate (“ARR”) as of June 30, 2025 was $354.6 million, up 3% compared to June 30, 2024.

• Subscription solutions revenue was $63.7 million, up 3% compared to the second quarter of 2024.

• ARR from accounts with at least one enterprise plan (“Enterprise Accounts”) was $269.3 million as of June 30, 2025, up 6% from June 30, 2024.

• ARR from Enterprise Accounts as a percent of total ARR was 76% as of June 30, 2025, compared to 73% as of June 30, 2024.

• GAAP gross margin was 79%, compared to 76% in the second quarter of 2024. Non-GAAP gross margin was 80%, compared to 77% in the second quarter of 2024.

Other Key Business Metrics

• Number of enterprise accounts was 5,803, down 3% compared to the second quarter of 2024.

• Average revenue per account (“ARPA”) of enterprise accounts was $46,403, up 9% compared to the second quarter of 2024.

• Revenue in the United States grew by 3% compared to the second quarter of 2024.

• Revenue in EMEA grew by 7% and revenue in APAC declined by 4% compared to the second quarter of 2024.

Loss from Operations and Non-GAAP Operating Income (Loss)

• GAAP loss from operations was ($6.8) million, compared to ($13.5) million in the second quarter of 2024.

• Included in GAAP loss from operations was a restructuring charge of $1.6 million.

• Non-GAAP operating income was $4.8 million, compared to $1.9 million in the second quarter of 2024.

Net Income (Loss) and Earnings Per Share

• GAAP net loss was ($8.4) million, compared to ($11.3) million in the second quarter of 2024.

• Non-GAAP net income was $3.2 million or 4% of revenue, compared to $4.1 million or 5% of revenue in the second quarter of 2024.

• GAAP basic net loss per share was ($0.10) based on 80.1 million shares of common stock, compared to ($0.15) based on 77.5 million shares of common stock in the second quarter of 2024.

• Non-GAAP basic net income per share was $0.04 based on 80.1 million shares of common stock, compared to $0.05 based on 77.5 million shares of common stock in the second quarter of 2024.

Adjusted EBITDA

• Adjusted EBITDA was $5.7 million, compared to $3.0 million in the second quarter of 2024.

Cash

• Cash, cash equivalents, restricted cash, and marketable securities totaled $135.6 million as of June 30, 2025.

• For the three months ended June 30, 2025, net cash provided by operating activities was $13.6 million, compared to $11.7 million provided by operating activities for the same period in 2024. We reported free cash flow of $11.9 million in the three months ended June 30, 2025.

Business Highlights:

Corporate Highlights

• Former Adobe Fellow and Vice President of Technology Anil Kamath joined the Company’s Board of Directors.
• In July, BigCommerce scored 24 out of 24 total medals in the 2025 Paradigm B2B Combines for Digital Commerce Solutions (Enterprise and Midmarket Editions) for the third consecutive year. The Company advanced its rankings in five categories in both Editions and achieved more Gold medals in Midmarket than other platforms.
• In July, BigCommerce also announced the launch of the B2B Quick Start Accelerator, a partner-led implementation program built to help mid-market B2B sellers launch faster, reduce risk and realize ROI sooner.
• TrustRadius recognized Commerce with a 2025 Top Rated Award for ecommerce, based on the Company’s strong customer reviews.

Customer Highlights

• Minerva Beauty, a large salon and spa equipment showroom in the United States, launched a new storefront in partnership with Commerce agency partner Forix, featuring a custom shipping app that improves service and transparency for clients.
• Great Star Tools, a leading manufacturer of innovative hand and power tools, used Commerce’s Multi-Storefront functionality to build B2B and B2C sites for its companies Primeline Parts and Arrow Tool Group.
• Belami e-Commerce, a fast-growing online retailer and ecommerce services provider launched three storefronts on Catalyst and Makeswift using Commerce’s Multi-Storefront functionality and leveraging Commerce’s integration with PayPal Fastlane.
• NanoTemper Technologies, a manufacturer of high-quality biophysical instruments and solutions that deliver reliable, precise results to customers, primarily laboratories, across Europe and the United States, launched a new storefront using Commerce’s B2B Edition.
• Bright SG, a software company that provides cloud-based solutions for accounting, payroll, and HR to businesses across the UK and Ireland, worked with Commerce partner Brave Bison to implement a custom recurring payment solution using Stripe and Bright’s ERP system, Maxio, along with a custom WordPress integration.
  

Partner Highlights

• In June, Commerce announced their customers now have access to cutting-edge AI-powered search engine Perplexity to optimize visibility and relevance for brands in AI search results. Commerce now provides Perplexity with pre-optimized, structured product data, ensuring that the LLM understands and recognizes merchants’ products, leading to superior search results that favor the brand.
• In July, Commerce announced a deepened partnership with Google Cloud to accelerate merchant performance using Google Cloud's next-generation AI tools.
• In July, Commerce announced the launch of a powerful ecommerce accelerator purpose-built for the UK building materials industry. Developed in collaboration with leading digital agency Brave Bison, Product Information Management technology provider Pimberly, and construction industry consultant The Journey, the “Branch of the Future” accelerator provides building merchants with a comprehensive toolkit to digitize operations, meet the expectations of next-generation buyers and future-proof their businesses.
  

Q3 and 2025 Financial Outlook:

For the third quarter of 2025, we currently expect:

• Total revenue between $85 million to $87 million.

• Non-GAAP operating income is expected to be between $2.3 million to $3.3 million.

For the full year 2025, we currently expect:

• Total revenue between $339.6 million and $346.6 million.

• Non-GAAP operating income between $19 million and $25 million.

Our third quarter and 2025 financial outlook is based on a number of assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.

We do not provide guidance for loss from operations , the most directly comparable GAAP measure to Non-GAAP operating income, and similarly cannot provide a reconciliation between its forecasted Non-GAAP operating income and Non-GAAP income per share and these comparable GAAP measures without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.

Conference Call Information

The financial results and business highlights will be discussed on a conference call and webcast scheduled at 7:00 a.m. CT (8:00 a.m. ET) on Thursday, July 31, 2025. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “Commerce conference call.” The live webcast of the conference call can be accessed from Commerce’s investor relations website at http://investors.bigcommerce.com.

Following the completion of the call through 11:59 p.m. ET on Thursday, August 7, 2025, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 7863771. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

About Commerce

Commerce empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Harvey Nichols, King Arthur Baking Co., Melissa & Doug, Mizuno, Patagonia, Perry Ellis, Puma, SportsShoes, and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit commerce.com or follow us on X and LinkedIn.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our ability to successfully execute our rebranding initiative, our increased focus on AI enablement, market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our Q3 and fiscal 2025 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to Commerce at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Commerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Use of Non-GAAP Financial Measures

We have provided in this press release certain financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Our management uses these Non-GAAP financial measures internally in analyzing our financial results and believes that use of these Non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar Non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our historical Non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

Annual Revenue Run-Rate

We calculate annual revenue run-rate at the end of each month as the sum of: (1) contractual monthly recurring revenue at the end of the period, which includes platform subscription fees, invoiced growth adjustments, feed management subscription fees, recurring professional services revenue, and other recurring revenue, multiplied by twelve to prospectively annualize recurring revenue, and (2) the sum of the trailing twelve-month non-recurring and variable revenue, which includes one-time partner integrations, one-time fees, payments revenue share, and any other revenue that is non-recurring and variable.

Enterprise Account Metrics

To measure the effectiveness of our ability to execute against our growth strategy, we calculate ARR attributable to Enterprise Accounts. We define Enterprise Accounts as accounts with at least one unique Enterprise plan subscription or an enterprise level feed management subscription (collectively “Enterprise Accounts”). These accounts may have more than one Enterprise plan or a combination of Enterprise plans and non-enterprise plans.

Average Revenue Per Account

We calculate average revenue per account (“ARPA”) for accounts in the Enterprise cohort at the end of a period by including customer-billed revenue and an allocation of partner and services revenue, where applicable. We allocate partner revenue, where applicable, primarily based on each customer’s share of gross merchandise volume (“GMV”) processed through that partner’s solution. For partner revenue that is not directly linked to customer usage of a partner’s solution, we allocate such revenue based on each customer’s share of total platform GMV. Each account’s partner revenue allocation is calculated by taking the account’s trailing twelve-month partner revenue, then dividing by twelve to create a monthly average to apply to the applicable period in order to normalize ARPA for seasonality.

Adjusted EBITDA

We define Adjusted EBITDA as our net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, depreciation, gain on convertible notes extinguishment, interest income, interest expense, other expense, and our provision or benefit for income taxes.

Acquisition related costs include contingent compensation arrangements entered into in connection with acquisitions and achieved earnout related to an acquisition.

Restructuring charges include severance benefits, right-of-use asset impairments, lease termination gain, software impairments, accelerated depreciation and amortization, and professional services costs.

Depreciation includes depreciation expenses related to the Company's fixed assets.

The most directly comparable GAAP measure is net loss.

Non-GAAP Operating Income (Loss)

We define Non-GAAP Operating Income (Loss) as our GAAP Loss from operations, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, and restructuring charges. The most directly comparable GAAP measure is our loss from operations.

Non-GAAP Net Income (Loss)

We define Non-GAAP Net Income (Loss) as our GAAP net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, and gain on convertible notes extinguishment. The most directly comparable GAAP measure is our net loss.

Non-GAAP Basic and Dilutive Net Income (Loss) per Share

We define Non-GAAP Basic and Dilutive Net Income (Loss) per Share as our Non-GAAP net income (loss), defined above, divided by our basic and diluted GAAP weighted average shares outstanding. The most directly comparable GAAP measure is our basic net loss per share.

Free Cash Flow

We define Free Cash flow as our GAAP cash flow provided by (used in) operating activities less our cash paid for website domain name and GAAP purchases of property, equipment, leasehold improvements and capitalized internal-use software (Capital Expenditures). The most directly comparable GAAP measure is our cash flow provided by (used in) operating activities.

BigCommerce,® the Commerce logo, and other brands are the trademarks or registered trademarks of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owner.

Media Relations Contact	Investor Relations Contact
Brad Hem	Tyler Duncan
PR@Commerce.com	InvestorRelations@Commerce.com

Commerce.com, Inc. Condensed Consolidated Balance Sheets (in thousands)
		June 30,				December 31,
		2025				2024
		(unaudited)
Assets
Current assets
Cash and cash equivalents		$	46,265			$	88,877
Restricted cash			1,164				1,479
Marketable securities			88,190				89,283
Accounts receivable, net			51,767				48,117
Prepaid expenses and other assets, net			14,722				14,641
Deferred commissions			7,556				8,822
Total current assets			209,664				251,219
Property and equipment, net			8,983				9,128
Operating lease, right-of-use-assets			7,114				1,993
Prepaid expenses and other assets, net of current portion			5,797				3,146
Deferred commissions, net of current portion			4,143				5,559
Intangible assets, net			14,906				17,317
Goodwill			51,927				51,927
Total assets		$	302,534			$	340,289
Liabilities and stockholders’ equity
Current liabilities
Accounts payable		$	8,775			$	7,018
Accrued liabilities			3,464				3,194
Deferred revenue			55,738				46,590
Operating lease liabilities			1,766				2,438
Other liabilities			28,538				28,766
Total current liabilities			98,281				88,006
Convertible notes			157,545				216,466
Operating lease liabilities, net of current portion			6,709				1,680
Other liabilities, net of current portion			1,233				768
Total liabilities			263,768				306,920
Stockholders’ equity
Common stock			7				7
Additional paid-in capital			669,068				654,905
Accumulated other comprehensive income			114				145
Accumulated deficit			(630,423	)			(621,688	)
Total stockholders’ equity			38,766				33,369
Total liabilities and stockholders’ equity		$	302,534			$	340,289

Commerce.com, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)
		For the three months ended June 30,								For the six months ended June 30,
		2025				2024				2025				2024
Revenue		$	84,433			$	81,829			$	166,803			$	162,189
Cost of revenue (1)			17,739				19,811				34,723				38,250
Gross profit			66,694				62,018				132,080				123,939
Operating expenses:
Sales and marketing(1)			35,071				34,425				65,437				66,857
Research and development(1)			18,310				20,287				37,516				40,275
General and administrative(1)			15,855				15,436				29,499				30,365
Amortization of intangible assets			2,520				2,452				4,855				4,919
Acquisition related costs			111				334				444				667
Restructuring charges			1,614				2,572				3,526				2,572
Total operating expenses			73,481				75,506				141,277				145,655
Loss from operations			(6,787	)			(13,488	)			(9,197	)			(21,716	)
Gain on convertible note extinguishment			0				0				3,931				0
Interest income			1,171				3,196				2,471				6,374
Interest expense			(2,522	)			(720	)			(5,065	)			(1,440	)
Other expense			(23	)			(111	)			(130	)			(443	)
Loss before provision for income taxes			(8,161	)			(11,123	)			(7,990	)			(17,225	)
Provision for income taxes			(221	)			(132	)			(745	)			(422	)
Net loss		$	(8,382	)		$	(11,255	)		$	(8,735	)		$	(17,647	)
Basic net loss per share		$	(0.10	)		$	(0.15	)		$	(0.11	)		$	(0.23	)
Shares used to compute basic net loss per share			80,122				77,456				79,482				77,041

⁽¹⁾ Amounts include stock-based compensation expense and associated payroll tax costs, as follows:

		For the three months ended June 30,								For the six months ended June 30,
		2025				2024				2025				2024
Cost of revenue		$	720			$	1,028			$	1,466			$	1,684
Sales and marketing			1,820				3,138				3,595				5,005
Research and development			2,740				3,273				5,782				6,749
General and administrative			2,045				2,582				1,901				5,174

Commerce.com, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)
	Three months ended June 30,								Six months ended June 30,
	2025				2024				2025				2024
Cash flows from operating activities
Net loss	$	(8,382	)		$	(11,255	)		$	(8,735	)		$	(17,647	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense		3,845				3,512				8,126				6,998
Amortization of discount on convertible notes		165				497				352				994
Amortization of premium on convertible notes		(408	)			0				(810	)			0
Stock-based compensation expense		7,236				10,009				12,445				18,397
Provision for expected credit losses		1,598				850				2,528				1,713
Gain on convertible notes extinguishment		0				0				(3,931	)			0
Other		0				(37	)			0				(37	)
Changes in operating assets and liabilities:
Accounts receivable		(9,005	)			(6,790	)			(5,985	)			(9,378	)
Prepaid expenses and other assets		2,159				3,935				(2,925	)			(1,025	)
Deferred commissions		747				(402	)			2,682				(191	)
Accounts payable		444				(356	)			1,122				(1,245	)
Accrued and other liabilities		8,078				4,168				(59	)			(433	)
Deferred revenue		7,080				7,607				9,148				10,175
Net cash provided by operating activities		13,557				11,738				13,958				8,321
Cash flows from investing activities:
Cash paid for website domain name		0				0				(2,444	)			0
Cash paid for acquisition		0				(100	)			0				(100	)
Purchase of property, equipment, leasehold improvements and capitalized internal-use software		(1,651	)			(1,064	)			(2,476	)			(1,870	)
Maturity of marketable securities		13,000				62,525				41,579				91,965
Purchase of marketable securities		(32,572	)			(1,037	)			(40,517	)			(36,602	)
Net cash provided by (used in) investing activities		(21,223	)			60,324				(3,858	)			53,393
Cash flows from financing activities:
Proceeds from exercise of stock options		1,973				271				3,069				1,245
Taxes paid related to net share settlement of stock options		(126	)			0				(1,351	)			(1,325	)
Payment of convertible note issuance costs		0			0					(217	)		0
Repayment of convertible notes and financing obligation		0				(137	)			(54,528	)			(271	)
Net cash provided by (used in) financing activities		1,847				134				(53,027	)			(351	)
Net change in cash and cash equivalents and restricted cash		(5,819	)			72,196				(42,927	)			61,363
Cash and cash equivalents and restricted cash, beginning of period		53,248				62,012				90,356				72,845
Cash and cash equivalents and restricted cash, end of period	$	47,429			$	134,208			$	47,429			$	134,208
Supplemental cash flow information:
Cash paid for interest	$	0			$	6			$	5,685			$	445
Cash paid for taxes	$	259			$	42			$	479			$	182
Right-of-use asset obtained in exchange for new operating lease liability	$	0			$	0			$	5,516			$	0
Noncash investing and financing activities:
Capital additions, accrued but not paid	$	735			$	117			$	735			$	117
Fair value of shares issued as consideration for acquisition	$	0			$	248			$	0			$	248

Commerce.com, Inc. Disaggregation of Revenue
Disaggregated Revenue:
		Three months ended June 30,								Six months ended June 30,
(in thousands)		2025				2024				2025				2024
Subscription solutions		$	63,656			$	61,796			$	125,769			$	122,755
Partner and services			20,777				20,033				41,034				39,434
Revenue		$	84,433			$	81,829			$	166,803			$	162,189

Revenue by Geography:
		Three months ended June 30,								Six months ended June 30,
(in thousands)		2025				2024				2025				2024
Revenue:
United States		$	64,405			$	62,428			$	127,026			$	123,567
EMEA			9,889				9,281				19,854				18,473
APAC			6,118				6,343				12,043				12,597
Rest of World			4,021				3,777				7,880				7,552
Revenue		$	84,433			$	81,829			$	166,803			$	162,189

Commerce.com, Inc Reconciliation of GAAP to Non-GAAP Results (in thousands, except per share amounts) (unaudited)
Reconciliation of loss from operations to Non-GAAP operating income:
		Three months ended June 30,								Six months ended June 30,
		2025				2024				2025				2024
(in thousands)
Revenue		$	84,433			$	81,829			$	166,803			$	162,189
Loss from operations		$	(6,787	)		$	(13,488	)		$	(9,197	)		$	(21,716	)
Plus:
Stock-based compensation expense and associated payroll tax costs			7,325				10,021				12,744				18,612
Amortization of intangible assets			2,520				2,452				4,855				4,919
Acquisition related costs			111				334				444				667
Restructuring charges			1,614				2,572				3,526				2,572
Non-GAAP operating income		$	4,783			$	1,891			$	12,372			$	5,054
Non-GAAP operating income as a percentage of revenue			5.7		%		2.3		%		7.4		%		3.1		%

Reconciliation of net loss & basic net loss per share to Non-GAAP net income & Non-GAAP basic and diluted net income per share:
		Three months ended June 30,								Six months ended June 30,
		2025				2024				2025				2024
(in thousands)
Revenue		$	84,433			$	81,829			$	166,803			$	162,189
Net loss		$	(8,382	)		$	(11,255	)		$	(8,735	)		$	(17,647	)
Plus:
Stock-based compensation expense and associated payroll tax costs			7,325				10,021				12,744				18,612
Amortization of intangible assets			2,520				2,452				4,855				4,919
Acquisition related costs			111				334				444				667
Restructuring charges			1,614				2,572				3,526				2,572
Gain on convertible notes extinguishment			0				0				(3,931	)			0
Non-GAAP net income		$	3,188			$	4,124			$	8,903			$	9,123
Basic net loss per share		$	(0.10	)		$	(0.15	)		$	(0.11	)		$	(0.23	)
Non-GAAP basic net income per share		$	0.04			$	0.05			$	0.11			$	0.12
Non-GAAP diluted net income per share		$	0.04			$	0.05			$	0.11			$	0.12
Shares used to compute basic net loss per share and basic Non-GAAP net income per share			80,122				77,456				79,482				77,041
Shares used to compute diluted Non-GAAP net income per share			80,988				79,291				80,660				79,085
Non-GAAP net income as a percentage of revenue			3.8		%		5.0		%		5.3		%		5.6		%

Reconciliation of net loss to adjusted EBITDA:
		Three months ended June 30,								Six months ended June 30,
		2025				2024				2025				2024
(in thousands)
Revenue		$	84,433			$	81,829			$	166,803			$	162,189
Net loss		$	(8,382	)		$	(11,255	)		$	(8,735	)		$	(17,647	)
Plus:
Stock-based compensation expense and associated payroll tax costs			7,325				10,021				12,744				18,612
Amortization of intangible assets			2,520				2,452				4,855				4,919
Acquisition related costs			111				334				444				667
Restructuring charges			1,614				2,572				3,526				2,572
Depreciation			946				1,060				2,190				2,079
Gain on convertible notes extinguishment			0				0				(3,931	)			0
Interest income			(1,171	)			(3,196	)			(2,471	)			(6,374	)
Interest expense			2,522				720				5,065				1,440
Other expenses			23				111				130				443
Provision for income taxes			221				132				745				422
Adjusted EBITDA		$	5,729			$	2,951			$	14,562			$	7,133
Adjusted EBITDA as a percentage of revenue			6.8		%		3.6		%		8.7		%		4.4		%

Reconciliation of Cost of revenue to Non-GAAP cost of revenue:
		Three months ended June 30,								Six months ended June 30,
		2025				2024				2025				2024
(in thousands)
Revenue		$	84,433			$	81,829			$	166,803			$	162,189
Cost of revenue		$	17,739			$	19,811			$	34,723			$	38,250
Less:
Stock-based compensation expense and associated payroll tax costs			720				1,028				1,466				1,684
Non-GAAP cost of revenue		$	17,019			$	18,783			$	33,257			$	36,566
As a percentage of revenue			20.2		%		23.0		%		19.9		%		22.5		%

Reconciliation of Sales and marketing expense to Non-GAAP sales and marketing expense:
		Three months ended June 30,								Six months ended June 30,
		2025				2024				2025				2024
(in thousands)
Revenue		$	84,433			$	81,829			$	166,803			$	162,189
Sales and marketing		$	35,071			$	34,425			$	65,437			$	66,857
Less:
Stock-based compensation expense and associated payroll tax costs			1,820				3,138				3,595				5,005
Non-GAAP sales and marketing		$	33,251			$	31,287			$	61,842			$	61,852
As a percentage of revenue			39.4		%		38.2		%		37.1		%		38.1		%

Reconciliation of Research and development expense to Non-GAAP research and development expense:
		Three months ended June 30,								Six months ended June 30,
		2025				2024				2025				2024
(in thousands)
Revenue		$	84,433			$	81,829			$	166,803			$	162,189
Research and development		$	18,310			$	20,287			$	37,516			$	40,275
Less:
Stock-based compensation expense and associated payroll tax costs			2,740				3,273				5,782				6,749
Non-GAAP research and development		$	15,570			$	17,014			$	31,734			$	33,526
As a percentage of revenue			18.4		%		20.8		%		19.0		%		20.7		%

Reconciliation of General and administrative expense to Non-GAAP general and administrative expense:
		Three months ended June 30,								Six months ended June 30,
		2025				2024				2025				2024
(in thousands)
Revenue		$	84,433			$	81,829			$	166,803			$	162,189
General & administrative		$	15,855			$	15,436			$	29,499			$	30,365
Less:
Stock-based compensation expense and associated payroll tax costs			2,045				2,582				1,901				5,174
Non-GAAP general & administrative		$	13,810			$	12,854			$	27,598			$	25,191
As a percentage of revenue			16.4		%		15.7		%		16.5		%		15.5		%

Reconciliation of net cash provided by operating activities to free cash flow:
		Three months ended June 30,								Six months ended June 30,
		2025				2024				2025				2024
(in thousands)
Net cash provided by operating activities		$	13,557			$	11,738			$	13,958			$	8,321
Cash paid for website domain name			0				0				(2,444	)			0
Purchase of property, equipment, leasehold improvements and capitalized internal-use software			(1,651	)			(1,064	)			(2,476	)			(1,870	)
Free cash flow		$	11,906			$	10,674			$	9,038			$	6,451

FAQ

What were Commerce's (BIGC) Q2 2025 earnings results?

Commerce reported Q2 2025 revenue of $84.4M (up 3% YoY), with a GAAP net loss of $8.4M. Non-GAAP operating income was $4.8M, and Adjusted EBITDA reached $5.7M.

Why is BigCommerce changing its name to Commerce.com?

The company is rebranding to Commerce.com to unify BigCommerce, Feedonomics, and Makeswift under one brand, focusing on powering an AI-driven commerce ecosystem at scale. The ticker will change to 'CMRC' on August 1, 2025.

What is Commerce's (BIGC) revenue guidance for 2025?

Commerce expects Q3 2025 revenue between $85-87M and full-year 2025 revenue between $339.6-346.6M, with non-GAAP operating income projected at $19-25M for the year.

How much is Commerce's (BIGC) Enterprise ARR and what percentage of total ARR does it represent?

Enterprise ARR reached $269.3M, growing 6% YoY, and represents 76% of total ARR as of June 30, 2025, up from 73% in the previous year.

What is Commerce's (BIGC) cash position as of Q2 2025?

Commerce reported $135.6M in cash, cash equivalents, restricted cash, and marketable securities, with positive free cash flow of $11.9M for the quarter.