Commerce.com (CMRC) investor relations material

Executive summary

• Q2 2026 revenue was $84.5 million, nearly flat year-over-year, with non-GAAP operating income of $8.1 million and positive GAAP net income of $1.1 million, marking the second consecutive profitable quarter.

• ARR reached $361 million as of June 30, 2026, up 2% year-over-year, with a 14% CAGR since IPO.

• GMV grew 14% year-over-year to $8.8 billion, with net revenue retention improving for the third consecutive quarter to 95.8%.

• Strategic focus on AI-driven commerce, product intelligence, B2B, and payments, with deliberate trade-offs impacting near-term outlook.

• Recognized for leadership in B2B and B2C commerce, with strategic partnerships and industry accolades.

Financial highlights

• Subscription solutions revenue was $63.1 million; partner and services revenue was $21.4 million.

• Non-GAAP operating margin was 9.6%, up from 5.7% year-over-year; non-GAAP gross margin was 76%.

• Operating cash flow for H1 2026 was $23.5 million; free cash flow was $14.1 million, both up year-over-year.

• Cash, cash equivalents, and marketable securities totaled $157.5 million as of June 30, 2026, exceeding long-term debt.

• Adjusted EBITDA for Q2 2026 was $9.7 million, up from $5.7 million in Q2 2025.

Outlook and guidance

• Q3 2026 revenue expected between $82.5 million and $85.5 million; non-GAAP operating income between $3.3 million and $5.3 million.

• Full-year 2026 revenue outlook updated to $336.5 million–$344.5 million; non-GAAP operating income $28 million–$34 million.

• Guidance reflects reductions at midpoint due to partner ecosystem focus and cautious new account bookings.

• Higher infrastructure and R&D investments, especially for AI-driven discovery, factored into outlook.

• Management anticipates additional restructuring costs of $1.0–$3.0 million through H1 2027.