Maplebear (CART) investor relations material

Strategic overview and progress

• Maintained focus on being a grocery technology company, offering end-to-end consumer marketplace and enterprise solutions, and building a leading retail media business.

• Accelerated growth in affordability, enterprise, international expansion, and ads, with +14% growth in Q2 and guidance for similar growth in Q3.

• Expanded enterprise reach to 380 retailers, including ALDI, and launched internationally with Costco in Spain and France.

• Ads and other revenue grew +16% in Q1 and Q2, outpacing gross transaction value.

• Strategy validated by fastest net new customer activation rates since 2022.

Competitive differentiation and AI integration

• Deep retail integrations and proprietary data are key differentiators, enabling complex grocery fulfillment at scale.

• AI is positioned to accelerate growth engines, with unique access to real-time store signals and consumer data.

• Launched Clementine, an AI assistant for grocery, offering personalized recommendations and shoppable baskets.

• Integration with third-party AI platforms like OpenAI, Gemini, and Claude for lead generation.

• Orders originating from Clementine show higher average order values and increased basket sizes.

Growth durability and market dynamics

• Growth remains strong despite competition, supported by 1.6 billion orders of experience and a 2 billion-product catalog.

• Large basket focus (AOV ~$115) and fulfillment accuracy are difficult for competitors to replicate.

• Competitive threats from restaurant and rideshare delivery are not seen as significant due to the complexity of grocery fulfillment.

• Deepening retailer relationships, exemplified by expanded Costco partnership, drive continued share and growth.