CMRCNasdaqServices-Prepackaged SoftwareUS GAAP · USD

Commerce.com, Inc.

Commerce.com, Inc. is a U.S.-based commerce software company that provides an open, multi-product platform for businesses to run and scale digital commerce operations. Its portfolio includes BigCommerce for ecommerce storefronts, Feedonomics for product data syndication, and Makeswift for visual site building, supporting B2C, B2B, and small-business use cases.

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Revenue342m USD
+2.8 %y/y
Operating profit (EBIT)-16.2m USD
+61.1 %y/y
EBIT margin-4.7%
+7.8 ppy/y
Net income-19.3m USD
+28.4 %y/y
Free cash flow25.5m USD
−2.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-200-1000100200300400m USD2020: 152 m USD2020: EBIT -39 m USD20202021: 220 m USD2021: EBIT -76 m USD20212022: 279 m USD2022: EBIT -141 m USD20222023: 309 m USD2023: EBIT -72 m USD20232024: 333 m USD2024: EBIT -42 m USD20242025: 342 m USD2025: EBIT -16 m USD2025342-16
RevenueOperating profit (EBIT)

Business

Share of revenue
Ecommerce platform55 %

Core SaaS software for building, managing, and scaling online storefronts and commerce workflows.

Product data management and syndication20 %

Tools that structure, optimize, and distribute product data across marketplaces and ad channels.

Visual site building and digital experience10 %

Low-code tools for creating and updating commerce pages, campaigns, and digital experiences.

Professional services and recurring services10 %

Implementation, recurring professional services, and other support tied to platform adoption.

Partner and payments-related revenue5 %

Revenue from partner integrations, variable fees, and emerging payments monetization.

Products

Reported · share of revenue
74.7%25.3%FY2025100 %
  • Subscription and Circulation74.7 %
  • Partner and Services25.3 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Commerce sells to merchants that need software to operate and grow online commerce across multiple channels. Its customer base spans B2C brands, B2B manufacturers and distributors, and small businesses that start with core functionality and add modules as they scale. The platform is especially relevant for customers that want an open, composable stack rather than a closed, vertically integrated commerce system.

B2C merchants

Branded manufacturers, multi-brand online retailers, and store-based retailers buy storefront and omnichannel commerce tools to sell directly to consumers.

B2B merchants

Manufacturers, distributors, wholesalers, professional services firms, and hybrid B2B/B2C sellers buy workflow and pricing tools to digitize complex sales processes.

Small businesses

Growth-oriented smaller merchants buy accessible commerce software and add capabilities over time as their operations scale.

Enterprise and upper mid-market customers

Larger merchants buy extensible, API-first commerce infrastructure and data orchestration tools for more complex deployments.

Agencies and technology partners

Partners influence adoption, implementation, and referrals by integrating adjacent tools and helping merchants deploy the platform.

Strategy

Commerce is focused on deepening adoption across its core BigCommerce, Feedonomics, and Makeswift products while expanding integrations with third-party providers. Management is also pushing AI-enabled commerce use cases, improved pricing and packaging, and a branded payments offering to improve retention, monetization, and operating leverage.

Increase adoption and retention across the installed baseShort term

Higher product usage and lower churn improve recurring revenue quality and lifetime value.

Expand partner ecosystem and integrationsMedium term

A broad ecosystem makes the platform easier to adopt and differentiates it from closed stacks.

Monetize payments and other adjacent servicesMedium term

Payments can raise revenue per merchant and improve alignment with GMV growth.

Build AI-enabled commerce infrastructureMedium term

AI features can improve personalization, automation, and merchant productivity.

Geography

Q1/2026

Commerce is headquartered in the United States and appears to generate most of its revenue in U.S. dollars, with international sales also collected in U.S. dollars. The company is expanding internationally and uses lower-cost international engineering locations to support operating leverage, while also monitoring tariff and trade-policy effects on customers that source globally. Foreign exchange exposure is currently limited, but it could rise as international sales and operations expand.

United States76 %
Europe, Middle East and Africa13 %
Asia Pacific6.8 %
Other countries (US filing)4.4 %

Share of the revenue the company reports by geography.

Risks

Commerce faces execution risk from competition, customer churn, and the challenge of converting merchants to annual contracts and higher-value bundles. Its software is also exposed to cybersecurity, privacy, and regulatory risks, especially when serving customers in highly regulated industries or merchants affected by tariffs and cross-border supply chains.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Operating losses and delayed profitability1Customer churn and renewal risk2Cybersecurity and data privacy incidents3Regulatory complexity in restricted industries4Tariffs and trade-policy disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Operating losses and delayed profitabilityImpact: HighLikelihood: High

    The company has a history of losses and must scale revenue faster than expenses to reach sustainable profitability.

    ExposurePlatform investmentSales and marketingR&D
  2. Customer churn and renewal riskImpact: HighLikelihood: Medium

    The business depends on recurring subscriptions, so non-renewals or downgrades directly reduce revenue.

    ExposureAnnual contractsLegacy month-to-month conversions
  3. Cybersecurity and data privacy incidentsImpact: HighLikelihood: Medium

    A breach could disrupt merchants, damage reputation, and cause customers to leave the platform.

    ExposureCustomer dataCommerce transactionsRemote work environment
  4. Regulatory complexity in restricted industriesImpact: MediumLikelihood: Medium

    Serving healthcare, financial services, firearms, CBD, and similar sectors increases sales friction and contract complexity.

    Exposure: Highly regulated customer base

  5. Tariffs and trade-policy disruptionImpact: MediumLikelihood: Low

    Many customers source internationally, so policy changes can affect merchant activity and platform usage.

    Exposure: Cross-border sellers and supply chains

Accounting

Judgemental items
Revenue recognition for subscriptions and services

Timing depends on when services are made available and when recurring fees are earned, affecting quarterly comparability.

Impact: Subscription fees, recurring professional services, overage charges

Annual contract conversion and cash flow timing

Moving customers from month-to-month to annual billing can lift operating cash flow without an equivalent near-term revenue effect.

Impact: Deferred revenue and cash receipts

Foreign currency translation

Other expense includes FX translation adjustments, which can add volatility as international operations expand.

Impact: Other income (expense)

Income tax estimates and NOL carryforwards

Effective tax rate depends on domestic and foreign income mix, valuation allowances, and tax law changes.

Impact: Provision for income taxes

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Last updated: 24/09/2026