Commerce.com, Inc.

commerce.com

What Do They Do?

Sells online-commerce software, product-data tools and website-building tools to retailers, manufacturers and wholesalers.

How Do They Make Money?

Merchants are typically charged annually for BigCommerce platform access, with subscription fees covering the contract term. Feedonomics fees depend on monthly use; partner revenue shares vary with customer activity, integration and some marketing fees run over contracts, and professional services are billed when delivered.

revenue

Segment	Share	Revenue	How money arrives
Subscription Solutions Fees Recurring	75% FY2022: 74%		Recurring
Partner and Services Fees Mix	25% FY2022: 26%		Mix

Who Are Their Customers?

B2C retailers and manufacturers, B2B sellers such as manufacturers and wholesalers, and small businesses use the platform for storefronts and selling across online, marketplace, social and physical channels.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2022: 5% from one customer

Do Revenues Turn Into Profits?

Not on paper. It lost $19.3M in FY2025, but brought in more cash than it spent: $16.9M of free cash flow.

Operating income, FY2025

−5% of revenue

▼ −61% (Loss) vs FY2024 (−$41.7M, −13%)

Net income, FY2025

−6% of revenue

▼ −28% (Loss) vs FY2024 (−$27M, −8%)

Free cash flow, FY2025

5% of revenue

▼ −25% vs FY2024 ($22.5M, 7%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ 0%; vs $84.4M in Q2 FY2025
Net income: ▲ Now profitable; vs −$8.4M in Q2 FY2025

Subscription Solutions share of revenue vs 75.4% in Q2 FY2025

Aug 6, 2026 Company issues quarterly results and financial guidance It forecast quarterly revenue of $82.5 million to $85.5 million and non-GAAP operating income of $3.3 million to $5.3 million.
Apr 14, 2026 Company adopts rights plan after an unsolicited takeover proposal The Board adopted the plan after a proposal to acquire all Commerce shares, which it said significantly undervalued the Company.
May 15, 2025 Company cuts costs and raises its operating-income outlook The plan forecasts $60 million to $80 million in annualized savings, targets margins of at least 20% beginning in 2027, and raises operating-income guidance.

Growing. Revenue grew 56% in 4 years, from $219.9M in FY2021 to $342.3M in FY2025, about 12% a year.

Expanded product lineup Where the older report focuses on the BigCommerce storefront platform and Feedonomics catalog integrations, the newer report presents a unified portfolio that includes Makeswift site building and Feedonomics product-data management.

AI discovery channels The older report describes product-feed connections to search, advertising, social and marketplace channels; the newer report also describes distribution to AI-enabled discovery surfaces.

Revenue over time

Subscription Solutions Fees Partner and Services Fees

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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