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BigCommerce Holdings, Inc. (BIGC)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 delivered a clean beat: revenue $84.4M vs S&P consensus $83.3M*, and Primary EPS $0.04 vs $0.037*, alongside non-GAAP operating margin of 6% and non-GAAP gross margin of 80% .
  • Rebrand executed: BigCommerce changed the corporate name to Commerce.com, Inc., with ticker switching to CMRC effective on/about Aug 1, 2025, positioning the portfolio (BigCommerce, Feedonomics, Makeswift) for AI/agentic commerce .
  • Guidance narrowed and raised at the low end: FY25 revenue $339.6–$346.6M (prev. $335.1–$351.1) and non-GAAP operating income $19–$25M (prev. $16–$28M); Q3 revenue guided to $85–$87M .
  • Strategic catalysts: deepened Google Cloud/Gemini partnership, Perplexity answer-engine data integration, and PROS CPQ/pricing partnership to accelerate B2B and AI monetization trajectories .

What Went Well and What Went Wrong

What Went Well

  • Revenue and profitability beat the high end of guidance driven by stronger execution and pricing discipline; non-GAAP operating income reached $4.8M and non-GAAP gross margin rose to 80% .
  • AI/agentic commerce strategy gained momentum: “In AI-powered shopping, data is the new storefront,” with partnerships (Perplexity, Google Cloud, PROS) to enrich product data and monetize AI channels .
  • B2B traction strengthened with targeted CPQ expansion via PROS and wins such as Global Experience Specialists and Arrow Fastener; company earned 24/24 medals in the 2025 Paradigm B2B Combine .

What Went Wrong

  • GAAP profitability remains negative (GAAP net loss of $8.4M; GAAP basic net loss per share of -$0.10), including restructuring costs .
  • Enterprise account count continued to decline sequentially (5,803 in Q2; 5,825 in Q1; 5,884 in Q4), even as ARPA rose; management seeks both unit and dollar growth .
  • APAC revenue declined YoY (-4% in Q2), while macro/tariff uncertainties persist; management remains cautious despite limited direct tariff impact noted in Q&A .

Financial Results

Consolidated results vs prior periods and Wall Street consensus

MetricQ4 2024Q1 2025Q2 2025
Revenue ($USD)$87.0M $82.37M $84.433M
Revenue Consensus Mean ($USD)—$82.454M*$83.328M*
Primary EPS (Actual) ($USD)—$0.07 $0.04
Primary EPS Consensus Mean ($USD)—$0.05282*$0.037*
Non-GAAP Gross Margin %78% 80.3% 80%
Non-GAAP Operating Margin %11.6% 9.2% 6%
Non-GAAP Net Income Margin %9.7% 6.9% 3.8%

Values with * were retrieved from S&P Global.

Segment Revenue

Segment ($USD)Q4 2024Q1 2025Q2 2025
Subscription Solutions$62.288M $62.114M $63.656M
Partner & Services$24.740M $20.256M $20.777M
Total$87.028M $82.370M $84.433M

Geography Revenue

Geography ($USD)Q4 2024Q1 2025Q2 2025
United States$66.078M $62.621M $64.405M
EMEA$9.994M $9.965M $9.889M
APAC$6.739M $5.925M $6.118M
Rest of World$4.217M $3.859M $4.021M

KPIs and Balance Sheet

KPI / MetricQ4 2024Q1 2025Q2 2025
Total ARR ($USD)$349.6M $350.8M $354.6M
Enterprise ARR ($USD)$261.6M $263.8M $269.3M
Enterprise Accounts (#)5,884 5,825 5,803
ARPA Enterprise ($USD)$44,458 $45,290 $46,403
Cash, Cash Eq., Marketable Sec. ($USD)$179.6M $121.9M $135.6M
Operating Cash Flow ($USD)$12.4M $0.401M $13.6M
Net Debt ($USD)~$28M (post Q1 repurchases) $32.2M $18M

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY 2025$335.1M–$351.1M $339.6M–$346.6M Narrowed; raised low end, lowered high end
Non-GAAP Operating IncomeFY 2025$16M–$28M $19M–$25M Narrowed; raised low end
RevenueQ3 2025N/A$85M–$87M New
Non-GAAP Operating IncomeQ3 2025N/A$2.3M–$3.3M New

Earnings Call Themes & Trends

TopicQ4 2024 (Prior-2)Q1 2025 (Prior-1)Q2 2025 (Current)Trend
AI/agentic commerce initiativesIntroduced Catalyst; composable architecture and AI enablement roadmap Doubling quota capacity; AI leveraged in sales/support; “power AI as it takes on commerce” Rebrand to Commerce; “data is the new storefront”; Perplexity, Google Cloud, PROS partnerships Intensifying execution and partnerships
Supply chain/tariffs/macroConservative FY25 outlook; macro stability assumed Cautious on tariffs; limited impact observed; widened guidance “Not seeing a lot of impact from tariffs”; remain cautious Watchful but manageable
Product performance (B2B/CPQ/payments)B2B bookings ~50% of net new; Catalyst momentum CPQ/Multi-company features; payment solution targeted 2026 PROS CPQ partnership; payment optionality reiterated B2B expansion; payments optionality progressing
Regional trendsAmericas +4%, EMEA +5%, APAC -1% (Q4) EMEA +8%, APAC -5% (Q1) EMEA +7%, APAC -4% (Q2) EMEA solid; APAC soft
Go-to-market executionRestructured GTM; ~10% headcount reduction; profitable growth focus Pipeline improving; doubling quota-carrying sales; pricing discipline “Conversion rates improving”; bundled selling across portfolio Improving efficiency and conversion

Management Commentary

  • “Our transformation phase is over. We’ve moved fully into execution and growth, and we are proud to reintroduce our company as Commerce.” — CEO Travis Hess .
  • “In AI-powered shopping, data is the new storefront… Our ability to structure and syndicate product catalog data into answer engines is increasingly mission-critical for merchant success.” — CFO Daniel Lentz .
  • “We’re not seeing a lot of impact thus far from tariffs… demand particularly on the B2B side.” — CEO Travis Hess .
  • “Our partner bundling strategy is progressing well… creating opportunity to increase distribution without the burden of associated go-to-market costs.” — CFO Daniel Lentz .

Q&A Highlights

  • Tariffs/macro: Management reports limited tangible impact to date; remains cautious and widened guidance to reflect uncertainty .
  • B2B focus and CPQ: Strong near-term TAM expansion via PROS; ideal for complex catalogs/pricing; distribution synergies expected .
  • Pipeline and conversion: Win rates improving; reps selling bundled products (Feedonomics + platform); focus on efficiency .
  • Payments path: Optional branded payments for SMB/MM without vendor lock-in; attach-rate positive yet margin-dilutive manageable .
  • AI search/discoverability: Brands experiencing organic search declines; urgency to optimize for answer engines; self-serve Feedonomics planned by holiday .

Estimates Context

  • Q2 2025: Revenue $84.433M beat vs $83.328M*; Primary EPS $0.04 beat vs $0.037* .
  • Q1 2025: Revenue $82.370M near inline vs $82.454M*; Primary EPS $0.07 beat vs $0.05282* .
  • FY 2025 consensus revenue ~$343.27M* is within the narrowed guidance range ($339.6–$346.6M); consensus EPS ~$0.2645* aligns with improved non-GAAP operating income guidance .
    Values with * were retrieved from S&P Global.

Key Takeaways for Investors

  • Execution inflection: Q2 beat with strengthening margins and cash flow; operating cash flow improved to ~$13.6M, net debt reduced to ~$18M .
  • Rebrand + ticker change: CMRC effective Aug 1 amplifies portfolio clarity; expect improved partner perception and cross-sell (Feedonomics/Makeswift) .
  • AI monetization optionality: Answer-engine integrations (Perplexity), Google Cloud/Gemini enrichment, and planned paid AI features create multiple revenue levers .
  • B2B momentum: PROS partnership accelerates CPQ and pricing strength; expect sustained enterprise ARPA gains and B2B-led bookings .
  • Guidance quality improved: FY25 ranges tightened with raised low ends; Q3 guide suggests stable sequential growth; watch APAC softness and macro .
  • Trading implications (short-term): Positive sentiment on AI/agentic narrative and multi-partner ecosystem; rebrand/ticker event could be a catalyst; monitor unit counts vs rising ARPA .
  • Medium-term thesis: If AI-driven discoverability translates to GMV lift and SKU volume through Feedonomics, expect durable revenue mix shift with improving profitability and FCF conversion .

Values with * were retrieved from S&P Global.