VTEX is a global enterprise digital commerce platform that serves as the operating system for the commerce ecosystem. It enables enterprise brands and retailers to orchestrate their complex network of consumers, business partners, suppliers, and fulfillment providers in one place. VTEX offers a comprehensive Commerce, Marketplace, and Order Management System (OMS) solution, allowing companies to build, manage, and deliver advanced B2B, B2C, and marketplace commerce experiences.
- Subscription Revenue - Provides access to the platform on a subscription basis, including a fixed subscription fee and a transaction-based fee, aligning VTEX's success with its customers' success.
- Services Revenue - Offers consulting and other services to customers, enhancing their use of the VTEX platform.
- Other Revenues - Includes platform adjacencies such as payment, logistics, and tracking solutions, expanding the functionality and reach of the VTEX platform.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Geraldo do Carmo Júnior ExecutiveBoard | Co-Chief Executive Officer | Board Member of Instituto Reditus | Co-CEO of VTEX since 2000 and Co-Chairman of the Board since 2019, Geraldo do Carmo Júnior has steered the company’s growth in technology with a strong focus on research and development. He also holds an external board role at Instituto Reditus since 2021. | |
Mariano Gomide de Faria ExecutiveBoard | Founder and Co-Chief Executive Officer | Mariano Gomide de Faria is the Founder and Co-Chief Executive Officer of VTEX, a role he has held since the company's inception. He also serves as Co-Chairman of the Board of Directors since 2019. | ||
Santiago Naranjo Alvarez ExecutiveBoard | Chief Revenue Officer (CRO) | Board member of the Colombian Chamber of Electronic Commerce (CCCE) since 2016 | Santiago Naranjo Alvarez has served as the Chief Revenue Officer (CRO) at VTEX since June 2022. He previously held positions as LatAm Growth Officer (2020-2022) and Country Manager of Colombia (2016-2020), and has been a board member of the Colombian Chamber of Electronic Commerce since 2016. | |
André Spolidoro Ferreira Gomes Executive | Chief Strategy Officer | André Spolidoro Ferreira Gomes is VTEX’s Chief Strategy Officer since November 2022, having served as Chief Financial Officer from January 2016 to November 2022. | ||
Geraldo do Carmo Thomaz Júnior Executive | Co-Chief Executive Officer | Board Member at Instituto Reditus (since 2021) | Geraldo do Carmo Thomaz Júnior is the Co-Chief Executive Officer of VTEX since its inception in 2000. He has also served as Co-Chairman of the Board of Directors since 2019 and is a Board Member at Instituto Reditus since 2021, demonstrating extensive leadership in the technology industry. | |
Ricardo Camatta Sodré Executive | Chief Financial Officer | Board member at Prisma Medios de Pago S.A. ; Board member at GTM Holdings | Ricardo Camatta Sodré is the Chief Financial Officer of VTEX since November 2022 , and previously served as Finance Executive Officer from February 2021 to November 2022. He has also held roles as a private equity investor and served as a board member at Prisma Medios de Pago S.A. and GTM Holdings. | |
Alejandro Raul Scannapieco Board | Independent member of the board of directors | CEO of LaLiga Tech; Board Member at RetailApp Inc. | Alejandro Raul Scannapieco has been an independent board member and co-chairman of the Audit Committee at VTEX since May 2021. He has also held key leadership roles outside VTEX, including serving as CEO of LaLiga Tech since 2022 and as a board member at RetailApp Inc. since 2016. | |
Arshad Matin Board | Independent Member of the Board of Directors at VTEX | President and Chief Executive Officer of Avetta, LLC; Chairman of the Board of Directors of ASGN | Arshad Matin has served as an independent board member at VTEX since May 2021 and is also a member of its compensation committee. He brings extensive executive experience from previous roles including President and Chief Executive Officer of Avetta, LLC. | |
Benoit Fouilland Board | Independent member of the board of directors and Co-chairman of the Audit Committee | Chief Financial Officer at Celonis | Benoit Fouilland serves as an independent board member and co-chairman of the audit committee at VTEX since May 2021. He is also the Chief Financial Officer at Celonis since January 2025. | |
Francisco Alvarez-Demalde Board | Member of the Board of Directors | Co-Founder and Managing Partner of Riverwood Capital | Francisco Alvarez-Demalde has been a board member at VTEX since 2019. He is also the Co-Founder and Managing Partner of Riverwood Capital, contributing extensive expertise from prior roles at KKR, Eton Park Capital Management, and Goldman Sachs. | |
Silvia Mazzucchelli Board | independent member of the board of directors | Senior Advisor at The Boston Consulting Group; Chair of the board at Coyuchi; Director at Carbon38 | Silvia Mazzucchelli has served as an independent board member and Audit Committee member at VTEX since July 2023. |
- Despite achieving a positive 14% non-GAAP operating income margin this quarter , what specific steps are you taking to ensure that this margin level is sustainable, particularly as you aim to reach a 20% operating margin target ?
- Given the by-design reduction in services revenue to $2.1 million , how do you plan to compensate for this decline in services income, and what risks does this pose to your overall revenue growth strategy?
- With the macro uncertainty beginning to clear , can you elaborate on how this is affecting your sales momentum, particularly in challenging markets like Argentina that have previously been headwinds ?
- As you continue to expand in the U.S. and Europe with new customers and products like the B2B offering and VTEX ad network , what are the main challenges you face in these markets, and how do you plan to overcome increased competition in these regions?
- Your goal is to achieve the Rule of 40, currently at 32% this quarter ; considering tougher comps in Q4 and easing in Q1 , how confident are you in reaching the 40% target in the next few quarters, and what specific measures will drive this acceleration?
Research analysts who have asked questions during VTEX earnings calls.
Leonardo Olmos
UBS Group AG
3 questions for VTEX
Lucca Brendim
Bank of America
3 questions for VTEX
Marcelo Santos
JPMorgan Chase & Co.
3 questions for VTEX
Cesar Medina
Morgan Stanley
1 question for VTEX
Gustavo Farias
UBS Group AG
1 question for VTEX
Marcelo Peev Santos
JPMorgan Chase & Co.
1 question for VTEX
Maria Clara Infantozzi
Itau BBA
1 question for VTEX
Maria Infantozzi
Itaú BBA
1 question for VTEX
Thiago Kapulskis
Itaú BBA
1 question for VTEX
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Newtail Serviços de Tecnologia LTDA | 2025 | VTEX acquired 100% of Newtail's shares for $4.1 million in cash plus an additional $1.6 million for a long-term non-compete agreement, aiming to expand its retail media solutions; the financial effects will be recorded in the 2025 year-end statements with ongoing fair value assessments of identifiable assets and liabilities. |
Weni Tecnologia da Informacao LTDA. | 2024 | Completed on August 29, 2024, this acquisition involved an initial cash consideration of $3 million, a long-term installment of $0.9 million, and potential performance-based payments; it strategically enhances VTEX's end-to-end customer experience by integrating communication automation solutions and chatbots with detailed allocation of tangible and intangible assets. |
Recent press releases and 8-K filings for VTEX.
- RedCloud's Chief Product Officer, Soumaya Hamzaoui, is scheduled to present the company's AI-native strategy at the VTEX Connect Europe event on November 11 in Lisbon, Portugal.
- The presentation will focus on RedCloud's vision to address the estimated $2 trillion global inventory gap in FMCG markets through its RedAI intelligent trading platform.
- RedCloud plans to utilize AWS Bedrock and NVIDIA technologies to develop a 'trading layer' of products, including the TradeX program and Red101 retailer app, to facilitate digital exchange of goods.
- The company recently announced more than doubling customer numbers year-over-year in the first half of 2025, a new joint venture in Saudi Arabia, and a partnership strategy for financial services.
- Strong revenue and margin growth: Q1 2025 subscription revenue increased by 15% FX-neutral, with non-GAAP operating income rising to $5.3 million and significant margin expansion noted, underpinned by improved operational efficiency.
- Positive cash flow and share buyback: The quarter delivered strong free cash flow of $6.6 million and executed a share repurchase of 2.7 million shares at an average price of $5.56 per share.
- Guidance and strategic outlook: VTEX provided robust future guidance with a target FX-neutral subscription revenue growth of 12.5%-15.5% for Q2 2025 and 14.0%-17.0% for full-year 2025, reflecting confidence despite macroeconomic volatility.
- Board re-election was approved with overwhelming support, registering over 98% in favor for each director slot.
- The AGM approved the transition to U.S. GAAP for financial reporting beginning FY2025.
- The shareholders ratified the audited financial statements for FY 2024, confirming the auditor's report.
- The presentation details VTEX's transition from IFRS to GAAP, outlining key changes in expense recognition for share-based compensation, hyperinflation adjustments, lease classification, and income tax accounting for FY2023 and FY2024.
- It provides a comprehensive comparison of key financial metrics, including revenue, costs, and operating income, and notes the upcoming shareholder vote on these changes scheduled for April 2025.
- AGM Announcement: The document, filed by CFO Ricardo Camatta Sodré on March 26, 2025, announces that the annual general meeting (AGM) will be held on April 25, 2025, at 10:00 a.m. ET in Grand Cayman, with a record date set for March 12, 2025.
- Key Proposals: It outlines critical proposals including the re-election of board members, the transition of financial reporting standards to U.S. GAAP starting January 1, 2025, and the ratification of the FY 2024 financial statements and auditor’s report.
- Voting Instructions: The filing provides detailed instructions for proxy voting, emphasizing that shareholders can vote via the Internet or proxy card, with changes to voting instructions permitted until April 24, 2025.
- VTEX delivered a transformative Q4 2024 with $61.5M revenue (including $59.5M subscription revenue) and $7.1M operating income (up from $5.7M in Q4 2023), achieving 20% Non-GAAP operating income and free cash flow margins .
- Acquired 100% of Weni on August 29, 2024 for US$4,053K (cash: US$3,016K, installment: US$972K); the business contributed US$1,204K in revenue and US$114K in net profit, with pro-forma figures of US$5,542K in revenue and US$423K in net profit, including US$1,115K in identifiable intangible assets and US$2,906K in goodwill .
- Achieved 13% FX neutral subscription revenue growth alongside a 16% increase in gross profit (with a 75% margin) and expanded its enterprise customer base by 23% (>US$250k annual revenue) with a 29% increase in deferred revenue .
- Delivered strong GMV performance with $5.4B in Q4 and $18.2B for full-year 2024 .
- Advanced its platform with innovative launches such as VTEX Ads, Data Pipeline, and Shield, supporting a shift to a composable, integrated commerce suite .
- Executed a share repurchase with $11.2M in Q4 as part of a $30.0M buyback program approved by the board .