CMRC

MKT CAP:$247M

Commerce.com, Inc.

Market Cap

$247M

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$3.06-$0.99 (-24.51%)

Apr 22, 2026

Company Details

Commerce.com, Inc. operates a software-as-a-service e-commerce platform for brands and retailers in the United States, North and South America, Europe, the Middle East, Africa, and the Asia Pacific. The company provides a platform for launc...

CEO

Christopher Travis Hess

IPO Date

Aug 5, 2020

Website

www.commerce.com

Key Metrics TTM

Revenue

$342M

+2.8% YoY

Net Income

-$19M

EPS (Diluted)

-$0.24

Free Cash Flow

$16M

Revenue / Share

$4.20

Gross Margin

78.7%

Operating Margin

-4.7%

Net Margin

-5.6%

FCF Margin

4.8%

P/S

0.7x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

Q4 2025

Mar 2, 2026

$90M+2.9%EPS -$0.10

Q3 2025

Nov 6, 2025

$86M+2.8%EPS -$0.03

Q2 2025

Jul 31, 2025

$84M+3.2%EPS -$0.11

Q1 2025

May 8, 2025

$82M+2.5%EPS -$0.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$66M	$49M	-$36M
Q2 22	$68M	$51M	-$39M
Q3 22	$72M	$55M	-$31M
Q4 22	$72M	$54M	-$35M
Q1 23	$72M	$54M	-$24M
Q2 23	$75M	$57M	-$21M
Q3 23	$78M	$59M	-$22M
Q4 23	$84M	$65M	-$6M
Q1 24	$80M	$62M	-$8M
Q2 24	$82M	$62M	-$13M
Q3 24	$84M	$64M	-$19M
Q4 24	$87M	$68M	-$751.0K
Q1 25	$82M	$65M	-$2M
Q2 25	$84M	$67M	-$7M
Q3 25	$86M	$67M	-$435.0K
Q4 25	$90M	$70M	-$7M

Valuation

Quarter	P/S	P/E
Q1 22	1.0x	—
Q2 22	1.0x	—
Q3 22	0.9x	—
Q4 22	0.9x	—
Q1 23	0.9x	—
Q2 23	0.8x	—
Q3 23	0.8x	—
Q4 23	0.8x	—
Q1 24	0.8x	—
Q2 24	0.8x	—
Q3 24	0.7x	—
Q4 24	0.7x	—
Q1 25	0.7x	—
Q2 25	0.7x	—
Q3 25	0.7x	—
Q4 25	0.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$22M	-$23M
Q2 22	-$14M	-$16M
Q3 22	-$51M	-$52M
Q4 22	-$3M	-$4M
Q1 23	-$21M	-$22M
Q2 23	$15M	$14M
Q3 23	-$31M	-$32M
Q4 23	$13M	$12M
Q1 24	-$3M	-$4M
Q2 24	$12M	$11M
Q3 24	$6M	$5M
Q4 24	$12M	$12M
Q1 25	$401.0K	-$3M
Q2 25	$14M	$12M
Q3 25	$11M	$8M
Q4 25	$3M	-$266.0K

Capital Expenditures

Quarter	CapEx
Q1 22	$1M
Q2 22	$2M
Q3 22	$720.0K
Q4 22	$990.0K
Q1 23	$1M
Q2 23	$1M
Q3 23	$1M
Q4 23	$1M
Q1 24	$806.0K
Q2 24	$1M
Q3 24	$1M
Q4 24	$787.0K
Q1 25	$3M
Q2 25	$2M
Q3 25	$3M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+41.6%	+85.2%
Q2 22	+39.2%	+75.2%
Q3 22	+22.1%	+27.7%
Q4 22	+11.6%	+8.5%
Q1 23	+8.6%	-6.7%
Q2 23	+10.6%	-10.3%
Q3 23	+7.8%	-2.6%
Q4 23	+16.2%	-16.1%
Q1 24	+12.0%	-7.2%
Q2 24	+8.5%	-1.1%
Q3 24	+7.3%	+2.7%
Q4 24	+3.4%	-2.3%
Q1 25	+2.5%	-4.3%
Q2 25	+3.2%	-4.3%
Q3 25	+2.8%	-16.0%
Q4 25	+2.9%	+9.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$9M	13.6%
Q2 22	$11M	15.5%
Q3 22	$11M	14.7%
Q4 22	$0	0.0%
Q1 23	$11M	14.8%
Q2 23	$11M	15.0%
Q3 23	$12M	15.1%
Q4 23	$8M	9.1%
Q1 24	$8M	10.4%
Q2 24	$10M	12.2%
Q3 24	$10M	12.1%
Q4 24	$7M	7.8%
Q1 25	$5M	6.3%
Q2 25	$7M	8.6%
Q3 25	$0	0.0%
Q4 25	$5M	5.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$21M	$16M	$34M
Q2 22	$22M	$18M	$36M
Q3 22	$22M	$19M	$36M
Q4 22	$23M	$19M	$34M
Q1 23	$21M	$16M	$34M
Q2 23	$21M	$14M	$36M
Q3 23	$22M	$14M	$36M
Q4 23	$20M	$14M	$34M
Q1 24	$20M	$15M	$32M
Q2 24	$20M	$15M	$34M
Q3 24	$21M	$16M	$33M
Q4 24	$20M	$15M	$30M
Q1 25	$19M	$14M	$30M
Q2 25	$18M	$16M	$35M
Q3 25	$17M	$12M	$36M
Q4 25	$18M	$14M	$35M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	41.6%	-50.5%	-9.0
Q2 22	39.2%	-53.6%	-14.4
Q3 22	22.1%	-37.3%	-15.2
Q4 22	11.6%	-41.0%	-29.4
Q1 23	8.6%	-26.2%	-17.5
Q2 23	10.6%	-20.8%	-10.2
Q3 23	7.8%	-21.5%	-13.7
Q4 23	16.2%	-0.0%	16.2
Q1 24	12.0%	-3.0%	9.0
Q2 24	8.5%	-9.0%	-0.6
Q3 24	7.3%	-1.7%	5.5
Q4 24	3.4%	4.7%	8.2
Q1 25	2.5%	8.8%	11.3
Q2 25	3.2%	-1.8%	1.3
Q3 25	2.8%	3.7%	6.5
Q4 25	2.9%	-3.2%	-0.3

Rule of 40

Revenue Segments

Quarter	Partner And Services	Subscription And Circulation	Subscription and Circulation
Q1 22	$18M	$48M	—
Q2 22	$17M	$51M	—
Q3 22	$19M	$53M	—
Q4 22	$19M	—	$53M
Q1 23	$18M	$54M	—
Q2 23	$19M	—	$56M
Q3 23	$19M	—	$59M
Q1 24	$19M	—	$61M
Q2 24	$20M	—	$62M
Q3 24	$21M	—	$63M
Q4 24	$25M	—	$62M
Q1 25	$20M	—	$62M
Q2 25	$21M	—	$64M

Revenue by Geography

Quarter	Asia Pacific	E M E A	Non Us	United States	Emea	Non-US	Americas Other	Americas United States	Rest Of World
Q1 22	$6M	$6M	$3M	$52M	—	—	—	—	—
Q2 22	$6M	$7M	$3M	$53M	—	—	—	—	—
Q3 22	$6M	$7M	$3M	$56M	—	—	—	—	—
Q4 22	$6M	—	—	$56M	$8M	$3M	—	—	—
Q1 23	$6M	$8M	$3M	$55M	—	—	—	—	—
Q2 23	$6M	—	—	$58M	$9M	$3M	—	—	—
Q2 24	$6M	—	—	—	$9M	—	$4M	$62M	—
Q3 24	$6M	—	—	—	$10M	—	$4M	$64M	—
Q1 25	$6M	—	—	$63M	$10M	—	—	—	$4M
Q2 25	$6M	—	—	$64M	$10M	—	—	—	$4M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$251M	$125M	$376M
Q2 22	$221M	$138M	$359M
Q3 22	$101M	$206M	$307M
Q4 22	$92M	$212M	$304M
Q1 23	$61M	$221M	$282M
Q2 23	$75M	$223M	$297M
Q3 23	$70M	$196M	$265M
Q4 23	$72M	$198M	$270M
Q1 24	$61M	$204M	$265M
Q2 24	$133M	$143M	$276M
Q3 24	$35M	$133M	$168M
Q4 24	$89M	$89M	$178M
Q1 25	$52M	$69M	$121M
Q2 25	$46M	$88M	$134M
Q3 25	$50M	$92M	$142M
Q4 25	$44M	$97M	$141M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	72M	+0.7%	+3.8%
Q2 22	73M	+0.8%	+3.5%
Q3 22	74M	+0.6%	+3.0%
Q4 22	74M	+0.4%	+2.6%
Q1 23	74M	+0.4%	+2.3%
Q2 23	75M	+0.9%	+2.3%
Q3 23	75M	+0.8%	+2.6%
Q4 23	76M	+1.1%	+3.3%
Q1 24	77M	+0.5%	+3.4%
Q2 24	77M	+1.1%	+3.6%
Q3 24	78M	+0.5%	+3.3%
Q4 24	78M	-0.3%	+1.8%
Q1 25	79M	+1.6%	+2.9%
Q2 25	79M	0.0%	+1.8%
Q3 25	81M	+2.4%	+3.7%
Q4 25	81M	+0.8%	+4.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$49.4K	1K
Q2 22	$51.0K	1K
Q3 22	$54.1K	1K
Q4 22	$48.3K	2K
Q1 23	$47.8K	2K
Q2 23	$50.3K	2K
Q3 23	$52.0K	2K
Q4 23	$63.7K	1K
Q1 24	$60.8K	1K
Q2 24	$61.9K	1K
Q3 24	$63.4K	1K
Q4 24	$75.0K	1K
Q1 25	$70.9K	1K
Q2 25	$72.7K	1K
Q3 25	$74.1K	1K
Q4 25	$83.0K	1K

Revenue / Employee