Commerce com : Q3'25 Earnings Presentation

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3Q 2025

Earnings Presentation

Meet Commerce

© Commerce. All rights reserved. Confidential.

Our vision

Powering an open, intelligent ecosystem for next-generation commerce.

Our mission

© Commerce. All rights reserved. Confidential.

We empower businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. We connect the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market.

A NEW ERA OF AI-LED COMMERCE

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Solving the commerce problems of today. Powering the agents of tomorrow.

Traditional commerce problems we solve

• Fragmented discovery and loss of buyer visibility Shoppers and buyers are using more channels than ever, making it harder for brands to be seen and to excite and track engagement across platforms.

• Slow digital adoption and outdated buying experiences Commerce helps manufacturers and distributors accelerate their digital maturity without heavy IT overhead.

  
  
  

• Complex, rigid tech stacks that can't move fast enough Commerce simplifies tech architectures with modular and industry-specific solutions without integration overhead, empowering and accelerating business teams.

  Agentic commerce challenges we solve

• AI search engines are skipping storefronts

  New requirements for visibility: To surface in AI-driven buying journeys (Perplexity, Microsoft Co-Pilot, Google Gemini), Commerce powers structured & unstructured product data, flexible storefronts, and extensible APIs for brands.

• Brands are losing control of the experience

  Our visual and modular stack helps brands create, control, and optimize experiences across every surface.

• AI agents will soon handle transactions

Our architecture is ready for agentic commerce - enabling flexible APIs, Model Context Protocols (MCP), pricing logic, and real-time decisioning.

Refer to the AI glossary on Slide 36. 5

OVERVIEW

From product data to conversion: An end-to-end AI-optimized commerce stack.

MAKESWIFT

Storefront

BigCommerce storefront

Intelligent storefront

FEEDONOMICS Agentic commerce

Agentic search and discovery

Agentic checkout

BIGCOMMERCE Commerce engine

B2C / B2B commerce

Product catalog

Orders

Cart

Promotions

Personalization

FEEDONOMICS

Enrichment

Platform agnostic intelligence

Normalization

Optimization

Syndication

Data orchestration

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WHO WE SERVE

$$$$

$$$

Agentic Search

$$

$

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Agentic Checkout

B2C COMMERCE

B2B

OMNICHANNEL

AGENTIC COMMERCE

Medium complex operational needs Highly complex operational needs Extremely complex operational needs

AI driven shopping h buying powered by agents

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OVERVIEW

© Commerce. All rights reserved. Confidential.

Moving forward into the agentic era.

OMNICHANNEL ERA

COMPOSABLE ERA

AGENTIC ERA

Mid-Market Expansion

Acquires Acquires Feedonomics B2B Ninja

Acquires Makeswift

Builds Catalyst

AI Partnerships

Commerce Family

Platform Needs Data Needs

Content Needs

With API-centric architecture

Leading data management platform

Unifying B2B & B2C on single platform

Composable visual editor

Flexible integrated architecture

Industry leading partnerships for data and payments to top agentic commerce platforms

Announces brand family, unifying data, platform, and content needs for agentic AI future

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OVERVIEW

Non-GAAP Operating Income/(Loss)*

$8M

($11M)

3Q22

3Q25

Non-GAAP Gross Margin*

79%

3Q25

BigCommerce at 9/30/2025.

$356M

ARR

76%

Enterprise ARR

Operating Cash Flow*

$11M

($51M)

3Q22

3Q25

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*See the Appendix to this presentation for a reconciliation of non-GAAP financial measures to their nearest GAAP equivalent.

OVERVIEW

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Commerce: Built for businesses. Ready for agents.

Data

Enrich, structure, and syndicate product data to discovery platforms and agentic engines.

Engine

Power transactions with enterprise-grade B2C / B2B infrastructure.

Experience

Create AI-optimized,

no-code customer journeys at the speed of change.

Commerce gives businesses unmatched control over their product, data, and brand experience across both traditional and emerging digital channels.

Where traditional and agentic commerce converge

Only Commerce gives you the stack to compete - no matter who (or what) is doing the buying.

In a world where search is changing, buying decisions are guided by AI, and commerce surfaces are fragmenting, businesses face a new imperative: be discoverable, be relevant, and be fast.

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We power growth for leading brands across all industries.

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