Financials Commerce.com, Inc.

Equities

CMRC

US08975P1084

Software

Market Closed - Nasdaq Other stock markets 04:00:00 2025-12-04 pm EST			5-day change	1st Jan Change
4.700 ^USD	+2.17%		+2.17%	-23.20%

Nov. 18	Top Premarket Gainers	MT
Nov. 07	Morgan Stanley Trims Price Target on Commerce.com to $6.50 From $7, Keeps Equalweight Rating	MT

Projected Income Statement: Commerce.com, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	152.4	219.9	279.1	309.4	332.9	343.1	357.5	375
Change	-	44.29%	26.94%	10.86%	7.61%	3.06%	4.19%	4.9%
EBITDA ¹	-24.51	-20.03	-43.61	-1.592	23.54	31.57	35.34	42.45
Change	-	18.29%	-117.75%	96.35%	1,578.45%	34.11%	11.94%	20.12%
EBIT ¹	-27.42	-22.82	-46.96	-5.65	19.46	27.43	31.44	39.21
Change	-	16.75%	-105.72%	87.97%	444.46%	40.96%	14.61%	24.7%
Interest Paid ¹	-3.072	-0.698	-2.828	-2.884	-6.051	-7.484	-7.323	-8.394
Earnings before Tax (EBT) ¹	-37.54	-76.71	-139.4	-64.67	-26.02	-13.57	-10.32	-0.582
Change	-	-104.37%	-81.75%	53.62%	59.77%	47.82%	23.94%	94.36%
Net income ¹	-38.52	-76.68	-139.9	-64.67	-27.03	-14.61	-10.71	-1.582
Change	-	-99.05%	-82.48%	53.78%	58.2%	45.96%	26.68%	85.23%
Announcement Date	2/22/21	2/28/22	2/23/23	2/22/24	2/20/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	43.14	46.66	49.01	59.28	64.9	66.05	68.2	72.39	72.43	71.76	75.44	78.04	84.15	80.36	81.83	83.71	87.03	82.37	84.43	86.03	90.22	86.02	87.92	89.75	94.3	92.43	95.31	98.52
Change	-	8.15%	5.04%	20.96%	9.47%	1.78%	3.26%	6.14%	0.06%	-0.93%	5.14%	3.45%	7.82%	-4.5%	1.83%	2.3%	3.96%	-5.35%	2.5%	1.89%	4.87%	-4.66%	2.21%	2.08%	5.07%	-1.98%	3.11%	3.36%
EBITDA ¹	-6.796	-2.431	-3.469	-3.109	-11.02	-11.74	-13.16	-10.91	-8.629	-5.485	-2.459	-0.102	6.54	4.182	2.951	5.373	11.03	8.833	5.729	8.818	8.259	7.62	7.474	8.88	12.71	-	-	-
Change	-	64.23%	-42.7%	10.38%	-254.42%	-6.55%	-12.09%	17.12%	20.89%	36.44%	55.17%	95.85%	6,511.76%	-36.06%	-29.44%	82.07%	105.3%	-19.93%	-35.14%	53.92%	-6.34%	-7.74%	-1.91%	18.81%	43.12%	-	-	-
EBIT ¹	-7.562	-3.123	-4.227	-3.828	-11.65	-12.37	-13.68	-11.5	-9.405	-6.442	-3.365	-1.206	5.363	3.163	1.891	4.323	10.08	7.589	4.783	7.993	7.078	6.818	6.42	8.066	10.82	-	-	-
Change	-	58.7%	-35.35%	9.44%	-204.26%	-6.24%	-10.52%	15.92%	18.21%	31.5%	47.76%	64.16%	544.69%	-41.02%	-40.21%	128.61%	133.29%	-24.75%	-36.97%	67.11%	-11.45%	-3.67%	-5.84%	25.65%	34.13%	-	-	-
Charge d'intérêts ¹	-0.437	-	-	-0.125	-0.638	-0.587	-0.705	-0.706	-0.708	-0.722	-0.722	-0.721	-0.719	-0.72	-0.72	-1.908	-2.703	-2.543	-2.522	-2.478	-1.79	-1.806	-1.86	-1.828	-1.828	-	-	-
Earnings before Tax (EBT) ¹	-14.18	-8.544	-12.22	-21.41	-34.54	-36.92	-39.56	-30.21	-32.73	-21.92	-18.86	-20.16	-3.728	-6.102	-11.12	-6.724	-2.066	0.171	-8.161	-2.031	-3.908	-4.468	-4.781	-3.316	0.8283	2.542	0.6031	1.439
Change	-	39.75%	-42.97%	-75.28%	-61.32%	-6.89%	-7.16%	23.64%	-8.32%	33.01%	13.99%	-6.95%	81.51%	-63.68%	-82.28%	39.55%	69.27%	108.28%	-4,872.51%	75.11%	-92.43%	-14.31%	-7.01%	30.64%	124.98%	206.85%	-76.27%	138.61%
Net income ¹	-14.2	-8.544	-12.22	-21.67	-34.24	-37.04	-39.6	-30.3	-32.98	-22.12	-19.06	-20.31	-3.176	-6.392	-11.26	-6.993	-2.39	-0.353	-8.382	-2.243	-3.561	-2.841	-4.951	-2.616	-0.4752	2.641	0.6266	1.495
Change	-	39.84%	-43.04%	-77.3%	-58.04%	-8.16%	-6.93%	23.5%	-8.86%	32.93%	13.81%	-6.53%	84.36%	-101.26%	-76.08%	37.87%	65.82%	85.23%	-2,274.5%	73.24%	-58.75%	20.23%	-74.29%	47.15%	81.83%	655.69%	-76.27%	138.61%
Announcement Date	2/22/21	5/11/21	8/5/21	11/4/21	2/28/22	5/2/22	8/4/22	11/3/22	2/23/23	5/4/23	8/3/23	11/8/23	2/22/24	5/9/24	8/1/24	11/7/24	2/20/25	5/8/25	7/31/25	11/6/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Commerce.com, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-219	39.5	35.1	71.4	36.8	5.49	-26.5	-65.1
Change	-	118.04%	-11.14%	103.42%	-48.46%	-85.09%	-582.7%	-145.66%
Announcement Date	2/22/21	2/28/22	2/23/23	2/22/24	2/20/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Commerce.com, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1.964	3.304	5.196	4.179	3.721	8.388	7.154	7.25
Change	-	68.23%	57.26%	-19.57%	-10.96%	125.42%	-14.72%	1.35%
Free Cash Flow (FCF) ¹	-28.49	-43.6	-94.55	-28.42	22.53	27.58	33.05	38.66
Change	-	-53.03%	-116.84%	69.94%	179.28%	22.4%	19.82%	17%
Announcement Date	2/22/21	2/28/22	2/23/23	2/22/24	2/20/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Commerce.com, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-16.09%	-9.11%	-15.63%	-0.51%	7.07%	9.2%	9.88%	11.32%
EBIT Margin (%)	-17.99%	-10.38%	-16.83%	-1.83%	5.85%	8%	8.8%	10.46%
EBT Margin (%)	-24.63%	-34.89%	-49.96%	-20.9%	-7.81%	-3.96%	-2.89%	-0.16%
Net margin (%)	-25.28%	-34.88%	-50.14%	-20.9%	-8.12%	-4.26%	-3%	-0.42%
FCF margin (%)	-18.7%	-19.83%	-33.88%	-9.19%	6.77%	8.04%	9.24%	10.31%
FCF / Net Income (%)	73.97%	56.87%	67.58%	43.95%	-83.36%	-188.81%	-308.56%	-2,443.99%
Profitability
ROA	-	-5.66%	-9%	0.46%	5.61%	-	-	-
ROE	-43.72%	-13.27%	-50.34%	5.96%	74.72%	54.06%	42.24%	37.37%
Financial Health
Leverage (Debt/EBITDA)	-	-1.97x	-0.81x	-44.88x	1.56x	0.17x	-	-
Debt / Free cash flow	-	-0.91x	-0.37x	-2.51x	1.63x	0.2x	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.29%	1.5%	1.86%	1.35%	1.12%	2.44%	2%	1.93%
CAPEX / EBITDA (%)	-8.01%	-16.5%	-11.91%	-262.5%	15.81%	26.57%	20.24%	17.08%
CAPEX / FCF (%)	-6.89%	-7.58%	-5.5%	-14.7%	16.51%	30.41%	21.65%	18.75%
Items per share
Cash flow per share ¹	-	-0.5681	-1.22	-0.3226	0.3383	0.4422	0.4987	-
Change	-	-	-114.79%	73.56%	204.87%	30.72%	12.78%	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	3.314	1.912	0.6176	0.3342	0.4247	0.55	0.8	1.15
Change	-	-42.29%	-67.71%	-45.89%	27.08%	29.5%	45.45%	43.75%
EPS ¹	-0.99	-1.08	-1.91	-0.86	-0.35	-0.18	-0.1325	-0.02
Change	-	-9.09%	-76.85%	54.97%	59.3%	48.57%	26.39%	84.91%
Nbr of stocks (in thousands)	69,152	71,619	73,704	76,090	78,380	81,263	81,263	81,263
Announcement Date	2/22/21	2/28/22	2/23/23	2/22/24	2/20/25	-	-	-