10-Q - BigCommerce Holdings, Inc. (0001626450) (Filer)

Thu, May 9, 11:24 AM (381 days ago)

BigCommerce Holdings, Inc. reported its financial results for Q1 2024, showing a revenue increase to $80.36 million, up 12% from $71.76 million in Q1 2023. This growth was driven by a 13.3% increase in subscription solutions revenue, reaching $60.96 million, and an 8.1% rise in partner and services revenue to $19.40 million. The company's cost of revenue increased slightly by 5.7% to $18.44 million, resulting in a gross profit of $61.92 million and a higher gross margin of 77.1%, compared to 75.7% in the previous year. Operating expenses totaled $70.15 million, with sales and marketing expenses decreasing by 4.8% to $32.43 million, reflecting cost control measures. Research and development expenses also decreased by 4.1% to $19.99 million, and general and administrative expenses were down 9.5% to $14.93 million. The company reported a net loss of $6.39 million, an improvement from a net loss of $22.12 million in Q1 2023. BigCommerce's cash and cash equivalents stood at $62.01 million. The company continues to focus on enterprise accounts, with 5,970 such accounts contributing 73% of the $340.15 million annual revenue run-rate. The net revenue retention rate for enterprise accounts was 100%. The company is actively addressing a material weakness in its internal controls over financial reporting and is implementing remediation efforts.