Cloud-based ecommerce platform BigCommerce has announced its financial results for its second quarter, ended June 30, 2020. This is the first quarterly report by the company since its IPO earlier this year.
“In Q2, our first quarter reported as a public company, strong execution and continued adoption of the BigCommerce platform drove total revenue growth of 33% year-over-year,” said Brent Bellm, CEO of BigCommerce.
“The momentum in our business continues to strengthen and we believe our open SaaS platform – designed to deliver speed, flexibility, and innovation – best positions our merchants for the new era of ecommerce,” adds Bellm.
Second Quarter Financial Highlights
- Total revenue was $36.3 million, up 33% compared to the second quarter of 2019.
- Total annual revenue run-rate (ARR) was $151.8 million, up 32% compared to the second quarter of 2019.
Product Highlights: The Company continues to invest and innovate in building its open SaaS ecommerce platform, supported and integrated with its extensive network of technology and agency partners.
Such investments include Page Builder, Order Refunds API, and expanding control panel languages to also include Italian and Spanish.
Page Builder is the Company’s intuitive, drag-and-drop visual merchandising and design tool, which enables merchants to quickly build differentiated shopping experiences and tell their brand story.
Building on its open SaaS approach, the Company launched its Order Refunds API, which allows merchants and agencies to integrate 3rd party order management solutions.
BigCommerce also advanced its international expansion efforts by increasing the number of control panel languages by adding Italian and Spanish, enabling more merchants to manage their store’s backend in their local language.
Merchant Highlights: The Company added leading brands across multiple industries including LaPerla, an Italian luxury lifestyle brand; the National Baseball Hall of Fame in Cooperstown; Yeti Cycles, a high-end mountain bike manufacturer; PayPal’s Quick-Reference “QR” code store; and SherrillTree, the leading store for all things tree care.
In addition, during the first half of 2020, the Company added sites from 9 different Forbes Global 2000 corporations, such as Royal Dutch Shell, Diageo, Sharp Electronics, and two of the world’s largest consumer packaged goods companies.
Partner Highlights: During the first half of 2020, BigCommerce added multiple key strategic partnerships to further its B2B strategy.
The first is Systum, which provides enterprise-grade insights into a merchant’s inventory, orders, invoices, and more.
The second is Bundle B2B, which provides merchants with the seamless ability to review transactions and manage customer accounts.
The Company further strengthened its community of payments partners by adding Elavon, Adyen, and WeChat Pay to support international merchants.
BigCommerce also completed integrations with Klarna, PayPal Vaulting, PayPal Express Checkout, Google Pay on Authorize.net, and Barclaycard.
In cross-channel, the Company enhanced existing strategic partnerships with Facebook and Instagram.
Completed Initial Public Offering: The Company completed its Initial Public Offering on The Nasdaq Capital Market on August 4, 2020.
The Company sold a total of 7.9 million shares of Series 1 common stock to the public at a price of $24.00 per share for a total of approximately $175.8 million in net proceeds to the Company after deducting underwriting discounts and commissions.
Team/Culture: BigCommerce was recently awarded “Best Places to Work in Australia 2020”.
Q3 and 2020 Financial Outlook
For the third quarter of 2020, the Company currently expects:
- Total revenue between $35.9 million and $36.3 million.
- Non-GAAP operating loss between ($10.4) million and ($10.1) million.
For the full year 2020, the BigCommerce currently expects:
- Total revenue between $142.5 million and $143.3 million.
- Non-GAAP operating loss between ($33.5) million and ($32.9) million.