BigCommerce Posts Impressive Q1 Results, CEO Anticipates 'Additional Growth Momentum'

Zinger Key Points
  • BigCommerce Surpasses Expectations with 12% Revenue Growth and a Positive Shift in Non-GAAP Net Income.
  • Significant Improvements in Subscription Revenue, Enterprise Accounts, and Regional Revenues Highlighted.

BigCommerce Holdings, Inc. BIGC reported first-quarter 2024 revenue growth of 12% year-over-year to $80.36 million, beating the consensus of $77.202 million. 

Non-GAAP net income per share was 7 cents, beating the analyst consensus of 4 cents.

Subscription revenue was $61 million, up 13% Y/Y. Number of enterprise accounts was 5,970, up 2% Y/Y, and Average revenue per account of enterprise accounts was $41,581 up 6% Y/Y.

Total annual revenue run-rate (ARR) as of March 31, 2024, was $340.1 million (+7% Y/Y), and ARR from accounts with at least one enterprise plan was $248.2 million (+8% Y/Y).

Non-GAAP gross margin was 78%, compared to 77% a year ago, and non-GAAP operating margin improved to 3.9% from negative 9%.

Revenue in the Americas grew by 11.6% YoY, EMEA increased by 15.1% YoY, and revenue in APAC grew by 11.4% YoY.

Adjusted EBITDA was $4.2 million, compared to negative $5.5 million in the first quarter of 2023.

Net cash used in operating activities totaled $3.417 million versus $20.836 million a year ago. BigCommerce exited the quarter with cash and equivalents worth $60.90 million.

"Looking forward, we anticipate additional growth momentum from our new Catalyst storefront technology, Open Source B2B Buyer Portal, and the 100+ new product releases announced as part of Next Big Thing," commented Brent Bellm, CEO of BigCommerce.

Q2 Outlook: BigCommerce expects Q2 total revenue of $79.8 million-$81.8 million versus $80.48 million, and Non-GAAP operating income is expected to be between $200,000 to $1.2 million. 

2024 Outlook: The company sees total revenue of $329.7 million-$335.7 million versus $331.26 million consensus and Non-GAAP operating income between $10.2 million-$14.2 million.

Price Action: BIGC shares are trading higher by 13.53% at $7.60 at the last check Thursday.

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