BigCommerce Holdings, Inc. (BIGC): Business Model Canvas [Dec-2025 Updated]

You're digging into the financials of a major platform shift, trying to see if the rebrand to Commerce.com actually changes the game for BigCommerce Holdings, Inc. As a former head analyst, I can tell you the core strategy is now laser-focused on composable architecture and capturing that complex B2B spend, which already makes up a massive 75% of their Annual Recurring Revenue. We'll break down exactly how they plan to fuel this growth, from their AI integrations to maintaining that impressive 80% non-GAAP gross margin seen in Q2 2025, so you can see the operational map clearly below.

BigCommerce Holdings, Inc. (BIGC) - Canvas Business Model: Key Partnerships

You're looking at the ecosystem that keeps BigCommerce Holdings, Inc. (now operating under the parent brand Commerce as of mid-2025) competitive. The platform's strength isn't just its core code; it's the depth of its external connections.

The expansion of the Google Cloud partnership is central to the AI strategy. This collaboration introduces capabilities like Feedonomics Surface, which is currently in closed beta for BigCommerce customers, designed to optimize product data delivery to Google Merchant Center using AI-enhanced information. Furthermore, AI-powered data enrichment features leverage Google Cloud with Gemini technology to automatically enhance product catalogs. BigCommerce also uses Google Cloud AI within BigAI Product Recommendations, which aims to boost conversion and average order value for merchants. The platform serves B2C and B2B businesses across 150 countries.

For the complex B2B segment, the strategic partnership with PROS is key to advancing digital commerce. This integration embeds PROS' AI-driven pricing and selling tools, including Configure, Price, Quote (CPQ) functionality, directly into the Commerce suite. The goal is to reduce quote delays and errors, accelerating time to revenue for B2B customers dealing with complex product catalogs. BigCommerce also recently rolled out its own native CPQ system, alongside Multi-Company Account Hierarchy and Advanced Permissioning, features designed for complex B2B environments.

On the financial side, Klarna was named the global preferred payments partner in May 2025. This gives merchants worldwide access to Klarna's flexible options, such as Pay in 4 and Fair Financing, through a single integration. Klarna itself processes approximately 2.9 million transactions daily. Their AI-powered risk management tools analyze over 180 variables per transaction to assess risk and prevent fraud, helping maintain high approval rates for BigCommerce merchants.

To handle the increasing complexity of omnichannel fulfillment, BigCommerce announced a transformational partnership with Pipe17, an AI-powered order operations provider. This extends Pipe17's connectivity network to BigCommerce and Feedonomics customers, enabling seamless order routing and data synchronization between selling channels, 3PLs (third-party logistics providers), WMSs (warehouse management systems), and back-office systems. Pipe17's AI-powered network is composed of hundreds of endpoints.

The platform's reach is significantly amplified by its implementation partners. Here's a quick look at the scale of this ecosystem as of late 2024/early 2025 data:

The extensive network of agency and technology partners is critical for implementation and scaling. These partners help merchants unlock the full value of the platform, often accelerating time to launch. BigCommerce-certified agencies are pre-vetted for platform expertise and receive advanced training. The platform supports complex needs, including headless commerce solutions and integrations with systems like ERPs, CRMs, and PIMs.

• BigCommerce has 1,291 agency partners in its global network to support merchant growth.
• The platform has over 1,200 enterprise integrations and eCommerce apps in its marketplace.
• Certified partners excel in enterprise integrations and digital transformation for complex retail ecosystems.
• The platform powers over 60,000 merchants globally.

Finance: draft 13-week cash view by Friday.

BigCommerce Holdings, Inc. (BIGC) - Canvas Business Model: Key Activities

You're looking at the core actions Commerce.com, Inc. (formerly BigCommerce Holdings, Inc.) is taking to drive its business forward in late 2025. This isn't just about keeping the lights on; it's about a strategic pivot toward an AI-centric, composable future. Here are the key activities defining their operational focus.

Developing and maintaining the core open SaaS and composable platform

The foundation remains the open SaaS ecommerce platform, which is being actively maintained and evolved to support composable architectures. This focus is reflected in the financial commitment to development. The unamortized capitalized software costs as of December 31, 2024, stood at $6.2 million. The platform's performance is a key selling point, with BigCommerce stores achieving an average conversion rate of 2.5%, which is better than the typical industry average of 1-2%.

The platform's success is also measured by its financial output, with Total Annual Revenue Run-Rate (ARR) as of March 31, 2025, reaching $350.8 million, a 3% increase year-over-year. The GAAP gross margin for the first quarter of 2025 was 79%.

Integrating AI/agentic commerce features across the product portfolio

A major activity is the integration of AI to power what the company calls the 'agentic commerce era,' where AI agents assist in product discovery and transactions. This involves enhancing the data capabilities of Feedonomics to ensure product data is optimized for AI-driven discovery platforms. The company has also expanded partnerships with AI platforms, including Google Cloud and Perplexity. This strategic shift is central to their new identity.

Executing the strategic rebrand to Commerce.com and unifying products

This was a significant, time-bound activity executed in the third quarter of 2025. On July 31, 2025, BigCommerce Holdings, Inc. officially changed its corporate name to Commerce.com, Inc., with the stock beginning trading under the ticker CMRC on August 1, 2025. This rebrand unifies three core solutions:

• BigCommerce: The core transaction engine and scalable ecommerce OS.
• Feedonomics: Product data syndication and AI optimization.
• Makeswift: Visual editor for building AI-optimized, headless storefronts.

The company reported a 3% increase in total revenue for the second quarter of 2025, reaching $84.4 million, and a 6% rise in enterprise annual revenue run-rate, which may reflect early positive sentiment around the strategic shift.

Accelerating the B2B product roadmap with new features

Commerce.com, Inc. is doubling down on B2B, a segment where it has historically been strong. Key activity here involved rolling out major feature enhancements in early 2025 to meet the demands of the modern B2B buyer, 73% of whom are Millennials. The platform introduced the Configure-Price-Quote (CPQ) system and the Multi-Company Account Hierarchy in March 2025. These tools are designed to shorten the quote-to-cash cycle and support complex organizational structures.

Here's a snapshot of the B2B focus and related metrics as of Q1 2025:

Expanding sales capacity to reaccelerate growth through 2H 2025

To reaccelerate growth, a critical activity involved a significant overhaul of the sales organization. Following a 10% headcount reduction in Q4 2024, the company reinvested those savings to roughly double its quota-carrying sales capacity, a process that was substantially complete by Q1 2025. Management stated a goal to double the company's quota-carrying sales team by mid-2025, with a particular focus on the B2B segment. Furthermore, they are leveraging AI for training and enablement to reduce sales ramp times, aiming for efficacy in the second half of 2025 (2H 2025). The company's full-year 2025 revenue guidance is set between $335.1 million and $351.1 million, with the sales expansion intended to drive growth toward the higher end of that range.

BigCommerce Holdings, Inc. (BIGC) - Canvas Business Model: Key Resources

You're looking at the core assets that power the business, the things BigCommerce Holdings, Inc. (now operating under the parent brand Commerce.com, Inc. as of August 2025) relies on to deliver its value proposition. These aren't just assets; they are the engines of the platform.

The foundation is the technology stack itself. This includes the Core BigCommerce, which remains the flagship open SaaS, composable ecommerce platform for B2C and B2B brands. You also have Feedonomics, the AI-based product data feed management platform, and Makeswift, the visual editor for building and customizing digital storefronts. These three solutions are now unified under the Commerce umbrella to power what they call agentic commerce.

Intellectual property is tied directly to the development of these platforms, particularly in the realm of AI-driven data models. Feedonomics is focused on turning data into a competitive advantage, ensuring product data is AI-ready and optimized across global channels. The roadmap includes features like Makeswift AI, allowing site creation via natural language prompts, and Feedonomics AI, which will unlock complex sales channels by auto-generating required data.

Financially, the balance sheet provides operational flexibility. Cash, cash equivalents, and marketable securities totaled $121.9 million as of March 31, 2025. This is supported by improving operating efficiency, with net cash provided by operating activities reaching approximately $401 thousand for the first quarter of 2025. Furthermore, the net debt position was reduced to $32.2 million, representing a 59% decrease year-over-year as of Q1 2025.

The reach and scale of the business are supported by a global partner ecosystem and the platform's adoption metrics. The company serves tens of thousands of small business accounts alongside its established enterprise segment. The ecosystem is described as open and intelligent, with Feedonomics holding strategic partnerships with key AI platforms, including recent collaborations involving Perplexity and Google Cloud.

The experienced SaaS and commerce leadership team, led by CEO Travis Hess, is critical for executing the transformation strategy across the three core products. The platform's success is reflected in its Annual Revenue Run-Rate (ARR) and the high-value enterprise segment.

Here's a quick look at some key operational metrics as of the end of Q1 2025:

The platform's capabilities are further detailed by the specific roles of its components:

• BigCommerce: The flexible ecommerce operating system for merchants of record.
• Feedonomics: Optimizes product data for hundreds of global channels and AI interfaces.
• Makeswift: Powers AI-optimized storefronts with a collaborative visual editor.

The B2B Edition remains a focus area, with the company continuing to put talent into making it better. If onboarding takes 14+ days, churn risk rises, so platform speed is a key internal focus.

Finance: draft 13-week cash view by Friday.

BigCommerce Holdings, Inc. (BIGC) - Canvas Business Model: Value Propositions

You're looking at the core value Commerce.com, Inc. (formerly BigCommerce Holdings, Inc.) delivers to its customers as of late 2025. It's about providing enterprise-grade capability without the usual headaches of older systems, all while pushing the envelope on AI integration.

Open SaaS and composable architecture for maximum flexibility.

The platform is explicitly an open SaaS, composable ecommerce platform. This architecture lets you connect the tools and systems that drive your growth. Tens of thousands of B2C and B2B companies across 150 countries rely on this flexibility. The composable nature is key to supporting the shift toward agentic commerce, where you need to plug in specialized intelligence.

The platform's structure supports innovation without constraint, which is why they've been named a Challenger in the 2025 Gartner Magic Quadrant for Digital Commerce Platforms. This flexibility is a core tenet of the value proposition.

Unified platform for both B2C and complex B2B commerce needs.

Commerce.com, Inc. serves both B2C and B2B businesses. The focus on the enterprise segment is clear in the recurring revenue mix. Enterprise Accounts drove 76% of the total Annual Recurring Revenue (ARR) as of September 30, 2025, which was $269.2 million of the total $355.7 million ARR. That's a significant commitment to complex needs.

The platform now serves 62 of the Top 2000 online retailers, which generated over $3.8 billion in combined ecommerce sales in 2024. You see this B2B strength reflected in the Average Revenue Per Account (ARPA) for enterprise clients.

Here's a look at how the enterprise segment is performing:

AI-driven tools for personalization and data orchestration (agentic commerce).

The company has rebranded to Commerce.com, Inc. to power the 'agentic commerce era,' where AI acts on behalf of consumers. This is supported by strategic integrations. They deepened their partnership with Google Cloud for Gemini integration and partnered with Perplexity to optimize product data for AI search engines. AI tools are designed to automate routine tasks, like writing product descriptions, and to personalize the shopping experience.

The B2B offering includes advanced features like a Configure-Price-Quote (CPQ) system, launched in March 2025, which streamlines complex sales. This is part of the data orchestration value, ensuring data is ready for AI consumption across channels.

• Partnered with Perplexity for AI answer engine data optimization.
• Deepened Google Cloud/Gemini partnership for AI-powered solutions.
• Launched a comprehensive CPQ system in March 2025.
• Focus on enabling merchants with the data infrastructure for agentic commerce.

Professional-grade functionality without the complexity of legacy systems.

The platform provides sophisticated professional-grade functionality with simplicity. This is evidenced by the successful rollout of enterprise-grade features that mirror the complexity of legacy systems but are delivered via a modern SaaS model. The Multi-Company Account Hierarchy and Advanced Permissioning system lets businesses mirror complex organizational structures with role-based access controls and centralized management.

The financial performance supports the idea that this professional-grade offering is driving better unit economics. You see this in the margin expansion.

• Launched Multi-Company Account Hierarchy and Advanced Permissioning.
• CPQ system includes mobile-optimized interface and automated quoting.
• Enterprise Accounts now represent 76% of total ARR.

High non-GAAP gross margin of 80% (Q2 2025) for efficient operations.

Operational efficiency is a key value driver, clearly reflected in the gross margin. For the second quarter ended June 30, 2025, the non-GAAP gross margin hit 80%, up 280 basis points from Q2 2024's 77.2%. This high margin demonstrates the scalability of the SaaS delivery model. The company also achieved positive operating income in that quarter.

Here's a snapshot of the profitability and cash generation from the recent quarters. Finance: draft 13-week cash view by Friday.

BigCommerce Holdings, Inc. (BIGC) - Canvas Business Model: Customer Relationships

You're looking at how BigCommerce Holdings, Inc. (now Commerce.com, Inc. as of August 2025) structures its interactions with its customer base, which clearly segments based on account value and complexity. The focus is definitely shifting toward maximizing value from the top tier.

Dedicated account management for high-value Enterprise Accounts

For your largest clients, the relationship is clearly high-touch, evidenced by the focus on Average Revenue Per Account (ARPA) growth even as the total count slightly contracted. This suggests a strategy of deepening relationships with existing high-value merchants rather than pure volume acquisition at the top end. The Enterprise segment is the financial engine, making up the bulk of the Annual Recurring Revenue (ARR).

Here are the key metrics for the Enterprise cohort as of March 31, 2025:

Honestly, seeing ARPA increase by 9% while the account count dropped by 2% shows the dedicated account management is successfully driving expansion or retention of higher-spending enterprises. BigCommerce serves these 5,825 enterprise accounts alongside tens of thousands of small business accounts.

Partner-led services for complex platform customization and integration

For the complex needs that come with Enterprise and larger B2B implementations, BigCommerce relies heavily on its ecosystem. Partnership & Services Revenue (PSR) is a material part of the structure, making up approximately 25% of total revenues. This revenue is allocated based on the customer's share of Gross Merchandise Value (GMV) processed through a partner's solution or the total platform GMV, showing a direct link between partner activity and BigCommerce's service revenue recognition.

The partner network is used for significant migrations and integrations, such as a 30-year-old company launching a B2B store with an agency partner and an integration with Sage 100.

Digital self-service and support for smaller merchants

For the 'tens of thousands' of smaller merchants, the relationship leans toward scalable, digital support. The platform achieved a 91% customer satisfaction rate in 2024, which is supported by digital resources. You can see the structure supporting this through:

• 24/7 live chat, email, and phone support availability.
• An active community forum and knowledge base.
• The BigCommerce Buyer Portal for simplified account management.
• Streamlined reordering processes via the Buyer Portal.

The Buyer Portal specifically helps sellers reduce manual work, letting sales teams focus on higher-value relationships.

Product-led growth via cross-selling Feedonomics and Makeswift

The customer relationship extends beyond the core platform through owned products that feed into a unified vision. As of July 2025, the company rebranded to Commerce.com, Inc., unifying BigCommerce, Feedonomics, and Makeswift to power an AI-driven commerce ecosystem. This implies a product-led growth path where merchants adopting the core platform are encouraged to use the specialized tools:

• Feedonomics: The AI-based product data feed management platform.
• Makeswift: The brand and commerce site builder and visual editor.

The CEO confirmed in Q1 2025 that transformation plans touched each of these three core products, indicating strategic investment across the portfolio to drive adoption and potentially upsell revenue from the existing base.

BigCommerce Holdings, Inc. (BIGC) - Canvas Business Model: Channels

Direct sales team focused on closing Enterprise and B2B deals.

Contract terms with Enterprise customers generally range from one to three years. The Chief Executive Officer outlined plans to double the number of quota-carrying sales representatives by mid-2025.

Global network of agency and systems integrator partners.

Partner and services revenue includes revenue share, partner technology integrations, and marketing services provided to partners. Revenue share is recognized at the time the earning activity is complete, which is generally monthly and variable based on customer usage on the platform. Partner revenue for technology integrations is recorded on a straight-line basis over the life of the contract upon completion of the integration.

Online platform for self-service sign-up and trials.

• Total live stores worldwide recorded at 41,271 in Q2 2025, declining -6% year-over-year.
• Total live stores recorded at 39,904 in Q3 2025, a -1.6% decrease quarter-over-quarter.
• The Standard plan is best suited for small businesses or budding entrepreneurs.
• Merchants on the native checkout experience using either PayPal Wallet or Apple Pay saw checkout conversion jump to 58.9% from 52.9% without alternative payment methods.

App Marketplace for third-party technology integrations.

BigCommerce has over 1,200 enterprise integrations and eCommerce apps in its marketplace. The platform is tracking 593 different technologies with 264,596 collective installs on BigCommerce stores. The Company recognizes partner revenue share on a net basis, determining it acts as the agent in arrangements with third-party application providers.

BigCommerce Holdings, Inc. (BIGC) - Canvas Business Model: Customer Segments

You're looking at the core customer base for BigCommerce Holdings, Inc. as of late 2025, which clearly shows a strategic pivot toward the higher-value end of the market. The numbers tell a clear story about where the Annual Recurring Revenue (ARR) is concentrated right now.

Enterprise Accounts, representing 75% of total ARR

This segment is the financial engine, and you can see the focus on maximizing value per client rather than just volume. As of the third quarter of 2025, Enterprise Accounts contributed 76% of the total ARR, which stood at $355.7 million for that period. That means the Enterprise ARR was approximately $269.2 million as of September 30, 2025. It's interesting to note that while the focus is on value, the absolute count of these large customers has seen minor fluctuation; as of Q3 2025, there were 5,751 enterprise accounts. Still, the Average Revenue Per Account (ARPA) is climbing, hitting $46,806 in Q3 2025, which is up 7% year-over-year for that quarter. That's how you drive profitability when overall top-line growth moderates.

The platform is definitely designed to serve established players, which is why you see the emphasis on B2C and B2B brands that need enterprise-grade features. You're seeing a platform that has evolved past just serving the smallest shops.

Established B2C brands, retailers, and wholesalers.

The Retail sector remains the largest single industry vertical by customer count in 2025, accounting for 18% of the total customer base, which translates to 7,386 stores. This group includes established B2C brands and wholesalers who need robust, scalable infrastructure. The platform also supports significant activity in specific product categories, with Home & Garden being the largest sub-segment, housing 6,869 stores. Apparel is another major area, with 5,691 stores utilizing the platform.

B2B manufacturers and distributors (a key growth focus).

This is where management is placing a heavy bet for future acceleration. The company reports having nearly 12,000 B2B accounts on the platform as of early 2025. Furthermore, over 50% of their net new bookings in fiscal year 2024 were B2B-focused, signaling a clear strategic shift in sales efforts. Manufacturing is the second-largest industry segment by user count, representing 6% of the customer base, or 2,205 users in 2025. To support this, the plan was to double the quota-carrying sales team by mid-2025, specifically targeting this B2B growth.

Tens of thousands of small and medium-sized businesses.

While the focus is upmarket, the foundation is still built on a large volume of smaller merchants. BigCommerce Holdings, Inc. powers over 130,000+ merchants globally. As of the third quarter of 2025, the number of actively live stores on the platform was 40,929. This lower-tier segment is explicitly recognized in the company's restructured market positioning, which includes a dedicated Small Business segment. The introduction of a self-service version of Feedonomics, for example, was a move designed to better serve these smaller businesses with less complex needs.

• Total merchants powered worldwide: over 130,000.
• Active live stores as of Q3 2025: 40,929.
• Historical total of sites that have used the platform: 94,507.
• Retail sector share of customers (2025): 18%.

BigCommerce Holdings, Inc. (BIGC) - Canvas Business Model: Cost Structure

You're looking at the cost side of the ledger for Commerce.com, Inc. (formerly BigCommerce Holdings, Inc.) as of late 2025. The focus here is on controlling the burn while investing for scale, especially in the enterprise segment. We saw real progress in Q3 2025, where the company achieved a GAAP Loss from Operations of just ($0.435 million) on $86.0 million in revenue.

The overall cost base, represented by Total Operating Expenses in Q3 2025, was $67.87 million (or $67,869 thousand). This is the pool of money that covers everything outside of the Cost of Revenue (which resulted in a GAAP Gross Margin of 78% for the quarter). The story here is operating leverage; the Non-GAAP Operating Margin hit 19% in Q3 2025, a significant improvement year-over-year.

Here's a quick look at the key cost-related financial results for the third quarter ended September 30, 2025 (all figures in thousands, unless noted):

The management team explicitly called out cost discipline leading to operating leverage improvements across the board in their Non-GAAP reporting. This means they got more efficient with their spending relative to revenue growth.

High cost of Research and Development (R&D) for platform innovation

Platform innovation remains a core cost driver, essential for maintaining a competitive edge, especially with the push toward AI-enabled commerce. While the exact GAAP R&D dollar amount for Q3 2025 isn't explicitly broken out from the total operating expenses, we know the leverage story. The Non-GAAP Operating Margin improved by 2 percentage points due to R&D efficiency.

The cost to use the platform itself, which covers the underlying technology infrastructure, is reflected in the tiered pricing for merchants, which starts at $39 per month for the Standard plan and goes up to $399 per month for the Pro plan, with custom pricing for Enterprise solutions. This subscription revenue funds the R&D to keep those tiers competitive.

Sales and Marketing (S&M) expenses to drive enterprise pipeline

Driving the enterprise pipeline is expensive, but the returns are clear: Enterprise ARR reached $269.2 million, representing 76% of total ARR as of September 30, 2025. The cost structure reflects this focus. The Non-GAAP Operating Margin improvement attributed to S&M efficiency was the largest contributor at 4 percentage points. This suggests that while S&M spend is high, the return on investment (ROI) from the enterprise pipeline is improving faster than the spend itself.

The company is focused on scaling emerging self-serve product lines too, which likely have a lower initial S&M cost per acquisition.

Technology infrastructure and cloud hosting costs

As a Software as a Service (SaaS) platform, the cost of running the servers and maintaining the cloud environment is a significant, recurring expense. This is baked into the Cost of Revenue, which keeps the GAAP Gross Margin at 78% for Q3 2025. For merchants, this translates to a hosted solution that handles server maintenance and security, avoiding the need for them to budget for hosting that might range from $80 to $730 per month independently.

The platform's architecture, being open and composable, means costs are also incurred through maintaining and integrating with a vast ecosystem of third-party apps, some of which carry monthly subscription fees for merchants, though these are borne by the customer, not Commerce.com, Inc. directly.

General and Administrative (G&A) for corporate overhead

Corporate overhead, or G&A, is another area where the company has demonstrated cost control. The Non-GAAP Operating Margin saw an improvement of 2 percentage points from G&A efficiency. This is the cost of running the business-finance, legal, HR, and executive functions.

The company's strong cash position of $143.2 million as of September 30, 2025, helps absorb these fixed overhead costs without immediate pressure, especially given the $7.6 million in Free Cash Flow generated in the quarter.

Personnel costs for key leadership and sales team expansion

Personnel is almost always the largest component of operating expenses for a software company. The reinvestment mentioned in Q3 2025 was specifically in 'product development and sales enablement,' which directly translates to headcount costs for R&D and S&M teams. The efficiency gains in S&M and R&D suggest that the company is getting more revenue output per dollar spent on its teams, or that the growth in high-value enterprise sales is outpacing the growth in the associated sales team costs.

Key personnel costs are also impacted by stock-based compensation, which is excluded from Non-GAAP measures. The company is managing its overall compensation structure to drive the bottom line, as evidenced by the $8.0 million Non-GAAP Operating Income in Q3 2025.

• Enterprise ARR per account reached $46,806, a 7% increase year-over-year.
• Total common shares outstanding for Q3 2025 was approximately 80.8 million.
• The company is focused on scaling sustainable growth across core offerings.

BigCommerce Holdings, Inc. (BIGC) - Canvas Business Model: Revenue Streams

You're looking at how BigCommerce Holdings, Inc. brings in the money, which is key for understanding its valuation trajectory. Honestly, the revenue mix shows a clear focus on locking in that recurring software income, but services still play a material part.

The biggest piece comes from Subscription Solutions Revenue. For the first quarter of 2025, this segment brought in $62.1 million. That's the bedrock of the business, representing the fees customers pay for access to the core ecommerce platform, which is what we analysts really focus on for long-term predictability.

Then you have Partner and Services Revenue. This stream includes things like the professional services for implementing the platform and revenue from specialized offerings such as Feedonomics services. For Q1 2025, this segment generated $20.256 million, based on the total revenue of $\$82.370$ million for that quarter.

Here's a quick look at how those two main streams stacked up in Q1 2025:

You'll notice Transaction revenue from processing fees via the future BigCommerce Payments offering isn't a current stream yet. Management has signaled that the BigCommerce Payments offering, powered by PayPal, is on track for a launch in the U.S. in early 2026. That's a future lever for transaction fee revenue, which will change the overall mix when it goes live.

Also keep an eye on the smaller, but strategically important, revenue sources:

• Upsell revenue from paid features in Makeswift.
• Upsell revenue from paid features in Feedonomics.
• The company is pushing self-service versions of Feedonomics targeting smaller businesses in the second half of 2025.

The company's overall expectation for the year reflects the ongoing transformation efforts. For the full-year 2025 revenue guidance, BigCommerce Holdings, Inc. is projecting a range between $339.6 million and $346.6 million, as updated in their Q2 2025 commentary. That guidance range balances the expected upside from doubling sales capacity against macro uncertainty.

To give you a sense of momentum, Q2 2025 actual revenue reached $84.4 million, showing sequential growth from the Q1 2025 total of $\$82.4$ million. The first nine months of 2025 sales reached $252.8 million year-to-date.

Here are some other key metrics tied to revenue performance as of the first quarter:

• Total Annual Revenue Run-Rate (ARR) as of March 31, 2025: $350.8 million.
• Enterprise ARR as of March 31, 2025: $263.8 million.
• Enterprise ARR as a percent of total ARR as of March 31, 2025: 75%.
• Average revenue per enterprise account in Q1 2025: just over $45,000.

Finance: draft the Q3 2025 revenue forecast variance analysis by next Tuesday.