Latest news with #MarianoGomidedeFaria
Business Wire
07-08-2025
- Business
- Business Wire
VTEX Reports Second Quarter 2025 Financial Results
NEW YORK--(BUSINESS WIRE)--VTEX (NYSE: VTEX), the backbone for connected commerce, today announced results for the second quarter of 2025 ended June 30, 2025. VTEX results have been prepared in accordance with accounting principles generally accepted in the United States of America ('U.S. GAAP') as well as the rules and regulations of the Securities and Exchange Commission ('SEC') regarding financial reporting. Geraldo Thomaz Jr., founder and co-CEO of VTEX, commented, 'We continue to invest with conviction in the capabilities that define the future of enterprise commerce. From scalable B2B solutions to monetization engines like Retail Media, our platform is built not only to meet today's demands but to anticipate what's next. Despite a challenging market for our retailer base in Brazil and Argentina, our AI initiatives on support-cost efficiency combined with our disciplined execution delivered a quarter of resilient operational profitability. As a result, we have raised our non-GAAP income from operations and free cash flow guidance by over 10%. This combination of product leadership and financial discipline positions us exceptionally well for sustainable, long-term growth.' Mariano Gomide de Faria, founder and co-CEO of VTEX, added, 'Our progress in the US and Europe highlights the growing global relevance of the VTEX platform. By delivering measurable outcomes, we're earning the trust of enterprise brands in some of the world's most advanced and competitive markets. This quarter, we are proud to welcome iconic names like KitchenAid and Road Runner Sports in the US, a clear validation of the strength of our value proposition. VTEX is establishing itself as a trusted global partner for enterprise commerce, and we're just getting started.' Second Quarter 2025 Financial Highlights GMV reached US$4.8 billion in the second quarter of 2025, representing a YoY increase of 9.1% in USD and 13.6% on an FX neutral basis. Total revenue increased to US$58.8 million in the second quarter of 2025 from US$56.5 million in the second quarter of 2024, representing a YoY increase of 4.0% in USD and 9.0% on an FX neutral basis. Subscription revenue represented 97.4% of total revenues, reaching US$57.2 million in the second quarter of 2025, from US$54.0 million in the second quarter of 2024. This represents a YoY increase of 6.1% in USD and 11.2% on an FX neutral basis. Non-GAAP subscription gross profit was US$45.7 million in the second quarter of 2025, compared to US$42.2 million in the second quarter of 2024, representing a YoY increase of 8.5% in USD and 14.7% on an FX neutral basis. Non-GAAP subscription gross margin was 79.9% in the second quarter of 2025, compared to 78.1% in the same quarter of 2024. Non-GAAP income from operations was US$8.5 million during the second quarter of 2025, compared to a non-GAAP income from operations of US$6.3 million in the same quarter of 2024. Non-GAAP net income was US$7.9 million during the second quarter of 2025, compared to a non-GAAP net income of US$10.7 million in the same quarter of 2024. Non-GAAP free cash flow was US$7.1 million during the second quarter of 2025, compared to a non-GAAP free cash flow of US$3.0 million in the same quarter of 2024. As of June 30, 2025, our total headcount was 1,283, decreasing 2.8% QoQ and 4.2% YoY. During the second quarter of 2025, we executed 100% of the remaining authorized share repurchase amount and repurchased 0.8 million shares at an average price of US$4.82 per share for a total cost of US$3.9 million. Considering the current and the previous years' share repurchase programs, the total executed amount reached 16.0 million shares, with an average price of US$4.86 per share and a total cost of US$78.2 million. On July 31st 2025, our board of directors authorized the repurchase of shares of our Class A common shares for an aggregate consideration of up to US$40.0 million. Second Quarter 2025 Commercial Highlights: New customers who initiated their operations with us, among others: Alo Yoga, Amigão Supermercados, Drogaleste, and Lindt in Brazil; ShopAZ in Kosovo; Fraiche in Mexico; Cash Piscines in France; The Delta House in Portugal; Road Runner Sports and American Water Resources in the US. Existing customers expanding their operations with us by opening new online stores, among others: Hinode Group added a B2B store in Colombia, now running B2B and B2C models across four countries in Latin America; Keune continues to expand its B2B presence across Europe, adding Sweden and Norway to its Germany, Belgium, France, Netherlands, and UK operations; LG launched a new store in Ecuador, expanding its presence across Latin America; Veste launched Estoque in Brazil, their multi-brand outlet that offers discounted items from across the group's premium fashion labels, expanding its portfolio of VTEX stores that already include Le Lis, Bo.bô, John John, Dudalina, and Individual; Whirlpool launched KitchenAid in the US, marking its first US store launch with VTEX while continuing our global relationship in over 20 countries. Second Quarter 2025 Operational Highlights: We innovate aligned with our guiding principles. We express our brand through the success of our customers. VTEX key operational highlights this quarter are: Bemol, one of Brazil's largest retailers, launched its retail media operation, Bemol Ads, with VTEX Ads as a strategic partner, turning its ecommerce into a monetization engine. In its largest campaign, the retailer used ad formats like sponsored products and dynamic banners to generate over R$1 million in incremental sales with a ROAS over 40x. Powered by targeted segmentation and real-time optimization, the campaign boosted both revenue and advertiser satisfaction. Bemol now plays a key role in the VTEX Ads ecosystem, expanding ad inventory and driving continued media investment. Espaço Smart, a Brazilian leader in industrialized construction systems, launched a B2B ecommerce channel on VTEX to better serve professional buyers like contractors and distributors. After noticing strong usage of its B2C site by enterprise clients, the company created a tailored experience with personalized pricing, quick reordering, and digital quote requests, streamlining purchases and cutting negotiation time. Fully integrated with its ERP and 43 physical stores, the channel offers real-time control over pricing, inventory, and taxes. The result is increased agility, deeper customer engagement, and measurable progress toward scalable, sustainable growth. FARM, a leading Brazilian fashion brand, expanded its digital presence across Latin America by launching cross-border ecommerce with VTEX in just six months. The brand went live in Chile, Colombia, Peru, Uruguay, Paraguay, Argentina, and Bolivia using a unified infrastructure that supports local pricing, regulations, and tailored storefronts. With VTEX IO and a centralized admin, FARM streamlined operations and enabled deliveries from Brazil in an average of six business days. The lean setup and composable architecture allowed the brand to scale efficiently while maintaining its vibrant identity and strong customer retention. Fraiche, a leading Mexican beauty and fragrance brand with over 700 franchisees, launched their new B2C ecommerce operation on VTEX to modernize its digital presence after limited success with previous platforms. The new site preserves the brand's identity and supports over 900 distributor accounts with tailored pricing and offers. Built with native tools for catalog management, promotions, customer segmentation, and analytics, it's designed to boost both user experience and operational efficiency. The company is also exploring future enhancements like in-store pickup, last-mile logistics, and live shopping as part of its broader digital strategy. Lindt partnered with VTEX in Brazil to elevate its direct-to-consumer ecommerce strategy, aiming to differentiate through a premium experience aligned with its global identity. The project focused on improving usability, conversion, and nationwide delivery coverage, addressing previously low satisfaction scores, conversion rates, and bounce rates. Implemented on VTEX FastStore with a regionalized franchise architecture, the solution featured key customizations and integration with Lindt's loyalty program. This migration empowered Lindt to deliver a consistent, scalable, and delightful digital experience across Brazil. Reckitt, a global consumer goods leader, scaled its retail media strategy with VTEX Ads to drive performance and efficiency, particularly in the complex pharmaceutical sector. Moving from fragmented buys to an integrated, data-driven approach, the brand activated campaigns with 19 retail partners — achieving a sevenfold increase in sales driven by retail media and a fivefold boost in campaign consumption, both while tripling its ROAS. With flexible formats, real-time optimization, and strong retailer collaboration, Reckitt aligned media with business goals and established VTEX Ads as its central engine for scalable retail media success. Road Runner Sports, a leading US specialty retailer, modernized its ecommerce by migrating from a legacy platform to VTEX, adopting a headless, API-first architecture to unify digital and physical channels. Instead of a full replatforming, the company chose a phased approach, first moving its ecommerce engine to VTEX, then gradually adopting native capabilities. The architecture features a decoupled front end integrated with third-party services, while VTEX powers core commerce functions like catalog, pricing, and promotions. This shift laid the foundation for faster innovation, improved efficiency, and a scalable, future-ready commerce ecosystem. ShopAZ, a next-generation marketplace born in Kosovo, launched as a greenfield initiative with the clear mission of empowering sellers of all sizes through a seamless, tech-forward platform. Built for scalability and efficiency, ShopAZ chose VTEX for its powerful native marketplace capabilities, particularly the Seller Portal, which enables streamlined seller onboarding and management with minimal operational overhead. The headless implementation, paired with a unified commerce backbone, gives ShopAZ full flexibility to customize the buyer experience while centralizing critical marketplace functions. With VTEX at its core, ShopAZ is setting a new standard for digital commerce in emerging markets and beyond. The Delta House, a digital initiative from Portugal's iconic Delta Cafés, was launched as a greenfield project using the VTEX platform. Focused on delivering a premium and personalized multi-category shopping experience, the brand chose VTEX for its flexibility, multiple payment options, and native features like pickup points. Our unified admin made it easy for the team to manage logistics, payments, and marketing in one place. Implemented in just five months with custom integrations, the project brought the Delta spirit online while laying the groundwork for digital growth. Via Marte, a leading Brazilian footwear brand, migrated its B2C ecommerce to VTEX over a five-month period with the strategic goal of transforming its online store into a centralized marketplace. Previously operating from a single distribution center in southern Brazil, the brand sought to expand its reach by onboarding partner retailers as sellers, improving delivery times and coverage across the country. With full control over pricing and catalog, the project is set to enhance operational efficiency, offer better inventory visibility, and support smarter decisions. Whirlpool launched KitchenAid's ecommerce site in the US, its first VTEX implementation in that market, as part of a broader digital transformation. More than a platform migration, the project introduced a modular, scalable architecture with a headless front end and full integration across ERP, PIM, CRM, pricing, and analytics systems via middleware. The site supports seamless fulfillment through four distribution centers and offers advanced features like headless login, personalized engraving, gift wrapping, and flexible checkout options. With this launch, Whirlpool improved performance, reduced complexity, and set a global standard for future deployments. Business Outlook VTEX is well-positioned to capture an attractive market opportunity. We remain focused on executing with discipline and leveraging our business model as we navigate a challenging environment. While near-term revenue performance is impacted by market conditions, we are confident in our competitive positioning, our global expansion strategy, the resilience of our business model, and the long-term opportunities ahead. In this context, we are currently targeting FX neutral YoY subscription revenue growth of 6.0% to 9.0% for the third quarter of 2025, implying a US$57.5 million to US$59.0 million range. For the full year 2025, we are now targeting FX neutral YoY subscription revenue growth to 9.0% to 12.0%, implying a range of US$233 million to US$239 million based on the average of July FX rates. Moreover, we are raising non-GAAP income from operations and free cash flow margins to high-teens. We remain confident in VTEX's ability to execute in today's complex environment while driving long-term value for our customers, partners, and shareholders. Our Q2 performance, delivered amid a challenging market backdrop, reinforces the strength of our strategic foundation and the resilience of our operating model. As we move into the second half of the year, we stay focused on disciplined execution, accelerating platform innovation, and supporting our customers as they navigate their growth priorities. With a clear roadmap, expanding global presence, and improving margin profile, VTEX is well-positioned to continue scaling with purpose. The business outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond VTEX's control. See the cautionary note regarding 'Forward-Looking Statements' below. Fluctuations in VTEX's operating results may be particularly pronounced in the current economic environment. There can not be an assurance that VTEX will achieve these results. The following table summarizes certain key financial and operating metrics for the three months and six months ended June 30, 2025 and 2024. (1) Calculated by using the average monthly exchange rates for the applicable months during 2024, adjusted by inflation in countries with hyperinflation, and applying them to the corresponding months in 2025, as applicable, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. (2) Corresponds to our subscription revenues minus our subscription costs. (3) Corresponds to our subscription gross profit divided by subscription revenues. (4) Reconciliation of non-GAAP metrics can be found in tables below. Expand Conference Call and Webcast The conference call may be accessed by dialing +1-800-715-9871 (Conference ID –9262891–) and requesting inclusion in the call for VTEX. The live conference call can be accessed via audio webcast at the investor relations section of the Company's website, at An archive of the webcast will be available for one week following the conclusion of the conference call. Definition of Selected Operational Metrics 'Customers' means companies ranging from small and medium-sized businesses to larger enterprises that pay to use VTEX's platform. 'GMV' means the total value of customer orders processed through our platform, including value-added taxes and shipping. Our GMV does not include the value of orders processed by our SMB customers or B2B transactions. 'FX Neutral' or 'FXN' means a way of using the average monthly exchange rates for each month during the previous year, adjusted by inflation in countries with hyper-inflation, and applying them to the corresponding months of the current year, so as to calculate what results would have been had exchange rates remained stable from one year to the next. 'Stores' or 'Active Stores' means the number of unique domains generating gross merchandise value. Each customer might have multiple stores. Special Note Regarding non-GAAP financial metrics For investor convenience, this document presents certain non-GAAP financial measures. We regularly assess other metrics that are not in accordance with U.S. generally accepted accounting principles ('GAAP') and are defined as non-GAAP financial measures by the SEC. These measures help us evaluate our business, track performance, prepare financial forecasts, and make strategic decisions. The key metrics we consider include non-GAAP subscription gross profit, non-GAAP income from operations, non-GAAP net income, free cash flow, and FX Neutral measures. These non-GAAP financial measures, which may differ from similarly titled non-GAAP measures used by other companies, provide supplemental insights into our operating performance. They exclude certain gains, losses, and non-cash charges that occur infrequently or that management considers unrelated to our core operations. The following table presents a reconciliation of our non-GAAP subscription gross profit to subscription gross profit for the following periods: The following table presents a reconciliation of our non-GAAP S&M expenses to S&M expenses for the following periods: The following table presents a reconciliation of our non-GAAP R&D expenses to R&D expenses for the following periods: The following table presents a reconciliation of our non-GAAP G&A expenses to G&A expenses for the following periods: The following table presents a reconciliation of our non-GAAP income from operations to income (loss) from operations for the following periods: The following table presents a reconciliation of our non-GAAP net income to our net income provided for the following periods: The following table presents a reconciliation of our free cash flow to net cash provided by operating activities for the following periods: The following table sets forth the FX neutral measures related to our reported results of the operations for the three months ended June 30, 2025: The financial information in this press release has not been audited. Numbers have been calculated using whole amounts rather than rounded amounts. This might cause some figures not to total due to rounding. About VTEX VTEX (NYSE: VTEX) is the commerce suite of choice for bold CIOs and CEOs globally, delivering transformative outcomes with unprecedented operational efficiency. By unifying a comprehensive ecosystem of solutions—including B2C, B2B, Omnichannel, and Retail Media—VTEX empowers brands and retailers to eliminate friction, foster collaboration, and accelerate growth. More than just software, VTEX is an agent of transformation, seamlessly connecting customers, partners, and developers to drive tangible business results. Trusted by 2.4 thousand global B2C and B2B customers, including Carrefour, Colgate, Sony, Stanley Black & Decker, and Whirlpool, VTEX supports 3.4 thousand active online stores across 43 countries (FY ended December 31, 2024). For more information, visit Forward-looking Statements This announcement contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange of 1934, as amended. Statements contained herein that are not clearly historical in nature, including statements about the VTEX strategies and business plans, are forward-looking, and the words 'anticipate,' 'believe,' 'continues,' 'expect,' 'estimate,' 'intend,' 'strategy,' 'project,' 'target' and similar expressions and future or conditional verbs such as 'will,' 'would,' 'should,' 'could,' 'might,' 'can,' 'may,' or similar expressions are generally intended to identify forward-looking statements. VTEX may also make forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission, or the SEC, in press releases and other written materials and in oral statements made by its officers and directors. These forward-looking statements speak only as of the date they are made and are based on VTEX's current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond VTEX's control. A number of factors and risks could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in VTEX filings with the SEC. As a consequence, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in this announcement. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented as there is no guarantee that expected events, trends or results will actually occur. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason. This announcement may also contain estimates and other information concerning our industry that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information. VTEX Condensed consolidated interim balance sheets (Unaudited) In thousands of U.S. dollars, unless otherwise indicated June 30, 2025 December 31, 2024 LIABILITIES Current liabilities Accounts payable and accrued expenses 37,727 36,003 Taxes payable 6,585 7,863 Lease liabilities 1,989 1,617 Deferred revenue 36,276 32,521 Accounts payable from acquisition of subsidiaries 16 29 Other current liabilities 3,204 1,989 Total current liabilities 85,797 80,022 Non-current liabilities Accounts payable and accrued expenses 3,964 1,754 Taxes payable 177 160 Lease liabilities 1,853 1,695 Accounts payable from acquisition of subsidiaries 1,463 943 Deferred revenue 21,014 22,217 Deferred tax liabilities 699 808 Other non-current liabilities 343 361 Total non-current liabilities 29,513 27,938 Commitments and contingencies EQUITY Common stock: $0.0001 par value, 2,100,000,000 shares authorized; Class A: 101,296,497 and 103,947,244 issued; 101,296,497 and 103,874,660 outstanding. Class B: 80,666,730 and 80,866,730 issued and outstanding 18 18 Additional paid-in capital 354,803 365,933 Accumulated other comprehensive income (loss) 1,365 (2,023) Accumulated losses (105,962) (109,814) Equity attributable to VTEX's shareholders 250,224 254,114 Non-controlling interests 39 32 Total shareholders' equity 250,263 254,146 Total liabilities and equity 365,573 362,106 Expand VTEX Condensed consolidated interim statements of cash flows (Unaudited) In thousands of U.S. dollars, unless otherwise indicated Six months ended June 30, 2025 June 30, 2024 Income for the period 3,847 5,689 Adjustments for: Depreciation and amortization 1,547 1,462 Deferred income tax 1,324 (2,756) Loss on disposal of rights of use, property, equipment, and intangible assets 7 128 Expected credit losses from trade receivables 843 422 Share-based compensation 8,749 8,539 Gain on investments and other financial instruments, net (8,183) (10,575) Others and foreign exchange, net 4,222 5,948 Change in operating assets and liabilities Trade receivables 3,475 (12,522) Recoverable taxes 1,030 (3,726) Prepaid expenses and other assets (894) 447 Accounts payable and accrued expenses 574 3,737 Operating leases (783) (867) Taxes payable (1,650) (1,083) Deferred revenue (645) 10,132 Other liabilities 489 799 Net cash provided by operating activities 13,952 5,774 Cash flows from investing activities Proceeds from disposal of joint venture — 1,026 Purchase of marketable securities and equity investments (107,979) (67,538) Sales and maturities of marketable securities and equity investments 119,455 60,592 Acquisition of subsidiaries net of cash acquired (3,678) — Acquisitions of property and equipment (200) (1,259) Derivative financial instruments 478 (2,201) Net cash provided by (used in) investing activities 8,076 (9,380) Cash flows from financing activities Proceeds from the exercise of stock options 223 1,399 Net-settlement of share-based payment (1,427) (1,605) Buyback of shares (18,911) — Acquisition of subsidiary noncontrolling interest (164) — Payment of loans and financing (47) — Net cash used in financing activities (20,326) (206) Net increase (decrease) in cash and cash equivalents 1,702 (3,812) Cash and cash equivalents, beginning of the period 18,673 28,035 Effect of exchange rate changes 966 (1,313) Cash and cash equivalents, end of the period 21,341 22,910 Supplemental cash flow information: Cash (paid) refunded for income taxes 299 (632) Non-cash transactions: Lease liabilities arising from obtaining right-of-use assets and remeasurement 938 287 Unpaid amount related to business combinations 507 — Unpaid amount related to intangible assets acquisitions 1,446 — Transactions with non-controlling interests 12 14 Expand
Business Wire
08-07-2025
- Business
- Business Wire
VTEX Wins Two Cannes Lions Awards for Retail Reinvention Through Circular Commerce
NEW YORK--(BUSINESS WIRE)--From landfill to Lions: what began as a project in one of the world's most polluted landscapes earned VTEX (NYSE: VTEX), the backbone of connected commerce, two at the 2025 Cannes Lions International Festival. Awarded in the 'Media (Use of Digital Platforms) ' and 'Direct (Corporate Purpose & Social Responsibility) ' categories, the wins recognized the RE-COMMERCE ATACAMA initiative as a bold collaboration between VTEX, Artplan, Desierto Vestido and Fashion Revolution, becoming a blueprint in enterprise circular commerce. In addition to the two Bronze Lions recognitions, RE-COMMERCE ATACAMA was also shortlisted in four additional categories. The Atacama Desert has become a global symbol of excess production, receiving more than 40,000 tons of retail waste every year, mainly from North America and Europe. RE-COMMERCE ATACAMA wasn't just about spotlighting a crisis. It was about proving the versatile power of digital commerce. Each garment was hand-selected, sanitized, and restored. Many were unworn, still bearing original brand tags. The inventory was redistributed at no cost, with consumers only paying for shipping. Winning two Bronze Lions over hundreds of submissions comes off the heels of VTEX, being recognized as the only vendor named a Gartner® Customers' Choice in the 2025 Voice of the Customer for Digital Commerce report for the second year in a row. The Impact of RE-COMMERCE ATACAMA: Activated the first globally scalable circular commerce model from recovered desert fast fashion waste, and powered by a simplified and adaptable enterprise-grade digital commerce platform. Redistributed inventory to consumers in 10+ countries around the globe. Sold out inventory in just under five hours without paid media. Generated a whopping 200,000 signups for future waste drops. Delivered branded UX, storytelling, and packaging that sparked global connection and community towards a larger movement. Built in full collaboration: Desierto Vestido (recovery), Fashion Revolution Brazil (upcycle), Artplan (creative), VTEX (commerce engine). Mariano Gomide de Faria, Founder and Co-CEO of VTEX, said: ' RE-COMMERCE ATACAMA winning two Bronze Lions at Cannes 2025 sends a clear message: commerce can do more than scale global enterprise brands. With the remarkable partnership of Artplan, Desierto Vestido, and Fashion Revolution, we have proven how adaptable digital commerce platforms can correct, redistribute, and challenge the logic of excess. At VTEX, we're proud to have disrupted the model of linear consumption. This is one of the most urgent and transformative campaigns we've been part of this year, and it signals to other digital commerce platforms that neutrality In the conversation of retail waste is no longer an option. RE-COMMERCE ATACAMA has set the standard for global impact as value is defined by what is recovered, not just by what is sold. ' Built for viability over virality, RE-COMMERCE ATACAMA is now evolving into a long-term solution. In partnership with the University of Chile, the next phase focuses on transforming volunteer roles into paid work, generating local income, and formalizing the recovery and redistribution of discarded garments. The goal is a sustainable environmental and economic model led by a strong community. As AI reshapes the future of commerce, RE-COMMERCE ATACAMA is a case study in purposeful design meeting adaptable digital infrastructure. When intention is rooted in impact, transformation scales. And what started in the desert is now a global benchmark for regenerative commerce powered by technology, community, and creativity. To learn more about the RE-COMMERCE ATACAMA initiative, click here. ABOUT US: VTEX (NYSE: VTEX) is the commerce suite of choice for bold CIOs and CEOs globally, delivering transformative outcomes with unprecedented operational efficiency. By unifying a comprehensive ecosystem of solutions— including B2C, B2B, Sales App, Pick & Pack, Data Pipeline, Retail Media, and Security Shield —VTEX empowers brands and retailers to eliminate friction, foster collaboration, and accelerate growth. More than just software, VTEX is an agent of transformation, seamlessly connecting customers, partners, and developers to drive tangible business results. Trusted by 2.4 thousand global B2C and B2B customers, including Carrefour, Colgate, Sony, Stanley Black & Decker, and Whirlpool, VTEX supports 3.4 thousand active online stores across 43 countries (FY ended December 31, 2024). For more information, visit
Business Wire
04-06-2025
- Business
- Business Wire
VTEX Recognized as Sole Vendor Named Customers' Choice for the Second Year in a Row in the 2025 Gartner® Voice of the Customer for Digital Commerce
NEW YORK--(BUSINESS WIRE)-- VTEX (NYSE: VTEX), the backbone of connected commerce for global enterprise brands like Colgate, H Mart, Sony, Stanley Black & Decker, and Whirlpool, has been recognized as a Customers' Choice for the second year in a row in the 2025 Gartner® Voice of the Customer for Digital Commerce report. VTEX believes this distinction cements its position as the leading platform for enterprises navigating the ever-evolving digital commerce landscape. The report, based on verified customer feedback, reveals that 98 percent of VTEX customers would recommend the platform. VTEX also maintains an overall scoring of 4.8 out of 5 stars, based on 63 reviews as of January 2025. VTEX is the only digital commerce platform to receive Customers' Choice for two consecutive years. Reviews for this recognition include: 'VTEX has been an incredible partner for our business, they are willing to do whatever possible to help our business be successful.' Read the full review here. 'VTEX is a good partner and has bent over backwards for us. They have been able to provide simple solutions to complex business problems.' Read the full review here. 'Our experience with the VTEX Commerce Platform is positive. As a B2B business, we needed a robust and scalable solution to handle our requirements, and VTEX delivered well.' Read the full review here. " For two years in a row, our enterprise customers have made one thing clear: VTEX is the commerce platform they trust to grow their business with agility and data-backed solutions. To us, this is not just another recognition. This is the market proving that enterprises need more than promises, and this recognition is validation that VTEX provides a commerce platform that actually delivers. And that is exactly why VTEX continues to be the commerce platform for bold, ambitious CIOs and CTOs," said Mariano Gomide de Faria, founder and co-CEO of VTEX. Global brands continue to choose VTEX as their digital commerce vendor, including new customers: Calvin Klein, CFG (Manchester City football team), Dior, H Mart, New Balance, OBI, Rona, United States Electrical Services Inc. (USESI), and many more. " Enterprises do not have time for hype. They need a platform that moves at the speed of their ambitions and supports them every step of the way. VTEX is proving once again that we are the partner for the world's household name consumer brands and B2B power players. Two years of recognition is no accident; it is a result of relentless execution and a commitment to real global enterprise business impact," said Santiago Naranjo, CRO at VTEX. 'Voice of the Customer' is a document that synthesizes Gartner Peer Insights® reviews into insights for buyers of technology and services. This aggregated peer perspective, along with the individual detailed reviews, is complementary to Gartner expert research and can play a key role in your buying process. To read the full report and learn why customers continue to recommend VTEX, click here. Gartner Disclaimer: Gartner, Voice of the Customer for Digital Commerce, Peer Contributors, 23 May 2025 GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and PEER INSIGHTS are registered trademarks of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved. Gartner Peer Insights content consists of the opinions of individual end-users based on their own experiences with the vendors listed on the platform, should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose. ABOUT US: VTEX (NYSE: VTEX) is the commerce suite of choice for bold CIOs and CEOs globally, delivering transformative outcomes with unprecedented operational efficiency. By unifying a comprehensive ecosystem of solutions— including B2C, B2B, Sales App, Pick & Pack, Data Pipeline, Retail Media, and Security Shield —VTEX empowers brands and retailers to eliminate friction, foster collaboration, and accelerate growth. More than just software, VTEX is an agent of transformation, seamlessly connecting customers, partners, and developers to drive tangible business results. Trusted by 2.4 thousand global B2C and B2B customers, including Carrefour, Colgate, Sony, Stanley Black & Decker, and Whirlpool, VTEX supports 3.4 thousand active online stores across 43 countries (FY ended December 31, 2024). For more information, visit
Business Wire
07-05-2025
- Business
- Business Wire
82% of U.S. Shoppers Demand Price Clarity as Hidden Fees and Tariffs Erode Brand Trust
NEW YORK--(BUSINESS WIRE)--As U.S. families grapple with ongoing economic uncertainty and rising costs from tariffs and added fees, new consumer data from VTEX (NYSE: VTEX), the global commerce platform powering enterprise brands, reveals a staggering 82% of Americans say clear pricing and no hidden fees are essential to reducing stress and improving the shopping experience. 'We're at a critical juncture for retail,' said Mariano Gomide de Faria, Founder and Co-CEO of VTEX. 'Tariffs and supply-side pressures are no longer looming threats, they're the new normal." Share The findings, based on a national survey of more than 1,000 U.S. adults in April 2025, also show that more than one in three consumers say they feel frustrated when encountering unexpected fees, and 20% immediately abandon their cart at checkout. The findings expose a widening credibility gap, as brands increasingly pass tariff costs onto consumers through vague or last-minute fees. It also could risk the potential of tariffs and inflation-related fees becoming a catch-all for hidden charges, fueling further disconnect between what shoppers expect and what brands deliver. 'We're at a critical juncture for retail,' said Mariano Gomide de Faria, Founder and Co-CEO of VTEX. 'Tariffs and supply-side pressures are no longer looming threats, they're the new normal. The brands that obscure those costs or spring them on customers at checkout are eroding trust. In this environment, agility, visibility, and transparency are non-negotiable. Retailers need to build experiences that feel like clarity and control is in the customer's hands.' Tariffs Trigger Behavior Shifts and Brands Are Losing Loyalty In the survey, 73% of respondents reported switching brands or buying less due to higher prices, and 26% cited emotional stress and anxiety around spending as key drivers for pivoting from their preferred brand. These behavioral cues are a wake-up call for brands still treating pricing strategy and checkout experience as back-end concerns. Today's shoppers are not only price-sensitive, they are transparency-sensitive and that's affecting loyalty, conversion, and long-term brand perception. A Unified Approach to a Fragmented Market Tariffs and supply chain volatility aren't going away, but how brands respond is within their control. VTEX emphasizes that a pragmatic, unified commerce foundation enables retailers to manage these external pressures proactively, not reactively. In a high-friction economy, simplification isn't just operational, it's strategic. 'At VTEX, we believe technology should serve business goals, not complicate them,' added Gomide de Faria. 'That's why we've moved beyond over-composed, complex commerce architectures and are focused on working with retailers to build for their needs while ensuring a scalable platform doesn't just lower the total cost of ownership, it builds confidence with every transaction.' And when 1 in 5 shoppers say they'll abandon a purchase over unexpected fees, brands can't afford to let pricing complexity become a conversion killer. This survey confirms what today's shoppers value most, and what brands must prioritize to earn and retain their trust: Reinvest in pricing clarity across digital and in-store experiences Design cart and checkout flows that prioritize visibility and transparency Leverage a unified commerce infrastructure to centralize inventory, fulfillment, and promotions Label tariffs and fees proactively to build trust, not resentment The message from consumers is clear: If they can't trust what they see, they won't buy. Survey Methodology: This online survey was commissioned by VTEX and fielded by Dynata, a global market research firm, from April 2025. The survey leverages a consumer mix of 1,000 adult panelists in the United States with demo breaks to ensure consistency and close to national representation for Gender, Age, & Region. About VTEX VTEX (NYSE: VTEX) is the commerce suite of choice for bold CIOs and CEOs globally, delivering transformative outcomes with unprecedented operational efficiency. By unifying a comprehensive ecosystem of solutions— including B2C, B2B, Sales App, Pick and Pack, Data Pipeline, Retail Media, and Security Shield —VTEX empowers brands and retailers to eliminate friction, foster collaboration, and accelerate growth. More than just software, VTEX is an agent of transformation, seamlessly connecting customers, partners, and developers to drive tangible business results. Trusted by 2.4 thousand global B2C and B2B customers, including Carrefour, Colgate, Sony, Stanley Black & Decker, and Whirlpool, VTEX supports 3.4 thousand active online stores across 43 countries (FY ended December 31, 2024). For more information, visit
Business Wire
06-05-2025
- Business
- Business Wire
VTEX Reports First Quarter 2025 Financial Results
NEW YORK--(BUSINESS WIRE)--VTEX (NYSE: VTEX), the backbone for connected commerce, today announced results for the first quarter of 2025 ended March 31, 2025. VTEX results have been prepared in accordance with accounting principles generally accepted in the United States of America ('U.S. GAAP') as well as the rules and regulations of the Securities and Exchange Commission ('SEC') regarding financial reporting. Geraldo Thomaz Jr., founder and co-CEO of VTEX, commented, 'We began the year with solid performance, sustaining healthy growth. Our recent performance, go-lives of key enterprise customers, and continued platform expansion give us confidence in the sustainability of our profitable growth strategy. In a seasonally softer quarter, we improved margins and delivered strong cash generation. As we continue our transition from a single platform to a comprehensive commerce suite, we are laying the foundation for disciplined and sustainable long-term value creation.' Mariano Gomide de Faria, founder and co-CEO of VTEX, added, 'We are encouraged by the go-lives of large enterprise customers. The launch of Americanas highlights the depth of opportunity that remains in Brazil, a market where VTEX already has a strong presence, yet still holds a significant runway for growth as our platform expands. Our initiatives in the US and Europe continue gaining traction, with new customers going live and marketing campaigns bringing decision-makers closer to VTEX. We are proud to be recognized as the Customers' Choice in the 2025 Gartner® Voice of the Customer for Digital Commerce report for the second consecutive year. We are excited about the road ahead.' First Quarter 2025 Financial Highlights GMV reached US$4.3 billion in the first quarter of 2025, representing a YoY increase of 7.6% in USD and 17.2% on an FX neutral basis. Total revenue increased to US$54.2 million in the first quarter of 2025 from US$52.6 million in the first quarter of 2024, representing a YoY increase of 2.9% in USD and 13.2% on an FX neutral basis. Subscription revenue represented 97.1% of total revenues, reaching US$52.6 million in the first quarter of 2025, from US$50.4 million in the first quarter of 2024. This represents a YoY increase of 4.4% in USD and 15.0% on an FX neutral basis. Non-GAAP subscription gross profit was US$41.6 million in the first quarter of 2025, compared to US$38.8 million in the first quarter of 2024, representing a YoY increase of 7.0% in USD and 21.5% on an FX neutral basis. Non-GAAP subscription gross margin was 79.0% in the first quarter of 2025, compared to 77.1% in the same quarter of 2024. Non-GAAP income from operations was US$5.3 million during the first quarter of 2025, compared to a non-GAAP income from operations of US$2.9 million in the same quarter of 2024. Non-GAAP net income was US$5.3 million during the first quarter of 2025, compared to a non-GAAP net income of US$2.4 million in the same quarter of 2024. Non-GAAP free cash flow was US$6.6 million during the first quarter of 2025, compared to a non-GAAP free cash flow of US$1.6 million in the same quarter of 2024. As of March 31, 2025, our total headcount was 1,320, decreasing 3.5% QoQ and 1.0% YoY. During the first quarter of 2025, 2.7 million Class A common shares had been repurchased pursuant to the share buyback program at an average price of US$5.56 per share for a total cost of US$15.0 million. Considering the current and the previous years' share repurchase programs, the total executed amount reached 15.2 million shares, with an average price of US$4.86 per share and a total cost of US$74.3 million. First Quarter 2025 Commercial Highlights: New customers who initiated their operations with us, among others: Magazzino and LG in Argentina; Americanas, Apoio Entrega, Moda Colmeia, Oscar Calçados and Urban Performance in Brazil; LF10 in Colombia; Orocash in Ecuador; La Sirena in Spain; Berel and Procarga in Mexico; and GS1 US and J.W. Pepper in the US. Existing customers expanding their operations with us by opening new online stores, among others: Bemol launched a new vertical, Bemol Pharma, now operating two stores in Brazil; Colgate launched a new store in Germany, expanding its VTEX presence across the Americas and Europe; Crocs launched a new store in Chile, now present in five Latin American markets with VTEX; Hearst launched Oprah Daily Shop in the US, expanding its VTEX presence to six stores; Levi's added Colombia, now present in seven Latin American markets; and Mondelez launched a new B2B store in Spain and in Ecuador, expanding its VTEX footprint into Europe. First Quarter 2025 Operational Highlights: We innovate aligned with our guiding principles. We express our brand through the success of our customers. VTEX key operational highlights this quarter are: Americanas, one of Brazil's most iconic retailers, chose VTEX to simplify operations and enhance efficiency by replacing legacy systems with a scalable, future-ready commerce architecture. Leveraging VTEX's native capabilities and partner ecosystem, the solution delivered omnichannel, marketplace, and advertising tools that accelerated time-to-market and reduced total cost of ownership. This partnership highlights the ongoing opportunity for high-impact digital transformation in Brazil, even within mature markets. Arado, a foodtech connecting small farmers to B2B clients in Brazil, accelerated its digital transformation by migrating to VTEX IO. Facing challenges in real-time pricing across 1,300+ perishable SKUs, the company implemented a customized solution that enabled dynamic pricing, faster updates, and improved UX. In just three months post-launch, Arado saw a 175.3% increase in order volume, a 15.7% boost in conversion rates, and a 74% improvement in homepage load time. By leveraging composable commerce and API integrations, Arado turned its ecommerce operation into a key B2B growth channel. A major frozen food retailer in Spain, chose VTEX to unify its online and physical channels. With a more flexible platform, the brand enhanced catalog management, integrated its loyalty program, and now delivers a seamless, personalized shopping experience across all customer touchpoints. Casas Bahia, one of the leading players in Brazilian retail, is expanding its retail media strategy with VTEX Ads by implementing a unified ad platform across both online and physical store channels. With 100 stores already operating in-store screens and strong marketplace adoption via VTEX Ads for Sellers, the company has achieved significant growth in ad investments while maintaining high performance. VTEX is supporting Casas Bahia in managing campaigns for major brands, contributing to enhanced engagement and monetization across its network. Cencosud, one of Latin America's largest retail groups, partnered with VTEX in Brazil through its Prezunic brand to automate out-of-stock product substitutions via WhatsApp using Weni by VTEX, resulting in a 9% increase in the average order value of impacted orders. J.W. Pepper, a leading U.S. sheet music retailer, replatformed to VTEX's composable architecture to modernize commerce operations while preserving complex workflows. The company enhanced product discovery, empowered internal teams with headless CMS, and implemented a scalable solution that now serves educators, institutions, and churches with greater flexibility and efficiency. Grupo Juguetron, Mexico's top specialist toy retailer, partnered with VTEX to upgrade its online stores for both brands; Juguetron and LEGO Certified Stores. Moving away from a legacy platform, the brand set out to take full control of its digital storefronts and deliver a faster, more engaging shopping experience. With the new solution built on VTEX IO, both sites were redesigned with improved navigation, faster page loads, and mobile-ready layouts. The new ecommerce experience gives Grupo Juguetron a scalable and future-ready platform to drive growth, improve customer satisfaction, and run more efficient digital operations. GS1 US, the organization behind the UPC barcode and global product identification standards, launched its next-generation B2B storefront on VTEX in February. With the new platform, GS1 US now offers a modern, secure self-service experience where businesses can manage subscriptions, pay invoices, and purchase services seamlessly. The go-live marks a key milestone in their digital transformation and reinforces VTEX's leadership in powering complex B2B ecosystems across high-trust industries like standards and compliance. Natural da Terra, part of the Hortifruti group and a leading fresh food brand in Brazil, transformed its digital operation with VTEX FastStore. Facing performance issues and fragmented management tools, the company migrated to a centralized, high-performing ecommerce platform in just three months. Following the fast-track implementation, the brand saw a 62% increase in orders, a 135% boost in revenue, and a 33% rise in average ticket size. The new site also incorporated VTEX Intelligent Search, enabling customers to quickly find relevant products using AI-driven recommendations and filters. Combined with faster checkouts and a unified admin, Natural da Terra now delivers a seamless, scalable shopping experience for both customers and teams. Nestlé, a leading manufacturer and marketer of food products and beverages, leveraged VTEX Ads to drive retail media campaigns with real-time performance insights across partner channels. In its latest campaign, Nestlé achieved a 16.3% return on ad spend in the chocolate category, showcasing the value of data-driven optimization and enhanced collaboration with retail partners. Procarga, a leading Mexican manufacturer, adopted VTEX to power a dual-channel B2B and B2C strategy. Built on VTEX's composable commerce foundation, the solution offers a modern, self-service experience with custom UX, ERP integration, and mobile-ready access—positioning the company for scalable growth across industrial and retail markets. RahrBSG, a cornerstone of the North American brewing supply chain with over 175 years of history, selected VTEX to own a vital role in its digital transformation. The company launched its first-ever B2B ecommerce site to better serve small and midsize breweries with online access to essential ingredients. With VTEX, RahrBSG is modernizing how it connects with customers, simplifying ordering, and laying the groundwork for scalable growth. VTEX's flexible B2B capabilities are helping RahrBSG bring tradition into the digital age, empowering a new era of service for brewers across the continent. Business Outlook VTEX is well-positioned to capture an attractive market opportunity. Given macroeconomic uncertainty, we continue experiencing same-store sales and GMV growth volatility. However, we remain encouraged by our leading market positioning, platform expansion and operational leverage. In this context, we are currently targeting FX neutral YoY subscription revenue growth of 12.5% to 15.5% for the second quarter of 2025, implying a US$57.0 million to US$58.5 million range. For the full year 2025, as we continue executing our profitable growth strategy, we continue to target FX neutral YoY revenue growth to 14.0% to 17.0%, implying a range of US$238 million to US$244 million based on the average of April FX rates. Additionally, we are targeting a non-GAAP operating income and free cash flow margins in the mid-teens. We are confident in VTEX's ability to capitalize on current market opportunities. We are empowering our customers to digitally transform their commerce operations while helping them to outperform the market. The business outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond VTEX's control. See the cautionary note regarding 'Forward-Looking Statements' below. Fluctuations in VTEX's operating results may be particularly pronounced in the current economic environment. There can not be an assurance that VTEX will achieve these results. The following table summarizes certain key financial and operating metrics for the three months ended March 31, 2025 and 2024. (1) Calculated by using the average monthly exchange rates for the applicable months during 2024, adjusted by inflation in countries with hyperinflation, and applying them to the corresponding months in 2025, as applicable, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. (2) Corresponds to our subscription revenues minus our subscription costs. (3) Corresponds to our subscription gross profit divided by subscription revenues. (4) Reconciliation of non-GAAP metrics can be found in tables below. Expand Conference Call and Webcast The conference call may be accessed by dialing +1-800-715-9871 (Conference ID – 1130423 –) and requesting inclusion in the call for VTEX. The live conference call can be accessed via audio webcast at the investor relations section of the Company's website, at An archive of the webcast will be available for one week following the conclusion of the conference call. Definition of Selected Operational Metrics 'Customers' means companies ranging from small and medium-sized businesses to larger enterprises that pay to use VTEX's platform. 'GMV' means the total value of customer orders processed through our platform, including value-added taxes and shipping. Our GMV does not include the value of orders processed by our SMB customers or B2B transactions. 'FX Neutral' or 'FXN' means a way of using the average monthly exchange rates for each month during the previous year, adjusted by inflation in countries with hyper-inflation, and applying them to the corresponding months of the current year, so as to calculate what results would have been had exchange rates remained stable from one year to the next. 'Stores' or 'Active Stores' means the number of unique domains generating gross merchandise value. Each customer might have multiple stores. Special Note Regarding non-GAAP financial metrics For investor convenience, this document presents certain non-GAAP financial measures. We regularly assess other metrics that are not in accordance with U.S. generally accepted accounting principles ('GAAP') and are defined as non-GAAP financial measures by the SEC. These measures help us evaluate our business, track performance, prepare financial forecasts, and make strategic decisions. The key metrics we consider include non-GAAP subscription gross profit, non-GAAP income from operations, non-GAAP net income, free cash flow, and FX Neutral measures. These non-GAAP financial measures, which may differ from similarly titled non-GAAP measures used by other companies, provide supplemental insights into our operating performance. They exclude certain gains, losses, and non-cash charges that occur infrequently or that management considers unrelated to our core operations. Reconciliation of non-GAAP measures The following table presents a reconciliation of our non-GAAP subscription gross profit to subscription gross profit for the following periods: The following table presents a reconciliation of our non-GAAP S&M expenses to S&M expenses for the following periods: The following table presents a reconciliation of our non-GAAP R&D expenses to R&D expenses for the following periods: The following table presents a reconciliation of our non-GAAP G&A expenses to G&A expenses for the following periods: The following table presents a reconciliation of our non-GAAP income (loss) from operations to income (loss) from operations for the following periods: The following table presents a reconciliation of our non-GAAP net income to our net income (loss) provided for the following periods: The following table presents a reconciliation of our free cash flow to net cash provided by (used in) operating activities for the following periods: The following table sets forth the FX neutral measures related to our reported results of the operations for the three months ended March 31, 2025: The financial information in this press release has not been audited. Numbers have been calculated using whole amounts rather than rounded amounts. This might cause some figures not to total due to rounding. About VTEX VTEX (NYSE: VTEX) is the commerce suite of choice for bold CIOs and CEOs globally, delivering transformative outcomes with unprecedented operational efficiency. By unifying a comprehensive ecosystem of solutions—including B2C, B2B, Sales App, Pick and Pack, Data Pipeline, Retail Media, and Security Shield—VTEX empowers brands and retailers to eliminate friction, foster collaboration, and accelerate growth. More than just software, VTEX is an agent of transformation, seamlessly connecting customers, partners, and developers to drive tangible business results. Trusted by 2.4 thousand global B2C and B2B customers, including Carrefour, Colgate, Sony, Stanley Black & Decker, and Whirlpool, VTEX supports 3.4 thousand active online stores across 43 countries (FY ended December 31, 2024). For more information, visit Forward-looking Statements This announcement contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange of 1934, as amended. Statements contained herein that are not clearly historical in nature, including statements about the VTEX strategies and business plans, are forward-looking, and the words 'anticipate,' 'believe,' 'continues,' 'expect,' 'estimate,' 'intend,' 'strategy,' 'project,' 'target' and similar expressions and future or conditional verbs such as 'will,' 'would,' 'should,' 'could,' 'might,' 'can,' 'may,' or similar expressions are generally intended to identify forward-looking statements. VTEX may also make forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission, or the SEC, in press releases and other written materials and in oral statements made by its officers and directors. These forward-looking statements speak only as of the date they are made and are based on the VTEX's current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond VTEX's control. A number of factors and risks could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in VTEX filings with the SEC. As a consequence, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in this announcement. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented as there is no guarantee that expected events, trends or results will actually occur. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason. This announcement may also contain estimates and other information concerning our industry that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information. VTEX Condensed consolidated interim balance sheets (Unaudited) In thousands of U.S. dollars, unless otherwise indicated March 31, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents 21,085 18,673 Marketable securities 184,195 196,135 Trade receivables 53,401 52,519 Recoverable taxes 8,866 10,327 Deferred commissions 1,801 1,671 Prepaid expenses 6,042 5,120 Other current assets 101 145 Total current assets 275,491 284,590 Non-current assets Equity investments 9,649 9,649 Trade receivables 7,830 11,384 Deferred tax assets 14,059 13,968 Prepaid expenses 47 66 Recoverable taxes 1,553 1,364 Deferred commissions 4,876 4,852 Other non-current assets 1,034 1,053 Right-of-use assets 3,093 3,220 Property and equipment, net 2,972 2,970 Intangible assets, net 9,397 6,822 Goodwill 25,704 22,168 Total non-current assets 80,214 77,516 Total assets 355,705 362,106 Expand VTEX Condensed consolidated interim balance sheets (Unaudited) In thousands of U.S. dollars, unless otherwise indicated March 31, 2025 December 31, 2024 LIABILITIES Current liabilities Accounts payable and accrued expenses 31,541 36,003 Taxes payable 8,191 7,863 Lease liabilities 1,747 1,617 Deferred revenue 34,537 32,521 Accounts payable from acquisition of subsidiaries 15 29 Other current liabilities 5,145 1,989 Total current liabilities 81,176 80,022 Non-current liabilities Accounts payable and accrued expenses 3,257 1,754 Taxes payable 168 160 Lease liabilities 1,450 1,695 Accounts payable from acquisition of subsidiaries 1,340 943 Deferred revenue 21,333 22,217 Deferred tax liabilities 753 808 Other non-current liabilities 340 361 Total non-current liabilities 28,641 27,938 Commitments and contingencies EQUITY Common stock: $0.0001 par value, 2,100,000,000 shares authorized; Class A: 101,550,023 and 103,947,244 issued; 101,550,023 and 103,874,660 outstanding. Class B: 80,766,730 and 80,866,730 issued and outstanding 18 18 Additional paid-in capital 355,508 365,933 Accumulated other comprehensive income (loss) (726) (2,023) Accumulated losses (108,956) (109,814) Equity attributable to VTEX's shareholders 245,844 254,114 Non-controlling interests 44 32 Total shareholders' equity 245,888 254,146 Total liabilities and equity 355,705 362,106 Expand VTEX Condensed consolidated interim statements of cash flows (Unaudited) In thousands of U.S. dollars, unless otherwise indicated Three months ended March 31, 2025 March 31, 2024 Income (loss) for the period 861 (864) Adjustments for: Depreciation and amortization 723 1,092 Deferred income tax 379 (2,619) Loss on disposal of rights of use, property, equipment, and intangible assets 5 127 Expected credit losses from trade receivables 320 215 Share-based compensation 4,191 4,003 (Gain) loss on investments and other financial instruments, net (4,652) (3,952) Others and foreign exchange, net 3,080 3,865 Change in operating assets and liabilities Trade receivables 5,642 (2,010) Recoverable taxes 1,635 (315) Prepaid expenses (627) (1,163) Other assets 321 (220) Accounts payable and accrued expenses (6,164) (1,192) Operating leases (395) (520) Taxes payable 24 (857) Deferred revenue (1,359) 4,191 Other liabilities 2,718 2,521 Net cash provided by operating activities 6,702 2,302 Cash flows from investing activities Purchase of marketable securities and equity investments (59,380) (64,067) Sales and maturities of marketable securities and equity investments 73,955 54,184 Acquisition of subsidiaries net of cash acquired (3,678) — Acquisitions of property and equipment (67) (739) Derivative financial instruments 290 (1,549) Net cash provided by (used in) investing activities 11,120 (12,171) Cash flows from financing activities Proceeds from the exercise of stock options 7 448 Net-settlement of share-based payment (659) (749) Buyback of shares (15,054) - Payment of loans and financing (47) - Net cash used in financing activities (15,753) (301) Net increase (decrease) in cash and cash equivalents 2,069 (10,170) Cash and cash equivalents, beginning of the period 18,673 28,035 Effect of exchange rate changes 343 (397) Cash and cash equivalents, end of the period 21,085 17,468 Supplemental cash flow information: Cash refunded for income taxes 290 547 Non-cash transactions: Lease liabilities arising from obtaining right-of-use assets and remeasurement 75 — Unpaid amount related to business combinations 383 — Unpaid amount related to intangible assets acquisitions 1,298 — Transactions with non-controlling interests 9 6 Expand
