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Commerce ™ 2Q 2026 Earnings Presentation BIGCOMMERCE MAKESW ! FT >>>>> feedonomics
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© Commerce. All rights reserved. Confidential. 2 DISCLAIMER This presentation has been prepared by Commerce.com, Inc. (“we,” “us,” “our,” “Commerce,” “Commerce.com” or the “Company”). This presentation may contain forward-looking statements which constitute the views of the Company with respect to future events which can be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “budget,” “can,” “continue,” “commit,” “control,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “target” and similar words or phrases. However, not all forward-looking statements contain these identifying words. These statements may relate to our market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our ability to effectively develop and expand our marketing and sales capabilities, our financial outlook, our plans and objectives for future operations, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain or improve our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business, our ability to successfully execute our rebranding initiative, our increased focus on AI enablement, market size and growth strategy, and such other risks and uncertainties described more fully in our documents filed with or furnished to the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on March 2, 2026, our Quarterly Reports on Form 10-Q filed with the SEC on May 7, 2026 future annual, quarterly, and current reports that we file with the SEC. The statements are made based upon management’s beliefs and assumptions and on information available to management as of the date of this presentation. Forward-looking statements involve both known and unknown risks, and there is no assurance that such statements are correct or will prove, with the passage of time, to be correct. Actual events, results, achievements or performance may differ materially from those reflected, implied or contemplated by such forward looking statements. All forward-looking statements attributable to us are expressly qualified by these cautionary statements. Any past performance information presented herein is not a guarantee or indication of future results and should not be relied upon for such reason. The information contained herein may change at any time without notice, and we undertake no duty to update this information except as required by law. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. Neither we nor our affiliates, advisors or representatives makes any representation as to the accuracy or completeness of that data or undertake to update such data after the date of this presentation. In addition to financial information prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), we use certain non-GAAP financial measures to clarify and enhance our understanding, and aid in the period-to-period comparison, of our performance. We believe that these non-GAAP financial measures provide supplemental information that is meaningful when assessing our operating performance because they exclude the impact of certain amounts that our management and board of directors do not consider part of core operating results when assessing our operational performance, allocating resources, preparing annual budgets, and determining compensation. The non-GAAP measures have limitations, including that they may not be directly comparable to other companies, and you should not consider them in isolation or as a substitute for or superior to our GAAP financial information. See the Appendix to this presentation for a reconciliation of non-GAAP financial measures to their nearest GAAP equivalent.
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© Commerce. All rights reserved. Confidential. Meet Commerce
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© Commerce. All rights reserved. Confidential. Powering an open, intelligent ecosystem for next-generation commerce. Our vision We empower businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. We connect the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Our mission
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© Commerce. All rights reserved. Confidential. 5 Solving the commerce problems of today. Powering the agents of tomorrow. Traditional commerce problems we solve ● Fragmented discovery and loss of buyer visibility Shoppers and buyers are using more channels than ever, making it harder for brands to be seen and to excite and track engagement across platforms. ● Slow digital adoption and outdated buying experiences Commerce helps manufacturers and distributors accelerate their digital maturity without heavy IT overhead. ● Complex, rigid tech stacks that can’t move fast enough Commerce simplifies tech architectures with modular and industry-specific solutions without integration overhead, empowering and accelerating business teams. Agentic commerce challenges we solve ● AI search engines are skipping storefronts New requirements for visibility: To surface in AI-driven buying journeys (Perplexity, Microsoft Co-Pilot, Google Gemini), Commerce powers structured & unstructured product data, flexible storefronts, and extensible APIs for brands. ● Brands are losing control of the experience Our visual and modular stack helps brands create, control, and optimize experiences across every surface. ● AI agents will soon handle transactions Our architecture is ready for agentic commerce — enabling flexible APIs, Model Context Protocols (MCP), pricing logic, and real-time decisioning. A NEW ERA OF AI-LED COMMERCE Refer to the AI glossary on Slide 37.
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© Commerce. All rights reserved. Confidential. From product data to conversion: An end-to-end AI-optimized commerce stack. 6 OVERVIEW Commerce engine BIGCOMMERCE B2C / B2B commerce Product catalog Orders Cart Promotions Personalization Normalization Optimization Syndication Data orchestration Enrichment Storefront MAKESWIFT BigCommerce storefront Intelligent storefront Agentic search and discovery Agentic commerce Agentic checkout FEEDONOMICS Platform agnostic intelligence FEEDONOMICS
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© Commerce. All rights reserved. Confidential. 7 B2C COMMERCE $ $$ B2B OMNICHANNEL AGENTIC COMMERCE $$$ Medium complex operational needs Highly complex operational needs Extremely complex operational needs AI driven shopping & buying powered by agents WHO WE SERVE $$$$ Agentic Search Agentic Checkout
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© Commerce. All rights reserved. Confidential. 8 OMNICHANNEL ERA Moving forward into the agentic era. OVERVIEW Mid-Market Expansion COMPOSABLE ERA Acquires Feedonomics Acquires B2B Ninja AGENTIC ERA With API-centric architecture Leading data management platform Unifying B2B & B2C on single platform Acquires Makeswift Builds Catalyst AI Partnerships Composable visual editor Flexible integrated architecture Industry leading partnerships for data and payments to top agentic commerce platforms Commerce Family Announces brand family, unifying data, platform, and content needs for agentic AI future Platform Needs Data Needs Content Needs
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© Commerce. All rights reserved. Confidential. 9 OVERVIEW Non-GAAP Gross Margin* Operating Cash Flow* ($3M) $5M Non-GAAP Operating Income/(Loss)* ($9M) $8M 4Q22 2Q26 76%Commerce at 6/30/2026. ARR $361M 2Q26 *See the Appendix to this presentation for a reconciliation of non-GAAP financial measures to their nearest GAAP equivalent. 4Q22 2Q26
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© Commerce. All rights reserved. Confidential. 10 Commerce: Built for businesses. Ready for agents. OVERVIEW Commerce gives businesses unmatched control over their product, data, and brand experience across both traditional and emerging digital channels. In a world where search is changing, buying decisions are guided by AI, and commerce surfaces are fragmenting, businesses face a new imperative: be discoverable, be relevant, and be fast. Data Enrich, structure, and syndicate product data to discovery platforms and agentic engines. Engine Power transactions with enterprise-grade B2C / B2B infrastructure. Experience Create AI-optimized, no-code customer journeys at the speed of change. Where traditional and agentic commerce converge Only Commerce gives you the stack to compete — no matter who (or what) is doing the buying.
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© Commerce. All rights reserved. Confidential. 11 We power growth for leading brands across all industries.
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© Commerce. All rights reserved. Confidential. AD CHANNELS CHECKOUT, FRAUD, LENDING POINT OF SALE Item PAYMENTS MARKETPLACES AGENTIC SEARCH CMS ERP MARTECH SHIPPING AND FULFILLMENT TAX SALES AND MERCH PIMOMS A global ecosystem of best-of-breed partner solutions. 90 + PREFERRED & ELITE PARTNERS
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© Commerce. All rights reserved. Confidential. 13 Execution and vision leadership Strong mid-market and enterprise execution. Vision aligned to emerging AI, B2B, and composable commerce trends. 2024 Trusted by users BigCommerce seen as trusted partner. Feedonomics seen as reliable, transparent, and easy to integrate. 2025 G2 grid leader in key performance BigCommerce top in ROI, ease of use, and multichannel. Feedonomics in catalog management and automation. 2024 Top rated for B2B and automation BigCommerce praised for B2B features and pricing flexibility. Feedonomics for UI, automation, and support. 2024 Best-in-class B2B capabilities 24 medals across Paradigm B2B Combine (MM & ENT). #1 in vision, modularity, ecosystem support, and customer fit. 2025 Strong performer in B2C and B2B reports Second overall in B2C report. High scores for product vision, partner strategy, and commerce ecosystem readiness. 2024 Multichannel commerce leader Leader in B2C, B2B, and Headless commerce platforms. Scalable architecture, seamless integration and fast onboarding. 2024 AI readiness Strategic partnerships and integrations into Perplexity, Microsoft Co-Pilot, and Google Shopping. 2025 INDUSTRY AND ANALYST AWARDS & ACCOLADES
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© Commerce. All rights reserved. Confidential. Why we win. 14
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© Commerce. All rights reserved. Confidential. 15 Investment highlights. Multi-billion dollar TAM expansion Combines strengths across core commerce (BigCommerce), product syndication and AI channel distribution (Feedonomics), and low-code experience orchestration (Makeswift). Extends reach into marketplaces, retail media, agentic search, and personalization. A unified platform — built for the AI era A differentiated, modular architecture that combines best-in-class commerce, feed management, and visual experience design — positioned for agentic commerce and the rise of AI-discovery platforms. Rebuilt to execute: SaaS veteran leadership, clear brand identity, GTM at scale Strong leadership, new GTM focus, and unified branding position. Commerce to lead in enterprise, B2B and AI-powered commerce. High-quality relationships that scale Tens of thousands of customers, strategic alliances across Google, Microsoft, Meta, OpenAI, Perplexity, and a curated ISV and agency ecosystem. High gross margins, expanding cash flow, disciplined growth High gross margins, expanding profitability, and improving cash flow demonstrate a disciplined model built to scale efficiently. Market leadership in modern B2B commerce Commerce is cementing its leadership in mid-market and enterprise B2B ecommerce. Our capabilities address complex quoting, hierarchy, and integration needs, earning us the highest medal count in Paradigm B2B Combine for four years running.
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© Commerce. All rights reserved. Confidential. 16 Accelerate growth and launch faster $20M+ Additional net revenue per year per 100 unique customers 13% Increase in AOV 19% Average increase in return on ad spend Streamline operations 24% More efficient sales teams 50% More productive digital platform managers 25% Quicker business transaction execution Lower overall technology costs 391% ROI in three years 7 months To positive ROI $10K+ IT cost avoidance per 1,000 customers Manufacturers, distributors, and wholesalers look to Commerce to solve these business challenges: WHY 12,000+ LEADING B2B BRANDS TRUST COMMERCE
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© Commerce. All rights reserved. Confidential. B2B functionality out-of-the-box 17 And much more, supporting complex B2B workflows online, driving operational efficiency. Multi-company hierarchy Configure-price-quote Invoice portal Supporting enterprise B2B scale Operational efficiency and scalability for diverse selling models. +17K Data feeds +30M Products +20M Product configurations Driving business agility Peace of mind, easier compliance, and a future-ready tech stack. Composable-led architecture Flexible payments Multi-storefront Why B2Bs choose Commerce: COMMERCE DIFFERENTIATION IN MARKET
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© Commerce. All rights reserved. Confidential. 18 Accelerate growth and launch faster 61.9% Average checkout conversion rate 65+ Leading payments providers 100% Google Lighthouse scores out-of-the-box Streamline operations $180k+ Average savings on integrations development 15% Average increase in channel revenue 19% Average increase in return on ad spend Lower overall technology costs 211% ROI in less than eight months $700k+ to cost savings by retiring legacy solution 90% developer time savings by year three B2C brands and retailers look to Commerce to solve these business challenges: WHY LEADING B2C BRANDS TRUST COMMERCE
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© Commerce. All rights reserved. Confidential. Customization capabilities 19 Why B2Cs choose Commerce: COMMERCE DIFFERENTIATION IN MARKET Better conversion rates, flexible control and real-time data orchestration. Custom checkout and composable led architecture Real-time visual page editing Dynamic feed-based personalization Supports complex business models Operational efficiency and scalability for diverse selling models. Multi-storefront and flexible pricing Component-based site flexibility Automated channel syndication Unified ecommerce infrastructure Peace of mind, easier compliance, and a future-ready tech stack. Pre-integrated composable-led architecture Low-code visual development AI-optimized product data management
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© Commerce. All rights reserved. Confidential. Discoverability in the AI era 20 Ensure visibility in Perplexity, Copilot, ChatGPT, Gemini and next-gen search surfaces. Structured and unstructured product data AI-optimized storefronts Extensible APIs and MCPs* Merchant control and brand integrity Prevent disintermediation and maintain brand narrative across AI agents. Dynamic and customizable storefronts Own your data and representation Composable infrastructure Intelligent and agentic commerce Win at the edge: Real-time relevance, conversion, and competitive advantage. Agentic search and checkout Syndicated data for AI consumption AI-personalized experiences Why we win in the agentic commerce era: COMMERCE DIFFERENTIATION IN MARKET *MCP (Model Context Protocol): A framework for delivering structured, contextual product data to AI models, enabling accurate, real-time responses in agentic commerce experiences.
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© Commerce. All rights reserved. Confidential. Financials 2121
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© Commerce. All rights reserved. Confidential. Revenue model Sales-led motions Self-serve motions SaaS software subscription Direct sales to mid-market and larger customers Self-serve to small businesses SaaS software subscription that scales with growth in AI Direct sales to mid-market and larger customers Freemium and self-serve for small business BigCommerce customers. SaaS software subscription Limited direct sales to mid-market and larger customers Freemium and self-serve for all BigCommerce customers. Coming 2026. Take-rate or variable rate fee on referral volume to technology partners Co-sell motion with technology partners Expanding to self-serve adoption with future branded payments solution. Commerce revenue model. 22 FINANCIALS Partner & Services Revenue
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© Commerce. All rights reserved. Confidential. Total ARR – YoY Total ARR – CAGR 23 3Q20 (IPO) $167M 2Q26 $361M 2Q25 3Q25 $355M 4Q25 14% CAGR Note: Annual revenue run-rate (“ARR”) is calculated as the sum of: (1) contractual monthly recurring revenue at the end of the period, which includes platform subscription fees, invoiced growth adjustments, feed management subscription fees, recurring professional services revenue, and other recurring revenue, multiplied by twelve to prospectively annualize recurring revenue, and (2) the sum of the trailing twelve-month non-recurring and variable revenue, which includes one-time partner integrations, one-time fees, payments revenue share, and any other revenue that is non-recurring and variable. Executing with discipline, investing in growth. FINANCIALS $356M $359M 1Q26 $360M +3% +2% +3%+3% 2Q26 $361M +2%
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© Commerce. All rights reserved. Confidential. Total Revenue Quarter YoY ($M) Total Revenue Annual YoY ($M) Total Revenue Annual CAGR 24 2Q25 3Q25 4Q252022 Subscription Services Partner and Services 2023 2024 Total Revenue Quarter CAGR 20252020 (IPO) $104M $256M $49M $152M $87M $342M 2Q263Q20 (IPO) $27M $63M$13M $21M $85M $279 $333$309 $86$84 FINANCIALS Our focus: accelerating revenue growth efficiently. $90 $342 2025 1Q26 $87 +3% +3% +3% +5% +27% +11% +8% +3% 14% CAGR 18% CAGR $40M Y/Y Y/Y 2Q26 $85 +0% Note: Amounts may not add due to rounding.
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© Commerce. All rights reserved. Confidential. Non-GAAP Operating Expense as % of Revenue – Quarter Non-GAAP Operating Expense as % of Revenue – Annual 25 2020 (IPO) 2025 Non-GAAP Operating Margin (18%) 8% 3Q20 (IPO) 2Q26 Non-GAAP Operating Margin (18%) 10% S&M R&D G&AS&M R&D G&A Note: See appendix for reconciliation of Non-GAAP measures to GAAP. FINANCIALS Operating discipline drives sustained margin expansion.
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© Commerce. All rights reserved. Confidential. Operating Cash Flow and Margin % 26 4Q22 2Q26 ($3M) (4%) Margin $5M 6% Margin FINANCIALS Operating cash flow reflects strategic discipline.
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© Commerce. All rights reserved. Confidential. GMV - Quarter 2Q25 3Q25 $7.7B $7.9B 4Q25 $8.9B 1Q26 $8.3B 2Q26 $8.8B +14% GMV - Annual 27 FINANCIALS GMV: broad base, consistent growth. Note: Gross Merchandise Volume (“GMV”) represents the total dollar value of completed checkout transactions facilitated through the Commerce platform during the reporting period, including shipping and taxes. GMV is reported on a gross basis before deducting refunds or discounts. GMV is not a measure of revenue. 2023 2024 2025 $25.4B $28.2B $31.7B +11% +12% Y/Y +14%
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© Commerce. All rights reserved. Confidential. Total NRR % - Quarter 28 FINANCIALS Total NRR: stable retention, investing to drive expansion. Note: Net Revenue Retention (“NRR”) measures our ability to retain and expand revenue from existing customers over time. NRR is calculated by dividing total billings and allocated partner revenue from a cohort of customers during the trailing twelve-month period by the total billings and allocated partner revenue from the same customer cohort in the corresponding prior-year period. NRR reflects the impact of customer expansion and contraction and excludes revenue from customers added after the prior twelve-month period. 2Q25 3Q25 4Q25 1Q26 2Q26
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© Commerce. All rights reserved. Confidential. 29 FINANCIALS Q3 and FY 2026 guidance Q3 2026 YoY Midpoint FY 2026 YoY Midpoint Total revenue $82.5M - $85.5M (2%) $336.5M - $344.5M (1%) Non-GAAP operating income $3.3M - $5.3M $28.0M - $34.0M Non-GAAP operating margin 4% - 6% 8% - 10% Note: We do not provide guidance for loss from operations, the most directly comparable GAAP measure to Non-GAAP operating income, and therefore cannot provide a reconciliation between our forecasted Non-GAAP operating income and the comparable GAAP measures without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.
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© Commerce. All rights reserved. Confidential. Appendix 30
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© Commerce. All rights reserved. Confidential. 31 GAAP income statement. FINANCIALS Three Months Ended June 30 Unaudited) 2026 2025 Revenue $84,511 $84,433 Cost of Revenue1 20,982 17,739 Gross Profit $63,529 66,694 Operating Expenses:1 Sales & Marketing 27,510 35,071 Research & Development 17,674 18,310 General & Administrative 14,183 15,855 Acquisition Related Costs - 111 Restructuring Charges 5 1,614 Amortization of Intangible Assets 1,453 2,520 Total Operating Expenses 60,825 73,481 Income / Loss from Operations 2,704 6,787 Gain on Convertible Note Extinguishment - - Interest Income 1,231 1,171 Interest Expense 2,490 2,522 Other Expenses 139 23 Income Before Provision for Income Taxes 1,306 8,161 Provision for Income Taxes 204 221 Net Income / (loss) $ 1,102 $8,382 1 Amounts include stock-based compensation expense and associated payroll tax costs. Figures in thousands
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© Commerce. All rights reserved. Confidential. 32 GAAP balance sheet. FINANCIALS Figures in thousands As of June 30 Unaudited) As of December 31 Audited) 2026 2025 Assets Current assets Cash and cash equivalents $57,165 $44,258 Restricted cash 1,164 1,905 Marketable securities 99,159 96,838 Accounts receivable, net 51,609 49,967 Prepaid expenses and other assets, net 15,629 15,349 Deferred commissions 4,775 6,045 Total current assets 229,501 214,362 Property and equipment, net 19,487 13,983 Operating lease, right-of-use-assets 6,291 7,090 Prepaid expenses and other assets, net of current portion 6,562 6,677 Deferred commissions, net of current portion 2,762 3,466 Intangible assets, net 8,304 11,286 Goodwill 51,927 51,927 Total assets $324,834 $308,791 Liabilities and stockholdersʼ equity Current liabilities Accounts payable $9,324 $9,870 Accrued liabilities 2,621 4,787 Deferred revenue 69,759 59,576 Current portion of convertible notes 4,046 4,037 Current portion of operating lease liabilities 1,796 1,576 Other current liabilities 25,785 28,340 Total current liabilities 113,331 108,186 Convertible Notes, net of current portion 152,494 153,012 Operating lease liabilities, net of current portion 6,172 6,892 Other long-term liabilities, net of current portion 1,208 1,347 Total liabilities 273,205 269,437 Stockholdersʼ equity Common stock 7 7 Additional paid-in capital 687,951 680,153 Accumulated other comprehensive income 130 224 Accumulated deficit 636,199 641,030 Total stockholdersʼ equity 51,629 39,354 Total liabilities and stockholdersʼ equity $324,834 $308,791
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© Commerce. All rights reserved. Confidential. 33 GAAP cash flow statement. FINANCIALS Figures in thousands Three Months Ended June 30 Unaudited) 2026 2025 Cash flows from operating activities Net income / (loss) $1,102 $8,382 Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization expense 3,015 3,845 Amortization of discount on convertible note 178 165 Amortization of premium on convertible note 433 408 Accretion of marketable securities 404 - Stock-based compensation expense 3,916 7,236 Provision for expected credit losses 1,110 1,598 Gain on convertible note extinguishment - - Changes in operating assets and liabilities: Accounts receivable 3,451 9,005 Prepaid expenses 2,828 2,159 Deferred commissions 533 747 Accounts payable 824 444 Accrued and other liabilities 5,044 8,078 Deferred revenue 918 7,080 Net cash provided by operating activities 5,092 13,557 Cash flows from investing activities: Cash paid for domain name - - Purchase of capitalized internal-use software, leasehold improvements, and property and equipment 5,042 1,651 Maturity of marketable securities 19,000 13,000 Purchase of marketable securities 19,658 32,572 Net cash provided by (used in) investing activities 5,700 21,223 Cash flows from financing activities: Proceeds from exercise of stock options 13 1,973 Taxes paid related to net share settlement of stock options 167 126 Payment of convertible note issuance costs - - Repayment of convertible notes and financing obligation - - Net cash provided by (used in) financing activities 154 1,847 Net change in cash and cash equivalents and restricted cash 762 5,819 Cash and cash equivalents and restricted cash, beginning of period 59,091 53,248 Cash and cash equivalents and restricted cash, end of period $58,329 $47,429
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© Commerce. All rights reserved. Confidential. 34 Non-GAAP reconciliation. FINANCIALS 1 Amounts include stock-based compensation expense and associated payroll tax costs. Figures in thousands Three Months Ended June 30 Unaudited) Gross Profit 2026 2025 GAAP Gross Profit $63,529 $66,694 Stock-based Compensation1 412 720 Non-GAAP Gross Profit $63,941 $67,414 Non-GAAP Gross Margin 75.7% 79.8% Sales & Marketing GAAP S&M Expense $27,510 $35,071 Stock-based Compensation1 602 1,820 Non-GAAP S&M Expense $26,908 $33,251 Non-GAAP S&M as % of Revenue 31.8% 39.4% Research & Development GAAP R&D Expense $17,674 $18,310 Stock-based Compensation1 1,367 2,740 Non-GAAP R&D Expense $16,307 $15,570 Non-GAAP R&D as a % of Revenue 19.3% 18.4% General & Administrative GAAP G&A Expense $14,183 $15,855 Stock-based Compensation1 1,572 2,045 Non-GAAP G&A Expense $12,611 $13,810 Non-GAAP G&A as % of Revenue 14.9% 16.4% Operating Income Loss GAAP Income / (loss) from Operations $2,704 $6,787 Stock-based Compensation1 3,953 7,325 Acquisition Related Costs - 111 Restructuring Charges 5 1,614 Amortization of Intangible Assets 1,453 2,520 Non-GAAP Operating Income $8,115 $4,783 Non-GAAP Operating Margin % 9.6% 5.7%
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© Commerce. All rights reserved. Confidential. 35 Adjusted EBITDA reconciliation. FINANCIALS 1 Amounts include stock-based compensation expense and associated payroll tax costs. Figures in thousands Three Months Ended June 30 Unaudited) 2026 2025 Net Income / Loss $1,102 $8,382 Stock-based Compensation1 3,953 7,325 Acquisition Related Costs - 111 Depreciation 1,562 946 Amortization of Intangible Assets 1,453 2,520 Gain on Convertible Note Extinguishment - - Interest Income 1,231 1,171 Interest Expense 2,490 2,522 Provision for Income Taxes 204 221 Restructuring Charges 5 1,614 Other Income/Expense 139 23 Adjusted EBITDA $9,677 $5,729
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© Commerce. All rights reserved. Confidential. 36 Non-GAAP net income reconciliation. FINANCIALS 1 Amounts include stock-based compensation expense and associated payroll tax costs. Figures in thousands Three Months Ended June 30 Unaudited) 2026 2025 Net Income / Loss $1,102 $8,382 Stock-based Compensation1 3,953 7,325 Acquisition Related Costs - 111 Amortization of Intangible Assets 1,453 2,520 Restructuring Charges 5 1,614 Gain on Convertible Note Extinguishment - - Non-GAAP Net Income $6,513 $3,188
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© Commerce. All rights reserved. Confidential. 37 AI GLOSSARY Term Definition Application Agent An autonomous or semi-autonomous software entity that can perceive its environment, make decisions, and act to achieve specific goals. Agents interact with users or systems on behalf of shoppers, merchants, or businesses (e.g., assisting in purchasing, customer support, or product curation). Agentic Checkout A checkout experience initiated, managed, and completed by an AI agent without requiring the shopper to manually fill forms or complete traditional flows. Agent interacts with payment systems (e.g., PayPal), confirms orders, selects shipping preferences — all seamlessly from an AI interface. Agentic Discovery The proactive, contextual surfacing of products and content by AI agents based on user behavior, context, or anticipated needs. Agents push products to users before they search — via messages, AI search engines, or assistant platforms — based on predicted intent or timing. Agentic Search AI-driven search where agents proactively retrieve, summarize, and recommend products or information based on inferred or explicit user intent. Shoppers don’t just type keywords — they ask questions or make requests, and agents (e.g., Copilot, Perplexity) deliver personalized, intent-based product results. Buyer Agent A specialized agent used in B2B commerce to automate and optimize procurement tasks. Scans vendor catalogs, validates compliance, negotiates contracts, places replenishment orders, and reduces procurement overhead. Data Syndication The process of distributing product data across marketplaces, ad networks, and now LLM/AI agents. Essential for agentic search and discovery to surface accurate, brand-compliant product info on AI-powered platforms. LLMs (Large Language Models) AI models trained on vast corpora of text to understand, generate, and reason in natural language. Power the intelligence behind shopper/merchant agents, conversational interfaces, search summarization, product Q&A, and more. Merchant Agent An AI that acts on behalf of the retailer or brand. Optimizes merchandising, surfaces relevant products in agentic environments, adjusts pricing or promotion dynamically, and handles queries at scale. Product Data Enrichment Enhancing raw product data with structured attributes, optimized titles/descriptions, or AI-generated content. Improves visibility in AI search results, agentic discovery, and marketplace compliance. Shopper Agent A personal AI assistant acting on behalf of a consumer. Finds products, compares options, checks reviews, completes purchases, and negotiates prices or delivery — all personalized to the shopper’s intent.