BigCommerce Q4 Revenue Up 16%

By Bobby Samwell • Thursday, February 22 16:09 • Permanent Link

BigCommerce Holdings, Inc. (NASDAQ: BIGC) has announced its financial results for the fourth quarter and fiscal year 2023. The company reported a total revenue of $84.1 million for the fourth quarter, representing a 16% increase compared to the prior year. Additionally, the GAAP net loss for the fourth quarter was ($3.2) million, a significant improvement from the prior year's loss of ($33.0) million. Adjusted EBITDA for the quarter was reported at $6.5 million, marking a 20-point increase compared to the previous year.

Brent Bellm, CEO of BigCommerce, expressed his satisfaction with the company's performance, stating, "One year ago, we set a goal to hit break-even on an adjusted EBITDA basis in Q4 2023. We exceeded that goal with adjusted EBITDA of $6.5 million, or approximately 8% of revenue, representing a nearly 20-point profit margin improvement in the last year."

Daniel Lentz, CFO at BigCommerce, highlighted the company's notable financial transformation over the last several quarters, pointing to positive operating cash flow of approximately $13 million and a growing percentage of revenue.

Here are some key financial highlights from the press release: - Total revenue for the fourth quarter was $84.1 million, up 16% compared to the same period in 2022. - Total annual revenue run-rate (ARR) as of December 31, 2023, was $336.5 million, up 8% compared to December 31, 2022. - GAAP gross margin was 77%, compared to 74% in the fourth quarter of 2022. Non-GAAP gross margin was 79%, compared to 76% in the same period of 2022.

For the full fiscal year 2023, BigCommerce reported total revenue of $309.4 million, an 11% increase compared to fiscal year 2022. Subscription revenue for the fiscal year was $229.3 million, up 11% compared to the previous year.

The company also provided its financial outlook for the first quarter of 2024 and the full year 2024. It expects total revenue between $76.0 million to $78.0 million for the first quarter, implying a year-over-year growth rate of 6% to 9%. For the full year 2024, BigCommerce forecasts total revenue between $327.1 million and $335.1 million, translating into a year-over-year growth rate of 6% to 8%.

The full 8-K submission is available here.

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