Revenue growth has stalled significantly to 2.83% as of 2025Q4, while the company struggles to maintain consistent profitability despite a robust gross margin of 75.0% in 2026Q1.
| Sales/Revenue | 346.82M | 342.35M | 332.93M | 309.39M | 279.07M | 219.85M | 152.37M | 112.1M | 91.87M |
| Revenue Growth % | 3.55% | 2.83% | 7.61% | 10.86% | 26.94% | 44.29% | 35.92% | 22.03% | - |
| Cost of Goods Sold | 77.49M | 72.75M | 77.59M | 74.2M | 69.98M | 48.48M | 34.13M | 27.02M | 21.94M |
| COGS % of Revenue | - | 21.25% | 23.31% | 23.98% | 25.08% | 22.05% | 22.4% | 24.11% | 23.88% |
| Gross Profit | 269.33M | 269.6M | 255.34M | 235.19M | 209.09M | 171.38M | 118.24M | 85.08M | 69.93M |
| Gross Margin % | 77.66% | 78.75% | 76.69% | 76.02% | 74.92% | 77.95% | 77.6% | 75.89% | 76.12% |
| Gross Profit Growth % | - | 5.58% | 8.57% | 12.48% | 22.01% | 44.94% | 38.98% | 21.66% | - |
| Operating Expenses | 276.46M | 285.81M | 297.02M | 307.64M | 349.66M | 247.32M | 156.94M | 126.07M | 107.91M |
| OpEx % of Revenue | - | 83.49% | 89.22% | 99.43% | 125.29% | 112.49% | 103% | 112.46% | 117.46% |
| Selling, General & Admin | 189.23M | 192.83M | 191.4M | 199.07M | 210.78M | 156.19M | 108.61M | 82.94M | 65.42M |
| SG&A % of Revenue | - | 56.33% | 57.49% | 64.34% | 75.53% | 71.04% | 71.28% | 73.99% | 71.22% |
| Research & Development | 71.85M | 73.02M | 80.88M | 83.46M | 88.25M | 64.55M | 48.33M | 43.12M | 42.48M |
| R&D % of Revenue | - | 21.33% | 24.29% | 26.98% | 31.62% | 29.36% | 31.72% | 38.47% | 46.25% |
| Other Operating Expenses | 3M | 19.96M | 24.75M | 25.11M | 50.63M | 26.58M | 0 | 0 | -52K |
| Operating Income | -7.13M | -16.22M | -41.68M | -72.44M | -140.57M | -75.94M | -38.7M | -40.99M | -37.98M |
| Operating Margin % | -2.06% | -4.74% | -12.52% | -23.41% | -50.37% | -34.54% | -25.4% | -36.56% | -41.34% |
| Operating Income Growth % | - | 61.1% | 42.46% | 48.46% | -85.1% | -96.25% | 5.59% | -7.92% | - |
| EBITDA | 5.14M | -2.56M | -27.87M | -59.96M | -129.15M | -69.79M | -35.61M | -38.42M | -36.14M |
| EBITDA Margin % | 1.48% | -0.75% | -8.37% | -19.38% | -46.28% | -31.74% | -23.37% | -34.27% | -39.34% |
| EBITDA Growth % | 124.17% | 90.83% | 53.52% | 53.57% | -85.04% | -95.97% | 7.3% | -6.31% | - |
| D&A (Non-Cash Add-back) | 12.27M | 13.66M | 13.81M | 12.48M | 11.42M | 6.15M | 3.08M | 2.57M | 1.84M |
| EBIT | -3.94M | -8.15M | -20.91M | -55.76M | -138.56M | -76.46M | -34.43M | -40.95M | -37.38M |
| Net Interest Income | -5.52M | -5.21M | 4.52M | 8.61M | 3.33M | -124K | -3.07M | -1.37M | -836K |
| Interest Income | 4.69M | 4.82M | 10.57M | 11.49M | 4.2M | 130K | 31K | 245K | 653K |
| Interest Expense | 10.21M | 10.03M | 6.05M | 2.88M | 868K | 254K | 3.1M | 1.61M | 1.49M |
| Other Income/Expense | -7.04M | -1.96M | 15.67M | 7.77M | 1.14M | -768K | 1.16M | -1.57M | -888K |
| Pretax Income | -14.17M | -18.18M | -26.02M | -64.67M | -139.42M | -76.71M | -37.53M | -42.56M | -38.87M |
| Pretax Margin % | -4.08% | -5.31% | -7.81% | -20.9% | -49.96% | -34.89% | -24.63% | -37.97% | -42.31% |
| Income Tax | 1.09M | 1.17M | 1.01M | 0 | 495K | -34K | 25K | 28K | 10K |
| Effective Tax Rate % | -7.72% | -6.42% | -3.9% | 0% | -0.36% | 0.04% | -0.07% | -0.07% | -0.03% |
| Net Income | -15.26M | -19.34M | -27.03M | -64.67M | -139.92M | -76.68M | -37.56M | -42.59M | -38.88M |
| Net Margin % | -4.4% | -5.65% | -8.12% | -20.9% | -50.14% | -34.88% | -24.65% | -37.99% | -42.32% |
| Net Income Growth % | 27.3% | 28.44% | 58.2% | 53.78% | -82.48% | -104.15% | 11.81% | -9.55% | - |
| Net Income (Continuing) | -15.26M | -19.34M | -27.03M | -64.67M | -139.92M | -76.68M | -37.56M | -42.59M | -38.88M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.19 | -0.24 | -0.35 | -0.86 | -1.91 | -1.08 | -0.55 | -0.64 | -0.68 |
| EPS Growth % | 29.82% | 31.43% | 59.3% | 54.97% | -76.85% | -96.36% | 14.06% | 5.88% | - |
| EPS (Basic) | - | -0.24 | -0.35 | -0.86 | -1.91 | -1.08 | -0.55 | -0.64 | -0.68 |
| Diluted Shares Outstanding | 82.32M | 80.3M | 77.6M | 75.14M | 73.23M | 70.93M | 69.51M | 66.87M | 56.9M |
| Basic Shares Outstanding | 82.04M | 80.3M | 77.6M | 75.14M | 73.23M | 70.93M | 69.51M | 66.87M | 56.9M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Stagnant growth and liquidity
According to the latest quarterly filings, CMRC's year-over-year revenue growth has decelerated significantly to 2.83%, reflecting a marked departure from the double-digit expansion observed in early 2024 and suggesting that the company's core enterprise acquisition strategy may be losing its competitive momentum in the current market.
The consistent decline in top-line growth rates over the past ten quarters indicates that the firm is struggling to scale its platform within an increasingly crowded e-commerce infrastructure landscape. Investors should monitor whether this deceleration is a temporary byproduct of the recent rebranding effort or a structural limitation of the company's current merchant acquisition model.
As reported in financial statements, CMRC continues to grapple with inconsistent operating leverage, as evidenced by the 2026Q1 operating margin of 7.7% following a string of negative quarters, which highlights the difficulty of scaling revenue without incurring proportional increases in sales and marketing expenditures.
While the most recent quarter shows a positive operating income, the historical volatility suggests that the company has not yet achieved a sustainable path to profitability. The reliance on heavy SG&A spending to drive enterprise adoption appears to be a persistent drag on the bottom line, warranting further investigation into the efficiency of these customer acquisition costs.
Based on CMRC's reported figures, the company has historically utilized significant stock-based compensation, peaking at $10.2 million in 2024Q3, which serves to obscure the underlying cash burn and complicates the assessment of true GAAP profitability for shareholders evaluating the firm's long-term earnings potential.
The reduction in stock-based compensation in recent quarters may suggest a shift toward more disciplined expense management, yet it remains a critical factor in interpreting the company's net income trajectory. Analysts should remain cautious, as the reliance on non-cash compensation often masks the true economic cost of talent acquisition in the competitive software sector.
Data from recent income statements indicates that CMRC maintains a high fixed-cost structure, with R&D and SG&A consistently consuming a large portion of gross profit, thereby limiting the company's ability to generate meaningful net income despite maintaining a robust gross margin of approximately 78.75%.
The company's cost structure appears heavily weighted toward maintaining its 'Open SaaS' architecture and supporting enterprise-level clients, which creates a high hurdle for achieving break-even status. Without a significant reduction in these operating expenses or a surge in high-margin partner revenue, the firm may continue to face challenges in sustaining positive net margins.
As indicated by the company's financial disclosures, the combination of a 4.21% debt-to-equity ratio and a limited cash position of $44 million suggests that CMRC faces significant liquidity risks that could hinder its ability to execute on its rebranding and growth initiatives in a high-rate environment.
Short-sellers may focus on the potential for future dilutive financing, as the current cash reserves appear insufficient to support prolonged operating losses. The market's skepticism regarding the company's ability to capture incremental market share is likely exacerbated by these balance sheet constraints, which limit the firm's strategic flexibility.
Quick answers to the most common questions about buying CMRC stock.
For fiscal year 2025, Commerce.com, Inc. (CMRC) reported total revenue of $342.3M. This represents a 272.7% increase compared to $91.9M in 2018.
Commerce.com, Inc. (CMRC) reported a net loss of $19.3M for the fiscal year ending 2025.
Commerce.com, Inc. (CMRC) reported an operating income of $-16.2M, resulting in an operating profit margin of -4.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Commerce.com, Inc. (CMRC) generated $269.6M in gross profit for the year, representing a gross profit margin of 78.7%. This demonstrates the company's core pricing power and production efficiency.