BigCommerce Holdings, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, showing notable improvements in revenue and profitability compared to the previous fiscal period. Total revenue for Q3 2024 reached $83.7 million, a 7.3% increase from $78.0 million in Q3 2023. For the nine months ended September 30, 2024, revenue was $245.9 million, up 9.2% from $225.2 million in the same period last year. Subscription solutions revenue contributed significantly, totaling $62.8 million for Q3 2024, a 7.0% increase from $58.7 million in Q3 2023.
Gross profit also improved, with Q3 2024 gross profit at $63.8 million, an 8.2% increase from $59.0 million in Q3 2023. The gross margin for Q3 2024 was 76.3%, up from 75.6% in the prior year. Operating expenses for Q3 2024 were $83.1 million, slightly higher than $81.2 million in Q3 2023, but total operating expenses for the nine months decreased to $228.7 million from $236.7 million in the previous year. The loss from operations narrowed to $(19.2) million in Q3 2024 from $(22.2) million in Q3 2023, and the net loss for Q3 2024 was $(7.0) million, significantly reduced from $(20.3) million in Q3 2023.
Strategically, BigCommerce underwent a leadership transition with the termination of CEO Brent Bellm on September 30, 2024, and the appointment of Travis Hess as the new CEO effective October 1, 2024. The company also initiated a restructuring plan aimed at reducing costs and enhancing operational efficiency, which included workforce reductions and real estate footprint adjustments. Restructuring charges for Q3 2024 totaled $9.8 million, primarily for severance benefits and asset impairments.
In terms of financial position, total current assets decreased to $243.5 million as of September 30, 2024, from $342.0 million at the end of 2023. Total liabilities increased, with current liabilities rising to $86.6 million. However, stockholders’ equity improved to $29.0 million from $25.5 million at the end of 2023. The company also reported a significant gain on convertible note extinguishment of $12.1 million in Q3 2024, contributing to the overall financial performance.
BigCommerce continues to focus on its "Open SaaS" strategy, aiming to enhance its ecommerce platform and expand its customer base while navigating a challenging macroeconomic environment.
About BigCommerce Holdings, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.