VTEX, a global commerce platform provider, announced revenue and gross merchandise volume (GMV) growth for its Q4 and fiscal year ending Dec. 31.
The company reported stable growth despite foreign exchange volatility and fluctuations in GMV.
VTEX revenue and GMV in Q4
In Q4 2024, VTEX’s GMV reached $5.4 billion, marking a 0.2% year-over-year increase. Total revenue rose 1.3% to $61.5 million, with subscription revenue accounting for 96.6% of total revenue at $59.5 million.
For the full fiscal year, VTEX reported $18.2 billion in GMV, a 10.4% increase. Subscription revenue saw a 14.4% increase to $217.7 million, representing 96% of total revenue. The number of enterprise customers generating over $250,000 in revenue grew by 23%.
The company’s operational expenses remained stable. Research and development headcount increased by 20.9%, while sales and marketing headcount declined slightly by 1.2%. General and administrative staff increased by 5.7%.
VTEX operational highlights
VTEX secured several new enterprise customers in Q4, including Bonvivir in Argentina, Guess in Brazil, and an international fashion retailer in Ireland. Existing clients such as Mazda, Sony, and La Espumeria expanded their operations with VTEX by launching new online stores in multiple countries.
Operational highlights included ASICS’ use of VTEX’s live shopping platform, resulting in a 135% increase in orders compared to non-live shopping periods. Coca-Cola Andina Paraguay transitioned to a hybrid B2B-D2C model with VTEX’s support, increasing consumer engagement. Additionally, Rimax expanded its digital presence in Mexico, achieving a 30% month-over-month sales growth.
VTEX continues to invest in its partners, relying on system integrators for new customer implementations. The company remains focused on expanding its platform’s capabilities while strengthening its market presence globally.
Despite near-term challenges in GMV growth, particularly in Brazil, VTEX maintains confidence in its long-term strategy. The company aims to sustain its global expansion by signing new enterprise customers and enhancing its product offerings.
“We continue to benefit from our position at the intersection of commerce and compliance in a way that enables durable and profitable, long-term revenue growth with increasing earning leverage,” said CEO David DeStefano.
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