Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Commerce reported second-quarter 2026 revenue of $84.5 million, in line with guidance, while non-GAAP operating income of $8.1 million exceeded the $4 million to $5 million guidance range.</li><li>Gross merchandise volume increased 14% year-over-year to $8.8 billion, including 17% B2B GMV growth.</li><li>The company posted positive GAAP net income for a second consecutive quarter, while net revenue retention improved sequentially to 95.8% for a third straight quarter of improvement.</li></ul>

Commerce reported second-quarter 2026 revenue of $84.5 million, in line with guidance, while non-GAAP operating income of $8.1 million exceeded the $4 million to $5 million guidance range.Gross merchandise volume increased 14% year-over-year to $8.8 billion, including 17% B2B GMV growth.The company posted positive GAAP net income for a second consecutive quarter, while net revenue retention improved sequentially to 95.8% for a third straight quarter of improvement.

Commerce.com Unlocks A Modular Commerce Stack — Feedonomics, Makeswift & BigCommerce!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/commerce-com-inc">Commerce.com</a> has reached a significant inflection point, achieving its first-ever GAAP profitable quarter, driven by disciplined operational execution and strong cash flow generation.</li>
  <li>The company exhibits a robust 14% year-over-year growth in Gross Merchandise Volume (GMV), indicating strong platform adoption and merchant activity. However, this has yet to translate into accelerated revenue growth, which remains modest.</li>
  <li>Trading at a significant valuation discount to peers on key metrics like EV/Sales and P/E, the stock presents a potential value opportunity, contingent on management's ability to improve monetization and address concerns over high stock-based compensation.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Commerce.com has reached a significant inflection point, achieving its first-ever GAAP profitable quarter, driven by disciplined operational execution and strong cash flow generation.
  The company exhibits a robust 14% year-over-year growth in Gross Merchandise Volume (GMV), indicating strong platform adoption and merchant activity. However, this has yet to translate into accelerated revenue growth, which remains modest.
  Trading at a significant valuation discount to peers on key metrics like EV/Sales and P/E, the stock presents a potential value opportunity, contingent on management's ability to improve monetization and address concerns over high stock-based compensation.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Commerce.com (CMRC US) - Aug 2026

<ul><li>Commerce Technologies, Inc. reported its first-quarter fiscal 2026 results with revenue of $86.8 million, representing a 5% year-over-year increase and surpassing the high end of its guidance range.</li><li>The company achieved its first-ever GAAP net income, recording $3.7 million, alongside non-GAAP operating income of $12.4 million and an operating margin of approximately 14.3%.</li><li>Gross merchandise volume (GMV) grew by 14% year-over-year to $8.3 billion, marking an acceleration compared to the 12% growth in 2025.</li></ul>

Commerce Technologies, Inc. reported its first-quarter fiscal 2026 results with revenue of $86.8 million, representing a 5% year-over-year increase and surpassing the high end of its guidance range.The company achieved its first-ever GAAP net income, recording $3.7 million, alongside non-GAAP operating income of $12.4 million and an operating margin of approximately 14.3%.Gross merchandise volume (GMV) grew by 14% year-over-year to $8.3 billion, marking an acceleration compared to the 12% growth in 2025.

Commerce.com Inc - Commerce Technologies’ $8.3 Billion GMV Engine: Can Revenue Catch Up?

<ul>
<li>Commerce, formerly known as BigCommerce, reported third-quarter 2025 results that reflected modest revenue growth, continued progress in profitability, and a clear emphasis on repositioning the company around AI-driven and agentic commerce initiatives.</li>
<li>The company generated $86 million in revenue, marking a 3% year-over-year increase that aligned with prior guidance.</li>
<li>Non-GAAP operating income reached $8 million, significantly exceeding profitability expectations, while operating cash flow came in at approximately $11 million.</li>
</ul>


Commerce, formerly known as BigCommerce, reported third-quarter 2025 results that reflected modest revenue growth, continued progress in profitability, and a clear emphasis on repositioning the company around AI-driven and agentic commerce initiatives.
The company generated $86 million in revenue, marking a 3% year-over-year increase that aligned with prior guidance.
Non-GAAP operating income reached $8 million, significantly exceeding profitability expectations, while operating cash flow came in at approximately $11 million.


Commerce Strikes a Major PayPal Partnership That Could Supercharge Embedded Payments!

<ul><li>BigCommerce Holdings Inc. (BIGC) recently conducted its first quarter 2025 earnings call, during which key financial and operational metrics were discussed, shaping a comprehensive outlook for investors.</li><li>The quarter demonstrated mixed results with a focus on profitability and business transformation, reflecting a balanced mix of challenges and opportunities.</li><li>The company reported a non-GAAP operating income of $7.6 million, marking a 530 basis point margin improvement year-over-year.</li></ul>

BigCommerce Holdings Inc. (BIGC) recently conducted its first quarter 2025 earnings call, during which key financial and operational metrics were discussed, shaping a comprehensive outlook for investors.The quarter demonstrated mixed results with a focus on profitability and business transformation, reflecting a balanced mix of challenges and opportunities.The company reported a non-GAAP operating income of $7.6 million, marking a 530 basis point margin improvement year-over-year.

BigCommerce: Will Its Industry-Specific Solutions and B2B Focus Pay Off?

United States

Commerce.com, Inc. operates as a software development company. The Company offers a SaaS-based platform to deliver the storefront control, optimized data, and AI-ready tools enabling merchants to orchestrate personalized shopping experiences across owned and third-party channels. Commerce.com serves customers worldwide.

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Commerce.com (CMRC US)

Commerce.com Unlocks A Modular Commerce Stack — Feedonomics, Makeswift & BigCommerce!

Commerce reported second-quarter 2026 revenue of $84.5 million, in line with guidance, while non-GAAP operating income of $8.1 million exceeded...

Baptista Research

Primer: Commerce.com (CMRC US) - Aug 2026

Commerce.com has reached a significant inflection point, achieving its first-ever GAAP profitable quarter, driven by disciplined operational...

αSK Primers

Commerce.com Inc - Commerce Technologies’ $8.3 Billion GMV Engine: Can Revenue Catch Up?

Commerce Technologies, Inc. reported its first-quarter fiscal 2026 results with revenue of $86.8 million, representing a 5% year-over-year...

Baptista Research

Commerce Strikes a Major PayPal Partnership That Could Supercharge Embedded Payments!

The company generated $86 million in revenue, marking a 3% year-over-year increase that aligned with prior guidance.Non-GAAP operating income...

Baptista Research

BigCommerce: Will Its Industry-Specific Solutions and B2B Focus Pay Off?

BigCommerce Holdings Inc. (BIGC) recently conducted its first quarter 2025 earnings call, during which key financial and operational metrics were...

Baptista Research

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