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    SEC Form 6-K filed by VTEX

    5/6/25 4:01:04 PM ET
    $VTEX
    Computer Software: Prepackaged Software
    Technology
    Get the next $VTEX alert in real time by email
    6-K 1 ck0001793663-20250505.htm 6-K 6-K

     

    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

     

    FORM 6-K

     

    REPORT OF FOREIGN PRIVATE ISSUER

    PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

    THE SECURITIES EXCHANGE ACT OF 1934

     

    For the month of May 2025.

     

    Commission File Number 001-40626

     

    VTEX

    (Exact name of registrant as specified in its charter)

     

    N/A

    (Translation of registrant’s name into English)

     

    Harbour Place, 103 South Church Street

    Grand Cayman, KY1-1002

    Cayman Islands

    (Address of principal executive office)

     

     

     

    Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

     

    Form 20-F ☒ Form 40-F ☐

     

    Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

     

    Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

     

     

     



     

    Table of Contents

     

    PART I - FINANCIAL INFORMATION

    3

    Item 1 - Financial Statements

    3

    Condensed consolidated interim balance sheets

    4

    Condensed consolidated interim statements of operations

    6

    Condensed consolidated interim statements of changes in shareholder’s equity

    7

    Condensed consolidated interim statements of cash flows

    8

    Notes to condensed consolidated interim financial statements

    9

    Item 2 – Management’s discussion and analysis of financial condition and results of operations

    30

    PART II - OTHER INFORMATION

    46

    Item 1 - Signatures

    46

     

     

     

     

     

    2


     

     

    PART I - FINANCIAL INFORMATION

     

    Item 1 - Financial Statements

     

    Index to Financial Statements

    VTEX

     

    Condensed consolidated interim financial statements

    Condensed consolidated interim balance sheets

    Condensed consolidated interim statements of profit or loss

    Condensed consolidated interim statements of changes in shareholder’s equity

    Condensed consolidated interim statements of cash flows

    Notes to the condensed consolidated interim financial statements

     

     

     

    3


    Table of Contents

    VTEX

    Condensed consolidated interim balance sheets

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

     

     

    March 31, 2025

     

    December 31, 2024

    ASSETS

     

     

     

    Current assets

     

     

     

    Cash and cash equivalents

    21,085

     

    18,673

    Marketable securities

    184,195

     

    196,135

    Trade receivables

    53,401

     

    52,519

    Recoverable taxes

    8,866

     

    10,327

    Deferred commissions

    1,801

     

    1,671

    Prepaid expenses

    6,042

     

    5,120

    Other current assets

    101

     

    145

    Total current assets

    275,491

     

    284,590

     

     

     

     

    Non-current assets

     

     

     

    Equity investments

    9,649

     

    9,649

    Trade receivables

    7,830

     

    11,384

    Deferred tax assets

    14,059

     

    13,968

    Prepaid expenses

    47

     

    66

    Recoverable taxes

    1,553

     

    1,364

    Deferred commissions

    4,876

     

    4,852

    Other non-current assets

    1,034

     

    1,053

    Right-of-use assets

    3,093

     

    3,220

    Property and equipment, net

    2,972

     

    2,970

    Intangible assets, net

    9,397

     

    6,822

    Goodwill

    25,704

     

    22,168

    Total non-current assets

    80,214

     

    77,516

    Total assets

    355,705

     

    362,106

     

    The above condensed consolidated interim balance sheets should be read in conjunction with the accompanying notes.

    4


    Table of Contents

    VTEX

    Condensed consolidated interim balance sheets

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

     

    March 31, 2025

     

    December 31, 2024

    LIABILITIES

     

     

     

    Current liabilities

     

     

     

    Accounts payable and accrued expenses

    31,541

     

    36,003

    Taxes payable

    8,191

     

    7,863

    Lease liabilities

    1,747

     

    1,617

    Deferred revenue

    34,537

     

    32,521

    Accounts payable from acquisition of subsidiaries

    15

     

    29

    Other current liabilities

    5,145

     

    1,989

    Total current liabilities

    81,176

     

    80,022

     

     

     

     

    Non-current liabilities

     

     

     

    Accounts payable and accrued expenses

    3,257

     

    1,754

    Taxes payable

    168

     

    160

    Lease liabilities

    1,450

     

    1,695

    Accounts payable from acquisition of subsidiaries

    1,340

     

    943

    Deferred revenue

    21,333

     

    22,217

    Deferred tax liabilities

    753

     

    808

    Other non-current liabilities

    340

     

    361

    Total non-current liabilities

    28,641

     

    27,938

     

     

     

     

    Commitments and contingencies

     

     

     

     

     

     

     

    EQUITY

     

     

     

    Common stock: $0.0001 par value, 2,100,000,000 shares authorized; Class A: 101,550,023 and 103,947,244 issued; 101,550,023 and 103,874,660 outstanding. Class B: 80,766,730 and 80,866,730 issued and outstanding

    18

     

    18

    Additional paid-in capital

    355,508

     

    365,933

    Accumulated other comprehensive income (loss)

    (726)

     

    (2,023)

    Accumulated losses

    (108,956)

     

    (109,814)

    Equity attributable to VTEX’s shareholders

    245,844

     

    254,114

    Non-controlling interests

    44

     

    32

    Total shareholders’ equity

    245,888

     

    254,146

    Total liabilities and equity

    355,705

     

    362,106

     

    The above condensed consolidated interim balance sheets should be read in conjunction with the accompanying notes.

    5


    Table of Contents

    VTEX

    Condensed consolidated interim statements of operations

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

     

     

    Three months ended

     

    March 31, 2025

     

    March 31, 2024

     

     

     

     

    Subscription revenue

    52,580

     

    50,351

    Services revenue

    1,585

     

    2,286

    Total revenue

    54,165

     

    52,637

     

     

     

     

    Subscription cost

    (11,080)

     

    (11,561)

    Services cost

    (2,103)

     

    (3,205)

    Total cost

    (13,183)

     

    (14,766)

    Gross profit

    40,982

     

    37,871

     

     

     

     

    Operating expenses

     

     

     

    General and administrative

    (9,035)

     

    (8,811)

    Sales and marketing

    (16,847)

     

    (17,206)

    Research and development

    (14,868)

     

    (13,956)

    Other losses

    (429)

     

    (382)

    Loss from operations

    (197)

     

    (2,484)

     

     

     

     

    Other income (expense), net

    1,637

     

    (745)

     

     

     

     

    Income (loss) before income tax

    1,440

     

    (3,229)

     

     

     

     

    Total income tax

    (579)

     

    2,365

     

     

     

     

    Net income (loss) for the period

    861

     

    (864)

     

     

     

     

    Non-controlling interest

    3

     

    (8)

    Attributable to controlling shareholders

    858

     

    (856)

     

     

     

     

    Earnings (loss) per share

     

     

     

    Basic earnings (loss) per share

    0.005

     

    (0.005)

    Diluted earnings (loss) per share

    0.005

     

    (0.005)

     

     

     

    The above condensed consolidated interim statements of operations should be read in conjunction with the accompanying notes

    6


    Table of Contents

    VTEX

    Condensed consolidated interim statements of changes in shareholders’ equity

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

     

     

     

     Common Stock

     

     

    Shares

     

    Issued capital

     

    Additional paid-in capital

     

    Accumulated other comprehensive income

     

    Accumulated losses

     

    Equity
    attributable to
    VTEX’s
    shareholders

     

    Non-controlling interests

     

    Total
    shareholders’
    equity

    At January 1, 2024

     

       184,027,008

     

                       18

     

                  361,082

     

                     3,226

     

            (125,632)

     

               238,694

     

                           24

     

               238,718

    Net loss for the period

     

                        -

     

                        -

     

                            -

     

                          -

     

                   (856)

     

                     (856)

     

                           (8)

     

                     (864)

    Other comprehensive income (loss)

     

                        -

     

                        -

     

                            -

     

                      (823)

     

                        -

     

                     (823)

     

                           -

     

                     (823)

    Exercise of stock options

     

              166,807

     

                        -

     

                         448

     

                          -

     

                        -

     

                      448

     

                           -

     

                       448

    Share repurchase program

     

                        -

     

                        -

     

                            -

     

                          -

     

                        -

     

                         -

     

                           -

     

                         -

    Share-based compensation

     

              334,263

     

                        -

     

                      2,930

     

                          -

     

                        -

     

                   2,930

     

                           -

     

                   2,930

    Cancellation of shares

     

                        -

     

                        -

     

                            -

     

                          -

     

                        -

     

                         -

     

                           -

     

                         -

    Transactions with non-controlling interests

     

                        -

     

                        -

     

                            -

     

                          -

     

                        -

     

                         -

     

                             6

     

                           6

    At March 31, 2024

     

       184,528,078

     

                       18

     

                  364,460

     

                     2,403

     

            (126,488)

     

               240,393

     

                           22

     

               240,415

     

     

    At January 1, 2025

     

       184,813,974

     

                       18

     

                  365,933

     

                   (2,023)

     

            (109,814)

     

               254,114

     

                           32

     

               254,146

    Net income for the period

     

                        -

     

                        -

     

                            -

     

     

     

                     858

     

                      858

     

                             3

     

                       861

    Other comprehensive income (loss)

     

                        -

     

                        -

     

                            -

     

                     1,297

     

                        -

     

                   1,297

     

                           -

     

                   1,297

    Exercise of stock options

     

                     967

     

                        -

     

                             7

     

                          -

     

                        -

     

                          7

     

                           -

     

                           7

    Share repurchase program

     

                        -

     

                        -

     

                  (15,054)

     

                          -

     

                        -

     

                (15,054)

     

                           -

     

                (15,054)

    Share-based compensation

     

              272,635

     

                        -

     

                      4,622

     

                          -

     

                        -

     

                   4,622

     

                           -

     

                   4,622

    Cancellation of shares

     

         (2,770,823)

     

                        -

     

                            -

     

                          -

     

                        -

     

                         -

     

                           -

     

                         -

    Transactions with non-controlling interests

     

                        -

     

                        -

     

                            -

     

                          -

     

                        -

     

                         -

     

                             9

     

                           9

    At March 31, 2025

     

       182,316,753

     

                       18

     

                  355,508

     

                      (726)

     

            (108,956)

     

               245,844

     

                           44

     

               245,888

     

    The above condensed consolidated interim statements of changes in shareholders’ equity should be read in conjunction with the accompanying notes

    7


    Table of Contents

    VTEX

    Condensed consolidated interim statements of cash flows

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

     

    March 31, 2025

     

    March 31, 2024

     

     

     

    Income (loss) for the period

    861

     

             (864)

    Adjustments for:

     

     

     

    Depreciation and amortization

               723

     

            1,092

    Deferred income tax

               379

     

          (2,619)

    Loss on disposal of rights of use, property, equipment, and intangible assets

                   5

     

               127

    Expected credit losses from trade receivables

               320

     

               215

    Share-based compensation

            4,191

     

            4,003

    (Gain) loss on investments and other financial instruments, net

          (4,652)

     

          (3,952)

    Others and foreign exchange, net

    3,080

     

    3,865

    Change in operating assets and liabilities

     

     

    Trade receivables

            5,642

     

          (2,010)

    Recoverable taxes

            1,635

     

             (315)

    Prepaid expenses

             (627)

     

          (1,163)

    Other assets

               321

     

             (220)

    Accounts payable and accrued expenses

          (6,164)

     

          (1,192)

    Operating leases

             (395)

     

             (520)

    Taxes payable

                 24

     

             (857)

    Deferred revenue

          (1,359)

     

            4,191

    Other liabilities

            2,718

     

            2,521

    Net cash provided by operating activities

            6,702

     

            2,302

    Cash flows from investing activities

     

     

    Purchase of marketable securities and equity investments

        (59,380)

     

        (64,067)

    Sales and maturities of marketable securities and equity investments

          73,955

     

          54,184

    Acquisition of subsidiaries net of cash acquired

          (3,678)

     

                 -

    Acquisitions of property and equipment

               (67)

     

             (739)

    Derivative financial instruments

               290

     

          (1,549)

    Net cash provided by (used in) investing activities

          11,120

     

        (12,171)

    Cash flows from financing activities

     

     

    Proceeds from the exercise of stock options

                   7

     

               448

    Net-settlement of share-based payment

             (659)

     

             (749)

    Buyback of shares

        (15,054)

     

                 -

    Payment of loans and financing

               (47)

     

                 -

    Net cash used in financing activities

        (15,753)

     

             (301)

    Net increase (decrease) in cash and cash equivalents

            2,069

     

        (10,170)

    Cash and cash equivalents, beginning of the period

          18,673

     

          28,035

    Effect of exchange rate changes

               343

     

             (397)

    Cash and cash equivalents, end of the period

          21,085

     

          17,468

     

     

    Supplemental cash flow information:

     

    Cash refunded for income taxes

               290

     

               547

     

     

    Non-cash transactions:

     

    Lease liabilities arising from obtaining right-of-use assets and remeasurement

                 75

     

                 -

    Unpaid amount related to business combinations

               383

     

                 -

    Unpaid amount related to intangible assets acquisitions

            1,298

     

                 -

    Transactions with non-controlling interests

                   9

     

                   6

     

     

    The above condensed consolidated interim statements of cash flows should be read in conjunction with the accompanying notes.

    8


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    1
    Nature of business

     

    VTEX (the “Group” or the “Company”) and its subsidiaries, provides a software-as-a-service digital commerce platform tailored for enterprise brands and retailers. The VTEX platform is designed to be composable and complete, enabling our customers to seamlessly implement, optimize, test, and expand both B2C and B2B digital experiences. Fueled by native solutions and a plug-and-play ecosystem, the platform integrates commerce, marketplace, fulfillment channels, and OMS solutions into a unified framework. This integration empowers VTEX's customers to leverage omnichannel capabilities and formulate innovative strategies for customer engagement, connecting seamlessly across all sales channels. The platform's flexible and low-maintenance nature aims to optimize customers' IT investments, ensuring agility and fostering profit growth, competitive time-to-market, and sustainable evolution and scalability.

     

    The Company's shares, under the symbol “VTEX”, are listed on the New York Stock Exchange (“NYSE”).

     

    9


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    2
    Basis of presentation and consolidation

     

    The accompanying condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding financial reporting, and presented in United States dollars (“USD”).

     

    The condensed consolidated interim financial statements include the accounts of the Company and its controlled subsidiaries, including, but not limited to, VTEX ("VTEX"), incorporated in the Cayman Islands; VTEX Argentina S.A. ("VTEX ARG"), incorporated in Argentina; VTEX Brasil Tecnologia para E-commerce LTDA. ("VTEX Brazil"), incorporated in Brazil; VTEX Ecommerce Platform Limited ("VTEX UK"), incorporated in the United Kingdom; VTEX Commerce Cloud Solutions LLC ("VTEX USA"), incorporated in the United States; and other entities in Europe and Latin America. All intercompany accounts and transactions have been eliminated in consolidation. The accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company.

     

    All relevant information for the interim financial statements, and only this information, are presented and consistent to those used by the Company's Management. The interim financial statements have been prepared to update users on the relevant events and transactions that occurred in the period.

     

    10


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    3
    Significant accounting policies

     

    Management has made judgments and estimates that affect the application of the Company’s accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates. Accounting estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to estimates are recognized prospectively.

     

    In preparing these condensed consolidated interim financial statements, the significant judgments and estimates made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those set at the consolidated financial statements for the year ended December 31, 2024 and no retrospective adjustments were made.

     

     

    11


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    4
    Business combinations

     

    4.1
    Acquisition of Weni

     

    On August 29, 2024, VTEX acquired 100% of the shares of Weni, a privately held company specializing in communication automation solutions and chatbots, to enhance its customer engagement and operational automation capabilities. The purchase price includes an initial cash consideration of US$3,016, paid upon closing, as well as a long-term fixed installment of US$972 with payments extending through 2029.

     

    The acquisition agreement features potential additional payment based on the achievement of specific performance targets and the continued employment of key executives over the next three years. As these additional payments fall outside the scope of the business combination, they are recognized as employee benefit expenses in profit or loss over the applicable service period.

     

     

    4.2
    Acquisition of Newtail

     

    On January 9, 2025, VTEX acquired 100% of the shares of Newtail Serviços de Tecnologia LTDA (“Newtail”), a privately held company specializing in the retail media business. The acquisition is expected to expand the Group's retail media solutions.

     

    a.
    Consideration transferred

     

    The purchase price includes an initial cash consideration of US$3,694, paid upon closing, as well as a long-term fixed installment of US$306 with payments extending through 2030.

     

    The table below represents the preliminary purchase price allocation to total identifiable intangible assets acquired and net liabilities assumed based on their respective estimated fair values.

     

     

    Fair value of identifiable assets acquired and liabilities assumed:

     

    Cash and cash equivalents

    32

    Trade receivables

    387

    Other current and non-current assets

    63

    Property and equipment

    6

    Accounts payable

    (356)

    Other current and non-current liabilities

    (68)

     

    Fair value of identifiable intangible assets (i)

    1,440

    Goodwill (ii)

    2,496

    Total consideration

    4,000


     

     

     

    12


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    (i)
    The intangible assets acquired comprises of:

     

    Asset

    Valuation Methodology

    Estimated Fair Value in thousands of U.S. dollars

    Estimated useful life in years

    Customer relationship

    Multi-period excess earnings

    155

    4.0

    Developed technology

    Replacement cost

    1,285

    5.8

     

     

     

     

    (ii)
    The goodwill is attributable to the workforce and synergies of the acquired business. At the acquisition date, goodwill is not deductible for tax purposes. The Group has a plan to merge Newtail into VTEX Brazil in 2025, therefore no deferred tax is recognized. According to Brazilian tax legislation, the expenses related to Goodwill and other intangibles acquired in a business combination are deductible for tax purposes only after the merger.

     

     

     

    Acquired receivables

     

    The fair value of acquired trade receivables was US$387. The gross contractual amount for trade receivables due is US$403, with a loss allowance of US$16 recognized on acquisition.

     

    Revenue contribution

     

    The acquired business contributed revenues of US$371 and a net profit of US$10 to the Company in the period ended March 31, 2025.

     

     

     

    13


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    5
    Financial Instruments

     

    The Company measures financial instruments based on observable inputs such as quoted prices (unadjusted) for identical assets or liabilities in active markets (Level 1), inputs other than the quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly (Level 2), or where little or no market activity exists, using unobservable inputs that require judgment or estimation (Level 3).

     

    The following tables present the costs, net unrealized gain (losses), and fair value by major security type for our investments:

     

     

    As of March 31, 2025

     

    Cost or Amortized Cost

     

    Unrealized gains

     

    Unrealized losses

     

    Aggregate fair value

     

    Cash and cash equivalents

     

    Marketable securities

    Cash

    15,933

     

                 -

     

                 -

     

    15,933

     

    15,933

     

               -

    Level 1:

     

     

     

     

     

     

     

     

     

     

     

        Money market

        5,152

     

                   -

     

                   -

     

         5,152

     

           5,152

     

     

        Mutual funds

     161,028

     

                 -

     

                   -

     

      161,028

     

     -

     

      161,028

        Time deposits

      10,311

     

                  2

     

                   -

     

       10,313

     

     -

     

       10,313

        Foreign Government bonds

      13,227

     

                 -

     

          (2,063)

     

       11,164

     

     -

     

       12,854

    Subtotal

    189,718

     

                  2

     

          (2,063)

     

    187,657

     

    5,152

     

    184,195

     

    Total

    205,651

     

                  2

     

          (2,063)

     

    203,590

     

    21,085

     

    184,195

     

     

    As of December 31, 2024

     

    Cost or Amortized Cost

     

    Unrealized gains

     

    Unrealized losses

     

    Aggregate fair value

     

    Cash and cash equivalents

     

    Marketable securities

    Cash

    13,750

     

                 -

     

                 -

     

    13,750

     

    13,750

     

               -

    Level 1:

     

     

     

     

     

     

     

     

     

     

     

        Money market

        4,923

     

                   -

     

                   -

     

         4,923

     

           4,923

     

     

        Mutual funds

     128,451

     

                   -

     

                   -

     

      128,451

     

     -

     

      128,451

        US Treasuries

      25,198

     

     

     

               (28)

     

       25,170

     

     -

     

       25,170

        Time deposits

        8,132

     

                  2

     

     

     

         8,134

     

     -

     

         8,134

        Discretionary investment portfolio

      22,959

     

                   -

     

                   -

     

       22,959

     

     -

     

       22,959

        Foreign Government bonds

      11,981

     

     

     

          (2,352)

     

         9,629

     

     -

     

       11,421

    Subtotal

    201,644

     

                  2

     

          (2,380)

     

    199,266

     

    4,923

     

    196,135

     

    Total

    215,394

     

                  2

     

          (2,380)

     

    213,016

     

    18,673

     

    196,135

     

     

     

     

    14


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

     

    Investments by Contractual Maturity

     

    As of March 31, 2025, the estimated fair values of our investments, categorized by contractual maturity, are as follows:

     

     

    Amortized Cost

     

    Aggregate

     

     

    Fair Value

     Within 1 year

    3,751

     

    3,378

     After 1 year through 5 years

    19,787

     

    18,099

     Securities with no defined maturity

    166,180

     

    166,180

     

    189,718

     

    187,657

     

     

    Equity Investments without Readily Determinable Fair Values

     

    VTEX holds strategic investments in privately held equity securities of unquoted companies. Adjustments related to equity and other investments without readily determinable fair values for the three-month periods ended March 31, 2025 and 2024 were as follows:

     

     

    2025

    Opening balance on January 1

    9,649

     

    Adjustments related to equity and other investments without readily determinable fair values:

     

       Additions

                     -

       Unrealized gains

                     -

     

     

    Closing balance on March 31

    9,649

     

     

    15


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    6
    Trade receivables

     

    Trade receivables are as follows:

     

     

     

    March 31, 2025

     

    December 31, 2024

    Trade receivables

     

    62,192

     

    64,855

    Expected credit losses

     

    (961)

     

    (952)

    Total trade receivables

     

    61,231

     

    63,903

     

     

     

     

     

    Current

     

    53,401

     

    52,519

    Non-current

     

    7,830

     

    11,384

     

    The changes in expected credit losses for trade receivables are as follows:

     

     

     

    2025

    Opening balance on January 1

     

    (952)

    Addition, net

     

    (320)

    Addition from acquisition of subsidiaries

     

    (16)

    Write-off

     

    364

    Exchange differences

     

    (37)

    Closing balance on March 31

     

    (961)

     

     

    16


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    7
    Income Taxes

    Income tax expenses were as follows:

     

    Three months ended

     

    March 31,

    2025

     

    March 31,

    2024

    Current tax

    (200)

     

    (254)

    Current tax on profits for the period

    (200)

     

    (254)

     

    Deferred income tax

    (379)

     

    2,619

    Decrease (increase) in deferred tax

    (379)

     

    2,619

     

     

     

     

    Total income tax

    (579)

     

    2,365

     

    The composition of deferred income tax assets and liabilities as of March 31, 2025 and December 31, 2024 were as follows:

     

     

    March 31, 2025

     

    December 31, 2024

    Deferred tax assets

     

    Allowance for expected credit loss

              365

     

              343

    Bonus provision

              550

     

           1,424

    Share-based compensation (i)

              747

     

              521

    Deferred revenue

           2,607

     

           2,644

    Research and development expenditures

           1,212

     

           1,728

    Tax loss (ii)

         46,806

     

         42,251

    Others (iii)

           1,956

     

           4,134

    Total deferred tax assets, before valuation allowance

         54,243

     

         53,045

    Valuation allowance

        (38,245)

     

        (37,406)

    Total deferred tax assets

         15,998

     

         15,639

     

     

    March 31, 2025

     

     December 31, 2024

    Deferred tax liabilities

     

    Acquisition of subsidiaries

           2,659

     

              852

    Temporary differences

                 -

     

           1,626

    Others

                33

     

                 -

    Total deferred tax liabilities

           2,692

     

           2,478

     

    Total deferred tax assets, net

    14,059

     

    13,968

    Total deferred tax liabilities, net

    753

     

    808

     

    (i) Mainly related to RSU amounts that are treated as temporary differences until the instrument is vested.

    (ii) Tax losses are mainly a result of the current investment position of operations in Brazil, United Kingdom and United States. In Brazil, tax losses are not subject to statute of limitation but ought to be used observing the limits established by the local tax legislation. The amounts recorded in Brazil are expected to be offset in the foreseeable future. There is not enough positive evidence of recoverability for tax loss carryforwards in VTEX UK and VTEX US, therefore, a valuation allowance for the full amount in these entities was recorded. As of March 31, 2025, these tax losses have no expiry.

    (iii) Most of the amounts appointed as others in the deferred tax assets reconciliation correspond to temporary differences mainly arising from operations carried out in Argentina and Mexico. It refers to provision for payment of suppliers, sales commission, unrealized foreign exchange variation and minor items whose deductibility timing differs from accounting rules as determined by local tax laws.

     

    17


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    8
    Leases

     

    The balance sheet show the following amounts related to leases:

     

     

    March 31, 2025

     

    December 31, 2024

    Right-of-use assets

     

     

     

    Office buildings

    3,093

     

    3,220

    Total

    3,093

     

    3,220

     

     

    March 31, 2025

     

    December 31, 2024

    Lease liabilities

     

     

     

    Current

    1,747

     

    1,617

    Non-current

    1,450

     

    1,695

    Total

    3,197

     

    3,312

     

     

     

    18


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    9
    Property and equipment, net

     

    Details of the Group’s property and equipment balance are presented below:

     

     

    March 31, 2025

     

    December 31, 2024

    Leasehold improvements

    2,194

     

    2,039

    Machinery and equipment

    37

     

    34

    Furniture and fixture

    542

     

    505

    Computer and peripherals

    4,530

     

    4,199

    Accumulated depreciation

    (4,331)

     

    (3,807)

    Property and equipment, net

    2,972

     

    2,970

     

     

    19


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    10
    Intangible assets, net

     

    Details of the Group’s intangible assets balance are presented below:

     

     

    March 31, 2025

     

    December 31, 2024

    Software

    5,503

     

    3,929

    Trademark

    201

     

    186

    Intellectual property

    2,488

     

    2,351

    Customer contracts

    10,316

     

    10,028

    Others

    1,842

     

    444

    Accumulated amortization

    (10,953)

     

    (10,116)

    Intangible assets, net

    9,397

     

    6,822

     

     

    20


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    11
    Accounts payable and accrued expenses

     

    The breakdown of accounts payable and accrued expenses is as follows:

     

     

    March 31, 2025

     

    December 31, 2024

    Trade payables

    15,816

     

    15,840

    Social charges

    4,578

     

    4,417

    Profit-sharing

    6,127

     

    10,643

    Provision for vacation and benefits

    6,207

     

    6,377

    Others

    2,070

     

    480

    Total

    34,798

     

    37,757

     

     

     

     

    Current

    31,541

     

    36,003

    Non-current

    3,257

     

    1,754

     

     

    21


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    12
    Taxes payable

     

    The breakdown of taxes payable is as follows:

     

     

    March 31, 2025

     

    December 31, 2024

    Income tax payable

    1,296

     

    1,411

    Other taxes payable

    7,063

     

    6,612

    Total

    8,359

     

    8,023

     

     

     

     

    Current

    8,191

     

    7,863

    Non-current

    168

     

    160

     

     

     

    22


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    13
    Contingencies

     

    The Company is party to civil, labor and tax lawsuits involving loss risks. Loss contingencies resulting from lawsuits are estimated and updated by the Company, based on the evaluation of its legal advisors.

     

    The breakdown of existing loss contingencies of the Company which are recognized as a liability, is as follows:

     

     

    March 31, 2025

     

    December 31, 2024

    Civil

    42

     

    56

    Labor

    -

     

    14

    Tax

    196

     

    182

    Total

    238

     

    252

     

     

     

     

    23


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    14
    Revenue from services provided

     

     

    The Company’s revenue derives mainly from the transfer of services rendered and fees charged as services are provided, therefore, mostly recognized over time. Disaggregation of revenue by major product lines is as follows:

     

     

    Three months ended

     

    March 31, 2025

     

    March 31, 2024

    Subscriptions

    57,427

     

    55,177

    Taxes on subscriptions

    (4,847)

     

    (4,826)

    Subscription revenue

    52,580

     

    50,351

     

     

     

     

    Services provided

    1,678

     

    2,392

    Taxes on services

    (93)

     

    (106)

    Services revenue

    1,585

     

    2,286

     

     

     

     

    Total revenue

    54,165

     

    52,637

     

     

    24


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    15
    Earnings (loss) per share

     

    Basic earnings (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period.

     

    Diluted earnings per share are computed by affecting all potential weighted average dilutive common stock, including options and restricted stock units.

     

    The following table contains the loss per share of the Group for three-month periods ended March 31, 2025 and 2024:

     

     

     

     

    March

    31, 2025

     

    March

    31, 2024

    Numerator:

     

     

     

    Net income (loss) attributable to the stockholders of the Group

    858

     

    (856)

     

     

     

     

    Denominator:

     

     

     

    Basic weighted average number of shares outstanding

    182,949

     

    184,246

    Weighted average effect of dilutive securities:

     

     

     

      Stock options

    1,802

     

    -

      Restricted share units

    3,790

     

    -

    Diluted weighted average number of shares

    188,541

     

    -

     

     

     

     

    Earnings (loss) per share:

     

     

     

    Basic

    0.005

     

    (0.005)

    Diluted

    0.005

     

    (0.005)

     

     

    25


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    16
    Share-based compensation

     

    16.1 Share-based compensation: VTEX

     

    VTEX provides share-based compensation to selected directors and employees as a stock-option plan.

     

    Both stock options and RSU instruments are exercisable as long as the director or employee fulfills the worked periods after the options are granted.

     

    Set out below are summaries of options granted under the plans:

     

     

    Number of

    options

    (thousands)

    Weighted

    average

    exercise price

    Remaining

    contractual

    terms in years

    Weighted

    average grant

    date fair value

    At January 1, 2025

    9,115

    4.55

    3.02

    1.74

    Granted

    -

    -

    -

    -

    Forfeit

    (26)

    6.79

    -

    2.98

    Exercised (i)

    (12)

    1.00

    -

    0.60

    At March 31, 2025

    9,077

    4.56

    2.78

    1.74

    Stock options exercisable as of March

    31, 2025

    5,800

    4.52

    2.46

    1.34

     

    (i) The number of stock options withheld for tax purposes was 783 shares (173 shares in 2024).

     

    The fair value of the stock options granted is calculated based on the Binomial Options Pricing Model considering the average contract term. The model inputs for options included:

     

    ●
    Strike Price - Average price weighted by the quantity granted;
    ●
    Target Asset Price - The trading price closest to the granting date of the options;
    ●
    Risk-Free Interest Rate - US Treasury interest rate, according to the contractual term;
    ●
    Volatility - According to comparable peer entities listed on the stock exchange.

     

    The following table summarizes the RSU options granted under the plan:

     

     

    Number of

    RSUs

    (thousands)

    Weighted

    average grant

    date fair value

    At January 1, 2025

    3,839

    6.70

    Granted

    433

    6.72

    Forfeit

    (77)

    7.73

    Settled(i)

    (378)

    7.54

    At March 31, 2025

    3,817

    6.59

     

    (i) The number of RSUs withheld for tax purposes was 105.2 thousand shares (128.7 thousand shares in 2024).

     

    The fair value of the restricted stock units granted was calculated using the same Target Asset Price used in the Stock Options appraisal model.

     

     

    26


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    For the three-month period ended March 31, 2025 there was US$23,105 of remaining unamortized compensation costs, including social charges, related to unvested stock options and RSUs granted to the Group’s employees. This cost will be recognized over an estimated weighted average remaining period of 1.48 years. Total unamortized compensation costs will be adjusted for future changes in estimated forfeitures.

     

    The total expense, including taxes and social charges related to the share-based compensation plan for the three-month period ended March 31, 2025, was US$ 4,470 (for the three-month period ended March 31, 2024: 3,749). For the three-month period ended March 31, 2025, the Group recorded in the capital reserve the amount of US$ 4,539 (for the three-month period ended March 31, 2024: US$2,139).

     

     

    16.2 Share-based compensation: Loja Integrada

     

    On April 29, 2021, VTEX introduced a new share-based compensation plan to selected directors and employees as a stock option and RSU plan in Loja Integrada, a subsidiary wholly owned. This share-based compensation plan also has RSU and Stock Options. Under both stock option plan and RSUs, the options have a term of 7 years as of the grant date. They are exercisable as long as the director or employee fulfills the worked periods after the options are granted.

     

    The fair value of the stock options granted is calculated based on the Binomial Options Pricing Model considering the average contract term. The model inputs for options included:

     

    ●
    Strike Price - Average price weighted by the quantity granted;
    ●
    Target Asset Price - The trading price closest to the granting date of the options or the trading price derived from an independent valuation report;
    ●
    Risk-Free Interest Rate - Future CDI, according to the contractual term;
    ●
    Volatility - According to comparable peer entities listed on the stock exchange.

     

    The following table summarizes the RSU options granted under the plan:

     

     

     

    Number of

    RSUs

    (thousands)

    Weighted

    average grant

    date fair value

    At January 1, 2025

     

    188.90

    5.51

    Granted

     

    -

    -

    Forfeit

     

    (6.67)

    4.31

    Settled (i)

     

    (27.39)

    7.14

    At March 31, 2025

     

    154.84

    4.93

     

    (i) The number of RSUs withheld for tax purposes was 7.5 thousand shares (1.1 thousand shares in 2024).

     

    For the three-month period ended March 31, 2025, there was US$453 of remaining unamortized compensation cost, including social charges, related to unvested stock options and RSUs granted to the Group’s employees. This cost will be recognized over an estimated weighted-average remaining period of 1.15 years. Total unamortized compensation costs will be adjusted for future changes in estimated forfeitures.

     

    27


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

     

    The total expense, including taxes and social charges related to the Loja Integrada share-based compensation plan for the three-month period ended March 31, 2025, was US$ 69 (for the three-month period ended March 31, 2024: US$ 372). For the three-month period ended March 31, 2025, the Group recorded in the capital reserve the amount of US$ 83 (for the three month period ended March 31, 2024: US$ 146).

     

     

    16.3 Amounts recognized in the statement of profit or loss

     

    The following table illustrates the classification of share-based compensation in the consolidated statements of profit and loss which includes both share-based compensation of VTEX and Loja Integrada, which includes social charges and taxes:

     

     

    Three months ended

     

    March 31, 2025

     

    March 31, 2024

    Subscription cost

    (61)

     

    (49)

    Services cost

    (113)

     

    (143)

    General and administrative

    (2,496)

     

    (2,225)

    Sales and marketing

    (827)

     

    (1,045)

    Research and development

    (1,043)

     

    (1,419)

    Total

    (4,540)

     

    (4,881)

     

     

    28


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    17
    Other income, net

     

    The breakdown of other income for the three-month periods ended March 31, 2025 and 2024 is as follows:

     

     

    March

    31, 2025

     

    March

    31, 2024

    Interest income

    1,059

     

    5,491

    Foreign exchange loss, net

    (3,008)

     

    (828)

    Gain (loss) on financial instruments, net

    3,711

     

    (5,381)

    Other, net

    (125)

     

    (27)

    Other income (expense), net

    1,637

     

    (745)

     

     

    18
    Subsequent events

    In April 2025, the Company canceled 796,408 Class A common shares, which were repurchased after March 31, 2025 under the repurchase share program.

     

    29


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

     

    Item 2 – Management’s discussion and analysis of financial condition and results of operations

    This Management's Discussion and Analysis of Financial Condition and Results of Operations section may contain certain forward-looking statements that involve risks and uncertainties. Our actual results and the timing of events may differ significantly from those expressed or implied in such forward-looking statements for several reasons, including those described in our prior filings with the U.S. Securities and Exchange Commission.

    The following analysis and discussion of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated interim financial statements as of March 31, 2025 and 2024 included elsewhere in this document.

    Overview

    VTEX is the commerce suite of choice for bold CIOs and CEOs globally, delivering transformative outcomes with unprecedented operational efficiency. By unifying a comprehensive ecosystem of solutions, including B2C, B2B, Sales App, Pick and Pack, Data Pipeline, Retail Media, and Security Shield. VTEX empowers brands and retailers to eliminate friction, foster collaboration, and accelerate growth. More than just software, VTEX is an agent of transformation, seamlessly connecting customers, partners, and developers to drive tangible business results.

    Through our pragmatic composability approach, we empower brands, distributors, and retailers with unparalleled flexibility and comprehensive solutions, enabling them to invest solely in what provides a clear business advantage and boosts profitability. Our platform is designed to be the operating system for the commerce ecosystem to orchestrate complex network of consumers, business partners, suppliers, and fulfillment providers in one place. VTEX puts its customers’ business on a fast path to growth with a complete Commerce, Marketplace, and OMS solution. We help global companies build, manage and deliver native and advanced B2B, B2C, and marketplace commerce experiences with unprecedented time to market and without complexity.

    We are redefining the boundaries between digital and physical commerce, empowering personal shoppers, and fostering seamless interactions across both realms. Our aim is to boost our customers' conversion and efficiency rates in their commerce operations. Through VTEX, enterprises can easily build online stores, integrate and manage orders across multiple channels, create marketplaces to sell third-party vendors' products, and optimize their product delivery process, among many other capabilities.

    With 25 years of experience in digital commerce, VTEX has been a leader in accelerating the digital commerce transformation in Latin America and is expanding globally. Our platform is engineered to enterprise-level standards and functionality with approximately 88% of our GMV coming from large, blue-chip companies (i.e. customers with more than US$10 million of GMV per year). We are trusted by more than 2.4 thousand customers with over 3.4 thousand active online stores across 43 countries to connect with their consumers in a meaningful way.

    We benefit from the acceleration of digitalization globally, and in particular in Latin America, where ecommerce is still underpenetrated. Accelerating ecommerce growth, evolving consumer expectations and the proliferation of digital shopping alternatives are raising the bar for brands and retailers to stay relevant. Legacy structures developed over years force enterprises to choose between deep customization and speed to market. Our technology combined with our ecosystem of partners solves this problem. We deliver flexibility and simplicity to complex, mission critical commerce operations.

    In the year 2024, our company achieved several recognitions and acknowledgments. VTEX was the only vendor named a Customers’ Choice in the Gartner® Voice of the Customer for Digital Commerce report, and a Challenger in the Magic Quadrant™ for Digital Commerce report for our Ability to Execute and Completeness of Vision, having been recognized in the Gartner® Magic Quadrant™ for Digital Commerce report for the eighth consecutive year. VTEX was also named a Leader in IDC MarketScape: Worldwide B2C

     

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    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

     

    Digital Commerce Platforms for Midmarket Growth 2024 Vendor Assessment, and a Leader in IDC MarketScape: Worldwide Headless Digital Commerce Applications for Midmarket Growth Vendor Assessment. Additionally, Paradigm B2B Combine: Enterprise Edition report and Paradigm B2B Combine: Midmarket Edition awarded VTEX medals in all 12 B2B digital commerce categories evaluated in each report.

    VTEX was once again recognized as a Customers’ Choice in the 2025 Gartner® Voice of the Customer for Digital Commerce report, for the second year in a row. was VTEX was once again recognized as a Customers’ Choice in the 2025 Gartner® Voice of the Customer for Digital Commerce report, for the second year in a row

    We offer access to our platform on a subscription basis, which accounted for 97.1% of our revenue for the three-month period ended March 31, 2025, compared to 95.7% of our revenue in the same period of 2024. Our subscription revenue is based on a fixed subscription fee and a transaction-based fee. The transaction-based fee accounts for most of our subscription revenues and is primarily structured as a take rate or percentage of the total value of the orders processed through our platform, including value added taxes and shipping, which we refer to as our GMV. Our transaction-based fee model aligns our success with our customers’ success and our revenue grows as our customers’ GMV grows. In the three-month period ended March 31, 2025, our GMV reached US$4.3 billion, representing an increase of 7.6% in USD and 17.2% on an FX neutral basis. In the same period, our subscription revenue reached US$52.6 million, representing an increase of 4.4% in USD and 15.0% on an FX neutral basis.

    Key metric— Gross merchandise value

    The key metric we use to measure our performance, identify trends affecting our business, formulate our business plan projections and support our strategic decisions is GMV. Due to the seasonality of ecommerce and the foreign exchange effects resulting from the volatility of the currencies of the jurisdictions where we operate (particularly Latin America countries) vis-à-vis the U.S. Dollar (which is our functional currency), our management compares GMV on a year-over-year and foreign exchange neutral basis. The foreign exchange neutral measures are calculated by using the average monthly exchange rates for each month during the previous year, adjusted by inflation in countries with hyper-inflation, and applying them to the corresponding months of the current year, so as to calculate what our results would have been had exchange rates remained stable from one year to the next.

    GMV is the total value of customer orders processed through our platform, including value added taxes and shipping. Our GMV does not include the value of orders processed by our SMB customers or B2B transactions. Due to our transaction-based subscription model, we believe that GMV growth is linked with our revenue growth and we track GMV as an indicator of the success of our customers, the performance of the platform and our market share.

     

    Three months ended

     

    March 31, 2025

     

    March 31, 2024

     

    (in millions of U.S. Dollars, unless otherwise indicated)

    GMV

    4,341.8

     

    4,036.9

    GMV growth FX neutral (%)

    17.2%

     

    20.1%

     

     

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    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

    Seasonality and quarterly operations results

    Our transaction-based subscription model, similar to most retail businesses, experiences seasonal fluctuations. Historically, we have generated higher net sales in the fourth quarter, as a consequence of the concentration of special dates during that quarter.

    The following table sets forth our quarterly condensed consolidated interim statements of profit or loss data for each of the last historical nine quarters. The condensed consolidated interim statements of profit or loss data below has been prepared on the same basis as the unaudited consolidated financial statements included elsewhere in this document and, in our opinion, reflects all necessary adjustments, consisting only of ordinary course recurring adjustments, necessary to present this information fairly and accurately. These historical quarterly results of operations are not necessarily indicative of the results of operations for any future period.

     

    For the three months ended
    (unaudited)

    (in US$ millions)

    March
    31, 2023

     

    June
    30, 2023

     

    September 30, 2023

     

    December 31, 2023

     

    March
    31, 2024

     

    June
    30, 2024

     

    September 30, 2024

     

    December 31, 2024

     

    March
    31, 2025

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Subscription revenue

                 39.7

     

              44.5

     

              47.5

     

              57.9

     

              50.4

     

              54.0

     

              53.9

     

              59.4

     

              52.6

    Services revenue

                   2.5

     

                3.1

     

                3.1

     

                2.5

     

                2.3

     

                2.6

     

                2.1

     

                2.1

     

                1.6

    Total revenue

                 42.2

     

              47.6

     

              50.6

     

              60.4

     

              52.6

     

              56.5

     

              56.0

     

              61.5

     

              54.2

    Subscription cost

               (10.5)

     

             (11.1)

     

             (11.4)

     

             (12.5)

     

             (11.6)

     

             (11.9)

     

             (11.7)

     

             (12.4)

     

             (11.1)

    Services cost

                 (4.1)

     

               (4.3)

     

               (3.7)

     

               (3.4)

     

               (3.2)

     

               (3.1)

     

               (2.7)

     

               (3.3)

     

               (2.1)

    Total cost

               (14.6)

     

             (15.4)

     

             (15.0)

     

             (15.9)

     

             (14.8)

     

             (15.0)

     

             (14.3)

     

             (15.6)

     

             (13.2)

    Gross profit

                 27.6

     

              32.2

     

              35.5

     

              44.5

     

              37.9

     

              41.6

     

              41.6

     

              45.9

     

              41.0

    Operating expenses

     

    General and administrative

                 (7.6)

     

               (8.5)

     

               (8.0)

     

               (8.3)

     

               (8.8)

     

               (9.4)

     

               (8.3)

     

               (7.7)

     

               (9.0)

    Sales and marketing

               (14.6)

     

             (14.2)

     

             (15.3)

     

             (15.2)

     

             (17.2)

     

             (17.3)

     

             (16.6)

     

             (17.5)

     

             (16.8)

    Research and development

               (13.8)

     

             (16.3)

     

             (15.8)

     

             (14.4)

     

             (14.0)

     

             (14.3)

     

             (13.7)

     

             (13.4)

     

             (14.9)

    Other income (losses)

                 (0.8)

     

               (0.5)

     

               (0.1)

     

               (0.6)

     

               (0.4)

     

                0.3

     

               (0.7)

     

               (0.6)

     

               (0.4)

    Income (loss) from operation

                 (9.2)

     

               (7.3)

     

               (3.6)

     

                6.1

     

               (2.5)

     

                0.8

     

                2.3

     

                6.7

     

               (0.2)

    Other income (expense), net

                   2.0

     

                1.3

     

                1.1

     

               (2.8)

     

               (0.7)

     

                5.5

     

               (0.1)

     

                1.2

     

                1.6

    Income (loss) before income tax

                 (7.2)

     

               (6.1)

     

               (2.5)

     

                3.3

     

               (3.2)

     

                6.3

     

                2.2

     

                7.9

     

                1.4

    Income tax

                   0.1

     

               (0.0)

     

               (0.3)

     

               (3.1)

     

                2.4

     

                0.2

     

                1.1

     

               (1.2)

     

               (0.6)

    Net income (loss) for the period

                 (7.1)

     

               (6.1)

     

               (2.8)

     

                0.2

     

               (0.9)

     

                6.6

     

                3.4

     

                6.8

     

                0.9

    Earnings (loss) per share

     

    Basic and diluted earnings (loss) per share US$

               (0.04)

     

             (0.03)

     

             (0.02)

     

              0.00

     

             (0.00)

     

              0.04

     

              0.02

     

              0.04

     

              0.00

    The following table sets forth selected condensed consolidated interim profit (loss) statements data for each of the periods indicated as a percentage of total revenue.

     

     

    For the three months ended
    (unaudited)

     

    March
    31, 2023

     

    June
    30, 2023

     

    September 30, 2023

     

    December 31, 2023

     

    March
    31, 2024

     

    June
    30, 2024

     

    September 30, 2024

     

    December 31, 2024

     

    March
    31, 2025

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total revenue

    100.0%

     

    100.0%

     

    100.0%

     

    100.0%

     

    100.0%

     

    100.0%

     

    100.0%

     

    100.0%

     

    100.0%

    Subscription cost

    (24.8)%

     

    (23.3)%

     

    (22.5)%

     

    (20.7)%

     

    (22)%

     

    (21)%

     

    (20.8)%

     

    (20.1)%

     

    (20.5)%

    Services cost

    (9.8)%

     

    (9.1)%

     

    (7.3)%

     

    (5.6)%

     

    (6.1)%

     

    (5.5)%

     

    (4.8)%

     

    (5.3)%

     

    (3.9)%

    Total cost

    (34.6)%

     

    (32.4)%

     

    (29.7)%

     

    (26.3)%

     

    (28.1)%

     

    (26.5)%

     

    (25.6)%

     

    (25.4)%

     

    (24.3)%

    Gross profit

    65.4%

     

    67.6%

     

    70.3%

     

    73.7%

     

    71.9%

     

    73.5%

     

    74.4%

     

    74.6%

     

    75.7%

    Operating expenses

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    General and administrative

    (18)%

     

    (17.9)%

     

    (15.8)%

     

    (13.7)%

     

    (16.7)%

     

    (16.7)%

     

    (14.9)%

     

    (12.6)%

     

    (16.7)%

    Sales and marketing

    (34.7)%

     

    (29.9)%

     

    (30.3)%

     

    (25.1)%

     

    (32.7)%

     

    (30.6)%

     

    (29.7)%

     

    (28.4)%

     

    (31.1)%

    Research and development

    (32.6)%

     

    (34.1)%

     

    (31.1)%

     

    (23.9)%

     

    (26.5)%

     

    (25.4)%

     

    (24.5)%

     

    (21.8)%

     

    (27.4)%

    Other income (losses)

    (1.8)%

     

    (1.1)%

     

    (0.2)%

     

    (0.9)%

     

    (0.7)%

     

    0.6%

     

    (1.2)%

     

    (0.9)%

     

    (0.8)%

    Income (loss) from operation

    (21.7)%

     

    (15.4)%

     

    (7.2)%

     

    10.1%

     

    (4.7)%

     

    1.4%

     

    4.2%

     

    10.9%

     

    (0.4)%

    Other income (expense), net

    4.7%

     

    2.7%

     

    2.2%

     

    (4.6)%

     

    (1.4)%

     

    9.8%

     

    (0.2)%

     

    1.9%

     

    3.0%

    Income (loss) before income tax

    (17)%

     

    (12.7)%

     

    (5)%

     

    5.5%

     

    (6.1)%

     

    11.2%

     

    4.0%

     

    12.9%

     

    2.7%

    Income tax

    0.1%

     

    (0.1.0)%

     

    (0.6)%

     

    (5.1)%

     

    4.5%

     

    0.4%

     

    2.0%

     

    (1.9)%

     

    (1.1)%

    Net income (loss) for the period

    (16.9)%

     

    (12.8)%

     

    (5.6)%

     

    0.4%

     

    (1.6)%

     

    11.6%

     

    6.0%

     

    11.0%

     

    1.6%

     

    The following table sets forth our Non-GAAP income (loss) from operations for each of the periods indicated:

     

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    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

     

    For the three months ended
    (unaudited)

     

     

    March
    31, 2023

     

    June
    30, 2023

     

    September 30, 2023

     

    December 31, 2023

     

    March
    31, 2024

     

    June
    30, 2024

     

    September 30, 2024

     

    December 31, 2024

     

    March
    31, 2025

     

     

     

     

     

     

     

     

    Income (loss) from operation

               (9.2)

     

               (7.3)

     

               (3.6)

     

                6.1

     

               (2.5)

     

                0.8

     

                2.3

     

                6.7

     

               (0.2)

    Share-based compensation expense

                4.4

     

                4.8

     

                4.6

     

                4.3

     

                4.9

     

                5.0

     

                4.7

     

                4.6

     

                4.5

    Amortization and adjustment related to acquisitions

                0.5

     

                0.8

     

                0.6

     

                0.6

     

                0.5

     

                0.4

     

                0.4

     

                0.4

     

                0.5

    Earn out expenses related to acquisitions

                  -

                  -

                  -

                  -

                  -

                  -

                0.2

                0.5

                0.5

    Non-GAAP Income (loss) from operation

               (4.3)

     

               (1.7)

     

                1.6

     

              11.0

     

                2.9

     

                6.3

     

                7.6

     

              12.3

     

                5.3

     

     

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    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

    Components of our results of operations

    The following is a summary of the principal line items comprising condensed consolidated interim income of profit and loss.

    Total revenue

    Our total revenue consists of (1) subscription and support revenue, arising from a multichannel cloud and SaaS-based platform focused on ecommerce; and (2) revenue from professional services and other, arising substantially from consulting services.

    Subscription revenue

    Subscription revenue consists of revenue derived from (1) a mix of transaction-based fees and fixed subscription fees, in each case derived from customers using our platform; (2) our SMB business; and (3) other business units that generate recurring revenue to us.

    Transaction-based fees comprise (a) commission fees charged to customers based on a percentage of the GMV or a fee per order processed on our platform; and (b) commission fees charged to marketplace partners, payment providers, and any other services provided through our app store.

    Fixed subscription fees comprise (a) yearly or multi-year upfront fees paid by merchants to reduce future variable fees; and (b) fixed monthly fee for using our platform in any given month. Fixed fees are paid to us at the beginning of the applicable subscription period, regardless of the length of the subscription period. As subscription fees are received in advance of providing the related services, we record deferred revenue on our consolidated balance sheet for the unearned revenue and recognize revenue ratably over the related subscription period.

    Services revenue

    Services revenue consists primarily of revenue derived from consulting services which are recognized over time during the period that services are performed. Services revenue accounted for 2.9% of our revenue for the three-month period ended March 31, 2025, compared to 4.3% in the same period of 2024. For the three-month period ended on March 31, 2025, the consulting services revenue accounted for 2.9% of our revenue, compared to 4.3% in the same period of 2024.

    Cost of revenue

    Our total cost consists of (1) subscription cost; and (2) services cost.

    Subscription cost of revenue

    Subscription cost consists mainly of costs related to hosting and customer support costs. The hosting related costs include third-party providers, software related platform operating costs, and compensation for our infrastructure team. Support costs are mostly driven by personnel cost, and represent expenses related to the support we provide to our customers.

    Services cost of revenue

    Services cost consist mainly of personnel costs and/or third-party expenses to provide the professional services advisory for a specific project of a customer project.

    Operating expenses

    Our operating expenses consist of general and administrative expenses, sales and marketing expenses, and research and development expenses.

     

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    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

    General and administrative expenses consist primarily of (1) personnel-related expenses (including stock-based compensation) for our finance, support operation departments, legal and compliance teams; (2) corporate expenses; and (3) corporate overhead allocation. General and administrative expenses also include costs related to business acquisitions, legal and other professional services fees and depreciation and amortization.

    Sales and marketing expenses consist primarily of (1) personnel-related expenses (including stock-based compensation) and commissions paid to the direct sales team, the success team, partnership sales team and sales enablement team; (2) travel-related expenses; (3) marketing and events expenses; (4) finder fee commissions; and (5) the allocation of corporate overhead. We plan to continue to incur sales and marketing expenses in the regions that we currently have a presence as well as in new regions over time in order to continue to enhance our brand awareness and our capabilities to attract new customers.

    Research and development expenses consist primarily of (1) personnel-related expenses (including stock-based compensation) for product development, product management and product design; (2) software subscription costs related to the product; and (3) the allocation of corporate overhead. We expect to increase the research and development expenses to continue investing in product innovation, and in the development of new products.

    Other income (expense), net

    Other income (expense), net consist primarily of interest income, foreign exchange gains and losses, fair value gains or losses on financial instruments, and other financial items.

    Income tax

    Provision for income taxes consists primarily of income taxes, current and deferred, in certain foreign jurisdictions in which we conduct business. The current and deferred income taxes are calculated based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries in which we operate and generate taxable income. Deferred tax assets are evaluated at each reporting period, and valuation allowances are recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized.

     

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    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

    Historical consolidated operations results

    Comparison of results of operations for the three-month periods ended March 31, 2025 and 2024

    The following table sets forth our condensed consolidated interim income statements for the three-month periods ended March 31, 2025 and 2024. The period-to-period comparison of financial results is not necessarily indicative of future results.

     

    Three months ended

    (in US$ thousands)

    March 31, 2025

     

    March 31, 2024

    Subscription revenue

    52,580

     

    50,351

    Services revenue

    1,585

     

    2,286

    Total revenue

    54,165

     

    52,637

    Subscription cost (1)

    (11,080)

     

    (11,561)

    Service cost (1)

    (2,103)

     

    (3,205)

    Total cost

    (13,183)

     

    (14,766)

    Gross profit

    40,982

     

    37,871

    Operating expenses

     

     

     

    General and administrative (1) (3)

    (9,035)

     

    (8,811)

    Sales and marketing (1) (2) (3)

    (16,847)

     

    (17,206)

    Research and development (1) (2) (3)

    (14,868)

     

    (13,956)

    Other losses

    (429)

     

    (382)

    Loss from operation

    (197)

     

    (2,484)

    Other income (expense), net

    1,637

     

    (745)

    Income (loss) before income tax

    1,440

     

    (3,211)

    Total income tax

    (579)

     

    2,365

    Net income (loss) for the period

    861

     

    (846)

     

    (1) Includes stock-based compensation expenses as follows:

     

     

    Three months ended

    (in US$ thousands)

    March 31, 2025

     

    March 31, 2024

    Subscription cost

    (61)

     

    (49)

    Service cost

    (113)

     

    (143)

    General and administrative

    (2,496)

     

    (2,225)

    Sales and marketing

    (827)

     

    (1,045)

    Research and development

    (1,043)

     

    (1,419)

    Total

    (4,540)

     

    (4,881)

    (2) Includes earn-out expenses related to acquisitions as follows:

     

    Three months ended

    (in US$ thousands)

    March 31, 2025

     

    March 31, 2024

    Sales and marketing

    (286)

     

    -

    Research and development

    (190)

     

    -

    Total

    (476)

     

    -

    (3) Includes amortization related to acquisitions as follows:

     

    Three months ended

    (in US$ thousands)

    March 31, 2025

     

    March 31, 2024

    General and administrative

    (4)

     

    (4)

    Sales and marketing

    (365)

     

    (300)

    Research and development

    (96)

     

    (151)

    Total

    (465)

     

    (455)

     

     

    36


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

     

    Total revenue

    The components of our total revenue during the three-month periods ended on March 31, 2025 and 2024 were as follows:

     

    Three months ended

    (in US$ thousands,

    except percentages)

    March 31, 2025

    March 31, 2024

    Variation

    Subscription revenue

    52,580

    50,351

    4.4%

    Services revenue

    1,585

    2,286

    (30.7)%

    Total revenue

    54,165

    52,637

    2.9%

     

    Total revenue for the three-month period ended March 31, 2025 was US$54.2 million, an increase of US$1.5 million, or 2.9% in US$ or 13.2% on an FX neutral basis, from US$52.6 million in the same period of 2024. The increase in total revenue was primarily driven by: an increase in GMV of 7.6% in US$ or 17.2% on an FX neutral basis to US$4.3 billion for the three-month period ended March 31, 2025, from US$4.0 billion in the same period of 2024, which also led to higher revenues from transaction-based fees.

     

    37


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

     

    Total cost

    The components of our total cost during the three-month periods ended on March 31, 2025 and 2024 were as follows:

     

    Three months ended

    (in US$ thousands,

    except percentages)

    March 31, 2025

    March 31, 2024

    Variation

    Subscription cost

    (11,080)

    (11,561)

    (4.2)%

    Services cost

    (2,103)

    (3,205)

    (34.4)%

    Total cost

    (13,183)

    (14,766)

    (10.7)%

     

    Total cost for the three-month period ended March 31, 2025 decreased by US$1.6 million, or 10.7%, to US$13.2 million from US$14.8 million in the same period of 2024, mainly due to a decrease in total cost of services by US$1.1 million primarily due to (1) the discontinuation of hyper-care mode for new customers in the USA and Europe, as our evolved ecosystem now efficiently supports most new implementation independently and (2) operational efficiencies in support cost.

     

    38


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

    Gross profit

    As a result of the above, our gross profit increased by US$3.1 million, or 8.2% to US$41.0 million for the three-month period ended March 31, 2025 from US$37.9 million in the same period of 2024. As a percentage of our total revenue, our gross profit increased to 75.7% in the three-month period ended March 31, 2025 from 71.9% in the same period of 2024, mainly due mainly due to efficiencies in support cost.

     

    39


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    Operating expenses

    General and administrative

    General and administrative expenses during the three-month periods ended on March 31, 2025 and 2024 were as follows:

     

    Three months ended

    (in US$ thousands,

    except percentages)

    March 31, 2025

    March 31, 2024

    Variation

    General and administrative

    (9,035)

    (8,811)

    2.5%

    Percentage of total revenue

    (16.7)%

    (16.7)%

    -

     

    Our general and administrative expenses remained relatively stable, increasing slightly by US$0.2 million, or 2.5%, to US$9.0 million for the three-month period ended March 31, 2025, from US$8.8 million in the same period of 2024, with no significant changes in key expense categories.

    Sales and marketing

    Sales and marketing expenses during the three-month periods ended March 31, 2025 and 2024 were as follows:

     

    Three months ended

    (in US$ thousands,

    except percentages)

    March 31, 2025

    March 31, 2024

    Variation

    Sales and marketing

    (16,847)

    (17,206)

    (2.1)%

    Percentage of total revenue

    (31.1)%

    (32.7)%

    -

     

    Our sales and marketing expenses remained relatively stable, decreasing by US$0.4 million, or 2.1%, to US$16.8 million for the three-month period ended March 31, 2025, from US$17.2 million in the same period of 2024, with no significant changes in key expense categories.

    Research and development

    Research and development expenses during the three-month periods ended on March 31, 2025 and 2024 were as follows:

     

    Three months ended

    (in US$ thousands,

    except percentages)

    March 31, 2025

    March 31, 2024

    Variation

    Research and development

    (14,868)

    (13,956)

    6.5%

    Percentage of total revenue

    (27.4)%

    (26.5)%

    -

     

    Our research and development expenses increased by US$0.9 million, or 6.5% to US$14.9 million for the three-month period ended March 31, 2025 from US$14.0 million in the same period of 2024, primarily due to (1) an increase in IT-related expenses and (2) an increase in personnel-related expenses, including share-based compensation, which was partially offset by (3) a decrease in outsourcing-related expenses.

    Other income (expense), net

    Other income (expense), net amounted to a revenue of US$1.6 million for the three-month period ended March 31, 2025, compared to an expense of US$0.7 million in the same period of 2024 mainly due to (1) an increase in gain (loss) from financial instruments to an income of US$3.7 million in March 31, 2025 from an expense of US$5.4 million in March 31, 2024, which was partially offset by (2) a decrease in interest income to US$1.1 million in March 31, 2025 from US$5.5 million in March 31, 2024 and (3) a decrease in foreign exchange loss to an expense of US$3.0 million in March 31, 2025 from a expense of US$0.8 million in March 31, 2024.

     

    40


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

     

    Net income (loss) for the period

    As a result of the above, our net income amounted to US$0.9 million for the three-month ended March 31, 2025, compared to a net loss of US$0.9 million in the same period of 2024.

     

    41


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

     

    Condensed consolidated statements of cash flows

    The following table sets forth certain condensed consolidated cash flow information for the periods indicated:

     

    For the three months ended

    (in US$ thousands)

    March
    31, 2025

    March
    31, 2024

    Net cash provided by operating activities

             6,702

             2,302

    Net cash provided by (used in) investing activities

           11,120

          (12,171)

    Net cash used in financing activities

          (15,753)

               (301)

    Net increase (decrease) in cash and cash equivalents

             2,069

          (10,170)

     

    Net cash provided by operating activities

    For the three months ended March 31, 2025, our net cash provided by operating activities amounted to US$6.7 million, compared to US$2.3 of cash provided in the same period of 2024, primarily as a result of:

    ●
    a net income of the period to US$0.9 million for the three-month period ended March 31, 2025, compared to a net loss of US$0.9 in the same period of 2024.
    ●
    changes in operating liabilities which consisted mainly of US$6.1 million decrease in accounts payable for the three-month period ended March 31, 2025, compared to a decrease of US$1.2 million for the three-month period ended March 31, 2024; partially offset by:
    ●
    changes in operating assets which consisted mainly of a decrease in trade receivables in the amount of US$5.6 million for the three-month period ended March 31, 2025, compared to an increase of US$2 million for the three-month period ended March 31, 2024.

    Net cash provided by (used in) investing activities

    For the three-month period ended March 31, 2025, net cash provided in investing activities amounted to US$11.1 million, compared US$12.2 million of net cash used in investing activities in the same period of 2024, primarily as a result of an increase in sales and maturities of marketable securities and equity investments to US$74 million for the three-month period ended March 31, 2025, from US$54.2 million in the same period of 2024. This was partially offset by a decrease in purchase of marketable securities to US$59.4 million for the three-month period ended March 31, 2025, from US$64.1 million in the same period of 2024.

     

    Net cash used in financing activities

    For the three-month period ended March 31, 2025, net cash used in financial activities increased to US$15.8 million, from US$0.3 million in the same period of 2024, primarily as a result of the increase in the buyback of shares to US$15.1 million for the three-month period ended March 31, 2025, from nil in the same period of 2024.

     

     

    42


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

    Capital expenditures

    Our capital expenditures, consisting of purchase of property and equipment, for the three-month periods ended March 31, 2025 and 2024, amounted to US$0.1 million and US$0.7 million, respectively, representing 0.1% and 1.4% of our total revenue for the three-month periods ended March 31, 2025 and 2024, respectively.

    For 2025, we expect to maintain our capital expenditures as a percentage of our total revenue in line with the ratios we delivered in 2024. We expect to meet our capital expenditure needs for at least the next 12 months from our net cash provided by operating activities and our existing cash and cash equivalents.

     

     

    43


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

    Off-balance sheet arrangements

    As of March 31, 2025, we did not have any off-balance sheet arrangements.

     

    44


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

    Quantitative and qualitative disclosures about market risk

    We are exposed to market risks in the ordinary course of our business, including the effects of foreign currency fluctuations, derivative financial instruments, credit risk and liquidity risk. Information relating to quantitative and qualitative disclosures about these market risks is described below:

    Interest rate risk

    The interest risk arises from the possibility of us incurring losses due to fluctuations in interest rates in respect of fair value of future cash flows of a financial instrument.

    Our investments are made for capital preservation purposes and we do not enter into investments for trading or speculative purposes. Our trade receivables, accounts payable and other liabilities do not bear interest.

    Our cash, cash equivalents, and short-term investments consist primarily of interest-bearing accounts held by our parent company in USD. Such interest-earning instruments carry a degree of interest rate risk. To minimize interest rate risk, we intend to maintain our portfolio of cash equivalents in a variety of investment-grade securities, which may include commercial papers, money market funds, and government and non-government debt securities.

     

    Foreign currency exchange risk

    We have significant operations internationally that are denominated in foreign currencies. Our exposure to foreign exchange risk is primarily related to fluctuations between the U.S. Dollar and the currency of Latin American countries in which we operate (primarily the Brazilian real, Argentine peso, Colombian peso, Chilean peso and Mexican peso). We transact business in various foreign currencies and have significant international revenues and costs. Our cash flows, results of operations and some of our intercompany balances are exposed to foreign exchange rate fluctuations that may differ materially from expectations. We may record significant gains or losses due to foreign currency fluctuations and related hedging activities.

    Our subsidiaries determine their functional currency based on the currency that mostly impacts their economic environment (except for VTEX Argentina, which uses the U.S. dollars as functional currency). As a result, they generate revenues and incur expenses in currencies other than the Group’s presentation currency. As of the three-month period ended March 31, 2025 and in the year ended December 31, 2024, 20.8% and 20.3% of our revenues were denominated in, or linked to, U.S. dollars, respectively. As of March 31, 2025 and in the year ended December 31, 2024, our assets were represented by 63.5% and 61.3% in U.S. dollars, 36.5% and 38.7% in other currencies. As of March 31, 2025 and in the year ended December 31, 2024, our liabilities, excluding our total shareholders’ equity, were represented by 12.8% and 11.7% in U.S. dollars, 87.2% and 88.3% in other currencies.

    We are exposed to foreign exchange fluctuations on the revaluation of foreign currency assets and liabilities. We use foreign exchange derivative products to hedge the risk of currency devaluation and hyper-inflation. By their nature, derivative financial instruments involve risk, including the credit risk of non-performance by counterparties. We use derivatives for hedging purposes and not as speculative investments.

     

     

    45


    Table of Contents

    VTEX

    Notes to the condensed consolidated interim financial statements

    (Unaudited)

    In thousands of U.S. dollars, unless otherwise indicated

    SIGNATURES

     

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

    Date: May 06, 2025

    VTEX

     

    By: /s/ Ricardo Camatta Sodre

     

     

    Name: Ricardo Camatta Sodre

    Title: Chief Financial Officer

     

    46


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