VTEX announced solid financial performance for the first quarter ended March 31, 2025, with Gross Merchandise Volume (GMV) reaching $4.34 billion, representing 17.2% growth year-over-year on an FX-neutral basis. Subscription revenue grew 15.0% FX-neutral to $52.6 million.
The company demonstrated significant profitability improvements, with gross profit increasing to $41.0 million, a 22% FX-neutral growth, and achieving a 76% margin. Non-GAAP operating income reached $5.3 million, resulting in a 10% margin and a 4.3 percentage point margin increase year-over-year.
For the second quarter of 2025, VTEX is targeting FX-neutral subscription revenue growth of 12.5% to 15.5%, implying a range of $57.0 million to $58.5 million. The full-year 2025 FX-neutral revenue growth target remains at 14.0% to 17.0%, with non-GAAP operating income and free cash flow margins targeted in the mid-teens.
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