BigCommerce Holdings, Inc. (BIGC) stock soared 13.89% in the after-hours trading session at the price of $52.22 after announcing its earnings report for the third quarter ended 30th September 2021. BIGC is a software-as-a-service (SaaS) e-commerce program that enables traders to develop, innovate and expand their businesses online.
BIGC Third Quarter 2021 Financial Results
On 4th November 2021, BIGC published its financial results for the third quarter ended 30th September 2021, and provided corporate updates.
BIGC calculated revenue of $59.3 million for the third quarter ended 30th September 2021. It represents a gain of 49% from the third quarter of the previous year. As of 30th September 2021, the annual revenue run-rate was $253.5 million, a rise of 52% from 30th September 2020. For the third quarter of 2021, the subscription revenue was $42.1 million. A rise of 59% compared to the relative quarter ended 30th September 2020.
BIGC reported a gross margin of 79% for the third quarter of 2021. The gross margin was 78% at 30th September 2020. For the third quarter ended 30th September 2021, operating loss was ($21.3) million. The operating loss was ($10.1) million for the third quarter ended on 30th September 2020. The company reported a net loss of approximately ($21.7) million for the third quarter of 2021. Net loss was ($10.9) million in the third quarter of the previous year. For the third quarter of 2021, the net loss per share was ($0.30). Net loss per share was approximately ($0.16) for the third quarter of the prior year.
BIGC recorded an adjusted EBITDA of approximately ($3.1) million for the third quarter of 2021. Adjusted EBITDA was roughly ($6.6) million for the third quarter ended on 30th September 2020. Cash and cash equivalents were $410 million as of 30th September 2021. Net cash from operating activities was ($31.5) million for the nine months ended 30th September 2021. Free cash flow was ($33.8) million as of 30th September 2021. For the same period of 2020, the reported free cash flow was approximately ($24.6) million.
BIGC Financial Outlook
BIGC anticipates total revenue to range from $61.3 million to $61.7 million for the fourth quarter of 2021. For the full year of 2021, the company expects revenue to be from $216.2 million and $216.6 million, a year-over-year growth of 42%.