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.
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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.
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Financial Highlights
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.
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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%.
