<\/p>\n
VTEX Reports Second Quarter 2025 Financial Results<\/b><\/p>\n
Subscription revenue reached US$57.2 million, representing 11.2% growth in FXN<\/i><\/p>\n
Non-GAAP subscription gross profit of US$45.7 million, a 14.7% growth in FXN and 79.9% margin<\/i><\/p>\n
Non-GAAP income from operations of US$8.5 million, reaching 14.4% margin and 3.3 p.p. margin increase YoY<\/i><\/p>\n
NEW YORK–(BUSINESS WIRE<\/a>)– \nGeraldo Thomaz Jr., founder and co-CEO of VTEX, commented, \u201cWe continue to invest with conviction in the capabilities that define the future of enterprise commerce. From scalable B2B solutions to monetization engines like Retail Media, our platform is built not only to meet today\u2019s demands but to anticipate what\u2019s next. Despite a challenging market for our retailer base in Brazil and Argentina, our AI initiatives on support-cost efficiency combined with our disciplined execution delivered a quarter of resilient operational profitability. As a result, we have raised our non-GAAP income from operations and free cash flow guidance by over 10%. This combination of product leadership and financial discipline positions us exceptionally well for sustainable, long-term growth.\u201d Mariano Gomide de Faria, founder and co-CEO of VTEX, added, \u201cOur progress in the US and Europe highlights the growing global relevance of the VTEX platform. By delivering measurable outcomes, we\u2019re earning the trust of enterprise brands in some of the world\u2019s most advanced and competitive markets. This quarter, we are proud to welcome iconic names like KitchenAid and Road Runner Sports in the US, a clear validation of the strength of our value proposition. VTEX is establishing itself as a trusted global partner for enterprise commerce, and we\u2019re just getting started.\u201d<\/p>\n Second Quarter 2025 Financial Highlights<\/b><\/p>\n Second Quarter 2025 Commercial Highlights:<\/b><\/p>\n \nNew customers who initiated their operations with us, among others:<\/p>\n \nExisting customers expanding their operations with us by opening new online stores, among others:<\/p>\n Second Quarter 2025 Operational Highlights:<\/b><\/p>\n \nWe innovate aligned with our guiding principles. We express our brand through the success of our customers. VTEX key operational highlights this quarter are:<\/p>\n Business Outlook<\/b><\/p>\n \nVTEX is well-positioned to capture an attractive market opportunity. We remain focused on executing with discipline and leveraging our business model as we navigate a challenging environment. While near-term revenue performance is impacted by market conditions, we are confident in our competitive positioning, our global expansion strategy, the resilience of our business model, and the long-term opportunities ahead.<\/p>\n \nIn this context, we are currently targeting FX neutral YoY subscription revenue growth of 6.0% to 9.0% for the third quarter of 2025, implying a US$57.5 million to US$59.0 million range.<\/p>\n \nFor the full year 2025, we are now targeting FX neutral YoY subscription revenue growth to 9.0% to 12.0%, implying a range of US$233 million to US$239 million based on the average of July FX rates. Moreover, we are raising non-GAAP income from operations and free cash flow margins to high-teens.<\/p>\n \nWe remain confident in VTEX\u2019s ability to execute in today\u2019s complex environment while driving long-term value for our customers, partners, and shareholders. Our Q2 performance, delivered amid a challenging market backdrop, reinforces the strength of our strategic foundation and the resilience of our operating model. As we move into the second half of the year, we stay focused on disciplined execution, accelerating platform innovation, and supporting our customers as they navigate their growth priorities. With a clear roadmap, expanding global presence, and improving margin profile, VTEX is well-positioned to continue scaling with purpose.<\/p>\n \nThe business outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond VTEX\u2019s control. See the cautionary note regarding \u201cForward-Looking Statements\u201d below. Fluctuations in VTEX\u2019s operating results may be particularly pronounced in the current economic environment. There can not be an assurance that VTEX will achieve these results.<\/p>\n The following table summarizes certain key financial and operating metrics for the three months and six months ended June 30, 2025 and 2024.<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended \n\u00a0<\/p>\n<\/td>\n Six months ended (in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \nGMV<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,840.3<\/p>\n<\/td>\n \n4,437.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,182.1<\/p>\n<\/td>\n \n8,474.4<\/p>\n<\/td>\n<\/tr>\n GMV growth YoY FXN (1)<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13.6%<\/p>\n<\/td>\n \n19.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15.3%<\/p>\n<\/td>\n \n19.8%<\/p>\n<\/td>\n<\/tr>\n \nSubscription revenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57.2<\/p>\n<\/td>\n \n54.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n109.8<\/p>\n<\/td>\n \n104.3<\/p>\n<\/td>\n<\/tr>\n Subscription revenue growth YoY FXN (1)<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11.2%<\/p>\n<\/td>\n \n24.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13.0%<\/p>\n<\/td>\n \n24.2%<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP subscription gross profit (2)(4)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n45.7<\/p>\n<\/td>\n \n42.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n87.3<\/p>\n<\/td>\n \n81.0<\/p>\n<\/td>\n<\/tr>\n Non-GAAP subscription gross profit margin (3)(4)<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n79.9%<\/p>\n<\/td>\n \n78.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n79.5%<\/p>\n<\/td>\n \n77.6%<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP income from operations (4)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.5<\/p>\n<\/td>\n \n6.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13.8<\/p>\n<\/td>\n \n9.1<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP net income (4)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7.9<\/p>\n<\/td>\n \n10.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13.2<\/p>\n<\/td>\n \n13.2<\/p>\n<\/td>\n<\/tr>\n \nTotal number of employees<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,283<\/p>\n<\/td>\n \n1,339<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,283<\/p>\n<\/td>\n \n1,339<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1)<\/p>\n<\/td>\n \nCalculated by using the average monthly exchange rates for the applicable months during 2024, adjusted by inflation in countries with hyperinflation, and applying them to the corresponding months in 2025, as applicable, so as to calculate what our results would have been had exchange rates remained stable from one year to the next.<\/p>\n<\/td>\n<\/tr>\n \n(2)<\/p>\n<\/td>\n \nCorresponds to our subscription revenues minus our subscription costs.<\/p>\n<\/td>\n<\/tr>\n \n(3)<\/p>\n<\/td>\n \nCorresponds to our subscription gross profit divided by subscription revenues.<\/p>\n<\/td>\n<\/tr>\n \n(4)<\/p>\n<\/td>\n \nReconciliation of non-GAAP metrics can be found in tables below.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Conference Call and Webcast<\/b><\/p>\n \nThe conference call may be accessed by dialing +1-800-715-9871 (Conference ID \u20139262891\u2013) and requesting inclusion in the call for VTEX.<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended \n\u00a0<\/p>\n<\/td>\n Six months ended (in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \nSubscription revenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57.2<\/p>\n<\/td>\n \n54.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n109.8<\/p>\n<\/td>\n \n104.3<\/p>\n<\/td>\n<\/tr>\n \nSubscription cost<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(11.6)<\/p>\n<\/td>\n \n(11.9)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(22.7)<\/p>\n<\/td>\n \n(23.4)<\/p>\n<\/td>\n<\/tr>\n \nSubscription gross profit<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n45.7<\/p>\n<\/td>\n \n42.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n87.2<\/p>\n<\/td>\n \n80.9<\/p>\n<\/td>\n<\/tr>\n Share-based compensation<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.1<\/p>\n<\/td>\n \n0.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.2<\/p>\n<\/td>\n \n0.1<\/p>\n<\/td>\n<\/tr>\n Non-GAAP subscription gross profit<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 45.7<\/b><\/p>\n<\/td>\n 42.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 87.3<\/b><\/p>\n<\/td>\n 81.0<\/b><\/p>\n<\/td>\n<\/tr>\n Non-GAAP subscription gross margin<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 79.9%<\/b><\/p>\n<\/td>\n 78.1%<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 79.5%<\/b><\/p>\n<\/td>\n 77.6%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe following table presents a reconciliation of our non-GAAP S&M expenses to S&M expenses for the following periods:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended \n\u00a0<\/p>\n<\/td>\n Six months ended (in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \nSales & Marketing expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(17.4)<\/p>\n<\/td>\n \n(17.3)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(34.3)<\/p>\n<\/td>\n \n(34.5)<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.1<\/p>\n<\/td>\n \n1.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.9<\/p>\n<\/td>\n \n2.0<\/p>\n<\/td>\n<\/tr>\n \nAmortization related to acquisitions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.4<\/p>\n<\/td>\n \n0.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.8<\/p>\n<\/td>\n \n0.6<\/p>\n<\/td>\n<\/tr>\n \nEarn out expenses related to acquisitions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.3<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n Non-GAAP Sales & Marketing expense<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (16.0)<\/b><\/p>\n<\/td>\n (16.0)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (31.3)<\/b><\/p>\n<\/td>\n (31.9)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe following table presents a reconciliation of our non-GAAP R&D expenses to R&D expenses for the following periods:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended \n\u00a0<\/p>\n<\/td>\n Six months ended (in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \nResearch & Development expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(15.4)<\/p>\n<\/td>\n \n(14.3)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(30.3)<\/p>\n<\/td>\n \n(28.3)<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.3<\/p>\n<\/td>\n \n1.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.4<\/p>\n<\/td>\n \n2.6<\/p>\n<\/td>\n<\/tr>\n \nAmortization related to acquisitions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.2<\/p>\n<\/td>\n \n0.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.3<\/p>\n<\/td>\n \n0.3<\/p>\n<\/td>\n<\/tr>\n \nEarn out expenses related to acquisitions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.2<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n Non-GAAP Research & Development expense<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (13.9)<\/b><\/p>\n<\/td>\n (13.0)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (27.5)<\/b><\/p>\n<\/td>\n (25.4)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe following table presents a reconciliation of our non-GAAP G&A expenses to G&A expenses for the following periods:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended \n\u00a0<\/p>\n<\/td>\n Six months ended (in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \nGeneral & Administrative expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9.0)<\/p>\n<\/td>\n \n(9.4)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(18.1)<\/p>\n<\/td>\n \n(18.2)<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.4<\/p>\n<\/td>\n \n2.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.9<\/p>\n<\/td>\n \n4.8<\/p>\n<\/td>\n<\/tr>\n \nAmortization related to acquisitions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.0<\/p>\n<\/td>\n \n0.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.0<\/p>\n<\/td>\n \n0.0<\/p>\n<\/td>\n<\/tr>\n Non-GAAP General & Administrative expense<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (6.7)<\/b><\/p>\n<\/td>\n (6.8)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (13.2)<\/b><\/p>\n<\/td>\n (13.4)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe following table presents a reconciliation of our non-GAAP income from operations to income (loss) from operations for the following periods:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended \n\u00a0<\/p>\n<\/td>\n Six months ended (in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \nIncome (loss) from operations<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.9<\/p>\n<\/td>\n \n0.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.7<\/p>\n<\/td>\n \n(1.7)<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.0<\/p>\n<\/td>\n \n5.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.6<\/p>\n<\/td>\n \n9.9<\/p>\n<\/td>\n<\/tr>\n \nAmortization related to acquisitions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.6<\/p>\n<\/td>\n \n0.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.0<\/p>\n<\/td>\n \n0.9<\/p>\n<\/td>\n<\/tr>\n \nEarn out expenses related to acquisitions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.5<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n Non-GAAP income from operations<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 8.5<\/b><\/p>\n<\/td>\n 6.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 13.8<\/b><\/p>\n<\/td>\n 9.1<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe following table presents a reconciliation of our non-GAAP net income to our net income provided for the following periods:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended \n\u00a0<\/p>\n<\/td>\n Six months ended (in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.0<\/p>\n<\/td>\n \n6.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.8<\/p>\n<\/td>\n \n5.7<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.0<\/p>\n<\/td>\n \n5.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.6<\/p>\n<\/td>\n \n9.9<\/p>\n<\/td>\n<\/tr>\n \nAmortization related to acquisitions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.6<\/p>\n<\/td>\n \n0.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.0<\/p>\n<\/td>\n \n0.9<\/p>\n<\/td>\n<\/tr>\n \nEarn out expenses related to acquisitions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.5<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nNet gain on equity investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n(0.6)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n(1.6)<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes related to non-GAAP adjustments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.7)<\/p>\n<\/td>\n \n(0.7)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.7)<\/p>\n<\/td>\n \n(1.6)<\/p>\n<\/td>\n<\/tr>\n Non-GAAP net income<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 7.9<\/b><\/p>\n<\/td>\n 10.7<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 13.2<\/b><\/p>\n<\/td>\n 13.2<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe following table presents a reconciliation of our free cash flow to net cash provided by operating activities for the following periods:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended \n\u00a0<\/p>\n<\/td>\n Six months ended (in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet cash provided by operating activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7.3<\/p>\n<\/td>\n \n3.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14.0<\/p>\n<\/td>\n \n5.8<\/p>\n<\/td>\n<\/tr>\n \nAcquisitions of property and equipment<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.1)<\/p>\n<\/td>\n \n(0.5)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.2)<\/p>\n<\/td>\n \n(1.3)<\/p>\n<\/td>\n<\/tr>\n Free Cash Flow<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 7.1<\/b><\/p>\n<\/td>\n 3.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 13.8<\/b><\/p>\n<\/td>\n 4.5<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe following table sets forth the FX neutral measures related to our reported results of the operations for the three months ended June 30, 2025:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n As Reported<\/b><\/p>\n<\/td>\n FXN<\/b><\/p>\n<\/td>\n As Reported<\/b><\/p>\n<\/td>\n FXN<\/b><\/p>\n<\/td>\n<\/tr>\n (in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2Q25<\/b><\/p>\n<\/td>\n 2Q24<\/b><\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n 2Q25<\/b><\/p>\n<\/td>\n 2Q24<\/b><\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n \nSubscription revenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57.2<\/p>\n<\/td>\n \n54.0<\/p>\n<\/td>\n \n6.1%<\/p>\n<\/td>\n \n60.0<\/p>\n<\/td>\n \n54.0<\/p>\n<\/td>\n \n11.2%<\/p>\n<\/td>\n<\/tr>\n \nServices revenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.5<\/p>\n<\/td>\n \n2.6<\/p>\n<\/td>\n \n(39.7%)<\/p>\n<\/td>\n \n1.6<\/p>\n<\/td>\n \n2.6<\/p>\n<\/td>\n \n(38.5%)<\/p>\n<\/td>\n<\/tr>\n Total revenue<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 58.8<\/b><\/p>\n<\/td>\n 56.5<\/b><\/p>\n<\/td>\n 4.0%<\/b><\/p>\n<\/td>\n 61.6<\/b><\/p>\n<\/td>\n 56.5<\/b><\/p>\n<\/td>\n 9.0%<\/b><\/p>\n<\/td>\n<\/tr>\n Gross profit<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 45.3<\/b><\/p>\n<\/td>\n 41.6<\/b><\/p>\n<\/td>\n 8.9%<\/b><\/p>\n<\/td>\n 47.9<\/b><\/p>\n<\/td>\n 41.6<\/b><\/p>\n<\/td>\n 15.2%<\/b><\/p>\n<\/td>\n<\/tr>\n Income from operations<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2.9<\/b><\/p>\n<\/td>\n 0.8<\/b><\/p>\n<\/td>\n 260.7%<\/b><\/p>\n<\/td>\n 3.3<\/b><\/p>\n<\/td>\n 0.8<\/b><\/p>\n<\/td>\n 312.4%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe financial information in this press release has not been audited. Numbers have been calculated using whole amounts rather than rounded amounts. This might cause some figures not to total due to rounding.<\/p>\n About VTEX<\/b><\/p>\n \nVTEX (NYSE: 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\u2014including B2C, B2B, Omnichannel, and Retail Media\u2014VTEX 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. Trusted by 2.4 thousand global B2C and B2B customers, including Carrefour, Colgate, Sony, Stanley Black & Decker, and Whirlpool, VTEX supports 3.4 thousand active online stores across 43 countries (FY ended December 31, 2024). For more information, visit www.vtex.com<\/a>.<\/p>\n Forward-looking Statements<\/b><\/p>\n \nThis announcement contains \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange of 1934, as amended. Statements contained herein that are not clearly historical in nature, including statements about the VTEX strategies and business plans, are forward-looking, and the words \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccontinues,\u201d \u201cexpect,\u201d \u201cestimate,\u201d \u201cintend,\u201d \u201dstrategy,\u201d \u201cproject,\u201d \u201ctarget\u201d and similar expressions and future or conditional verbs such as \u201cwill,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cmight,\u201d \u201ccan,\u201d \u201cmay,\u201d or similar expressions are generally intended to identify forward-looking statements.<\/p>\n \nVTEX may also make forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission, or the SEC, in press releases and other written materials and in oral statements made by its officers and directors. These forward-looking statements speak only as of the date they are made and are based on VTEX\u2019s current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond VTEX\u2019s control. A number of factors and risks could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in VTEX filings with the SEC.<\/p>\n \nAs a consequence, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in this announcement. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented as there is no guarantee that expected events, trends or results will actually occur. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.<\/p>\n \nThis announcement may also contain estimates and other information concerning our industry that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.<\/p>\n \nVTEX<\/p>\n<\/td>\n<\/tr>\n \nCondensed consolidated interim statements of operations<\/p>\n<\/td>\n<\/tr>\n \n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n \nIn thousands of U.S. dollars, unless otherwise indicated<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Six months ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n June 30, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n June 30, 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n June 30, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n June 30, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \nSubscription revenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57,248<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n53,974<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n109,828<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n104,325<\/p>\n<\/td>\n<\/tr>\n \nServices revenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,542<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,556<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,127<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,842<\/p>\n<\/td>\n<\/tr>\n Total revenue<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 58,790<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 56,530<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 112,955<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 109,167<\/b><\/p>\n<\/td>\n<\/tr>\n \nSubscription cost<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(11,597)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(11,874)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(22,677)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(23,435)<\/p>\n<\/td>\n<\/tr>\n \nServices cost<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,916)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,082)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,019)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6,287)<\/p>\n<\/td>\n<\/tr>\n Total cost<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (13,513)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (14,956)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (26,696)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (29,722)<\/b><\/p>\n<\/td>\n<\/tr>\n Gross profit<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 45,277<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 41,574<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 86,259<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 79,445<\/b><\/p>\n<\/td>\n<\/tr>\n Operating expenses<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9,025)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9,435)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(18,060)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(18,246)<\/p>\n<\/td>\n<\/tr>\n \nSales and marketing<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(17,441)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(17,324)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(34,288)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(34,530)<\/p>\n<\/td>\n<\/tr>\n \nResearch and development<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(15,416)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(14,335)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(30,284)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(28,291)<\/p>\n<\/td>\n<\/tr>\n \nOther income (losses)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(482)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n327<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(911)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(55)<\/p>\n<\/td>\n<\/tr>\n Income (loss) from operations<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2,913<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 807<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2,716<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (1,677)<\/b><\/p>\n<\/td>\n<\/tr>\n \nOther income (expense), net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n888<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,536<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,525<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,791<\/p>\n<\/td>\n<\/tr>\n Income before income tax<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 3,801<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 6,343<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 5,241<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 3,114<\/b><\/p>\n<\/td>\n<\/tr>\n \nTotal income tax<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(815)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n210<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,394)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,575<\/p>\n<\/td>\n<\/tr>\n Net income for the period<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2,986<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 6,553<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 3,847<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 5,689<\/b><\/p>\n<\/td>\n<\/tr>\n Non-controlling interest<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (8)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (16)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (5)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (24)<\/b><\/p>\n<\/td>\n<\/tr>\n Attributable to controlling shareholders<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2,994<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 6,569<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 3,852<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 5,713<\/b><\/p>\n<\/td>\n<\/tr>\n \nEarnings per share<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Basic earnings per share<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.016<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.036<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.021<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.031<\/p>\n<\/td>\n<\/tr>\n Diluted earnings per share<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.016<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.034<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.020<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.030<\/p>\n<\/td>\n<\/tr>\n \nVTEX<\/p>\n<\/td>\n<\/tr>\n \nCondensed consolidated interim balance sheets<\/p>\n<\/td>\n<\/tr>\n \n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n \nIn thousands of U.S. dollars, unless otherwise indicated<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n June 30, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n December 31, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n ASSETS<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Current assets<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,341<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,673<\/p>\n<\/td>\n<\/tr>\n \nMarketable securities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n189,446<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n196,135<\/p>\n<\/td>\n<\/tr>\n \nTrade receivables<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n55,534<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n52,519<\/p>\n<\/td>\n<\/tr>\n \nRecoverable taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,143<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,327<\/p>\n<\/td>\n<\/tr>\n \nDeferred commissions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,896<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,671<\/p>\n<\/td>\n<\/tr>\n \nPrepaid expenses and other current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,476<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,265<\/p>\n<\/td>\n<\/tr>\n Total current assets<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 283,836<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 284,590<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Non-current assets<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEquity investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,649<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,649<\/p>\n<\/td>\n<\/tr>\n \nTrade receivables<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,096<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,384<\/p>\n<\/td>\n<\/tr>\n \nDeferred tax assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,639<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,968<\/p>\n<\/td>\n<\/tr>\n \nRecoverable taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,884<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,364<\/p>\n<\/td>\n<\/tr>\n \nDeferred commissions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,902<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,852<\/p>\n<\/td>\n<\/tr>\n \nPrepaid expenses and other non-current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,188<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,119<\/p>\n<\/td>\n<\/tr>\n \nRight-of-use assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,701<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,220<\/p>\n<\/td>\n<\/tr>\n \nProperty and equipment, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,988<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,970<\/p>\n<\/td>\n<\/tr>\n \nIntangible assets, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,160<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,822<\/p>\n<\/td>\n<\/tr>\n \nGoodwill<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26,530<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22,168<\/p>\n<\/td>\n<\/tr>\n Total non-current assets<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 81,737<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 77,516<\/b><\/p>\n<\/td>\n<\/tr>\n Total assets<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 365,573<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 362,106<\/b><\/p>\n<\/td>\n<\/tr>\n \nVTEX<\/p>\n<\/td>\n<\/tr>\n \nCondensed consolidated interim balance sheets<\/p>\n<\/td>\n<\/tr>\n \n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n \nIn thousands of U.S. dollars, unless otherwise indicated<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n June 30, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n December 31, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n LIABILITIES<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Current liabilities<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable and accrued expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n37,727<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n36,003<\/p>\n<\/td>\n<\/tr>\n \nTaxes payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,585<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,863<\/p>\n<\/td>\n<\/tr>\n \nLease liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,989<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,617<\/p>\n<\/td>\n<\/tr>\n \nDeferred revenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n36,276<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32,521<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable from acquisition of subsidiaries<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29<\/p>\n<\/td>\n<\/tr>\n \nOther current liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,204<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,989<\/p>\n<\/td>\n<\/tr>\n Total current liabilities<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 85,797<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 80,022<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Non-current liabilities<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable and accrued expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,964<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,754<\/p>\n<\/td>\n<\/tr>\n \nTaxes payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n177<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n160<\/p>\n<\/td>\n<\/tr>\n \nLease liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,853<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,695<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable from acquisition of subsidiaries<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,463<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n943<\/p>\n<\/td>\n<\/tr>\n \nDeferred revenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22,217<\/p>\n<\/td>\n<\/tr>\n \nDeferred tax liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n699<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n808<\/p>\n<\/td>\n<\/tr>\n \nOther non-current liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n343<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n361<\/p>\n<\/td>\n<\/tr>\n Total non-current liabilities<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 29,513<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 27,938<\/b><\/p>\n<\/td>\n<\/tr>\n Commitments and contingencies<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n EQUITY<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCommon stock: $0.0001 par value, \n\u00a0<\/p>\n<\/td>\n \n18<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18<\/p>\n<\/td>\n<\/tr>\n \nAdditional paid-in capital<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n354,803<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n365,933<\/p>\n<\/td>\n<\/tr>\n \nAccumulated other comprehensive income (loss)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,365<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,023)<\/p>\n<\/td>\n<\/tr>\n \nAccumulated losses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(105,962)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(109,814)<\/p>\n<\/td>\n<\/tr>\n Equity attributable to VTEX\u2019s shareholders<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 250,224<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 254,114<\/b><\/p>\n<\/td>\n<\/tr>\n \nNon-controlling interests<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n39<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32<\/p>\n<\/td>\n<\/tr>\n Total shareholders\u2019 equity<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 250,263<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 254,146<\/b><\/p>\n<\/td>\n<\/tr>\n Total liabilities and equity<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 365,573<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 362,106<\/b><\/p>\n<\/td>\n<\/tr>\n \nVTEX<\/p>\n<\/td>\n<\/tr>\n \nCondensed consolidated interim statements of cash flows<\/p>\n<\/td>\n<\/tr>\n \n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n \nIn thousands of U.S. dollars, unless otherwise indicated<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Six months ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n June 30, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n June 30, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n Income for the period<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 3,847<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 5,689<\/b><\/p>\n<\/td>\n<\/tr>\n
\nVTEX (NYSE: VTEX), the backbone for connected commerce, today announced results for the second quarter of 2025 ended June 30, 2025. VTEX results have been prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d) as well as the rules and regulations of the Securities and Exchange Commission (\u201cSEC\u201d) regarding financial reporting.<\/p>\n\n
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June 30,<\/b><\/p>\n<\/td>\n\n \n
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June 30,<\/b><\/p>\n<\/td>\n\n \n
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June 30,<\/b><\/p>\n<\/td>\n\n \n
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\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
2,100,000,000 shares authorized;
\n
Class A: 101,296,497 and 103,947,244
\n
issued; 101,296,497 and 103,874,660
\n
outstanding. Class B: 80,666,730 and
\n
80,866,730 issued and outstanding<\/p>\n<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n