VTEX reported revenue and gross merchandise value (GMV) both increased in its fiscal fourth quarter. The global enterprise digital commerce platform exceeded its projections for the period, it said in a statement.

The London-based company’s results also offered a glimpse into its ambitions in B2B customer growth and Latin America.

“This year, we delivered significant milestones in our global expansion, and it’s exciting to know that the journey is just beginning,” founder and co-CEO Mariano Gomide de Faria said in a written statement. “We’ve announced relevant customer names globally and earned the recognition of industry experts. We look forward to continuing executing our global strategy, setting the stage for a transformative future for VTEX.”

VTEX Q4 results

In the fourth quarter ended Dec. 31, 2023, VTEX reported that total revenue increased 33.5% to $60.7 million. GMV grew even more sharply, increasing 37.9% to $5.4 billion in the same period. VTEX defines GMV as the total value of customer orders processed through the platform. It does not include orders processed by small and medium-sized businesses or B2B customers.

Subscriptions accounted for 95.9% of total revenue, increasing 36.3% over Q4 2022. VTEX reported net income of $3.2 million for the quarter, compared to a net loss of $322,000 in the year-ago period. 

Total revenue increased 27.8% to $201.5 million in the full 2023 fiscal year. GMV grew 30.2% to $16.5 billion. Subscriptions accounted for 94.4% of revenue in 2023. VTEX reported a net loss of $13.7 million for the full year. However, that’s less of a loss than the $52.4 million it reported in 2022.

“In 2023, we consistently surpassed expectations quarter after quarter, navigating an uncertain economic landscape,” founder and co-CEO Geraldo Thomaz Jr. said in a statement. “Our operational and business decisions also drove significant margin improvements every quarter. The 4Q23 results highlight the inherent operational leverage in our business model, providing a robust foundation for continued sustainable growth.”

VTEX B2B customer results in Q4

VTEX outlined some highlights with its B2B customers in Q4. 

A large tool company, which VTEX did not name, adopted VTEX’s system for self-service for B2B customers to great success, the business said.

“The implementation allowed them to expedite its user ordering experience across three major business units by eliminating cumbersome offline processes,” Thomaz Jr. said in an earnings call. “The project generated time and effort savings in the ordering process, while at the same time, reducing costs and increasing efficiency. By migrating to VTEX, they merged their traditional e-commerce site with the B2B site, creating a unified and connected commerce experience, and providing a user-friendly B2C or D2C buying journey across both operations.”

PCA Skin expanded its relationship with VTEX in the quarter in both B2C and B2B operations in the U.S. and Brazil. The Oshkosh Corporation also opened a new U.S. location for a total of two U.S. B2B stores with VTEX. 

Opportunities for growth

Latin America will be a key site of future growth for VTEX, said chief financial officer Ricardo Camatta Sodré. VTEX has a stronghold in Brazil, but could grow more in other countries in the region, he said.

“We see great opportunities in B2B, great opportunities in the penetration of e-commerce, but we need to be cautiously optimistic about it,” Sodré said.

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