Investing.com -- Coveo Solutions reported an 8% increase in second-quarter revenue on Thursday as demand for its artificial intelligence products drove record new business bookings, while the Canadian software company narrowed its net loss.
Revenue rose to $40.4 million for the three months ended September 30, while SaaS subscription revenue increased 9% to $39.1 million, the Montreal-based company said. Net loss narrowed to $3.1 million from $4.4 million a year earlier, while adjusted EBITDA rose to $2.0 million from $570,000.
Record new business bookings were supported by two transactions worth seven figures annually, including deals with a Fortune Global 500 technology company and Australian supermarket retailer Coles. Generative AI solutions accounted for more than 50% of new business bookings during the quarter, highlighting the growing contribution of AI demand to Coveo's enterprise software business.
Separately, Coveo announced the acquisition of Anglera, a San Francisco-based AI startup specialising in agentic product data enrichment. The deal will combine Anglera's technology with Coveo's AI commerce search and product discovery platform, helping manufacturers, distributors and retailers make products easier to find, compare and purchase through websites and AI assistants.
Coveo forecast fiscal third-quarter revenue of $40.6 million to $41.1 million and SaaS subscription revenue of $39.7 million to $40.2 million.
For fiscal 2027, the company expects total revenue of $160 million to $162 million and SaaS subscription revenue of $156 million to $158 million. It forecast adjusted EBITDA of $2 million to $7 million and operating cash flow of more than $10 million for the full year.
Original Article
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