Coveo Solutions, Inc. · TSX:CVO
Coveo Solutions — Q2 FY2027 Earnings Presentation
40 slides from Coveo Solutions's earnings presentation, Oct 29, 2026
Slide 1: Q2 Fiscal 2027 Financial Results
Q2 Fiscal 2027 Financial Results For the three months ended September 30, 2026 October 29, 2026
Slide 2: Disclaimer
Disclaimer This presentation (“Presentation”) is qualified in its entirety by reference to, and must be read in conjunction with, the information contained in our Annual Information Form dated May 27, 2026 (the “AIF”), as well as in our condensed interim consolidated financial statements for the thr
Slide 3: Q2 Overview
Q2 Overview Louis Têtu Executive Chairman, Coveo
Slide 4: Q2 FY'27 at a glance
Q2 FY’27 at a glance Q2 FY’27 Q2 FY’27 $2.0M $39.1M Adj. EBITDA(2) US US SaaS Subscription Revenue (1) US ($3.1M) Net Loss Q2 FY’27 + 2 7-figure customer Transactions Acquisition of Anglera (1) SaaS Subscription Revenue and Net Expansion Rate are key performance indicators of Coveo. Please refer to
Slide 5: Each interaction is a moment-of-intent
Discover Find and compare Consumers, Workers, Increase Sales Each interaction, at every Persons Business buyers point-of-experience, is Solve Buy a moment-of-intent, Reach the right next action Choose the right product Better Conversion and an AI opportunity to Increase Self-service Points deliver a
Slide 6: AI does not intrinsically understand your business
AI does not intrinsically understand your business. A powerful model is not an enterprise brain. Foundation models are broad pattern engines They do not intrinsically know your operating reality FOUNDATION MODELS ENTERPRISE UNDERSTANDING Knows language patterns Your content freshness and quality Kno
Slide 7: Why we exist
Why we exist Our Experience AI technology turns every intent into better, context-aware outcomes, at enterprise scale and precision 1 Experiences are the most pervasive use of AI. Businesses must compete in the experience AI economy, delivering modern competitive experiences people expect. 7 AI agen
Slide 8: Q2 Strategic Update
Q2 Strategic Update Laurent Simoneau Co-Founder & CEO, Coveo
Slide 9: FY27 Priorities
Customer Focus FY27 Priorities Measurable Coveo as a Competitive ROI Strategic Partner Advantage Positioned for the next phase of Innovation enterprise AI Conversational Product Discovery Merchandising Copilot Forward Deployed Engineers adoption Investing to capture the massive Disciplined Growth op
Slide 10: Coveo plays a strategic role as customers put AI into production
Coveo plays a strategic role, as our customers put AI into production Four consecutive quarters Two 7-figure transactions Best bookings with 7-figure transactions this quarter quarter in history 10 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 11: Applications and headless, Personal Assistants and Agentic AI Platforms, Coveo managed
Applications and headless Personal Assistants and Agentic AI Platforms Coveo managed Coveo native integrations in apps & headless support Ground your own agentic platform on your enterprise data Fully managed agentic apps Commerce OpenAI Anthropic Google Salesforce SAP Amazon Snowflake Sierra Micros
Slide 12: Conversational Product Discovery
Conversational Product Discovery Search on Products, Technical information turned into guidance 12 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 13: Suggested next steps
Suggested next steps 13 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 14: Comparing products
Comparing products 14 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 15: Comparing products
Comparing products 15 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 16: Complex query generates complex answer
Complex query generates complex answer 16 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 17: Merchandising Agent
Merchandising Agent 70% ~50% +20% Management of campaigns, rules … used Rate of suggestions Merch changes 17 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 18: Forward Deployed Engineers
Forward Deployed Engineers 40 Engagements in Q2/F27 with positive impact on Customer Expansion, Retention and Product Roadmap POSITIVE IMPACT ON SELECT CUSTOMERS: Consulting turned Solution An innovative Customer engagement a customer Architecture PoC resulted in strengthened advocacy relationship i
Slide 19: Acquisition of Anglera
Acquisition of Anglera Better product data. Smarter discovery. 19 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 20: The Product Data Problem
The Product Data Problem For retailers, distributors, and manufacturers, product data is critical to helping customers find the right products. This is true for both traditional search and AI assistants. Incomplete Incorrect Inconsistent Missing attributes that matter for Wrong taxonomy, mismatched
Slide 21: The product data problem
The product data problem Anglera addresses this challenge by using AI to enrich existing catalogs at enterprise scale, extracting information from unstructured product content. Raw retailer feed (before) Enriched product record (after) Title: Bosch 500 DW Title: Bosch 500 Series 24" Built-In Dishwas
Slide 22: Our Business Model
Our Subscription-based revenue Contractually committed volumes for the entire term of the contract Business Strong unit economics 80%+ Product Gross Margin + healthy CAC-to-LTV Model Multi-year agreements Majority of contracts are 3+ years with upfront annual billing Enterprise customers US$220k+ av
Slide 23: Q2 Financial Highlights
Q2 Financial Highlights Karine Hamel Chief Financial Officer, Coveo
Slide 24: Q2 FY'27 at a glance
Q2 FY’27 at a glance (2) (2) US $39.1M 12% 105% Q2 FY’27 SaaS Q2 FY’27 SaaS Net Expansion Rate(1) Subscription Revenue(1) Subscription Revenue(1) Growth (Coveo Core Platform) (Coveo Core Platform) as of Sept. 30, 2026 US $2.0M US $8.1M 82% Q2 FY’27 Adjusted EBITDA(3) Q2 FY’27 Cash Flow used to Q2 FY
Slide 25: Revenue Growth
Revenue Growth USD millions Q2 FY’27 Q2 FY’26 YoY SaaS Subscription Revenue(1) $39.1 $35.9 9% Coveo core Platform(2) $39.1 $35.0 12% Qubit Platform(3) - $0.9 (100%) Professional Services Revenue $1.3 $1.4 (10%) Total Revenue $40.4 $37.3 8% (1) SaaS Subscription Revenue is a Key Performance Indicator
Slide 26: Gross Profit Measures
Gross Profit Measures % Q2 FY’27 Q2 FY’26 Gross Margin 80% 79% Adjusted Gross Margin(1) 80% 80% Product Gross Margin 82% 82% Adjusted Product Gross Margin(1) 82% 83% (1) Adjusted Gross Margin and Adjusted Product Gross Margin are non-IFRS financial ratios. Please refer to the "Non-IFRS Measures and
Slide 27: Profitability Measures
Profitability Measures USD millions Q2 FY’27 Q2 FY’26 Net loss ($3.1) ($4.4) Adjusted EBITDA(1) $2.0 $0.6 Cash Flow from Operating Activities ($14.9) ($10.8) (1) Adjusted EBITDA is a non-IFRS measure. Please refer to the "Non-IFRS Measures and Ratios" section of the disclaimer to this Presentation,
Slide 28: Strategic initiatives continue to drive bookings strength
Q2 UPDATE: Strategic initiatives continue to drive bookings strength Gen AI Distributor / Innovation: Driving strong Land & B2B Commerce Acquisition of Anglera Expand Motion Momentum in strategic cohorts Longer term opportunity from technology, expertise and a bolstered product offering 28 Copyright
Slide 29: Q3 FY'27 and Full Year Guidance
Q3 FY’27 and Full Year Guidance USD millions Q3 FY’27 Full Year FY’27 SaaS Subscription Revenue(1) $39.7 – $40.2 $156.0 – $158.0 Updated Total Revenue $40.6 – $41.1 $160.0 – $162.0 Updated Adjusted EBITDA(2) $1.0 – $2.0 $2.0 - $7.0 Maintained The company expects to deliver operating cash flows of mo
Slide 30: Q&A Session
Q&A Session 30
Slide 31: Appendix
Appendix 31
Slide 32: Consolidated Statements of Loss
Consolidated Statements of Loss (in thousands of US dollars, except share and per share data) 32 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 33: Consolidated Statements of Loss
Consolidated Statements of Loss (in thousands of US dollars) 33 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 34: Reconciliation of Net Loss to Adjusted EBITDA
Reconciliation of Net Loss to Adjusted EBITDA (in thousands of US dollars) Adjusted EBITDA is defined as net income or net loss, excluding interest, taxes, depreciation of property and equipment and right-of-use-assets, amortization and impairment of intangible assets (or EBITDA), adjusted for stock
Slide 35: Reconciliation of Adjusted Gross Profit Measures and Adjusted Gross Margin Measures
Reconciliation of Adjusted Gross Profit Measures and Adjusted Gross Margin Measures (in thousands of US dollars) “Adjusted Gross Profit”, “Adjusted Product Gross Profit”, and “Adjusted Professional Services Gross Profit” are respectively defined as gross profit, product gross profit, and professiona
Slide 36: Reconciliation of Adjusted Operating Expense Measures
Reconciliation of Adjusted Operating Expense Measures and Adjusted Operating Expense (%) Measures (in thousands of US dollars) “Adjusted Sales and Marketing Expenses”, “Adjusted Research and Product Development Expenses”, and “Adjusted General and Administrative Expenses” are respectively defined as
Slide 37: Consolidated Statements of Financial Position
Consolidated Statements of Financial Position (in thousands of US dollars) 37 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 38: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (in thousands of US dollars, unaudited) 38 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 39: Definition of Key Performance Indicators
Definition of Key Performance Indicators “SaaS Subscription Revenue” means Coveo’s SaaS subscription revenue, as presented in its financial statements in accordance with IFRS. “Current SaaS Subscription Remaining Performance Obligations” is a forward-looking indicator of anticipated future revenue u
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