Commerce.com, Inc. reported second-quarter revenue of $84.5 million, representing growth of just 0.1% year-on-year, as the company faced deteriorating operational metrics including a sharp decline in free cash flow. The results prompted Rezolve Ai PLC to assert that the performance validates concerns raised when Commerce.com’s Board rejected a proposed strategic combination earlier this year. Commerce.com shares fell approximately 34% to $2.24 in pre-market trading following the announcement.

The company’s GAAP gross margin contracted to 75% from 79%, while subscription solutions revenue declined by 1%. Although gross merchandise volume (GMV) grew by 14%, revenue growth lagged significantly at 0.1%, indicating declining revenue per GMV. Cost reductions enabled Commerce.com to report GAAP net income of $1.1 million and adjusted EBITDA of $9.7 million, but these measures did not offset the broader operational headwinds.

Key Financial Metrics

*Derived from reported growth rate.

Guidance Reductions

Commerce.com lowered its full-year revenue guidance to a range of $336.5 million–$344.5 million, down from the previous outlook of $347.5 million–$369.5 million. This revised range implies a full-year performance ranging from a decline to less than 1% growth against 2025 revenue of $342.3 million. Additionally, full-year non-GAAP operating income guidance was reduced to $28 million–$34 million from $34 million–$53 million.

Rezolve Ai’s Response

Daniel M. Wagner, Chairman and CEO of Rezolve Ai, stated that the results reveal flaws in Commerce.com’s standalone strategy. "A rebrand is not a transformation, incremental features are not proprietary AI and cost reductions cannot create enduring growth," Wagner said. He noted that the strategic logic for a combination remains strong but emphasized that any future discussion would need to reflect current operating performance and the risks created by the Board’s delay.

What the Numbers Show

The divergence between GMV growth and revenue growth highlights a significant monetization challenge for Commerce.com. While transaction volume increased by 14%, the near-flat revenue suggests that the company is earning less per transaction than in the prior period. This erosion in yield, combined with contracting gross margins, indicates that cost-cutting measures alone are insufficient to drive profitability without addressing fundamental revenue generation issues.

In contrast, Rezolve Ai expects H1 2026 revenue of approximately $127 million, compared with $6.32 million in H1 2025, representing nearly 20x year-on-year growth. Rezolve Ai has reaffirmed approximately $360 million of revenue guidance for FY2026, which now exceeds the top of Commerce.com’s reduced full-year revenue range.