Coveo Posts $40.4 Million Fiscal Q2 Revenue and Acquires Anglera

Coveo Solutions Inc. (CVO.TO ) on October 29, 2026 reported financial results for its fiscal 2027 second quarter ended September 30, 2026, posting SaaS Subscription Revenue of $39.1 million and total revenue of $40.4 million, in U.S. dollars. The company separately announced the same day that it acquired Anglera, a San Francisco-based, Y Combinator-backed company that operates an agentic product data enrichment engine; terms of the transaction were not disclosed.

Coveo reports under International Financial Reporting Standards. SaaS Subscription Revenue rose 9% from $35.9 million in the three months ended September 30, 2025. With the full deprecation of the legacy Qubit platform, all SaaS Subscription Revenue in the quarter came from the Coveo core Platform, for which subscription revenue increased 12% from the prior-year period. Total revenue increased 8% from $37.3 million. Professional services revenue was $1.289 million, compared with $1.435 million a year earlier. Gross margin was 80% and product gross margin was 82%, compared with 79% and 82%, respectively, in the prior period.

Operating loss was $3.0 million, compared with $6.7 million in the prior-year quarter. Net loss was $3.1 million, or $0.03 per share, compared with $4.4 million, or $0.05 per share. Adjusted EBITDA, a non-IFRS measure, was $2.0 million, compared with $0.6 million. Cash flows used in operating activities were $14.9 million, compared with $10.8 million, which the company attributed to the seasonality of working capital. Cash and cash equivalents stood at $82.7 million as of September 30, 2026.

For the first six months of fiscal 2027, SaaS Subscription Revenue was $76.5 million, up 9%, and total revenue was $79.0 million, up 8%. Net loss for the six-month period was $9.0 million, compared with $19.4 million a year earlier, and Adjusted EBITDA was $2.1 million, compared with negative $1.4 million. Operating activities used $5.7 million of cash in the first half, compared with $3.7 million in the prior-year period. Total assets were $201.0 million at September 30, 2026, compared with $213.0 million at March 31, 2026; deferred revenue stood at $83.3 million, compared with $86.1 million; and total shareholders’ equity was $70.7 million, compared with $92.0 million at the fiscal year end.

Record Bookings and Share Repurchases

“Two seven-figure per year transactions helped us achieve the strongest new business bookings quarter in our history,” said Laurent Simoneau, co-founder and chief executive officer. The company added that even excluding its previously announced largest transaction ever, which closed early in the quarter, new business bookings would have represented its strongest second quarter performance on record.

The two seven-figure-per-year transactions were a previously announced Fortune Global 500 technology company and Coles Supermarkets, which Coveo described as one of Australia’s largest full-service supermarket retailers. Other customer wins and existing-customer expansions named in the release included a global commercial equipment parts distributor, a North American industrial gases and equipment supplier, US Foods (USFD ), LG, Intel, NetApp, Tirlan, CelcomDigi, Rochester Regional, Zespri, Wesfarmers, Keller & Kalmbach, and BOC Australia. Generative AI solutions accounted for more than 50% of new business bookings in the quarter, the company said.

Net Expansion Rate, a key performance indicator that compares a customer cohort’s annualized contract value with its level 12 months earlier, was 102% as of September 30, 2026, and 105% excluding customer attrition from the legacy Qubit platform, in each case a sequential increase of 300 basis points.

During the quarter, Coveo repurchased 2,968,659 subordinate voting shares for cancellation. Of those, 2,615,859 shares were repurchased from an affiliate of Qatar Investment Authority at C$3.75 per share in Canadian dollars, minus transaction fees, for a total net repurchase price of approximately C$9.6 million ($6.9 million), resulting in the full exit of that position. A further 352,800 shares were repurchased through the company’s normal course issuer bid for total consideration of approximately C$1.5 million ($1.1 million). The company’s press-release index shows Coveo first announced its intention to repurchase the Qatar Investment Authority affiliate’s shares on September 22, 2026, and announced the Coles Group selection on October 21, 2026.

Coveo also disclosed a marketing leadership change: Pranshu Tewari departed as chief marketing officer, and a search for his replacement is under way.

Anglera Acquisition and Product Updates

In a separate announcement on October 29, 2026, Coveo said the acquisition combines Anglera’s enrichment engine with its AI commerce search and product discovery platform. The release described Anglera as an AI-native company whose agentic engine extracts product details from manufacturer specifications, PDFs, images, and other sources, then standardizes and validates them against each customer’s catalog requirements while retaining source references. Anglera was founded by Amay Aggarwal and Ray Iyer, Stanford alumni who previously scaled catalog AI systems at Uber Eats, and serves customers across the United States, Canada, and Europe, including multiple Fortune 500 companies that come to Coveo with the acquisition.

The acquisition release cited a NielsenIQ estimate that missing product attributes can reduce product discoverability by up to 30%. It also cited an Anglera-reported 30-day A/B test at an apparel retailer in which approximately 300 SKU variants received enriched attributes: the enriched product pages saw a 120% increase in organic landing-page traffic and a 270% increase in AI-referred visits relative to a control group, with a note that results may vary.

“We evaluated Anglera against an internal build and a broad range of product enrichment technologies because we wanted a solution that could meet the accuracy and reliability demands of enterprise commerce,” said Peter Curran, chief product officer at Coveo. Under the companies’ stated plans, Anglera customers will continue on the Anglera platform, its enrichment capabilities will be offered to Coveo Commerce customers as an add-on, and deeper integration connecting product enrichment to buyer behavior and discovery outcomes is planned.

Elsewhere in its product portfolio, Coveo said Conversational Product Discovery progressed from an early beta program to live deployments with a handful of customers, with a pipeline spanning new customer opportunities and expansion potential within the existing base. The company reported early engagement metrics for its Merchandising Agent: more than 70% of users engage with the product multiple times, approximately 50% apply the agent’s recommended actions, and more than 20% of storefront optimizations are now completed through automated agentic actions. Coveo added that its Forward Deployed Engineering initiative is contributing to the product innovation pipeline and to customer expansion and retention opportunities.

For the third quarter of fiscal 2027, the three months ending December 31, 2026, Coveo guided to SaaS Subscription Revenue of $39.7 million to $40.2 million, total revenue of $40.6 million to $41.1 million, and Adjusted EBITDA of $1.0 million to $2.0 million. For the full fiscal year ending March 31, 2027, the updated outlook calls for SaaS Subscription Revenue of $156.0 million to $158.0 million, total revenue of $160.0 million to $162.0 million, and Adjusted EBITDA of $2.0 million to $7.0 million, with operating cash flows of more than $10 million expected for the full fiscal year. The company said the outlook excludes the impact of acquisitions that may be announced or closed from time to time and rests on assumptions that include maintaining expected gross retention rates, customer buying behavior consistent with the first half of fiscal 2027, and foreign exchange rates near end-of-second-quarter levels.

Coveo scheduled a conference call for 5:00 p.m. Eastern Time on October 29, 2026, hosted by Simoneau, Executive Chairman Louis Têtu, and Chief Financial Officer Karine Hamel, to discuss the results and the Anglera acquisition.