Coveo Reports Second Quarter Fiscal 2027 Financial Results and Announces Anglera Acquisition

Second Quarter Fiscal 2027 Financial Highlights

Coveo (TSX: CVO), an enterprise AI platform specializing in search and generative experiences, announced its financial results for the second quarter of fiscal year 2027, ended September 30, 2026. Alongside its earnings report, the company announced the acquisition of Anglera, a San Francisco-based and Y Combinator-backed agentic product data enrichment engine.

During the quarter, Coveo reported SaaS subscription revenue of $39.1 million, marking a 9% increase compared to $35.9 million in the prior-year period. Total revenue reached $40.4 million, up 8% from $37.3 million. The company noted that with the full deprecation of the legacy Qubit platform, all SaaS subscription revenue stemmed from the core Coveo platform, representing a 12% increase year-over-year for that segment.

Operating loss narrowed to $3.0 million compared to $6.7 million in the same period last year, while net loss improved to $3.1 million from $4.4 million. Adjusted EBITDA stood at $2.0 million, up from $0.6 million previously. Cash and cash equivalents totaled $82.7 million as of September 30, 2026.

Growth Drivers and Strategic Acquisitions

Coveo leadership attributed the quarter's performance to record new business bookings, bolstered by large enterprise deal momentum. The company closed two seven-figure per year transactions during the quarter, including deals with Coles Supermarkets and a Fortune Global 500 technology company. Generative AI solutions accounted for over 50% of new business bookings during the period.

The newly announced acquisition of Anglera aims to combine Anglera's engine with Coveo's AI commerce search and product discovery platform. According to the company, this integration is designed to provide manufacturers, distributors, and retailers with a streamlined process for converting raw product data into searchable, comparable product listings.

Additionally, Coveo reported execution on its capital deployment strategy, repurchasing a total of 2,968,659 subordinate voting shares for cancellation. This included buying out the position of an affiliate of the Qatar Investment Authority for approximately C$9.6 million ($6.9 million).

Practical Implications and Verification

For investors and market observers, the reported figures illustrate continued adoption of enterprise generative AI platforms alongside shifting operational costs and cash flows used in operating activities, which stood at $14.9 million due to working capital seasonality. Leadership also reported changes in marketing leadership, with Chief Marketing Officer Pranshu Tewari departing and a search for a successor underway.

Readers can review the complete financial tables, non-IFRS reconciliations, and official statements directly through the original announcement on [PR Newswire](https://www.prnewswire.com/news-releases/coveo-reports-second-quarter-fiscal-2027-financial-results-302924157.html) or via SEDAR+ at www.sedarplus.ca.