VTEX announced robust financial results for the third quarter ended September 30, 2024, with subscription revenue growing 22% on an FX-neutral basis year-over-year. Gross profit increased by 28% FX-neutral, reaching a margin of 74%, demonstrating enhanced profitability.
The company achieved a non-GAAP operating income margin of 14%, marking a 10 percentage point expansion year-over-year, and a free cash flow margin of 14%, an 8 percentage point improvement. Gross Merchandise Volume (GMV) reached $4.38 billion, representing a 17.1% FX-neutral growth.
For the fourth quarter of 2024, VTEX is targeting FX-neutral revenue growth of 14% to 17%, implying a range of $64.8 million to $66.8 million. The full-year 2024 FX-neutral revenue growth target was raised to 18.5% to 19.5%, with non-GAAP operating income and free cash flow margins now targeted in the low teens.
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