Coveo Due Diligence

Run due diligence on Coveo: check compliance and get alerts when suppliers change.

Canada · www.coveo.com · 30 vendors

Coveo is an AI-powered platform that provides enterprise search, recommendations, and personalization solutions. It helps businesses deliver relevant digital experiences across e-commerce, customer service, and digital workplaces by unifying data and applying machine learning.

Resilience scores

Technology vendors

Services catalogue

6 services in catalogue across 4 categories; runs on 30 sub-vendors.

Insights

Last updated 2026-08-15 · revision 2

30 direct vendors, 231 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

11 in-scope frameworks identified; showing 3.

SOX — Evidence found

Evidence: https://ir.coveo.com/en/news-events/press-releases, https://ir.coveo.com, https://www.coveo.com/en/company/about-us

HIPAA (source) — No public evidence

Evidence: https://www.coveo.com/en/industries/healthcare-provider, https://www.coveo.com/en/industries/healthcare, https://trust.coveo.com, https://www.coveo.com/en/platform/security

CPRA — Evidence found

Evidence: https://www.coveo.com/en/pages/privacy-policy#California-Residents, https://www.coveo.com/en/company/legal/privacy-and-security/privacy-notice, https://trust.coveo.com

Financials

Three-year financials

Financial Resilience Score: 6/10

Coveo demonstrates moderate financial resilience underpinned by a highly recurring SaaS revenue model (~96% subscription), strong gross margins in the high 70s to low 80s, and a solid cash position of $101.9M with no drawn debt (against an undrawn $60M RBC revolving credit facility). The company has generated positive operating cash flow for three consecutive years ($4.2M → $11.1M → $10.5M), and revenue growth reaccelerated to +11% in FY2026 driven by Commerce and Generative AI bookings. Deferred revenue of $86M provides forward visibility, and the customer base includes blue-chip enterprises like Salesforce, SAP, Adobe, Dell, and Cisco. However, Coveo has never achieved GAAP/IFRS operating profitability, with operating losses persisting in the $27–30M range and net loss widening to $28.9M in FY2026 due to FX losses and higher tax expense. Shareholders' equity has eroded sharply (from $178.5M to $92.0M over three years), driven by aggressive share buybacks (C$50M SIB in 2024, C$22M NCIB in FY2026) despite ongoing losses. Net Expansion Rate declined to 100% at Mar 31, 2026, signaling limited net upsell. The company faces significant AI-driven competitive disruption risk from OpenAI, Anthropic, hyperscalers, and native search functionality from Salesforce/SAP. Recent executive turnover (CFO, COO) adds execution risk. FY2027 guidance calls for return to positive Adjusted EBITDA ($2–7M), which would strengthen resilience if achieved.

Key strengths: 96% recurring SaaS subscription revenue with $86M deferred revenue, $101.9M cash position with no drawn debt and undrawn $60M credit facility, Three consecutive years of positive operating cash flow ($10.5M in FY2026), Gross margins in high 70s / low 80s (product margin 81%), Blue-chip enterprise customer base with low concentration (top 10 = 15% of ACV), Revenue growth reaccelerated to +11% in FY2026 (+15% on core platform), Named Leader in 2026 Gartner Magic Quadrant for Search & Product Discovery, Strategic partnerships with SAP, Salesforce, Adobe, AWS, Shopify

Risk factors: Persistent operating losses (-$27.4M in FY2026); never achieved GAAP profitability, Net loss widened to $28.9M in FY2026, Shareholders' equity eroded 48% over three years ($178.5M → $92.0M) due to buybacks, Net Expansion Rate declined to 100% (limited net upsell), AI-driven competitive disruption from OpenAI, Anthropic, hyperscalers, Native search competition from Salesforce and SAP, Dual-class share structure limits minority shareholder influence, FX exposure from USD reporting with sizable CAD cost base, Recent executive turnover (CFO Feb 2026, COO Nov 2025), Sector concentration in technology vertical

Revenue by geography

Revenue by product/service

Workforce by country

Signed-in users can see whether their own company is exposed to this vendor's disruption, plus the full sub-vendor list and country breakdowns, every in-scope compliance framework plus gaps and next steps, and alerts when any of it changes.

View the full interactive report