VTEX Posts Solid 2024 Growth Despite Currency Headwinds
Mar 2, 2025
VTEX—our Latin American Shopify clone—returned to the Green Screen after this week's update, so let's take a quick look at its fiscal year results. Sales grew 12.5% in 2024, but adjusting for the stronger U.S. dollar, the increase was closer to 18%. Customers generating over $250K in annual recurring revenue rose 23%, while net revenue retention from existing stores held at 104%. These are solid numbers, but the sharp 25%+ appreciation of the U.S. dollar against the Brazilian real (BRL) significantly impacted both results and guidance. In BRL, revenue guidance was +14-17%, but in USD, it translated to just ~6%. Currency fluctuations are inevitable, and they tend to balance out over time. That said, VTEX continues to operate well, and I still like the business as originally reviewed. The stock is worth $6.25 and trades at an appealing price—but not quite attractive enough to buy just yet.
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