Coveo Reports Strong Start to Fiscal 2026 with AI-Driven Growth

Coveo Solutions Inc. announced its financial results for the first quarter of fiscal year 2026, reporting a 16% growth in its core platform, driven significantly by generative AI solutions. Generative AI accounted for approximately 50% of new business during the quarter, announced in a press release. The company reported total revenue of $35.5 million, a 10% increase from the previous year.

Coveo's partnership with SAP has been notably strengthened, with SAP expanding its use of Coveo's generative AI solutions. This expansion positions Coveo as a key AI partner for SAP's global customer experience strategy. Additionally, Coveo's commerce solutions continue to be the fastest-growing use case, contributing to over half of the company's new customer wins.

Despite a net loss of $15.1 million, Coveo's cash flow from operating activities improved significantly, reaching $7.1 million. The company remains optimistic about its financial outlook, anticipating further revenue growth and maintaining positive cash flows for the remainder of fiscal 2026.