Core Platform EBITDA Leads 2025 Profitability

This shows Mirakl has crossed from selling marketplace software to compounding profits from a broader commerce stack. The core platform turned profitable in 2024, then group profitability followed in 2025 as newer products like Ads and Connect started adding revenue on top of the original marketplace engine. That matters because the core business already covers the fixed cost base, so each added module can lift margins faster than the platform business alone.1 2 3 4

• The underlying engine is large and sticky. Mirakl reached $177M ARR in 2024 on $11.2B of marketplace and dropship GMV, then $218M ARR in 2025 with 23% growth, 450 plus customers, 45 new enterprise wins, and GMV up to $15B. That scale makes the software base easier to run profitably.1 2 4
• The profit mix is improving because newer layers are higher margin than core marketplace software services. Mirakl Ads lets third party sellers buy sponsored placement across retailer sites, a model that resembles Amazon and Walmart where advertising became a much richer profit stream than basic retail. The 2024 Adspert acquisition deepened that capability.1 3 5
• This also reflects better customer economics. Retailers use Mirakl to add outside sellers, expand catalog without owning inventory, and collect commissions and ad dollars. Best Buy launched its Mirakl powered marketplace in August 2025 and immediately more than doubled online product count, which shows why customers keep buying more modules once the marketplace is live.2 5 6

Going forward, Mirakl looks more like a profit generating commerce infrastructure company than a single product SaaS vendor. As more customers move from launching marketplaces to monetizing seller demand through ads, payments, and supplier connectivity, the next leg of growth should come with better margins and stronger cash generation than the first.2 3 4 5