Intershop Communications AG (ISIN: DE000A254211), a global provider of agentic B2B commerce solutions, reported revenues of EUR 15.8 million for the first half of 2026, down from EUR 17.2 million in the prior year, according to its interim report released July 22. The decline was expected as the company shifts focus to its cloud business, which saw revenues rise 4% to EUR 10.5 million, now accounting for 67% of total revenues versus 59% a year ago.
Incoming cloud orders surged 26% to EUR 8.4 million, up from EUR 6.7 million, signaling growing customer demand. Cloud annual recurring revenues (ARR) stood at EUR 19.8 million, while new ARR increased 10% to EUR 1.4 million. However, net new ARR was negative at EUR -0.4 million for the half, due to non-renewed contracts in the first quarter. The second quarter saw a recovery with slightly positive net new ARR of EUR 0.2 million.
Service revenues fell 14% to EUR 3.2 million as part of the partner-first strategy, while license and maintenance revenues dropped 40% to EUR 2.0 million. Despite the revenue decline, gross profit rose 1% to EUR 7.7 million, and gross margin improved to 49% from 44%, thanks to cost discipline. Operating expenses decreased 11% to EUR 7.5 million, leading to an EBITDA of EUR 1.8 million (up from EUR 0.7 million) and a slightly positive EBIT of EUR 0.1 million, compared to a loss of EUR 0.9 million in the prior year.
“Our consistent cost discipline paid off in the first half of 2026, and we are on track to meet our full-year target for the operating result,” said CEO Markus Dranert. “There are early signs that customers are more willing to invest... The recovery is becoming more substantial.” Dranert highlighted the Spring 2026 Release launched in May, which integrates AI agents and copilots to help B2B clients achieve cost savings.
Cash flow from operating activities improved significantly to EUR 4.3 million from EUR 1.9 million, and cash and cash equivalents increased to EUR 11.1 million as of June 30, up from EUR 8.8 million at year-end 2025. Equity remained stable at EUR 12.0 million, with an equity ratio of 35%.
Intershop confirmed its full-year 2026 forecast, expecting incoming cloud orders and net new ARR at last year's levels, a smaller revenue decline than in 2025, and a balanced EBIT. The interim report is available at https://www.intershop.com/financial-reports.
The results demonstrate that Intershop's strategic shift to cloud-based, AI-enhanced commerce solutions is gaining traction, even as macroeconomic headwinds persist. For investors and the B2B e-commerce industry, the company's ability to improve margins and achieve profitability despite lower revenues underscores the potential of agentic commerce offerings.
