E-commerce software company ChannelAdvisor (NYSE:ECOM) saw its revenue grow to $16.0 million in the second quarter, a 29 percent year-over-year increase, according to the company’s first quarterly financial report as a publicly traded company.
But ChannelAdvisor also saw its loss widen to $5.0 million, compared to a $2.8 million loss in the second quarter of 2012. In a statement, CEO Scot Wingo said that the Morrisville company’s revenue growth was approximately twice the rate of e-commerce growth.
ChannelAdvisor added a record 138 net new core customers in the quarter bringing the total core customer count to 2,135, a 17 percent increase over second quarter 2012 totals. The company is also generating more sales from each customer. Average revenue per core customer as of the end of the second quarter was $29,607, a 13 percent increase compared with the same period in 2012.
At the end of the quarter, ChannelAdvisor had $94.0 million in cash on hand, up from $11.0 million at the end of the first quarter. The increase was primarily due to $82.0 million in net proceeds from the company’s May IPO.
