VTEX, 20-F filed on 2/25/2025
Annual and Transition Report (foreign private issuer)
v3.25.0.1
Cover Page
 12 Months Ended
Dec. 31, 2024
shares
Document Information [Line Items]  
Document Type 20-F
Amendment Flag false
Document Registration Statement false
Document Annual Report true
Document Period End Date Dec. 31, 2024
Document Fiscal Year Focus 2024
Document Fiscal Period Focus FY
Document Transition Report false
Document Shell Company Report false
Entity File Number 001-40626
Entity Registrant Name VTEX
Entity Central Index Key 0001793663
Current Fiscal Year End Date --12-31
Entity Incorporation, State or Country Code E9
Entity Address, Address Line One Harbour Place
Entity Address, Address Line Two 103 South Church Street
Entity Address, City or Town Grand Cayman
Entity Address, Country KY
Entity Address, Postal Zip Code KY1-1002
Title of 12(b) Security Class A common shares, nominal value of US$0.0001
Trading Symbol VTEX
Security Exchange Name NYSE
Entity Well-known Seasoned Issuer No
Entity Voluntary Filers No
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Accelerated Filer
Entity Emerging Growth Company true
Entity Ex Transition Period false
Entity Shell Company false
ICFR Auditor Attestation Flag false
Auditor Name PricewaterhouseCoopers
Auditor Location Rio de Janeiro, Brazil
Auditor Firm ID 1351
Auditor Opinion

VTEX and its subsidiaries (the “Company”)

Report of independent registered public accounting firm

December 31, 2024

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of VTEX

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of VTEX and its subsidiaries (the "Company") as of December 31, 2024 and 2023 and the related consolidated statements of profit or loss, comprehensive income, changes in shareholders' equity and cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023 and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.


Basis for Opinion

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers Auditores Independentes Ltda.

Rio de Janeiro, Brazil

February 25, 2025

We have served as the Company’s auditor since 2020.
Document Accounting Standard International Financial Reporting Standards
Document Financial Statement Error Correction [Flag] false
Business Contact [Member]  
Document Information [Line Items]  
Entity Address, Address Line One Harbour Place
Entity Address, Address Line Two 103 South Church Street
Entity Address, City or Town Grand Cayman
Entity Address, Country KY
Entity Address, Postal Zip Code KY1-1002
Contact Personnel Name Ricardo Camatta Sodré
Contact Personnel Email Address investors@vtex.com
Country Region 1
City Area Code 345
Local Phone Number 949-8599
Class A Common Stock [Member]  
Document Information [Line Items]  
Entity Common Stock, Shares Outstanding 103,947,244
Class B Common Stock [Member]  
Document Information [Line Items]  
Entity Common Stock, Shares Outstanding 80,866,730
v3.25.0.1
Consolidated balance sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 18,673 $ 28,035
Short-term investments 196,135 181,374
Trade receivables 52,519 44,122
Recoverable taxes 10,327 6,499
Deferred commissions 1,671 1,005
Prepaid expenses 5,120 5,143
Derivative financial instruments 0 53
Other current assets 145 22
Total current assets 284,590 266,253
Non-current assets    
Long-term investments [1] 9,649 2,000
Trade receivables 11,384 7,415
Deferred tax assets 19,047 19,926
Prepaid expenses 66 155
Recoverable taxes 1,364 4,454
Deferred commissions 4,853 2,924
Other non-current assets 1,053 902
Right-of-use assets 2,783 3,277
Property and equipment, net 2,999 2,697
Intangible assets, net 28,990 30,024
Investments in joint venture 0 1,118
Total non-current assets 82,188 74,892
Total assets 366,778 341,145
Current liabilities    
Accounts payable and accrued expenses 36,951 39,728
Taxes payable 7,863 8,219
Lease liabilities 1,617 1,863
Deferred revenue 32,521 25,948
Accounts payable from acquisition of subsidiaries 29 0
Other current liabilities 1,989 1,486
Total current liabilities 80,970 77,244
Non-current liabilities    
Accounts payable and accrued expenses 2,151 1,632
Taxes payable 160 0
Lease liabilities 1,695 2,233
Accounts payable from acquisition of subsidiaries 943 0
Deferred revenue 22,217 16,584
Deferred tax liabilities 2,478 2,668
Other non-current liabilities 363 452
Total non-current liabilities 30,007 23,569
EQUITY    
Issued capital 18 18
Capital reserve 374,681 370,821
Other reserves (892) (486)
Accumulated losses (118,062) (130,060)
Equity attributable to VTEX's shareholders 255,745 240,293
Non-controlling interests 56 39
Total shareholders' equity 255,801 240,332
Total liabilities and equity $ 366,778 $ 341,145
[1] Comprising ordinary shares of unlisted entities measured at fair value. The Group elected to recognize the changes in fair value of the existing instruments through profit or loss (“FVPL”). Refer to note 24.1(ii)a for additional details.
v3.25.0.1
Consolidated statements of profit or loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statements [Line Items]      
Total revenue $ 226,709 $ 201,517 $ 157,620
Total cost (59,418) (60,949) (52,832)
Gross profit 167,291 140,568 104,788
Operating expenses      
General and administrative (34,431) (33,673) (28,348)
Sales and marketing (67,862) (59,461) (67,798)
Research and development (53,620) (60,116) (57,205)
Other losses (1,275) (1,920) (1,356)
Income (loss) from operation 10,103 (14,602) (49,919)
Financial income 33,142 46,374 23,770
Financial expense (33,584) (43,367) (31,401)
Financial result, net (442) 3,007 (7,631)
Equity results 2 1,008 1,106
Income (loss) before income tax 9,663 (10,587) (56,444)
Income tax      
Current (1,414) (5,182) (877)
Deferred 3,746 2,075 4,902
Total income tax 2,332 (3,107) 4,025
Net loss for the year 11,995 (13,694) (52,419)
Attributable to controlling shareholders 11,998 (13,687) (52,418)
Non-controlling interest $ (3) $ (7) $ (1)
Loss per share      
Basic loss per share $ 0.065 $ (0.073) $ (0.275)
Diluted loss per share $ 0.062 $ (0.073) $ (0.275)
Subscription revenue [Member]      
Statements [Line Items]      
Total revenue $ 217,706 $ 190,302 $ 148,475
Services revenue [Member]      
Statements [Line Items]      
Total revenue 9,003 11,215 9,145
Subscription cost [Member]      
Statements [Line Items]      
Total cost (47,648) (45,420) (41,408)
Services cost [Member]      
Statements [Line Items]      
Total cost $ (11,770) $ (15,529) $ (11,424)
v3.25.0.1
Consolidated statements of comprehensive income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of comprehensive income [abstract]      
Net income (loss) for the year $ 11,995 $ (13,694) $ (52,419)
Items that may be reclassified subsequently to profit or loss:      
Foreign cumulative conversion adjustment (406) (613) (525)
Other comprehensive loss for the year, net of taxes (406) (613) (525)
Total comprehensive income (loss) for the year 11,589 (14,307) (52,944)
Attributable to controlling shareholders 11,599 (14,319) (52,947)
Non-controlling interest $ (10) $ 12 $ 3
v3.25.0.1
Consolidated statements of changes in shareholders' equity - USD ($)
$ in Thousands
Total
Issued capital [member]
Capital reserve [member]
Other reserves [member]
Accumulated losses [member]
Equity attributable to VTEX's shareholders [member]
Non-controlling interests [member]
Beginning Balance at Dec. 31, 2021 $ 327,189 $ 19 $ 390,466 $ 652 $ (63,955) $ 327,182 $ 7
Statements [Line Items]              
Net loss for the year (52,419) 0 0 0 (52,418) (52,418) (1)
Other comprehensive loss (525) 0 0 (525) 0 (525) 0
Total comprehensive income (loss) for the year (52,944) 0 0 (525) (52,418) (52,943) (1)
Exercise of stock options 567 0 567 0 0 567 0
Issue of ordinary shares as consideration for a business combination 3 0 3 0 0 3 0
Share repurchase program (12,798) 0 (12,798) 0 0 (12,798) 0
Share-based compensation 12,647 0 12,647 0 0 12,647 0
Transactions with non-controlling interests 13 0 0 0 0 0 13
Total transactions with owners of the Company 432 0 419 0 0 419 13
Ending Balance at Dec. 31, 2022 274,677 19 390,885 127 (116,373) 274,658 19
Statements [Line Items]              
Net loss for the year (13,694) 0 0 0 (13,687) (13,687) (7)
Other comprehensive loss (613) 0 0 (613) 0 (613) 0
Total comprehensive income (loss) for the year (14,307) 0 0 (613) (13,687) (14,300) (7)
Exercise of stock options 1,031 0 1,031 0 0 1,031 0
Share repurchase program (35,243) 0 (35,243) 0 0 (35,243) 0
Share-based compensation 14,148 0 14,148 0 0 14,148 0
Cancellation of shares (1) (1) 0 0 0 (1) 0
Transactions with non-controlling interests 27 0 0 0 0 0 27
Total transactions with owners of the Company (20,038) (1) (20,064) 0 0 (20,065) 27
Ending Balance at Dec. 31, 2023 240,332 18 370,821 (486) (130,060) 240,293 39
Statements [Line Items]              
Net loss for the year 11,995 0 0 0 11,998 11,998 (3)
Other comprehensive loss (406) 0 0 (406) 0 (406) 0
Total comprehensive income (loss) for the year 11,589 0 0 (406) 11,998 11,592 (3)
Exercise of stock options 3,898 0 3,898 0 0 3,898 0
Share repurchase program (11,202) 0 (11,202) 0 0 (11,202) 0
Share-based compensation 11,164 0 11,164 0 0 11,164 0
Transactions with non-controlling interests 20 0 0 0 0 0 20
Total transactions with owners of the Company 3,880 0 3,860 0 0 3,860 20
Ending Balance at Dec. 31, 2024 $ 255,801 $ 18 $ 374,681 $ (892) $ (118,062) $ 255,745 $ 56
v3.25.0.1
Consolidated statements of cash flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of cash flows [abstract]      
Net loss for the year $ 11,995 $ (13,694) $ (52,419)
Adjustments for:      
Depreciation and amortization 4,363 5,018 4,616
Deferred income tax (3,746) (2,075) (4,902)
Loss (gain) on disposal of rights of use, property, equipment, and intangible assets 120 874 (9)
Expected credit losses from trade receivables 1,082 1,472 852
Share-based compensation 15,552 16,360 12,202
Provision for payroll taxes (share-based compensation) 1,419 3,326 (1,125)
Adjustment of hyperinflation 6,908 19,369 5,175
Equity results (2) (1,008) (1,106)
Accrued interest (14,168) (23,757) (2,252)
Fair value (gains) losses (2,024) (10,332) 2,522
Others and foreign exchange, net 9,352 8,298 2,786
Change in operating assets and liabilities      
Trade receivables (22,679) (13,137) (3,579)
Recoverable taxes (3,486) (3,597) (671)
Prepaid expenses (466) (598) 3,947
Other assets (531) 583 (583)
Accounts payable and accrued expenses (227) 855 5,229
Taxes payable 3,577 7,347 (1,495)
Deferred revenue 21,125 6,948 1,157
Other liabilities 1,011 1,925 745
Cash provided by (used in) operating activities 29,175 4,177 (28,910)
Income tax refund (paid) (1,919) 82 (312)
Net cash provided by (used in) operating activities 27,256 4,259 (29,222)
Cash flows from investing activities      
Dividends received from joint venture 0 1,138 147
Proceeds from disposal of joint venture 1,026 0 0
Purchase of short and long-term investment (133,671) (135,442) (120,615)
Redemption of short-term investment 120,915 171,200 78,011
Interest and dividend received from short-term investments 691 2,106 1,110
Acquisition of subsidiaries net of cash acquired (2,919) 0 (1,692)
Acquisitions of property and equipment (2,069) (472) (340)
Derivative financial instruments (3,987) (105) 0
Net cash provided by (used in) investing activities (20,014) 38,425 (43,379)
Cash flows from financing activities      
Derivative financial instruments 0 0 (746)
Changes in restricted cash 0 1,660 (348)
Proceeds from the exercise of stock options 3,898 1,031 567
Net-settlement of share-based payment (4,675) (2,488) (1,615)
Buyback of shares (11,202) (35,243) (12,798)
Payment of loans and financing (71) (1,238) (2,651)
Interest paid 0 (5) (56)
Principal elements of lease payments (1,615) (1,574) (1,263)
Lease interest paid (369) (573) (670)
Net cash used in financing activities (14,034) (38,430) (19,580)
Net increase (decrease) in cash and cash equivalents (6,792) 4,254 (92,181)
Cash and cash equivalents, beginning of the year 28,035 24,394 121,006
Effect of exchange rate changes (2,570) (613) (4,431)
Cash and cash equivalents, end of the year 18,673 28,035 24,394
Non-cash transactions      
Lease liabilities arising from obtaining right-of-use assets and remeasurement 1,530 (251) 983
Issue of ordinary shares as consideration for a business combination 0 0 3
Unpaid amount related to business combinations 972 0 0
Dividends from joint venture used to pay accounts from acquisition of subsidiaries 0 0 448
Transactions with non-controlling interests $ 20 $ 27 $ 13
v3.25.0.1
Cybersecurity Risk Management, Strategy, and Governance
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

ITEM 16K. CYBERSECURITY

Cybersecurity Risk Management

(i) General description of risk management process

VTEX’s global cybersecurity risk management strategy is integrated into a complete security framework, which takes into account not only technological, but also commercial and reputational impacts. Our specialized Information Security team form the front line of defense against digital threats, ensuring that we can thrive in a challenging digital environment.

The Information Security Team

The Information Security team is a strategically organized team aimed at protecting the integrity, confidentiality, and availability of information. This team is made up of specialists divided into four distinct areas, each focused on managing specific types of risk:

The Blue Team is responsible for strengthening our defenses against cyberattacks focusing on prevention, detection, and response to threats.

The Red Team adopts a unique approach, simulating the mindset of a real adversary, who aims to materialize a risk to VTEX. By carrying out ethical intrusion tests, they are responsible for identifying and assessing gaps and vulnerabilities, providing valuable insights to further strengthen our cyber defenses.

The SecOps Team is responsible for establishing policies, standards, and procedures to ensure information security through a risk-oriented approach. This includes the Incident Response Plan, the Vulnerability Management Policy, and the Information Security Policy, among other essential guidelines. We believe the these frameworks ensure a comprehensive and effective approach to security risk management. When conducting the risk assessment, the SecOps team identifies and analyzes possible security threats, assessing the potential impact on data integrity, confidentiality, and availability. Based on this assessment, the team creates security controls and develops strategies and policies aimed at mitigating identified risks.

The Awareness Team, which operates within the SecOps Team structure, plays a vital role in employee awareness and training. Recognizing that security is a shared responsibility, this team educates VTEX about safe practices, strengthening the first line of defense against threats.

When a material risk is identified, with a potential impact on the Company or its customers, the Information Security Team takes immediate actions. The first step is to register the incident, calling in specialists to carry out an in-depth analysis of the scenario. Based on this assessment, actions are taken to contain the incident to limit the impact, identify the root cause, and adopt corrective measures to prevent future similar occurrences. The escalation process takes place simultaneously with the incident containment actions carried out by the Incident Response Team.

Escalation

We believe that the involvement of leadership is essential in our cybersecurity strategy, as it acts as an advocate for information security, ensuring the proper allocation of human and financial resources and strategic alignment with the organization’s objectives.

Depending on the severity of the incident, senior management can be involved in the incident management process. This ensures that our leadership is fully aware of the situation, enabling strategic decision-making in line with organizational objectives. This proactive and structured approach, backed up by the guidelines set out in an Information Security Incident Response Plan, ensures a quick and efficient response to events that could compromise information security, guaranteeing the continued protection of VTEX’s interests and those of its customers.

In situations where there is a real likelihood of a risk materializing, the Privacy & Security Committee is activated to conduct critical discussions. As further described below, this committee plays a crucial role in assessing the materiality of the incident in question. Once materiality has been determined, our Privacy and Security Committee communicates and involves the Audit Committee in the management of the incident and risk.

The Audit Committee is responsible for informing and keeping update our Board of Directors directly of the situation. This chain of responsibility ensures that, in cases of extreme relevance, senior management is immediately informed, allowing for agile decision-making in line with the company’s strategic interests.

This staggered approach, involving committees specialized in privacy, security, and auditing, guarantees a careful assessment of the materiality of critical incidents, providing effective management in situations with a high impact on the organization. For more details on the governance involved, see item “—Cybersecurity Governance” below.

Insurance

We currently maintain cybersecurity insurance for limited customers in the US and for the EU subsidiaries and a cybersecurity insurance coverage in Brazil, designed to indemnify payments made to third parties as a result of a claim, subject to the terms and conditions of the policy, but not a global coverage, and in the event we were to seek to obtain such wider insurance coverage, it may not be available on acceptable terms or may not be available in sufficient amounts to cover one or more large claims in connection with cybersecurity liabilities. Insurers could also deny coverage as to any future claim. The successful assertion of one or more large claims against us, or changes in any insurance policies we may enter into, including premium increases or the imposition of large deductible or coinsurance requirements, could have an adverse effect on our business, financial condition and results of operations.

(ii) Certifications

VTEX as a SaaS (Software as a Service) platform has different certifications on the internal control environment for different objectives:

Service Organization Control type 1: This certification is focused on evaluating the internal control environment with a focus on financial statements;

Service Organization Control type 2: Certification focused on evaluating the internal controls and technology environment with a focus on verifying how internal controls support the availability, integrity of information processing, reliability, and privacy of stored and processed data;

PCI DSS: Specific security certification for payment methods via credit card. Its purpose is to protect card data against fraud and violations.

For all certifications described above from the perspective of the year ended 12/31/2024, no exceptions or failures in internal controls were identified.

(iii) Cybersecurity due diligence

Before any supplier is registered in our purchasing systems, they are subject to a cybersecurity due diligence process, which covers aspects of compliance, privacy, and Information Security. Any relevant finding in the supplier’s cybersecurity due diligence process that could increase our exposure or expose us to a relevant risk prevents that supplier from being registered in our systems.

Additionally, we have adopted an automated process that requires any potential partners in our ecosystem be subject to a due diligence process before any Master Partner Agreement is signed. In this due diligence process, the potential partner is analyzed by the Compliance, Security, and Privacy teams concerning their technical and organizational measures, governance, controls, and procedures concerning cybersecurity incidents. The findings of this due diligence process are recorded and communicated to the team in charge of negotiating the contracts.

(iv) Past incidents and further impacts

As of the date of this annual report, we have not identified any incidents or cyberattacks in 2024 that affected our customers or our infrastructure, impacting our operations. See “—Certain Risks Relating to Our Business and Industry—A cyberattack, security breach, or other unauthorized access or interruption to our information technology systems or those of our third-party service providers could delay or interrupt service to our customers and their customers, harm our reputation, or subject us to significant liability.”

Cybersecurity Governance

In addition to our Information Security Team, our global cybersecurity risk management strategy is also implemented by (i) the Privacy & Security Committee; (ii) Audit Committee; and (iii) Board of Directors.

Privacy & Security Committee. The Privacy & Security Committee assesses whether there is materiality in privacy and/or information security incidents flagged by the Information Security Team to determine whether they should be escalated, executing contingency plans in the event of security incidents, and periodically reviewing privacy and information security policies and manuals, as applicable. When necessary, the Privacy & Security Committee, reports relevant risks and vulnerabilities to the Audit Committee and/or any other bodies reporting to the Board of Directors.

The findings and corrective actions about cybersecurity threats are discussed on an ordinary basis at our Privacy and Security Committee’s quarterly meetings. In such meetings the permanent member of the Compliance team, who reports periodically to senior management and the Audit Committee, becomes aware of any material cybersecurity threats, significant risk exposures, governance and control issues in the realm of cybersecurity requiring the attention of, or requested by, the Audit Committee.

The Privacy & Security Committee is currently composed of permanent members from the Legal, Compliance, Data Privacy, Security, and Growth teams, including C-Level; and extraordinary members from investor relations, PR, and Financial Reporting areas.

As of the date of this Annual Report, the members of the Privacy & Security Committee were the following:

•
André Spolidoro Ferreira Gomes is our Chief Strategy Officer, a position he has held since November 2022. Mr. Spolidoro priorly served VTEX as Chief Financial Officer, a position he held from January 2016 to November 2022. Mr. Spolidoro worked from 1998 to 2015 in asset management firms as Equity Portfolio Manager where he consolidated his solid knowledge in finance, financial market, equity analysis and business. Mr. Spolidoro holds a B.S. degree in Mechanical Engineering at UFRJ and a graduate degree in finance and capital markets at PUC RJ School of Business.
•
Angela Bittencourt da Fonseca currently serves as VTEX Data Protection Officer. Ms. Bittencourt da Fonseca has more than five years of experience as internal and external counsel on privacy programs, incident response, and reporting to Data Protection Authorities around the globe. She holds first-line certifications CIPP/E, CIPM, and CDPO/BR, which cover the management of cybersecurity risks and vulnerabilities, privacy breaches, and reporting incidents to customers, and Data Protection Authorities. She has served on the IAPP (International Association of Privacy Professionals) Research Advisory Board. Ms. Fonseca is a dual-qualified attorney in Brazil and New York State. She holds a Master of Laws from Columbia University and a Law degree from the State University of Rio de Janeiro.
•
Juliana Lopes is the Head of Legal and Data Privacy at VTEX, a global leader in enterprise digital commerce, a role she has held for the past five years. With extensive experience in corporate law, she previously worked for several years in the maritime industry before transitioning to the technology sector. She holds a law degree from the Federal University of Rio de Janeiro (UFRJ) and an LLM from Fundação Getulio Vargas (FGV). Additionally, she has completed executive programs at Boston University and Harvard University, focusing on corporate matters.
•
Joice Silva Mendes is currently the Security Manager at VTEX. Ms. Silva has more than 13 years of experience in the Technology area, almost 10 of which are dedicated to Information Security. She holds a bachelor’s degree in Information Technology and Networks from Universidade Federal de São Caetano do Sul and has several specializations in Security.
•
Thiago Athayde currently serves as VTEX’s head of Audit and Compliance. He has more than 17 years in external and internal positions in governance areas, like, Risk management, Compliance, Internal Controls, and Internal and External auditor at large corporations, including PwC, Praxair (Linde Group), and Naspers group. In these roles, he had the opportunity to help several administrations in the implementation of corporate cybersecurity risk management, evaluation of technology, and cyber controls, in addition to supporting evaluation in audit committees of publicly traded companies. Mr Athayde holds a Master of Business Administration and a B.A. in Business from the Federal University of Rio de Janeiro – Coppead and he is affiliated at RIMS, SCCE, and IIA.
•
Eliane Lima Rodrigues currently serves as VTEX's Head of Cybersecurity. Ms. Rodrigues has more than 25 years of experience in technology, almost 15 of which are dedicated to information security. She holds a master of administration, a specialization in project management, and a bachelor's degree in Computer Science and Networks from Universidade Federal de São Caetano do Sul. She has several specializations in cybersecurity, including DPO and Ethical hacker.

Audit Committee. Our Audit Committee assists our Board of Directors in overseeing our accounting and financial reporting processes; processes related to cybersecurity; and the audits of our consolidated financial statements and security controls. The Audit Committee reports regularly to the Board of Directors concerning its activities and recommendations about cybersecurity, including any issues that arise for compliance with legal or regulatory requirements. The report to the Board of Directors may take the form of an oral report by the chairperson or any other member of the Committee designated by the Committee to make such report.

For more information on our Audit Committee, see “Item 6. Directors, Senior Management and Employees—C. Board Practices—Board Committees—Audit Committee.”

Board of Directors. Our Board of Directors ultimately oversees risk management within the Company and has established robust oversight mechanisms to ensure effective governance in managing risks associated with cybersecurity threats because VTEX recognizes the significance of these threats to our operational integrity and stakeholder confidence.

For more information on our Board of Directors, see “Item 6. Directors, Senior Management and Employees—A. Directors and Senior Management—Board of Directors.”

Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] VTEX’s global cybersecurity risk management strategy is integrated into a complete security framework, which takes into account not only technological, but also commercial and reputational impacts.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Cybersecurity Governance

In addition to our Information Security Team, our global cybersecurity risk management strategy is also implemented by (i) the Privacy & Security Committee; (ii) Audit Committee; and (iii) Board of Directors.

Privacy & Security Committee. The Privacy & Security Committee assesses whether there is materiality in privacy and/or information security incidents flagged by the Information Security Team to determine whether they should be escalated, executing contingency plans in the event of security incidents, and periodically reviewing privacy and information security policies and manuals, as applicable. When necessary, the Privacy & Security Committee, reports relevant risks and vulnerabilities to the Audit Committee and/or any other bodies reporting to the Board of Directors.

The findings and corrective actions about cybersecurity threats are discussed on an ordinary basis at our Privacy and Security Committee’s quarterly meetings. In such meetings the permanent member of the Compliance team, who reports periodically to senior management and the Audit Committee, becomes aware of any material cybersecurity threats, significant risk exposures, governance and control issues in the realm of cybersecurity requiring the attention of, or requested by, the Audit Committee.

The Privacy & Security Committee is currently composed of permanent members from the Legal, Compliance, Data Privacy, Security, and Growth teams, including C-Level; and extraordinary members from investor relations, PR, and Financial Reporting areas.

As of the date of this Annual Report, the members of the Privacy & Security Committee were the following:

•
André Spolidoro Ferreira Gomes is our Chief Strategy Officer, a position he has held since November 2022. Mr. Spolidoro priorly served VTEX as Chief Financial Officer, a position he held from January 2016 to November 2022. Mr. Spolidoro worked from 1998 to 2015 in asset management firms as Equity Portfolio Manager where he consolidated his solid knowledge in finance, financial market, equity analysis and business. Mr. Spolidoro holds a B.S. degree in Mechanical Engineering at UFRJ and a graduate degree in finance and capital markets at PUC RJ School of Business.
•
Angela Bittencourt da Fonseca currently serves as VTEX Data Protection Officer. Ms. Bittencourt da Fonseca has more than five years of experience as internal and external counsel on privacy programs, incident response, and reporting to Data Protection Authorities around the globe. She holds first-line certifications CIPP/E, CIPM, and CDPO/BR, which cover the management of cybersecurity risks and vulnerabilities, privacy breaches, and reporting incidents to customers, and Data Protection Authorities. She has served on the IAPP (International Association of Privacy Professionals) Research Advisory Board. Ms. Fonseca is a dual-qualified attorney in Brazil and New York State. She holds a Master of Laws from Columbia University and a Law degree from the State University of Rio de Janeiro.
•
Juliana Lopes is the Head of Legal and Data Privacy at VTEX, a global leader in enterprise digital commerce, a role she has held for the past five years. With extensive experience in corporate law, she previously worked for several years in the maritime industry before transitioning to the technology sector. She holds a law degree from the Federal University of Rio de Janeiro (UFRJ) and an LLM from Fundação Getulio Vargas (FGV). Additionally, she has completed executive programs at Boston University and Harvard University, focusing on corporate matters.
•
Joice Silva Mendes is currently the Security Manager at VTEX. Ms. Silva has more than 13 years of experience in the Technology area, almost 10 of which are dedicated to Information Security. She holds a bachelor’s degree in Information Technology and Networks from Universidade Federal de São Caetano do Sul and has several specializations in Security.
•
Thiago Athayde currently serves as VTEX’s head of Audit and Compliance. He has more than 17 years in external and internal positions in governance areas, like, Risk management, Compliance, Internal Controls, and Internal and External auditor at large corporations, including PwC, Praxair (Linde Group), and Naspers group. In these roles, he had the opportunity to help several administrations in the implementation of corporate cybersecurity risk management, evaluation of technology, and cyber controls, in addition to supporting evaluation in audit committees of publicly traded companies. Mr Athayde holds a Master of Business Administration and a B.A. in Business from the Federal University of Rio de Janeiro – Coppead and he is affiliated at RIMS, SCCE, and IIA.
•
Eliane Lima Rodrigues currently serves as VTEX's Head of Cybersecurity. Ms. Rodrigues has more than 25 years of experience in technology, almost 15 of which are dedicated to information security. She holds a master of administration, a specialization in project management, and a bachelor's degree in Computer Science and Networks from Universidade Federal de São Caetano do Sul. She has several specializations in cybersecurity, including DPO and Ethical hacker.

Audit Committee. Our Audit Committee assists our Board of Directors in overseeing our accounting and financial reporting processes; processes related to cybersecurity; and the audits of our consolidated financial statements and security controls. The Audit Committee reports regularly to the Board of Directors concerning its activities and recommendations about cybersecurity, including any issues that arise for compliance with legal or regulatory requirements. The report to the Board of Directors may take the form of an oral report by the chairperson or any other member of the Committee designated by the Committee to make such report.

For more information on our Audit Committee, see “Item 6. Directors, Senior Management and Employees—C. Board Practices—Board Committees—Audit Committee.”

Board of Directors. Our Board of Directors ultimately oversees risk management within the Company and has established robust oversight mechanisms to ensure effective governance in managing risks associated with cybersecurity threats because VTEX recognizes the significance of these threats to our operational integrity and stakeholder confidence.

For more information on our Board of Directors, see “Item 6. Directors, Senior Management and Employees—A. Directors and Senior Management—Board of Directors.”

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

Privacy & Security Committee. The Privacy & Security Committee assesses whether there is materiality in privacy and/or information security incidents flagged by the Information Security Team to determine whether they should be escalated, executing contingency plans in the event of security incidents, and periodically reviewing privacy and information security policies and manuals, as applicable. When necessary, the Privacy & Security Committee, reports relevant risks and vulnerabilities to the Audit Committee and/or any other bodies reporting to the Board of Directors.

The findings and corrective actions about cybersecurity threats are discussed on an ordinary basis at our Privacy and Security Committee’s quarterly meetings. In such meetings the permanent member of the Compliance team, who reports periodically to senior management and the Audit Committee, becomes aware of any material cybersecurity threats, significant risk exposures, governance and control issues in the realm of cybersecurity requiring the attention of, or requested by, the Audit Committee.

The Privacy & Security Committee is currently composed of permanent members from the Legal, Compliance, Data Privacy, Security, and Growth teams, including C-Level; and extraordinary members from investor relations, PR, and Financial Reporting areas.

As of the date of this Annual Report, the members of the Privacy & Security Committee were the following:

•
André Spolidoro Ferreira Gomes is our Chief Strategy Officer, a position he has held since November 2022. Mr. Spolidoro priorly served VTEX as Chief Financial Officer, a position he held from January 2016 to November 2022. Mr. Spolidoro worked from 1998 to 2015 in asset management firms as Equity Portfolio Manager where he consolidated his solid knowledge in finance, financial market, equity analysis and business. Mr. Spolidoro holds a B.S. degree in Mechanical Engineering at UFRJ and a graduate degree in finance and capital markets at PUC RJ School of Business.
•
Angela Bittencourt da Fonseca currently serves as VTEX Data Protection Officer. Ms. Bittencourt da Fonseca has more than five years of experience as internal and external counsel on privacy programs, incident response, and reporting to Data Protection Authorities around the globe. She holds first-line certifications CIPP/E, CIPM, and CDPO/BR, which cover the management of cybersecurity risks and vulnerabilities, privacy breaches, and reporting incidents to customers, and Data Protection Authorities. She has served on the IAPP (International Association of Privacy Professionals) Research Advisory Board. Ms. Fonseca is a dual-qualified attorney in Brazil and New York State. She holds a Master of Laws from Columbia University and a Law degree from the State University of Rio de Janeiro.
•
Juliana Lopes is the Head of Legal and Data Privacy at VTEX, a global leader in enterprise digital commerce, a role she has held for the past five years. With extensive experience in corporate law, she previously worked for several years in the maritime industry before transitioning to the technology sector. She holds a law degree from the Federal University of Rio de Janeiro (UFRJ) and an LLM from Fundação Getulio Vargas (FGV). Additionally, she has completed executive programs at Boston University and Harvard University, focusing on corporate matters.
•
Joice Silva Mendes is currently the Security Manager at VTEX. Ms. Silva has more than 13 years of experience in the Technology area, almost 10 of which are dedicated to Information Security. She holds a bachelor’s degree in Information Technology and Networks from Universidade Federal de São Caetano do Sul and has several specializations in Security.
•
Thiago Athayde currently serves as VTEX’s head of Audit and Compliance. He has more than 17 years in external and internal positions in governance areas, like, Risk management, Compliance, Internal Controls, and Internal and External auditor at large corporations, including PwC, Praxair (Linde Group), and Naspers group. In these roles, he had the opportunity to help several administrations in the implementation of corporate cybersecurity risk management, evaluation of technology, and cyber controls, in addition to supporting evaluation in audit committees of publicly traded companies. Mr Athayde holds a Master of Business Administration and a B.A. in Business from the Federal University of Rio de Janeiro – Coppead and he is affiliated at RIMS, SCCE, and IIA.
•
Eliane Lima Rodrigues currently serves as VTEX's Head of Cybersecurity. Ms. Rodrigues has more than 25 years of experience in technology, almost 15 of which are dedicated to information security. She holds a master of administration, a specialization in project management, and a bachelor's degree in Computer Science and Networks from Universidade Federal de São Caetano do Sul. She has several specializations in cybersecurity, including DPO and Ethical hacker.

Audit Committee. Our Audit Committee assists our Board of Directors in overseeing our accounting and financial reporting processes; processes related to cybersecurity; and the audits of our consolidated financial statements and security controls. The Audit Committee reports regularly to the Board of Directors concerning its activities and recommendations about cybersecurity, including any issues that arise for compliance with legal or regulatory requirements. The report to the Board of Directors may take the form of an oral report by the chairperson or any other member of the Committee designated by the Committee to make such report.

For more information on our Audit Committee, see “Item 6. Directors, Senior Management and Employees—C. Board Practices—Board Committees—Audit Committee.”

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

The findings and corrective actions about cybersecurity threats are discussed on an ordinary basis at our Privacy and Security Committee’s quarterly meetings. In such meetings the permanent member of the Compliance team, who reports periodically to senior management and the Audit Committee, becomes aware of any material cybersecurity threats, significant risk exposures, governance and control issues in the realm of cybersecurity requiring the attention of, or requested by, the Audit Committee.

The Audit Committee reports regularly to the Board of Directors concerning its activities and recommendations about cybersecurity, including any issues that arise for compliance with legal or regulatory requirements.
Cybersecurity Risk Role of Management [Text Block]

(i) General description of risk management process

VTEX’s global cybersecurity risk management strategy is integrated into a complete security framework, which takes into account not only technological, but also commercial and reputational impacts. Our specialized Information Security team form the front line of defense against digital threats, ensuring that we can thrive in a challenging digital environment.

The Information Security Team

The Information Security team is a strategically organized team aimed at protecting the integrity, confidentiality, and availability of information. This team is made up of specialists divided into four distinct areas, each focused on managing specific types of risk:

The Blue Team is responsible for strengthening our defenses against cyberattacks focusing on prevention, detection, and response to threats.

The Red Team adopts a unique approach, simulating the mindset of a real adversary, who aims to materialize a risk to VTEX. By carrying out ethical intrusion tests, they are responsible for identifying and assessing gaps and vulnerabilities, providing valuable insights to further strengthen our cyber defenses.

The SecOps Team is responsible for establishing policies, standards, and procedures to ensure information security through a risk-oriented approach. This includes the Incident Response Plan, the Vulnerability Management Policy, and the Information Security Policy, among other essential guidelines. We believe the these frameworks ensure a comprehensive and effective approach to security risk management. When conducting the risk assessment, the SecOps team identifies and analyzes possible security threats, assessing the potential impact on data integrity, confidentiality, and availability. Based on this assessment, the team creates security controls and develops strategies and policies aimed at mitigating identified risks.

The Awareness Team, which operates within the SecOps Team structure, plays a vital role in employee awareness and training. Recognizing that security is a shared responsibility, this team educates VTEX about safe practices, strengthening the first line of defense against threats.

When a material risk is identified, with a potential impact on the Company or its customers, the Information Security Team takes immediate actions. The first step is to register the incident, calling in specialists to carry out an in-depth analysis of the scenario. Based on this assessment, actions are taken to contain the incident to limit the impact, identify the root cause, and adopt corrective measures to prevent future similar occurrences. The escalation process takes place simultaneously with the incident containment actions carried out by the Incident Response Team.

Escalation

We believe that the involvement of leadership is essential in our cybersecurity strategy, as it acts as an advocate for information security, ensuring the proper allocation of human and financial resources and strategic alignment with the organization’s objectives.

Depending on the severity of the incident, senior management can be involved in the incident management process. This ensures that our leadership is fully aware of the situation, enabling strategic decision-making in line with organizational objectives. This proactive and structured approach, backed up by the guidelines set out in an Information Security Incident Response Plan, ensures a quick and efficient response to events that could compromise information security, guaranteeing the continued protection of VTEX’s interests and those of its customers.

In situations where there is a real likelihood of a risk materializing, the Privacy & Security Committee is activated to conduct critical discussions. As further described below, this committee plays a crucial role in assessing the materiality of the incident in question. Once materiality has been determined, our Privacy and Security Committee communicates and involves the Audit Committee in the management of the incident and risk.

The Audit Committee is responsible for informing and keeping update our Board of Directors directly of the situation. This chain of responsibility ensures that, in cases of extreme relevance, senior management is immediately informed, allowing for agile decision-making in line with the company’s strategic interests.

This staggered approach, involving committees specialized in privacy, security, and auditing, guarantees a careful assessment of the materiality of critical incidents, providing effective management in situations with a high impact on the organization. For more details on the governance involved, see item “—Cybersecurity Governance” below.

Insurance

We currently maintain cybersecurity insurance for limited customers in the US and for the EU subsidiaries and a cybersecurity insurance coverage in Brazil, designed to indemnify payments made to third parties as a result of a claim, subject to the terms and conditions of the policy, but not a global coverage, and in the event we were to seek to obtain such wider insurance coverage, it may not be available on acceptable terms or may not be available in sufficient amounts to cover one or more large claims in connection with cybersecurity liabilities. Insurers could also deny coverage as to any future claim. The successful assertion of one or more large claims against us, or changes in any insurance policies we may enter into, including premium increases or the imposition of large deductible or coinsurance requirements, could have an adverse effect on our business, financial condition and results of operations.

(ii) Certifications

VTEX as a SaaS (Software as a Service) platform has different certifications on the internal control environment for different objectives:

Service Organization Control type 1: This certification is focused on evaluating the internal control environment with a focus on financial statements;

Service Organization Control type 2: Certification focused on evaluating the internal controls and technology environment with a focus on verifying how internal controls support the availability, integrity of information processing, reliability, and privacy of stored and processed data;

PCI DSS: Specific security certification for payment methods via credit card. Its purpose is to protect card data against fraud and violations.

For all certifications described above from the perspective of the year ended 12/31/2024, no exceptions or failures in internal controls were identified.

(iii) Cybersecurity due diligence

Before any supplier is registered in our purchasing systems, they are subject to a cybersecurity due diligence process, which covers aspects of compliance, privacy, and Information Security. Any relevant finding in the supplier’s cybersecurity due diligence process that could increase our exposure or expose us to a relevant risk prevents that supplier from being registered in our systems.

Additionally, we have adopted an automated process that requires any potential partners in our ecosystem be subject to a due diligence process before any Master Partner Agreement is signed. In this due diligence process, the potential partner is analyzed by the Compliance, Security, and Privacy teams concerning their technical and organizational measures, governance, controls, and procedures concerning cybersecurity incidents. The findings of this due diligence process are recorded and communicated to the team in charge of negotiating the contracts.

(iv) Past incidents and further impacts

As of the date of this annual report, we have not identified any incidents or cyberattacks in 2024 that affected our customers or our infrastructure, impacting our operations. See “—Certain Risks Relating to Our Business and Industry—A cyberattack, security breach, or other unauthorized access or interruption to our information technology systems or those of our third-party service providers could delay or interrupt service to our customers and their customers, harm our reputation, or subject us to significant liability.”
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

The Information Security Team

The Information Security team is a strategically organized team aimed at protecting the integrity, confidentiality, and availability of information. This team is made up of specialists divided into four distinct areas, each focused on managing specific types of risk:

The Blue Team is responsible for strengthening our defenses against cyberattacks focusing on prevention, detection, and response to threats.

The Red Team adopts a unique approach, simulating the mindset of a real adversary, who aims to materialize a risk to VTEX. By carrying out ethical intrusion tests, they are responsible for identifying and assessing gaps and vulnerabilities, providing valuable insights to further strengthen our cyber defenses.

The SecOps Team is responsible for establishing policies, standards, and procedures to ensure information security through a risk-oriented approach. This includes the Incident Response Plan, the Vulnerability Management Policy, and the Information Security Policy, among other essential guidelines. We believe the these frameworks ensure a comprehensive and effective approach to security risk management. When conducting the risk assessment, the SecOps team identifies and analyzes possible security threats, assessing the potential impact on data integrity, confidentiality, and availability. Based on this assessment, the team creates security controls and develops strategies and policies aimed at mitigating identified risks.

The Awareness Team, which operates within the SecOps Team structure, plays a vital role in employee awareness and training. Recognizing that security is a shared responsibility, this team educates VTEX about safe practices, strengthening the first line of defense against threats.

When a material risk is identified, with a potential impact on the Company or its customers, the Information Security Team takes immediate actions. The first step is to register the incident, calling in specialists to carry out an in-depth analysis of the scenario. Based on this assessment, actions are taken to contain the incident to limit the impact, identify the root cause, and adopt corrective measures to prevent future similar occurrences. The escalation process takes place simultaneously with the incident containment actions carried out by the Incident Response Team.

Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

The Privacy & Security Committee is currently composed of permanent members from the Legal, Compliance, Data Privacy, Security, and Growth teams, including C-Level; and extraordinary members from investor relations, PR, and Financial Reporting areas.

As of the date of this Annual Report, the members of the Privacy & Security Committee were the following:

•
André Spolidoro Ferreira Gomes is our Chief Strategy Officer, a position he has held since November 2022. Mr. Spolidoro priorly served VTEX as Chief Financial Officer, a position he held from January 2016 to November 2022. Mr. Spolidoro worked from 1998 to 2015 in asset management firms as Equity Portfolio Manager where he consolidated his solid knowledge in finance, financial market, equity analysis and business. Mr. Spolidoro holds a B.S. degree in Mechanical Engineering at UFRJ and a graduate degree in finance and capital markets at PUC RJ School of Business.
•
Angela Bittencourt da Fonseca currently serves as VTEX Data Protection Officer. Ms. Bittencourt da Fonseca has more than five years of experience as internal and external counsel on privacy programs, incident response, and reporting to Data Protection Authorities around the globe. She holds first-line certifications CIPP/E, CIPM, and CDPO/BR, which cover the management of cybersecurity risks and vulnerabilities, privacy breaches, and reporting incidents to customers, and Data Protection Authorities. She has served on the IAPP (International Association of Privacy Professionals) Research Advisory Board. Ms. Fonseca is a dual-qualified attorney in Brazil and New York State. She holds a Master of Laws from Columbia University and a Law degree from the State University of Rio de Janeiro.
•
Juliana Lopes is the Head of Legal and Data Privacy at VTEX, a global leader in enterprise digital commerce, a role she has held for the past five years. With extensive experience in corporate law, she previously worked for several years in the maritime industry before transitioning to the technology sector. She holds a law degree from the Federal University of Rio de Janeiro (UFRJ) and an LLM from Fundação Getulio Vargas (FGV). Additionally, she has completed executive programs at Boston University and Harvard University, focusing on corporate matters.
•
Joice Silva Mendes is currently the Security Manager at VTEX. Ms. Silva has more than 13 years of experience in the Technology area, almost 10 of which are dedicated to Information Security. She holds a bachelor’s degree in Information Technology and Networks from Universidade Federal de São Caetano do Sul and has several specializations in Security.
•
Thiago Athayde currently serves as VTEX’s head of Audit and Compliance. He has more than 17 years in external and internal positions in governance areas, like, Risk management, Compliance, Internal Controls, and Internal and External auditor at large corporations, including PwC, Praxair (Linde Group), and Naspers group. In these roles, he had the opportunity to help several administrations in the implementation of corporate cybersecurity risk management, evaluation of technology, and cyber controls, in addition to supporting evaluation in audit committees of publicly traded companies. Mr Athayde holds a Master of Business Administration and a B.A. in Business from the Federal University of Rio de Janeiro – Coppead and he is affiliated at RIMS, SCCE, and IIA.
•
Eliane Lima Rodrigues currently serves as VTEX's Head of Cybersecurity. Ms. Rodrigues has more than 25 years of experience in technology, almost 15 of which are dedicated to information security. She holds a master of administration, a specialization in project management, and a bachelor's degree in Computer Science and Networks from Universidade Federal de São Caetano do Sul. She has several specializations in cybersecurity, including DPO and Ethical hacker.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

The Audit Committee is responsible for informing and keeping update our Board of Directors directly of the situation. This chain of responsibility ensures that, in cases of extreme relevance, senior management is immediately informed, allowing for agile decision-making in line with the company’s strategic interests.

Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Insider Trading Policies and Procedures
 3 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
General information
 12 Months Ended
Dec. 31, 2024
General Explanatory Information [Abstaract]  
General information
1.
General information

VTEX (“VTEX” or the “Company”) and its subsidiaries, or collectively referred to as the “Group”, provides a software-as-a-service digital commerce platform tailored for enterprise brands and retailers. The VTEX platform is designed to be composable and complete, enabling our customers to seamlessly implement, optimize, test, and expand both B2C and B2B digital experiences. Fueled by native solutions and a plug-and-play ecosystem, the platform integrates commerce, marketplace, fulfillment channels, and OMS solutions into a unified framework. This integration empowers VTEX's customers to leverage omnichannel capabilities and formulate innovative strategies for customer engagement, connecting seamlessly across all sales channels. The platform's flexible and low-maintenance nature aims to optimize customers' IT investments, ensuring agility and fostering profit growth, competitive time-to-market, and sustainable evolution and scalability.

The Company's shares, under the symbol “VTEX”, are listed on the New York Stock Exchange (“NYSE”).

The following entities are part of the Group and are being consolidated in these financial statements:

 

 

Place of business /
country of incorporation

 

Relationship

 

Principal
business activity

 

% of Ownership as of December 31,

Company

 

 

 

 

 

 

 

2024

 

2023

 

2022

VTEX (“VTEX”)

 

Cayman

 

Holding

 

Technology Services

 

 

 

 

 

 

VTEX Argentina S.A. (“VTEX ARG”)

 

Argentina

 

Subsidiary

 

Technology Services

 

100

 

100

 

100

VTEX Brasil Tecnologia para E-commerce LTDA. (“VTEX Brazil”)

 

Brazil

 

Subsidiary

 

Technology Services

 

100

 

100

 

100

VTEX Day Eventos LTDA (“VTEX DAY”)

 

Brazil

 

Subsidiary

 

Production of events

 

100

 

100

 

100

WENI Tecnologia da Informacao LTDA. (“WENI”) (i)

 

Brazil

 

Subsidiary

 

Technology Services

 

100

 

-

 

-

Loja Integrada Tecnologia Para Softwares S.A. (“Loja Integrada”)

 

Brazil

 

Subsidiary

 

Technology Services

 

97.58

 

98.68

 

99.58

VTEX Chile SPA (“VTEX CHI”)

 

Chile

 

Subsidiary

 

Subsidiary

 

100

 

100

 

100

VTEX Colombia Tecnologia para Ecommerce S.A.S. (“VTEX COL”)

 

Colombia

 

Subsidiary

 

Technology Services

 

100

 

100

 

100

VTEX Commerce Cloud Solutions LLC (“VTEX USA”)

 

USA

 

Subsidiary

 

Technology Services

 

100

 

100

 

100

OFFBounds Media LLC (“Offbounds”) (ii)

 

USA

 

Subsidiary

 

Technology Services

 

100

 

-

 

-

VTEX Ecommerce Platform Limited (“VTEX UK”)

 

UK

 

Subsidiary

 

Technology Services

 

100

 

100

 

100

VTEX Mexico Soluciones en Ecommerce S.R.L. de C.V. (“VTEX MEX”)

 

Mexico

 

Subsidiary

 

Technology Services

 

100

 

100

 

100

EICOM Business School S.A.P.I De C.V. (“Escuela”) (iii)

 

Mexico

 

Subsidiary

 

Technology Services

 

100

 

100

 

100

Peru Tecnologia para ECOMMERCE S.A.C. (“VTEX PERU”)

 

Peru

 

Subsidiary

 

Technology Services

 

100

 

100

 

100

VTEX Platform España, S.L. ("VTEX ESP")

 

Spain

 

Subsidiary

 

Technology Services

 

100

 

100

 

-

VTEX Ecommerce Platform Limited - Sede Secondaria (“VTEX ITA”)

 

Italy

 

Branch

 

Technology Services

 

100

 

100

 

100

VTEX Ecommerce Platform Limited London - Sucursala Bucuresti (“VTEX ROM”)

 

Romania

 

Branch

 

Technology Services

 

100

 

100

 

100

VTEX Ecommerce Platform Limited – Sucursal em Portugal (“VTEX PORT”)

 

Portugal

 

Branch

 

Technology Services

 

100

 

100

 

100

 

(i) In August 2024, VTEX completed the acquisition of Weni Tecnologia da Informacao LTDA., a Brazilian privately held company specializing in communication automation solutions and chatbots (Refer to Note 4). The incorporation of Weni into VTEX’s operations was concluded in January 2025.

(ii) In December 2024, VTEX created OFFBounds Media. As of December 31, 2024, the company is still non-operational.

(iii) The entity is dormant.

The Group previously owned VT Comercio, a joint venture ("JV") formed in July 2019 with a 50% participation. On August 30, 2023, the Company announced the termination of the JV, and the dissolution terms were finalized in May 2024.
v3.25.0.1
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Significant Accounting Policies [Abstract]  
Significant Accounting Policies
2.
Significant accounting policies

The accounting policies described in detail below have been consistently applied to all years presented in these consolidated financial statements, unless otherwise stated. The financial statements are applicable for the group consisting of VTEX and its subsidiaries. The accounting policies have been consistently applied by the Group.

2.1.
Basis of preparation
a.
Compliance with IFRS

The consolidated financial statements of the VTEX Group have been prepared in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”).

The consolidated financial statements were authorized for issue by the Board of Directors on February 18, 2025.

b.
Historical cost convention

The financial statements have been prepared on a historical cost basis, except for certain financial assets and financial liabilities (including derivative instruments) measured at fair value.

c.
New standards, interpretations, and amendments adopted by the Group

In 2024 the Company has adopted the following new interpretation and amendments:

•
IFRIC Agenda Decision - Disclosure of Revenues and Expenses for Reportable Segments (IFRS 8);
•
Amendment to IFRS 16 – Leases on sale and leaseback;
•
Amendment to IAS 1 – Non-current liabilities with covenants; and
•
Amendments to IAS 7 and IFRS 7 on Supplier finance arrangements.

The amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods.

d.
New standards and interpretations not yet adopted

Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for the reporting period ended on December 31, 2024 and have not been early adopted by the group:

•
Amendments to IAS 21 -- Lack of Exchangeability;
•
Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7;
•
IFRS 19 Subsidiaries without Public Accountability: Disclosures; and
•
IFRS 18 Presentation and Disclosure in Financial Statements.

Management is currently assessing the detailed implications of applying the new standards on the group’s consolidated financial statements.

2.2.
Principles of consolidation and equity accounting
a.
Subsidiaries

Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is either exposed or has rights to variable returns from its involvement with said entity, and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

The acquisition method of accounting is used to account for business combinations by the Group (refer to note 4).

Inter-company transactions, balances, and unrealized gains on transactions between Group companies are eliminated in the preparation of the consolidated financial statements. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed when necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of changes in equity and balance sheet respectively.

b.
Joint arrangements

Under IFRS 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement.

Interests in joint ventures are accounted for using the equity method after initially being recognized at cost in the consolidated balance sheet.

2.3.
Segment reporting

For reviewing the operational performance of the Group and allocating resources purposes, the Chief Operating Decision Maker (“CODM”) of the Group, which is comprised as the Board of Directors of the Group, reviews the consolidated results as a whole.

The CODM considers the whole Group a single operating and reportable segment, monitoring operations, making decisions on fund allocation, and evaluating performance based on a single operating segment. The CODM reviews relevant financial data on a consolidated basis for all subsidiaries.

The Group’s revenue, profit or loss, and assets and liabilities for this one reportable segment can be determined by reference to the consolidated financial statements.

a.
Segment revenue by region

None of the customers represent more than 5% of the Group’s revenues.

The amount of this revenue from external customers, by geography, is shown in the table below:

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Brazil

 

128,302

 

109,470

 

86,066

Latin America - except Brazil

 

73,597

 

70,302

 

55,770

Rest of the world

 

24,810

 

21,745

 

15,784

Total revenue by region

 

226,709

 

201,517

 

157,620

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Brazil

 

126,387

 

107,415

 

83,528

Latin America - except Brazil

 

71,804

 

68,305

 

54,519

Rest of the world

 

19,514

 

14,582

 

10,428

Subscription revenue

 

217,706

 

190,302

 

148,475

Services revenue

 

9,003

 

11,215

 

9,145

Total revenue

 

226,709

 

201,517

 

157,620
b.
Segment non-current assets by region

The total of right-of-use assets, property and equipment, intangible assets and investments in joint venture, broken down by location of the assets, is shown in the following table:

 

 

December 31, 2024

 

December 31, 2023

Brazil

 

17,896

 

19,850

Latin America - except Brazil

 

603

 

304

Rest of the world

 

16,273

 

16,962

Total non-current assets by region

 

34,772

 

37,116

 

 

2.4.
Foreign currency translation
(i)
Functional and presentation currency

The Group has significant operations internationally that are denominated in foreign currencies, as the Group transacts business in various foreign currencies and has significant international revenues and costs. The subsidiaries of the Group generate revenues and incur most of their expenses in the respective local currencies of the countries in which they operate. Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in U.S. dollars (“US$”) which is the functional currency of VTEX (Group’s parent company) and presentation currency of the Group. All amounts have been rounded to the nearest thousands of US$, except when otherwise indicated.

(ii)
Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are generally recognized in profit or loss.

(iii)
Group companies with a different functional currency

The results and financial position of foreign operations that have a functional currency different from the presentation currency (U.S. dollar) are translated into the presentation currency as follows:

•
assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
•
income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and
•
all resulting exchange differences are recognized in other comprehensive income.

Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.

For the translation mechanism when the functional currency is of a hyperinflationary economy, refer to note 2.25.

2.5.
Cash and cash equivalents

Cash and cash equivalents include cash on hand, bank deposits, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.

2.6.
Restricted cash

Restricted cash includes deposits subject to contractual restrictions and therefore not available for general use by the other entities within the group.

2.7.
Short and long-term investments

Short and long-term investments refer to investment in financial instruments that do not meet the definition of cash and cash equivalents. Such instruments are measured at their fair value or amortized cost. The Group determines the appropriate classification at the time of purchase. Long-term investments are strategic holdings in unquoted companies that the company does not expect to sell or realize in the short term.

Short-term investments are considered available to support current operations of the Company and are classified as current assets. Gains and losses in fair value and interest income are included in financial income (expenses).

2.8.
Trade receivables

Trade receivables are recognized initially at the amount of consideration that is unconditional. They are subsequently measured at amortized cost using the effective interest method, less expected credit losses. See note 7 for further information about the Group’s accounting for trade receivables and note 2.22 for a description of the Group’s impairment policies.

2.9.
Property and equipment

Property and equipment items are stated at historical cost of acquisition, less depreciation, and any impairment loss. The historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.

The depreciation is calculated on a straight-line, and the assets have the following useful lives:

 

Class of Property and equipment

 

Useful life

(years)

Machinery and equipment

 

10

Computers and peripherals

 

5

Furniture and fixtures

 

10

Leasehold improvements

 

2-10

 

The assets’ residual values, useful life, and depreciation methods are reviewed and adjusted, if appropriate, at the end of each reporting period. There were no changes in these assets useful life during the year ended December 31, 2024.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing sales value with carrying amount and are recognized in profit or loss.

2.10.
Business combinations

The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the:

•
fair values of the assets transferred;
•
liabilities incurred to the former owners of the acquired business;
•
equity interests issued by the Group; and
•
fair values of any liability resulting from a contingent consideration arrangement (“earn out”).

Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.

Acquisition-related costs are expensed as incurred.

The excess of the consideration transferred over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss as a bargain purchase.

Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as of the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.

Earn out is classified either as equity or financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with fair value changes recognized in profit or loss.

The Group analyzes whether an arrangement for payments to selling shareholders is part of the consideration transferred in the business combination or is a transaction separate from the business combination. In the event of such cases, the amount is recognized according to IFRS 2 requirements.

2.11.
Intangible assets
a.
Goodwill

Goodwill is measured as described in note 2.10. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized; however, it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and it is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

Goodwill is allocated to cash-generating units (CGUs) for impairment testing. The allocation is made to those cash-generating units expected to benefit from the business combination in which the goodwill arose. The units are identified at the lowest level at which goodwill is monitored for internal management purposes.

b.
Customer relationship and intellectual property

Customer relationships and intellectual property acquired in a business combination are recognized at fair value at the acquisition date.

Customer relationship and intellectual property have a finite useful life and are subsequently carried at cost less accumulated amortization and impairment losses. Amortization is calculated under the straight-line method of 8 years according to the valuation made on the purchase price allocation. The Group periodically evaluates for changes on the useful lives.

c.
Software

Licenses of software acquired in a business combination are recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization and impairment losses, if applicable. Amortization is calculated under the straight-line method over 5 to 10 years according to the valuation made on the purchase prices allocation. Maintenance costs are recognized as expenses when incurred.

Software development costs associated with internal use software, which are incurred during the application development phase and meet other requirements under the guidance are capitalized.

d.
Trademark

Trademarks acquired in a business combination are recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization and impairment losses, if applicable. Amortization is calculated under the straight-line method according to the valuation made on the purchase prices allocation.

2.12.
Impairment of non-financial assets

Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

An impairment loss is recognized in profit or loss for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units).

Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Therefore, impairment losses recognized for goodwill cannot be reversed in a subsequent period.

2.13.
Prepaid expenses

Prepaid expenses include prepaid software licenses and certain hosting services and are recognized as an asset in the statement of financial position. Those amounts are measured according to the date of transaction for the purpose of determining the exchange rate

to be used for the related asset or expense at the date on which the group initially recognizes the non-monetary asset arising from the payment of advance consideration.

2.14.
Loans and financing

Loans and financing are initially recognized at fair value, net of transaction costs incurred. Loans are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. Loans are removed from the balance sheet when the obligation specified in the contract is discharged, canceled, or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss as other income or finance costs.

2.15.
Accounts payable and accrued expenses

These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year, which are unpaid. Accounts payable are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Suppliers are presented as current liabilities unless payment is not due within 12 months after the reporting period.

It also includes liabilities for wages and salaries, that are expected to be settled within 12 months after the end of the period in which the employees render the related service is recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The Group does not have other long-term employee benefits or post-employment obligations.

The accounts payable and accrued expenses includes a liability and an expense for profit sharing recognized based on a formula, which considers the income for the year after certain adjustments. The Group recognizes the liability when it is contractually obligated or when there is a previous practice that has created a constructive obligation over the service period, if applicable.

2.16.
Provisions

Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Provisions are measured based on management’s best estimate of the expenditure required to settle the obligation at the end of the reporting period.

2.17.
Current and deferred income tax

The income tax benefit or expense for the period comprises current and deferred taxes. Income taxes are recognized in the profit or loss, except to the extent that they relate to items recognized in other comprehensive income or directly in equity. In such cases, the income taxes are also recognized in other comprehensive income or directly in equity.

The current and deferred income taxes are calculated based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Group entities operate and generate taxable income. Management periodically evaluates positions taken by the Group in income tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate, based on amounts expected to be paid to the tax authorities.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.

Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the Group is able to control the timing of the reversal of the temporary differences and, it is probable that the differences will not reverse in the foreseeable future.

2.18.
Share-based compensation

The Group operates equity-settled share-based compensation plans that are designed to provide long-term incentives for selected directors and employees to deliver long-term shareholder returns.

The cost of equity-settled transactions with employees is measured using their fair value at the date they are granted. The cost is expensed together with a corresponding increase in equity over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). At the end of each period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.

The fair value of stock options granted is calculated based on the Binomial Options Pricing Model considering the average contract term. The model inputs for options are included on note 23.

2.19.
Revenue recognition

Revenue is composed of subscriptions and other services as further discussed below:

a.
Subscriptions

Subscription revenues originate from a cloud-based multichannel SaaS (software as a service) platform focused on Ecommerce. There is a single performance obligation corresponding to maintaining access to the platform. Revenue is recognized over time and the transaction price consists of the following components:

•
take rate is a fixed percentage charged on each customer's gross merchandise value (GMV). Revenue is recognized in the period in which the transaction with the end consumer occurs;
•
voucher revenue is a non-refundable upfront fee paid in exchange for a reduction of the aforementioned take rate during a predetermined period. Revenue is recognized ratably over the contractual period;
•
fixed fee is a fixed amount billed on a monthly basis. Revenue is recognized ratably over the contract period; and
•
rebates represent VTEX’s share from partnerships (such as marketplaces and payment providers) that is calculated as a fixed percentage of the end consumer’s gross merchandise value, or as a fixed fee. Revenue is recognized in the period in which the transaction with the end consumer occurs.
b.
Services

Services comprise revenues substantially from consulting and professional services, which primarily consist of digital commerce solutions architecting, education packages and others. Revenues from consulting services are recognized in the accounting period in which the services are rendered based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously and the customer pays the service based on a payment schedule. The Group does not provide implementation services, which are provided by third-party companies to the customers of the Group.

Estimates of revenues, costs, or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management. Payments received in advance of services being rendered are recorded as deferred revenue and recognized ratably over time.

2.20.
Deferred Commissions

Deferred costs include deferred sales commissions that are incremental costs of obtaining customer contracts. Sales commissions are not paid on subscription renewal. The Group amortizes deferred sales commissions ratably over five years. The Group determined the period of benefit by taking into consideration past experience with customers.

2.21.
Leases

The Group leases mostly commercial buildings used by its administrative areas. Rental contracts are typically made for fixed periods but may have extension options. Contracts may contain both lease and non-lease components. However, for these real estate leases, the Group elected not to separate lease and non-lease components and instead accounts for these as a single lease component.

Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.

Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for the Group.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

•
fixed payments (including in-substance fixed payments), less any lease incentives receivable;
•
variable lease payments that are based on an index or a rate, initially measured using the index or rate as of the commencement date;
•
amounts expected to be payable by the Group under residual value guarantees;
•
the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and
•
payments of penalties for terminating the lease if the lease term reflects the Group exercising that option.

Lease payments to be made under reasonable extension options are also included in the measurement of the liability.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security, and conditions.

The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.

Lease payments are allocated between principal and finance costs. The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Right-of-use assets are measured at cost comprising the following:

•
the amount of the initial measurement of a lease liability;
•
any lease payments made at or before the commencement date less any lease incentives received;
•
any initial direct costs; and
•
restoration costs.

Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life.

Payments associated with short-term leases and all leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and furniture.

2.22.
Distribution of dividends

Provision is recorded for the amount of any dividend declared and authorized until the end of the reporting period.

2.23.
Earnings per share
a.
Basic earnings per share

Basic earnings per share are calculated by dividing:

•
the profit attributable to owners of the Group, excluding any costs of servicing equity other than ordinary shares;
•
by the weighted average number of ordinary shares outstanding during the financial year and excluding treasury shares if applicable.

The treasury shares are not considered outstanding common shares for the earnings per share calculation and thus are excluded from the weighted average number of outstanding shares.

b.
Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to consider the weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential ordinary shares.

2.24.
Financial instruments

The Group classifies its financial assets according to the business model for the management of its financial assets, measured at amortized cost and fair value through profit or loss, as follows:

a.
Classification

The Group classifies its financial assets under the following measurement categories:

•
measured at fair value through profit or loss; and
•
measured at amortized cost.

The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses will be recorded in profit or loss.

The Group reclassifies investments in debt securities only when the business model for managing such assets is changed.

b.
Recognition and derecognition

Regular way purchases and sales of financial assets are recognized on trade date, being the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.

c.
Measurement

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.

Debt instruments

The subsequent measurement of debt instruments depends on the Group's business model for asset management, in addition to the characteristics of the asset's cash flow. The Group classifies its debt instruments according to the following two measurement categories:

Amortized cost - assets, held to collect contractual cash flows when such cash flows represent only payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is recorded in financial income using the effective interest rate method. Any gains or losses due to asset’s write-off are recognized directly in the income statement and presented in “Financial income, net” together with foreign exchange gains and losses. Impairment losses are presented in a separate account in the income statement.

Fair value through profit or loss - assets that do not meet the classification criteria as amortized cost or fair value through other comprehensive income are measured at fair value through profit or loss. Any gains or losses on an investment in a debt security that is subsequently measured at fair value through profit or loss are recognized in the profit or loss and presented as "Financial result, net", in the period in which they occur.

Equity instruments

The Group subsequently measures all equity investments at fair value. Dividends from such investments continue to be recognized in profit or loss as financial income when the Group’s right to receive payments is established.

Changes in the fair value of financial assets at fair value through profit or loss are recognized in financial income (expense) in the statement of income as applicable.

Impairment of financial assets

The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from the initial recognition of the receivables. For more details, refer to note 24.2 (a)(iii).

Offsetting financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount is presented in the balance sheet when there is a legal right to offset the recognized amounts and there is the intention to liquidate them on a net basis or carrying out the asset and settling the liability simultaneously. The legal right should not be contingent on future events, and should be applicable in the normal business course and the event of default, insolvency or bankruptcy of the Group or the counterparty.

2.25.
IAS 29 - Financial reporting in Hyperinflationary Economies

On June 14, 2018, the National Institute of Statistics and Census of Argentina (“INDEC”), disclosed the wholesale price index data for May 2018, which has been consistently published in Argentina and used as a basis for monitoring inflation in Argentina. Based on this data, the accumulated inflation in the last three years exceeded 100%, and with support from qualitative analysis, the Group concluded that as of July 1, 2018, Argentina was considered a country with a hyperinflationary economy. As a result, VTEX ARG has adopted the IAS 29 Financial Reporting in Hyperinflationary Economies as of the same date retrospectively as if the currency had always been hyperinflationary.

Pursuant to IAS 29, non-monetary items and income statement balances of subsidiaries that operate in hyperinflationary economies are adjusted by the change in the general purchasing power of the currency, applying a general price index.

IAS 29 generated an impact for the year ended December 31, 2024, in the finance result in the amount of US$6,908 (US$19,369 in 2023 and US$5,175 in 2022).

The translation of the balances of a hyperinflationary economy to the presentation currency was based on the closing rate of the reporting period for both balance sheet and statement of comprehensive income balances. The Group used the General Consumer Price Index (“IPC”) obtained from INDEX to calculate hyperinflation effects on the balances since Argentina was considered to be hyper-inflationary for the purpose of IAS 29.

The accumulated inflation rates from January 1, 2024, to December 31, 2024, was 117.7% (2023 –211.4%).
v3.25.0.1
Critical estimates and accounting judgments
 12 Months Ended
Dec. 31, 2024
Critical Estimates And Accounting Judgments [Abstract]  
Critical estimates and accounting judgments
3.
Critical estimates and accounting judgments

In preparing these consolidated financial statements, management has made judgments and estimates that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates. Accounting estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are recognized prospectively.

Estimates and assumptions

The key assumptions about the future and other key sources of estimated uncertainty as of the reporting date that includes significant risk of a material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared.

i.
Recognition and measurement of provisions for tax, civil, and labor risks

Provisions tax, civil and labor risks are recognized when the Group has a present obligation, legal or constructive as the result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. The assessment of the likelihood of loss includes an assessment of the ranges available, a hierarchy of laws, available jurisprudence, such as more recent court decisions, and their relevance in the legal system, as well as the assessment of outside legal counsel. Management believes that these provisions for tax, civil and labor risks are appropriately recognized in the financial statements.

ii.
Credit losses on trade receivables

The Group recognizes an allowance for expected credit losses (ECLs) for trade receivables applying a simplified approach in calculating ECLs. As a result, the Group does not track changes in credit risk but rather recognizes an allowance for doubtful accounts based on lifetime ECLs at each reporting date. The Group uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s past historic estimates at the end of each reporting period. Details of the key assumptions and inputs used are disclosed on note 24.2(a)(iii).

iii.
Fair value of the consideration transferred in subsidiaries acquisition.

The Group has agreed to pay the selling shareholders additional consideration if the acquired subsidiaries comply with certain performance conditions. The Group has estimated the probability of compliance of that condition to recognize the earn-out and its fair value at the acquisition date. For details, refer to note 4.

iv.
Impairment of non-financial assets

The Group tests whether goodwill and intangible assets have suffered any impairment on an annual basis. For the year ended December 31, 2024 and 2023, the recoverable amount was determined based on value-in-use calculations which require the use of assumptions. The calculations use cash flow projections based on financial budgets approved by management. For more details of the estimates and assumptions used, refer to note 13.

v.
Share-based compensation

The Group has granted stock options and restricted stock units to certain employees, consultants, and members of the Company’s board of directors. Share-based compensation is measured based on the fair value of the awards on the grant date. A share-based compensation expense is recognized over the period the recipient is required to perform services in exchange for the award, generally the vesting period.

Estimating fair value for share-based payment transactions requires the determination of the most appropriate valuation model and underlying assumptions, which depends on the terms and conditions of the grant and the information available at the grant date.

For a more detailed description of the Company’s share-based compensation plan, refer to note 23.

vi.
Deferred tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets and liabilities are

measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. For more details of the estimates and assumptions used, refer to note 10.

vii.
Useful life rate of intangible and fixed assets

Property and equipment and intangible assets are depreciated and amortized over their useful lives. The useful life is based on management's estimates for the period in which the assets will contribute to generate revenue and is periodically reviewed. Changes in estimates may result in significant changes in the book value. Revisions to these estimates are recognized prospectively.

Judgments

Information about judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the financial statements included the following:

i.
Lease term

The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has the option, under some of its leases, to lease the assets for additional terms. The Group applies judgment in evaluating whether it is reasonably certain to exercise the option to renew. It considers all relevant factors that create an economic incentive for it to exercise the renewal such as contractual terms and conditions for the optional periods compared with market rates and the length of a non-cancellable period of a lease. The Group evaluated and concluded that it is not reasonably certain that the Group will activate renew options for contracts that contain lease terms longer than 10 years.

After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that are within its control and affect its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy).

ii.
Incremental lease rate

The Group is unable to determine the implicit discount rate to be applied to its lease agreements. Therefore, the incremental rate on the lessee's loan is used to calculate the present value of the lease liabilities at the initial registration of the lease.

The lessee's incremental borrowing rate is the interest rate that the lessee would have to pay when borrowing funds for the acquisition of an asset similar to the asset object of the lease, for a similar term and with a similar guarantee, the funds required to obtain the asset with a value similar to the right of use asset in a similar economic environment.

Obtaining this rate involves a high degree of judgment and should be a function of the lessee's credit risk, the term of the lease, the nature and quality of the collateral offered, and the economic environment in which the transaction takes place. The rate calculation process preferably uses readily observable information from which to make the necessary adjustments to arrive at its incremental lending rate.
v3.25.0.1
Business combinations
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about business combination [abstract]  
Disclosure of business combinations [text block]
4.
Business combinations
4.1.
Acquisition of Weni

On August 29, 2024, VTEX acquired 100% of the shares of Weni, a privately held company specializing in communication automation solutions and chatbots, to enhance its customer engagement and operational automation capabilities. The Company's consolidated financial statements include the results of Weni for the period from the acquisition date.

a)
Consideration transferred

The purchase price includes an initial cash consideration of US$3,016, as well as a long-term fixed installment of US$972. The acquisition agreement features potential additional payment based on the achievement of specific performance targets and the continued employment of key executives over the next three years. As these additional payments fall outside the scope of the business

combination, they are recognized as employee benefit expenses in profit or loss over the applicable service period. The total amount of expenses outside the scope of the business combination recognized in the year ended December 31, 2024 was US$644.

The table below represents the purchase price allocation to total identifiable intangible assets acquired and net liabilities assumed based on their respective estimated fair values.

Fair value of net tangible assets and liabilities:

 

Thousands of US$

Cash and cash equivalents

 

97

Trade receivables

 

1,525

Other current and non-current assets

 

73

Property and equipment

 

45

Accounts payable

 

(1,004)

Other current and non-current liabilities

 

(704)

Fair value of identifiable intangible assets (i)

 

1,115

Goodwill (ii)

 

2,906

Total consideration

 

4,053

(i) The intangible assets acquired comprises of:

Asset

Valuation Methodology

Estimated Fair Value in thousands of U.S. dollars

Estimated useful life in years

Customer relationship

With or without method

878

8.5

Software

Multi-Period Excess Earnings

237

5.9

(ii) The goodwill is attributable to the workforce and synergies of the acquired business. At the acquisition date, goodwill is not deductible for tax purposes. The Group has a plan to merge Weni into VTEX Brazil in 2025, therefore no deferred tax is recognized. According to Brazilian tax legislation, the expenses related to Goodwill and other intangibles acquired in a business combination are deductible for tax purposes only after the merger.

Acquired receivables

The fair value of acquired trade receivables was US$1,525. The gross contractual amount for trade receivables due is US$1,557, with a loss allowance of US$32 recognized on acquisition.

Revenue contribution

The acquired business contributed revenues of US$1,204 and a net profit of US$114 to the Group from August 29, 2024, to December 31, 2024. The revenue of Weni for the current reporting period as though the acquisition date for the business combination that occurred during the period had been as of the beginning of the annual reporting period would be US$5,542 and a net profit of US$423.

b)
Purchase consideration cash outflow

Outflow of cash to acquire subsidiary, net of cash acquired

 

Thousands of US$

Cash consideration

 

3,016

Less: Balances acquired

 

 

Cash

 

(97)

Net outflow of cash – investing activities

 

2,919

 

4.2.
Accounts payable from acquisition of subsidiaries

The breakdown of accounts payable from acquisition of subsidiaries is as follows:

 

 

December 31, 2024

Fixed installment - cash

 

29

Current

 

29

 

 

 

Fixed installment - cash

 

943

Non-current

 

943

 

 

 

Total

 

972

 

4.3.
Changes in balance payable from acquisition of subsidiaries

 

 

2024

 

2023

Opening balance on January 1

 

—

 

299

Addition due to acquisition - installments

 

4,053

 

—

Payments of principal/finance charges - installments

 

(3,016)

 

—

Earn-out adjustment

 

—

 

(299)

Accrued interest and others

 

29

 

—

Exchange differences

 

(94)

 

—

Closing balance on December 31

 

972

 

—
v3.25.0.1
Cash and cash equivalents
 12 Months Ended
Dec. 31, 2024
Cash and cash equivalents [abstract]  
Cash and cash equivalents
5.
Cash and cash equivalents

The breakdown of cash and cash equivalents is as follows:

 

 

December 31, 2024

 

December 31, 2023

Cash and cash bank deposits

 

13,750

 

24,962

Time deposits, investment funds and others

 

4,923

 

3,073

Total

 

18,673

 

28,035

 

As at December 31, 2024, 17% of the cash and cash equivalents are in the Cayman Islands (December 31, 2023 - 3%), 53% are in Brazil (December 31, 2023 - 72%), and 30% are distributed among the other subsidiaries of the Group (December 31, 2023 - 25%).
v3.25.0.1
Short and long-term investments
 12 Months Ended
Dec. 31, 2024
Disclosure Of Short And Long Term Investments [Abstract]  
Short and long-term investments
6.
Short and long-term investments

 

 

December 31, 2024

 

December 31, 2023

Financial assets measured at fair value

 

163,205

 

95,293

Financial assets measured at amortized cost

 

42,579

 

88,081

Short and long-term investments

 

205,784

 

183,374

Current

 

196,135

 

181,374

Non-current (i)

 

9,649

 

2,000

 

(i)
Comprising ordinary shares of unlisted entities measured at fair value. The Group elected to recognize the changes in fair value of the existing instruments through profit or loss (“FVPL”). Refer to note 24.1(ii)a for additional details.
6.1.
Financial investments measured by fair value

The following table shows the changes in the balances:

 

 

2024

 

2023

Opening balance on January 1

 

95,293

 

204,045

Additions

 

82,312

 

21,146

Redemption

 

(24,730)

 

(136,672)

Accrued dividend

 

757

 

46

Fair value gains (losses)

 

7,605

 

9,823

Reclassification

 

3,790

 

—

Exchange differences

 

(1,822)

 

(3,095)

Closing balance on December 31

 

163,205

 

95,293

 

6.2.
Financial investments measured by amortized cost

The following table shows the changes in the balances:

 

 

2024

 

2023

Opening balance on January 1

 

88,081

 

10,119

Additions

 

51,359

 

114,296

Redemption

 

(96,185)

 

(34,528)

Accrued interest

 

12,720

 

21,605

Fair value gains (losses)

 

(1,535)

 

-

Reclassification

 

(3,790)

 

-

Exchange differences

 

(8,071)

 

(23,411)

Closing balance on December 31

 

42,579

 

88,081
v3.25.0.1
Trade receivables
 12 Months Ended
Dec. 31, 2024
Trade and other current receivables [abstract]  
Trade receivables
7.
Trade receivables

Trade receivables are amounts from customers for services performed in the ordinary course of business. Invoices are usually settled within 30 days from issuance, however some contracts may comprise long term payments.

Trade receivables are recognized initially at the transaction price unless they contain significant financing components when they are recognized at fair value. The Group holds the trade receivables to collect the contractual cash flows and, therefore, measures them at amortized cost using the effective interest method.

Due to the maturity and nature of the trade receivables, their carrying amount is considered to be the same as their fair value.

Details about the Group’s impairment policies, exposure to credit risk, and foreign currency risk are provided in note 24.

 

 

December 31, 2024

 

December 31, 2023

Trade receivables

 

64,855

 

52,446

Expected credit losses

 

(952)

 

(909)

Total trade receivables

 

63,903

 

51,537

Current

 

52,519

 

44,122

Non-current

 

11,384

 

7,415

 

 

The changes in expected credit losses for trade receivables are as follows:

 

 

2024

 

2023

 

2022

Opening balance on January 1

 

(909)

 

(808)

 

(1,147)

Addition, net

 

(1,082)

 

(1,472)

 

(852)

Addition from acquisition of subsidiaries

 

(31)

 

—

 

—

Write-off

 

912

 

1,352

 

1,114

Exchange differences

 

158

 

19

 

77

Closing balance on December 31

 

(952)

 

(909)

 

(808)

 

Details about the calculation of the expected credit losses are provided in note 24.2(a)(iii).

The trade receivables by maturity are distributed as follows:

 

 

December 31, 2024

 

December 31, 2023

Current

 

61,565

 

49,201

Overdue:

 

 

 

 

From 1 to 30 days

 

1,751

 

1,810

From 31 to 60 days

 

720

 

244

From 61 to 90 days

 

162

 

227

From 91 to 120 days

 

290

 

272

From 121 to 300 days

 

367

 

692

Total

 

64,855

 

52,446
v3.25.0.1
Recoverable taxes
 12 Months Ended
Dec. 31, 2024
Income tax  
Recoverable taxes
8.
Recoverable taxes

The breakdown of recoverable taxes is as follows:

 

 

December 31, 2024

 

December 31, 2023

Recoverable income tax

 

2,585

 

1,832

Other recoverable taxes

 

9,106

 

9,121

Total

 

11,691

 

10,953

Current

 

10,327

 

6,499

Non-current

 

1,364

 

4,454
v3.25.0.1
Prepaid expenses
 12 Months Ended
Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]  
Prepaid expenses
9.
Prepaid expenses

The breakdown of prepaid expenses is as follows:

 

 

December 31, 2024

 

December 31, 2023

Personnel

 

703

 

822

Suppliers (i)

 

3,798

 

3,643

Others

 

685

 

833

Total

 

5,186

 

5,298

Current

 

5,120

 

5,143

Non-current

 

66

 

155

 

(i)
Refers mainly to advances payment to hosting and software suppliers.
v3.25.0.1
Current and deferred tax
 12 Months Ended
Dec. 31, 2024
Notes and other explanatory information [abstract]  
Current and deferred tax
10.
Current and deferred tax
10.1.
Deferred tax assets

The balance comprises temporary differences attributable to:

 

 

December 31,
2024

 

December 31,
2023

Loss allowances for financial assets

 

303

 

339

Bonus provision

 

1,195

 

2,271

Lease

 

271

 

396

Share-based compensation (i)

 

2,282

 

3,064

Tax loss (ii)

 

10,382

 

11,916

Others (iii)

 

4,614

 

1,940

Total deferred tax assets

 

19,047

 

19,926

 

(i)
Mainly related to RSU amounts that are treated as temporary differences until the instrument is vested.
(ii)
Tax losses decreased in line with 2024 positive results, and the current balance is expected to be offset in the foreseeable future. Most of the amount is comprised by losses from our Brazil operations, where tax losses do not expire and the offset is capped at 30% of the taxable profit for each fiscal year, as per the applicable tax regulations.
(iii)
Most of the amounts appointed as others in the deferred tax assets reconciliation correspond to temporary differences mainly arising from operations carried out in Argentina and Mexico. It refers to provision for payment of suppliers, sales commission, unrealized foreign exchange variation and minor items whose deductibility timing differs from accounting rules as determined by local tax laws.

The Group has accumulated tax loss carryforwards, mainly in VTEX UK and VTEX US, for which a deferred tax asset was not recognized because at this point there is no evidence of recoverability in the foreseeable future. However, these tax losses are available for offsetting against future taxable profits of the companies in which the losses arose. The total amount of the unrecognized deferred tax asset is US$29,308 (US$31,098 in 2023).

The movement on deferred tax assets balance is as follows:

 

Movements

 

Loss allowances for financial assets

 

Bonus provision

 

Lease

 

Share-based compensation

 

Tax Loss

 

Other

 

Total

At December 31, 2022

 

270

 

1,712

 

392

 

3,130

 

10,513

 

1,693

 

17,710

(Charged)/Credited to profit and loss (i)

 

69

 

559

 

4

 

(66)

 

1,403

 

247

 

2,216

At December 31, 2023

 

339

 

2,271

 

396

 

3,064

 

11,916

 

1,940

 

19,926

(Charged)/Credited to profit and loss (i)

 

(36)

 

(1,076)

 

(125)

 

(782)

 

(1,534)

 

2,674

 

(879)

At December 31, 2024

 

303

 

1,195

 

271

 

2,282

 

10,382

 

4,614

 

19,047

 

(i)
The differences between the amounts shown in the table above and the statements of profit or loss correspond to exchange rate variation.
10.2.
Deferred tax liabilities

The balance comprises temporary differences attributable to:

 

 

December 31,
2024

 

December 31,
2023

Acquisition of subsidiaries

 

852

 

1,136

Temporary differences

 

1,626

 

1,499

Others

 

—

 

33

Total deferred tax liabilities

 

2,478

 

2,668

 

The movement on deferred tax liabilities balance is as follows:

 

Movements

 

Goodwill

 

Customer relationship

 

Intellectual property

 

Others

 

Total

At December 31, 2022

 

827

 

1,246

 

163

 

228

 

2,464

Charged/(Credited) to profit and loss

 

672

 

(219)

 

(54)

 

(195)

 

204

At December 31, 2023

 

1,499

 

1,027

 

109

 

33

 

2,668

Charged/(Credited) to profit and loss

 

127

 

(219)

 

(65)

 

(33)

 

(190)

At December 31, 2024

 

1,626

 

808

 

44

 

—

 

2,478

 

(i)
The impact of deferred tax liabilities due to acquisition of subsidiaries increases the goodwill on the acquisition date.
10.3.
Income Tax expense

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Current tax

 

 

 

 

 

 

Current tax on profits for the year

 

(1,414)

 

(5,182)

 

(877)

 

(1,414)

 

(5,182)

 

(877)

Deferred income tax

 

 

 

 

 

 

Decrease in deferred tax

 

3,746

 

2,075

 

4,902

 

3,746

 

2,075

 

4,902

Income tax

 

2,332

 

(3,107)

 

4,025

 

a)
Reconciliation of benefit (expenses) of income tax and social contribution

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Loss before income tax

 

9,663

 

(10,587)

 

(56,444)

Tax at the Brazilian tax rate of 34% (i)

 

(3,285)

 

3,561

 

19,191

Adjustments for the calculation of effective tax rate:

 

 

 

 

 

 

Technological innovation incentive law (Lei do bem) (ii)

 

3,927

 

2,257

 

—

Unrecognized deferred tax assets (iii)

 

(4,520)

 

(6,031)

 

(9,465)

Tax rate reconciliation (i)

 

4,258

 

(3,796)

 

(6,381)

Other net differences

 

1,952

 

902

 

680

Income tax and social contribution for the year

 

2,332

 

(3,107)

 

4,025

Effective rate - %

 

24.13%

 

29.35%

 

(7.13)%

 

(i)
The tax expense was determined based on the Brazilian corporate income tax (CIT) rate considering that, currently, the Group’s biggest operation is in Brazil. This table reconciles the expected income tax expense, computed by applying the combined Brazilian tax rate of 34%, to the actual income tax expense. The Group’s combined Brazilian tax rate includes the corporate income tax at a 25% rate and the social contribution on net profits at a 9% rate. Differences between local income tax rates to
the Brazilian income tax rate were allocated to “Tax rate reconciliation”. Apart from Brazil, the Group’s biggest operations are in Argentina, the US and Colombia, which CIT rates in 2024 were 35%, 21% and 35%, respectively.
(ii)
Benefit related to the deductibility of research and development (technological innovation) expenses at the amounts higher than booked from the income tax basis as provided for by Law No. 11.196/05 - known as Lei do Bem.
(iii)
Unrecognized deferred tax assets correspond to the tax benefit related to future utilization of net operating losses of certain operations, mainly the United States and the United Kingdom. In those cases, the deferred tax asset was not recognized due to the lack of expectation of utilization of such net operating losses in the foreseeable future. The balance of the accumulated net operating losses of the Group’s US operations totaled US$51,350 on December 31, 2024 and US$64,867 on December 31, 2023, or a total tax benefit of approximately US$10,783 and US$13,622, respectively, taking into account the current US corporate income tax rate of 21%. The balance of the accumulated net operating losses of the Group’s UK operation totaled US$74,100 on December 31, 2024 and US$69,902 on December 31, 2023, or a total tax benefit of approximately US$18,525 and US$17,475, respectively, taking into account the current UK corporate income tax rate of 25%.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Presentation of leases for lessee [abstract]  
Leases
11.
Leases
11.1.
Amounts recognized in the balance sheet

The balance sheet shows the following amounts related to leases:

 

 

December 31, 2024

 

December 31, 2023

Right-of-use assets

 

 

 

 

Office buildings

 

2,783

 

3,277

Total

 

2,783

 

3,277

 

 

December 31, 2024

 

December 31, 2023

Lease liabilities

 

 

 

 

Current

 

1,617

 

1,863

Non-current

 

1,695

 

2,233

Total

 

3,312

 

4,096

 

The following table shows the changes in the right-of-use assets and lease liabilities:

 

 

2024

 

2023

Right-of-use assets

 

 

 

 

Opening balance on January 1

 

3,277

 

4,818

New lease agreements

 

252

 

85

Remeasurement

 

1,293

 

(105)

Depreciation

 

(1,496)

 

(1,500)

Write-off

 

—

 

(324)

Hyperinflation adjustment

 

7

 

8

Exchange differences

 

(550)

 

295

Closing balance on December 31

 

2,783

 

3,277

 

 

 

2024

 

2023

Lease liabilities

 

 

 

 

Opening balance on January 1

 

4,096

 

5,635

New lease agreements

 

252

 

85

Remeasurement

 

1,277

 

(336)

Interest added

 

371

 

574

Principal elements of lease payments

 

(1,615)

 

(1,574)

Interest payment

 

(369)

 

(573)

Write-off

 

—

 

(94)

Exchange differences

 

(700)

 

379

Closing balance on December 31

 

3,312

 

4,096

 

11.2.
Amounts recognized in the Statement of profit or loss

The statement of profit or loss presents the following amounts related to leases:

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Depreciation charge of office buildings

 

1,496

 

1,500

 

1,347

Interest expense (included in financial expense)

 

371

 

574

 

671

Total

 

1,867

 

2,074

 

2,018
v3.25.0.1
Property and equipment, net
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about property, plant and equipment [abstract]  
Property and equipment, net
12.
Property and equipment, net

Details of property and equipment and changes in the Group’s property and equipment balances are presented below:

 

 

Leasehold
Improvements

 

Machinery and
equipment

 

Furniture and
fixture

 

Computers and
peripherals

 

Total

At December 31, 2022

 

1,431

 

151

 

408

 

1,919

 

3,909

Acquisitions

 

87

 

8

 

93

 

284

 

472

Adjustment of hyperinflation

 

—

 

—

 

1

 

143

 

144

Disposals/write-downs

 

(264)

 

(120)

 

(134)

 

(357)

 

(875)

Depreciation

 

(301)

 

(21)

 

(67)

 

(665)

 

(1,054)

Exchange differences

 

152

 

11

 

(13)

 

(49)

 

101

At December 31, 2023

 

1,105

 

29

 

288

 

1,275

 

2,697

Cost

 

2,560

 

43

 

606

 

3,192

 

6,401

Accumulated depreciation

 

(1,455)

 

(14)

 

(318)

 

(1,917)

 

(3,704)

Net book amount

 

1,105

 

29

 

288

 

1,275

 

2,697

Acquisitions

 

98

 

—

 

31

 

1,940

 

2,069

Acquisitions of subsidiaries

 

—

 

—

 

14

 

30

 

44

Adjustment of hyperinflation

 

—

 

—

 

—

 

32

 

32

Disposals/write-downs

 

(35)

 

—

 

(22)

 

(79)

 

(136)

Depreciation

 

(397)

 

(4)

 

(55)

 

(646)

 

(1,102)

Exchange differences

 

(182)

 

(6)

 

(51)

 

(366)

 

(605)

At December 31, 2024

 

589

 

19

 

205

 

2,186

 

2,999

Cost

 

2,039

 

34

 

505

 

4,295

 

6,873

Accumulated depreciation

 

(1,450)

 

(15)

 

(300)

 

(2,109)

 

(3,874)

Net book amount

 

589

 

19

 

205

 

2,186

 

2,999

 

There were no events or changes in circumstances that indicate that the carrying amount of property and equipment may not be recoverable; therefore, no impairment charges were recorded for the years 2024 and 2023.
v3.25.0.1
Intangible assets, net
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about intangible assets [abstract]  
Intangible assets, net
13.
Intangible assets, net

Details of intangible assets and changes in the Group’s intangible assets balances are presented below:

 

 

Software

 

Trademark

 

Intellectual
Property

 

Customer
relationship

 

Goodwill

 

Others

 

Total

At December 31, 2022

 

1,438

 

184

 

1,705

 

6,529

 

20,965

 

389

 

31,210

Amortization

 

(424)

 

(23)

 

(691)

 

(1,181)

 

—

 

(96)

 

(2,415)

Exchange differences

 

111

 

15

 

155

 

49

 

867

 

32

 

1,229

At December 31, 2023

 

1,125

 

176

 

1,169

 

5,397

 

21,832

 

325

 

30,024

Cost

 

4,649

 

238

 

2,962

 

9,490

 

21,832

 

566

 

39,737

Accumulated amortization

 

(3,524)

 

(62)

 

(1,793)

 

(4,093)

 

—

 

(241)

 

(9,713)

Net book amount

 

1,125

 

176

 

1,169

 

5,397

 

21,832

 

325

 

30,024

Acquisitions of subsidiaries

 

237

 

—

 

—

 

878

 

2,906

 

—

 

4,021

Amortization

 

(271)

 

(21)

 

(187)

 

(1,191)

 

—

 

(90)

 

(1,760)

Exchange differences

 

(226)

 

(35)

 

(227)

 

(179)

 

(2,570)

 

(58)

 

(3,295)

At December 31, 2024

 

865

 

120

 

755

 

4,905

 

22,168

 

177

 

28,990

Cost

 

3,929

 

186

 

2,351

 

10,028

 

22,168

 

444

 

39,106

Accumulated amortization

 

(3,064)

 

(66)

 

(1,596)

 

(5,123)

 

—

 

(267)

 

(10,116)

Net book amount

 

865

 

120

 

755

 

4,905

 

22,168

 

177

 

28,990

 

There were no events or changes in circumstances that indicate that the carrying amount of intangible assets with finite useful life may not be recoverable and therefore no impairment charges were recorded for the years 2024 and 2023.

13.1.
Impairment tests for goodwill

In identifying its cash-generating units (“CGUs”), the Group considered the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets (or groups of assets). The group operates in many countries, however, all its operation is centralized in technological platforms where the group provides its services. Changes in the aggregation of assets into CGUs may occur due to a review of investment, strategic or operational factors, which could result in changes in the interdependencies between those assets and, consequently, alter the aggregation or breakdown of assets into CGUs or individual assets. Those technological platforms are segregated in 2 CGUs and the group manages those platforms as follows:

•
SMB platform: it is a platform for ecommerce which allows customers to create integrated stores to sell their products and manage their sales process with a focus on small and medium businesses. This platform has been managed and operated for a segregated team into the company, with dedicated developers and sales teams; and
•
VTEX platform: it is a platform for ecommerce which allows customers to create integrated stores to sell their products and manage their sales process. This platform is segregated from SMB platform and focuses on large businesses and or accounts. This platform has also been managed and operated for a segregated team into the company, with dedicated developers and sales teams.

The Group tests whether goodwill has suffered any impairment on an annual basis. For the 2024 and 2023 reporting years goodwill is monitored by management at the level of CGU.

The recoverable amount of the Group’s CGU is determined based on a value in use calculation using cash flow projections from financial budgets approved by the board of directors. The discount rate applied to cash flow projections is 19.8% (2023 – 18% p.a.), and the growth rate applied to perpetuity cash flow is 7.5% (2023 - 7.5% p.a.)

The key assumptions used in determining the value in use calculation are as follows:

•
average free cash flow to firm over the forecast period; based on past performance and management’s expectations of market development and current industry trends and including long-term inflation forecasts for each territory.
•
average annual growth rate applied over the forecasted period; based on past performance and management’s expectations of market development and current industry trends and including long-term inflation forecasts for each territory.
•
the discount rate applied to cash flow of 19.8% (2023 – 18% p.a.), was determined based on the risk-free interest rate, the equity risk premium, and industry beta.
•
the perpetuity growth rate of 7.5% (2023 - 7.5% p.a.) was determined based on the weighted average growth rate used to extrapolate cash flows beyond the budget period. The rates are consistent with forecasts included in industry reports.

The Group performed its annual impairment test as of December 31, 2024, and 2023, which did not result in the need to recognize impairment losses on the carrying amount of goodwill.
v3.25.0.1
Accounts payable and accrued expenses
 12 Months Ended
Dec. 31, 2024
Disclosure Of Accounts Payable And Accrued Expenses [Abstract]  
Accounts payable and accrued expenses
14.
Accounts payable and accrued expenses

The breakdown of accounts payable and accrued expenses is as follows:

 

 

December 31, 2024

 

December 31, 2023

Trade payables

 

15,839

 

14,829

Social charges

 

5,762

 

7,428

Profit-sharing

 

10,643

 

13,147

Provision for vacation and benefits

 

6,378

 

5,935

Others

 

480

 

21

Total

 

39,102

 

41,360

Current

 

36,951

 

39,728

Non-current

 

2,151

 

1,632
v3.25.0.1
Taxes payable
 12 Months Ended
Dec. 31, 2024
Tax payable [abstract]  
Taxes payable
15.
Taxes payable

The breakdown of taxes payable is as follows:

 

 

December 31, 2024

 

December 31, 2023

Income tax payable

 

1,411

 

2,147

Other taxes payable

 

6,612

 

6,072

Total

 

8,023

 

8,219

Current

 

7,863

 

8,219

Non-current

 

160

 

—
v3.25.0.1
Contingencies
 12 Months Ended
Dec. 31, 2024
Disclosure of contingent liabilities [abstract]  
Contingencies
16.
Contingencies

The Group is party to civil, tax and labor lawsuits involving loss risks. Provisions for losses resulting from lawsuits are estimated and updated by the Group, based on analysis from the Group’s legal advisors.

The breakdown of existing contingencies classified as probable by the Group, based on the evaluation of its legal advisors, which are recognized as a liability, is as follows:

 

 

December 31, 2024

 

December 31, 2023

Civil

 

56

 

48

Labor

 

14

 

10

Tax

 

182

 

170

Total

 

252

 

228

 

The breakdown of existing contingencies classified as possible by the Group, based on the evaluation of its legal advisors, for which no provision was recognized, is as follows:

 

 

December 31, 2024

 

December 31, 2023

Civil

 

135

 

114

Labor

 

156

 

176

Tax

 

1,011

 

1,067

Total

 

1,302

 

1,357

 

On October 9, 2020, Mirakl, Incorporated, a competitor in the ecommerce SaaS market, filed a complaint for unspecified damages and preliminary and permanent injunctive relief in the United States District Court for the District of Massachusetts against our subsidiary VTEX Commerce Cloud Solutions LLC, or VTEX U.S., and certain of its employees that were formerly employed by the plaintiff.

In July 2024, the parties entered into a confidential settlement agreement, resulting in the dismissal with prejudice of all pending claims and counterclaims. All obligations under the agreement were fully satisfied by January 2025.
v3.25.0.1
Shareholders' equity
 12 Months Ended
Dec. 31, 2024
Equity [abstract]  
Shareholders' equity
17.
Shareholders’ equity
17.1.
Issued capital

The total share capital is as follows:

 

 

December 31, 2024

 

December 31, 2023

Number of ordinary nominative shares

 

184,813,974

 

184,027,008

Par value

 

0.0001

 

0.0001

Total issued capital

 

18

 

18

 

In July 2021, within the completion of the IPO, each of the existing shares (common shares) were converted into Class A or Class B shares. Therefore, the Company now has two classes of common shares: Class A common shares and Class B common shares. The rights of Class A common shares and Class B common shares holders are identical, except to voting, conversion, and transfer restrictions applicable to the Class B common shares. Each Class A common share is entitled to one vote. Each Class B common share is entitled to 10 votes and convertible into one Class A common share as provided in the Articles of Association. Holders of Class A common shares and Class B common shares vote together as a single class on all matters unless otherwise required by law.

In 2024 the Group canceled 1,763,054 Class A shares (7,469,870 in 2023 and 3,206,936 in 2022), as a result of the share repurchase program. See note 17.2 (b) for more information.

17.2.
Capital reserve
a.
Share repurchase program

On August 08, 2022, the Board of Directors authorized the repurchase of shares of the Company's Class A common shares for an aggregate consideration of up to US$30 million with an expiration date of August 08, 2023. In 2023, 3,719,860 Class A common shares were repurchased in this program, for the amount of US$15,169. In 2022, 3,287,960 Class A common shares were repurchased for the amount of US$12,798.

On August 3, 2023, the Board of Directors authorized the renewal of the Company’s repurchase program for an aggregate consideration of up to US$20 million with an expiration date of August 10, 2024. In 2023, 3,668,986 Class A common shares were repurchased in this program, for the amount of US$20,074.

On December 3, 2024, the Board of Directors authorized the repurchase of shares of the Company's Class A common shares for an aggregate consideration of up to US$30 million with an expiration date of December 2, 2025. The new share repurchase program does not obligate the Company to acquire any amount of common shares, and it may be suspended or discontinued at any time at the Company's discretion. The timing and amount of shares repurchased (if any) will be determined by the Company’s management based on its evaluation of market conditions, applicable legal requirements and other factors. In 2024, 1,836,638 Class A common shares were repurchased for the amount of US$11,202.

Repurchases under the Company's program may be made from time to time in open market or privately negotiated transactions in accordance with applicable laws, including the Securities and Exchange Commission Rule 10b-18. The timing of repurchases will depend on factors including market conditions and prices, the Company’s liquidity requirements and alternative uses of capital.

The share repurchase program could be suspended from time to time or discontinued, and there is no assurance as to the number of shares that will be repurchased under the program or that there will be any repurchases. The timing and amount of shares repurchased (if any) will be determined by the Company’s management based on its evaluation of market conditions, applicable legal requirements and other factors. Repurchases may also be made under a Rule 10b5-1 plan. Any repurchased shares may be canceled or remain available for use in connection with its equity incentive plans and for other corporate purposes.

On December 31, 2024, the Company holds 72,584 shares in treasury (nil in 2023 and 81,024 in 2022).

b.
Share-based payment

The Group has equity-settled compensation plans. Refer to note 23 for additional details.

c.
Transactions with non-controlling interests

In 2024, the Group’s interest in Loja Integrada went from 98.69% to 97.58%, due to the issue of shares from the exercise of stock options and RSUs vestings, impacting the equity attributable to non-controlling interests in US$21 . The carrying amount of Loja Integrada net assets in the Group’s consolidated financial statements on December 31, 2024 was US$2,325 (December 31, 2023 – US$2,941).

d.
Other reserves

Exchange differences arising on translation of the foreign-controlled entities are recognized in other comprehensive income, as described in note 2.4. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.
v3.25.0.1
Revenue from services provided
 12 Months Ended
Dec. 31, 2024
Disclosure of Detailed Information about Contract Assets and Contract Liabilities [Abstract]  
Revenue from services provided
18.
Revenue from services provided
18.1.
Disaggregation of revenue from contracts with customers

The Group revenue derives mainly from the transfer of services rendered and fees charged as services are provided, therefore, mostly recognized over time. Disaggregation of revenue by major product lines are as follows:

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Subscriptions

 

239,793

 

208,777

 

162,132

Taxes on subscriptions

 

(22,087)

 

(18,475)

 

(13,657)

Subscription revenue

 

217,706

 

190,302

 

148,475

Services provided

 

9,541

 

11,762

 

9,799

Taxes on services

 

(538)

 

(547)

 

(654)

Services revenue

 

9,003

 

11,215

 

9,145

Total revenue

 

226,709

 

201,517

 

157,620

 

18.2.
Contract assets and deferred revenue related to contracts with customers

The Group has recognized the following contract assets and deferred revenue related to contracts with customers:

 

 

December 31,
2024

 

December 31,
2023

Current contract assets relating to subscription

 

44,722

 

30,077

Current contract assets relating to services

 

910

 

1,975

Loss allowance

 

(134)

 

(120)

Total contract assets

 

45,498

 

31,932

 

 

 

 

 

Current

 

34,114

 

24,517

Non-current

 

11,384

 

7,415

Deferred revenue - subscription

 

53,924

 

40,671

Deferred revenue - services

 

814

 

1,861

Total deferred revenue

 

54,738

 

42,532

Current

 

32,521

 

25,948

Non-current

 

22,217

 

16,584

 

Contract assets refer to consulting and subscription services to be invoiced in future periods according to the terms and conditions of the contracts.

Deferred revenue refers to vouchers from subscription contracts and consulting services. Refer to Note 2.19 for further details of voucher fees.
v3.25.0.1
Costs and expenses
 12 Months Ended
Dec. 31, 2024
Disclosure of Detailed Information about Operating Costs and Expenses By Nature [Abstract]  
Costs and expenses
19.
Costs and expenses

The operating costs and expenses by nature are as follows:

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Personnel (i)

 

121,560

 

125,976

 

122,988

IT Outsourcing, software and hosting expenses

 

40,905

 

40,000

 

40,229

Marketing and events

 

8,446

 

4,351

 

8,720

Outsourced services

 

20,033

 

23,175

 

20,204

Traveling

 

7,703

 

6,153

 

4,223

Depreciation and amortization

 

4,363

 

5,018

 

4,616

Facilities

 

3,628

 

3,228

 

2,906

Expected credit losses

 

1,082

 

1,472

 

852

Others

 

8,886

 

6,746

 

2,801

Total

 

216,606

 

216,119

 

207,539

Subscription cost

 

47,648

 

45,420

 

41,408

Services cost

 

11,770

 

15,529

 

11,424

General and administrative

 

34,431

 

33,673

 

28,348

Sales and marketing

 

67,862

 

59,461

 

67,798

Research and development

 

53,620

 

60,116

 

57,205

Other losses

 

1,275

 

1,920

 

1,356

Total

 

216,606

 

216,119

 

207,539

 

(i)
This amount refers to personnel compensation (such as wages and benefits) and share-based compensation (refer to note 23 for additional details on share-based compensation).
v3.25.0.1
Related party transactions
 12 Months Ended
Dec. 31, 2024
Disclosure of transactions between related parties [abstract]  
Related party transactions
20.
Related party transactions
20.1.
Key management personnel compensation

Remuneration paid or payable to key management personnel of VTEX for services rendered is as follows:

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Total short-term remuneration of key management personnel

 

3,016

 

3,194

 

3,107

Share-based compensation

 

7,675

 

6,895

 

5,116

Total

 

10,691

 

10,089

 

8,223
v3.25.0.1
Financial result, net
 12 Months Ended
Dec. 31, 2024
Disclosure Of Detailed Information About Finance Income Cost [Abstract]  
Financial result, net
21.
Financial result, net

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Interest and dividend earned on bank deposits and financial investments

 

14,168

 

23,757

 

2,252

Foreign exchange gains

 

7,422

 

6,517

 

7,321

Gains from fair value of financial instruments (i)

 

160

 

4,476

 

4,822

Gains from short and long-term investments

 

10,425

 

11,427

 

9,079

Other financial income

 

967

 

197

 

296

Financial income

 

33,142

 

46,374

 

23,770

Foreign exchange losses

 

(16,685)

 

(16,891)

 

(8,505)

Losses from fair value of financial instruments (i)

 

(4,206)

 

(3,960)

 

(2,458)

Interest on loans

 

—

 

(4)

 

(62)

Interest on lease liabilities

 

(371)

 

(574)

 

(671)

Losses from short and long-term investments

 

(4,355)

 

(1,604)

 

(13,845)

Adjustment of hyperinflation

 

(6,908)

 

(19,369)

 

(5,175)

Other financial expenses

 

(1,059)

 

(965)

 

(685)

Financial expense

 

(33,584)

 

(43,367)

 

(31,401)

Financial result, net

 

(442)

 

3,007

 

(7,631)

 

(i)
Refers to gain and losses on change in the fair value of derivative financial instruments and earn-out. Refer to note 24.1(ii).
v3.25.0.1
Earnings (Loss) per share
 12 Months Ended
Dec. 31, 2024
Earnings per share [abstract]  
Earnings (Loss) per share
22.
Earnings (loss) per share

Basic earnings (loss) per share attributable to controlling shareholders is computed by dividing net income (loss) attributable to controlling shareholders by the weighted average number of shares of common stock outstanding during the year.

Diluted earnings per share are computed by affecting all potential weighted average dilutive common stock, including options and restricted stock units.

The following table contains the earnings (loss) per share of the Group for the years ended December 31, 2024, 2023 and 2022:

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Net income (loss) attributable to the controlling shareholders of the Group

 

11,998

 

(13,687)

 

(52,419)

Weighted average number of outstanding common shares (thousands)

 

185,044

 

186,365

 

190,695

Basic earnings (loss) per share

 

0.065

 

(0.073)

 

(0.275)

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Net income (loss) attributable to the controlling shareholders of the Group

 

11,998

 

(13,687)

 

(52,419)

Weighted average number of outstanding common and dilutive shares (thousands)

 

192,334

 

186,365

 

190,695

Diluted earnings (loss) per share

 

0.062

 

(0.073)

 

(0.275)
v3.25.0.1
Share-based compensation
 12 Months Ended
Dec. 31, 2024
Disclosure of terms and conditions of share-based payment arrangement [abstract]  
Share-based compensation
23.
Share-based compensation
23.1.
Share-based compensation: VTEX

VTEX provides share-based compensation to selected directors and employees as a stock-option plan.

Both stock options and Restricted Stock Units instruments (“RSUs”) are exercisable as long as the director or employee fulfills the worked periods after the options are granted.

Set out below are summaries of options granted under the plans:

 

 

Number of
options
(thousands)

 

Weighted
average
exercise price

 

Remaining
contractual
terms in years

 

Weighted
average grant
date fair value

At December 31, 2021

 

8,809

 

4.78

 

5.37

 

1.58

Granted

 

3,910

 

4.39

 

—

 

1.98

Forfeit

 

(2,508)

 

7.22

 

—

 

3.19

Exercised (i)

 

(497)

 

1.14

 

—

 

0.46

At December 31, 2022

 

9,714

 

4.18

 

4.37

 

1.41

Granted

 

1,653

 

4.87

 

—

 

2.42

Forfeit

 

(513)

 

6.44

 

—

 

3.72

Exercised (i)

 

(958)

 

1.02

 

—

 

0.52

At December 31, 2023

 

9,896

 

4.17

 

3.86

 

1.44

Granted

 

901

 

6.83

 

—

 

3.22

Forfeit

 

(404)

 

4.51

 

—

 

1.29

Exercised (i)

 

(1,278)

 

3.04

 

—

 

0.54

At December 31, 2024

 

9,115

 

4.55

 

3.02

 

1.74

Stock options exercisable as of December 31, 2024

 

5,706

 

4.50

 

2.69

 

1.32

 

(i)
The number of stock options withheld for tax purposes was 186 thousand shares (38 thousand shares in 2023 and 79 thousand shares in 2022).

The fair value of the stock options granted was calculated based on the Binomial Options Pricing Model considering the average contract term. The model inputs for options included:

•
Strike Price - Average price weighted by the quantity granted;
•
Target Asset Price – The trading price closest to the granting date of the options or the trading price derived from an independent valuation report;
•
Risk-Free Interest Rate - US Treasury interest rate, according to the contractual term; and
•
Volatility - According to comparable peer entities listed on the stock exchange.

The weighted average inputs used in the year ended December 31, 2024:

•
Target Asset Price – US$6.82 per share (December 31, 2023 – US$5.12 per share);
•
Risk-Free Interest Rate – 4.20% (December 31, 2023: 4.39%) ;
•
Volatility – 55.83% (December 31, 2023: 56.99%); and
•
Expected dividend: None

The following table summarizes the RSU granted under the plan:

 

 

Number of
RSUs
(thousands)

 

Weighted
average grant
date fair value

At December 31, 2021

 

3,001

 

7.70

Granted

 

2,354

 

5.94

Forfeit

 

(940)

 

7.91

Settled (i)

 

(906)

 

5.86

At December 31, 2022

 

3,509

 

6.94

Granted

 

2,588

 

4.90

Forfeit

 

(284)

 

6.61

Settled (i)

 

(2,094)

 

5.57

At December 31, 2023

 

3,720

 

6.32

Granted

 

2,511

 

6.75

Forfeit

 

(489)

 

6.58

Settled (i)

 

(1,902)

 

6.05

At December 31, 2024

 

3,840

 

6.70

 

(i)
The number of RSUs withheld for tax purposes was 417.3 thousand shares (603.2 thousand shares in 2023 and 234.1 thousand shares in 2022).

The fair value of the restricted stock units granted was calculated using the same Target Asset Price used in the Stock Options appraisal model.

For the year ended December 31, 2024, there was US$16,935 (US$16,669 in 2023 and US$16,538 in 2022) of remaining unamortized compensation costs, including social charges, related to unvested stock options and RSUs granted to the Group’s employees. This cost will be recognized over an estimated weighted average remaining period of 1.84 years. Total unamortized compensation costs will be adjusted for future changes in estimated forfeitures.

The total expense, including taxes and social charges related to the share-based compensation plan for the year ended December 31, 2024, was US$16,303 (US$19,071 in 2023 and US$12,390 in 2022). For the year ended December 31, 2024, the Group recorded in the capital reserve the amount of US$10,766 (US$13,776 in 2023 and US$12,066 in 2022).

The Company must withhold an amount for an employee's tax obligation associated with a share-based payment and transfer that amount to the tax authority on the employee's behalf. The Company is settling the share-based compensation on a net basis by withholding the number of shares with a fair value equal to the monetary value of the employee's tax obligation and only issuing the remaining shares on completion of the vesting period. If all of the shares outstanding as at December 31, 2024 were subsequently vested, the Group would be required to pay taxes of approximately US$9,369 (US$13,847 on December 31, 2023) considering the stock price as of December 31, 2024.

23.2.
Share-based compensation: Loja Integrada

On April 29, 2021, VTEX introduced a new share-based compensation plan to selected directors and employees as a stock option and RSU plan in Loja Integrada, a subsidiary wholly owned. This share-based compensation plan also has RSU and Stock Options. Under both stock option plan and RSUs, the options have a term of 7 years as of the grant date. They are exercisable as long as the director or employee fulfills the worked periods after the options are granted.

Set out below are summaries of options granted under the plan:

 

 

Number of
options
(thousands)

 

Weighted
average
exercise price

 

Remaining
contractual
terms in years

 

Weighted
average grant
date fair value

At December 31, 2021

 

23.57

 

12.37

 

6.35

 

5.47

Granted

 

—

 

—

 

—

 

—

Forfeit

 

(15.15)

 

12.78

 

—

 

5.82

Exercised

 

—

 

—

 

—

 

—

At December 31, 2022

 

8.42

 

13.48

 

5.35

 

5.66

Granted

 

—

 

—

 

—

 

—

Forfeit

 

—

 

—

 

—

 

—

Exercised

 

—

 

—

 

—

 

—

At December 31, 2023

 

8.42

 

14.81

 

4.35

 

6.17

Granted

 

—

 

—

 

—

 

—

Forfeit

 

(8.42)

 

13.08

 

—

 

5.49

Exercised

 

—

 

—

 

—

 

—

At December 31, 2024

 

—

 

—

 

—

 

—

Stock options exercisable as of December 31, 2024

 

—

 

—

 

—

 

—

 

The fair value of the stock options granted was calculated based on the Binomial Options Pricing Model considering the average contract term. The model inputs for options included:

•
Strike Price - Average price weighted by the quantity granted;
•
Target Asset Price - The trading price closest to the granting date of the options or the trading price derived from an independent valuation report;
•
Risk-Free Interest Rate - Future CDI, according to the contractual term; and
•
Volatility - According to comparable peer entities listed on the stock exchange.

The following table summarizes the RSU granted under the plan:

 

 

Number of
RSUs
(thousands)

 

Weighted
average grant
date fair value

At December 31, 2021

 

83.03

 

11.22

Granted

 

327.27

 

6.54

Forfeit

 

(76.24)

 

10.70

Settled (i)

 

(48.78)

 

9.69

At December 31, 2022

 

285.28

 

6.42

Granted

 

115.00

 

5.10

Forfeit

 

(82.25)

 

5.50

Settled (i)

 

(77.15)

 

7.17

At December 31, 2023

 

240.89

 

6.49

Granted

 

47.03

 

4.11

Forfeit

 

(0.50)

 

7.51

Settled (i)

 

(98.52)

 

5.17

At December 31, 2024

 

188.90

 

5.51

 

(i)
The number of RSUs withheld for tax purposes was 10.9 thousand shares (3.7 thousand shares in 2023).

For the year ended December 31, 2024, there was US$454.10 (2023 – US$733.36) of remaining unamortized compensation cost, including social charges, related to unvested stock options and RSUs granted to the Group’s employees. This cost will be recognized over an estimated weighted-average remaining period of 1.63 years. Total unamortized compensation costs will be adjusted for future changes in estimated forfeitures.

The total expense, including taxes and social charges related to the Loja Integrada share-based compensation plan for the year ended December 31, 2024, was US$668 (US$615 in 2023). For the year ended December 31, 2024, the Group recorded in the capital reserve the amount of US$411 (US$421 in 2023).

The Company must withhold an amount for an employee's tax obligation associated with a share-based payment and transfer that amount to the tax authority on the employee's behalf. The Company is settling the share-based compensation on a net basis by withholding the number of shares with a fair value equal to the monetary value of the employee's tax obligation and only issuing the remaining shares on completion of the vesting period. If all of the shares outstanding as at December 31, 2024 were subsequently vested, the Group would be required to pay taxes of approximately US$148 (US$ 184 on December 31, 2023) considering the stock price as of December 31, 2024.

23.3.
Amounts recognized in the statement of profit or loss

The following table illustrates the classification of share-based compensation in the consolidated statements of profit and loss which includes both share-based compensation of VTEX and Loja Integrada, which includes social charges and taxes:

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Subscription cost

 

(200)

 

(205)

 

(502)

Services cost

 

(524)

 

(464)

 

(156)

General and administrative

 

(8,371)

 

(7,254)

 

(4,366)

Sales and marketing

 

(3,992)

 

(4,382)

 

(2,885)

Research and development

 

(3,884)

 

(7,380)

 

(4,844)

Total

 

(16,971)

 

(19,685)

 

(12,753)
v3.25.0.1
Financial Instruments
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract]  
Financial Instruments
24.
Financial Instruments
24.1.
Financial instruments by category
(i)
Financial instruments valued at amortized cost

Financial instruments valued at amortized cost represent financial assets and liabilities whose Group’s business model maintained to receive contractual cash flows. Those mentioned above comprise exclusively payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. When the asset is derecognized, modified, or impaired, gains and losses are recognized in profit or loss.

The Group has the following financial instruments valued at amortized cost:

 

 

December 31, 2024

 

December 31, 2023

Financial assets:

 

 

 

 

Cash and cash equivalents

 

18,673

 

28,035

Short-term investments

 

42,579

 

88,081

Trade receivables

 

63,903

 

51,537

Total

 

125,155

 

167,653

Financial liabilities:

 

 

 

 

Trade payables

 

15,839

 

14,829

Lease liabilities

 

3,312

 

4,096

Accounts payable from acquisition of subsidiaries

 

972

 

—

Total

 

20,123

 

18,925

 

(ii)
Financial instruments valued at fair value through profit or loss

The Group has the following financial instruments valued at fair value through profit or loss:

 

 

Carrying amount

 

December 31, 2024

 

December 31, 2023

Financial assets:

 

 

 

 

Short and long-term investments

 

163,205

 

95,293

Derivative financial instruments

 

-

 

53

Total

 

163,205

 

95,346

The Group uses derivative financial instruments to hedge against the risk of change in the foreign exchange rates. Therefore, they are not speculative. The derivative financial instruments designated in hedge operations are initially recognized at fair value on the date on which the derivative contract is executed and are subsequently remeasured to their fair value. Changes in the fair value of any of these derivative instruments are immediately recognized in the income statement under "financial results, net."

For the years ended December 31, 2024 and 2023 the Group had positions in future derivative financial instruments designed as a hedge of foreign currency risk in Argentina, which was raised through Matba Rofex. The notional value is US$13,000 and the last maturity date is due February 2025.

The following amounts were recognized in profit or loss in relation to financial instruments:

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Net gain (loss) on financial instruments

 

(4,046)

 

516

 

2,364

 

The following amounts were recognized in profit or loss in relation to short and long-term investments:

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Net gain (loss) on short and long-term investments

 

7,605

 

9,823

 

(4,766)

 

a.
Fair value hierarchy

This section provides details about the judgments and estimates made for determining the fair values of the financial instruments recognized and measured at fair value in the financial statements. The Group has classified its financial instruments into the three levels prescribed under the accounting standards to indicate the reliability of the inputs used in determining fair value. An explanation of each level is presented underneath the table.

 

 

December 31, 2024

 

Level 1

 

Level 2

 

Level 3

Assets

 

 

 

 

 

 

Short-term investments

 

153,556

 

—

 

—

Long-term investments

 

—

 

—

 

9,649

 

 

December 31, 2023

 

Level 1

 

Level 2

 

Level 3

Assets

 

 

 

 

 

 

Short-term investments

 

93,293

 

—

 

—

Long-term investments

 

—

 

—

 

2,000

Derivative financial instruments

 

—

 

53

 

—

 

There were no transfers between levels 1, 2, and 3 for recurring fair value measurements during the year.

The Group’s policy is to recognize transfers into and out of fair value hierarchy levels as of the end of the reporting period.

•
Level 1: The fair value of financial instruments traded in active markets (such as publicly-traded derivatives, and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.
•
Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques that maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
•
Level 3: If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.

Specific valuation techniques used to value financial instruments could include:

•
the use of quoted market prices or dealer quotes for similar instruments;
•
for interest rate swaps – the present value of the estimated future cash flows based on observable yield curves;
•
the use of inputs other than quoted prices that are observable, such as transactions of the same or similar security and overall market and relevant industry/sector environment; and
•
for foreign currency forwards - the present value of future cash flows based on the forward exchange rates at the balance sheet date.

The majority of the resulting fair value estimates are included in level 1, except for a contingent consideration payable (“earn-out”), derivative financial instruments and long-term investments.

Fair value measurements using significant unobservable inputs (level 3)

The fair value of the earn-out classified as level 3 is calculated based on the judgment of the Group and the probability of meeting the goals of each acquisition made during the year. The sale and purchase agreement of each acquisition is established if the customers of the acquired entities migrate to the Groups platform and reach an agreed amount, the seller will be entitled to an earn-out.

Since October 2023, VTEX holds strategic investments in privately held equity securities of unquoted companies specializing in conversational commerce solutions and AI-driven platforms for data analytics and automation. The Company classified them as Level 3 within the fair value measurement framework The fair value of these investments is measured by commonly used market valuation techniques, including the market approach, and is supplemented with estimates such as revenue growth and liquidity.

The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk, and volatility. For the year ended December 31, 2024 the key unobservable inputs used in the valuation model include EV/Revenue multiples. Sensitivity analysis indicates that a 10% increase or decrease in the EV/Revenue multiple results in a fair value change of US$850.

The following table presents the changes in level 3 items for the year ended on December 31, 2024 and 2023:

 

 

Investment in
unquoted
company

 

Contingent
consideration

At January 1, 2023

 

—

 

299

Earn-out adjustment

 

—

 

(299)

Additions

 

2,000

 

—

At December 31, 2023

 

2,000

 

—

Additions

 

6,024

 

—

Fair value adjustments

 

1,625

 

—

At December 31, 2024

 

9,649

 

—

 

b.
Fair value of other financial instruments at amortized cost

The Group also has several financial instruments which are not measured at fair value in the balance sheet. As at December 31, 2024, these instruments’ fair values are not different from their carrying amounts since the interest receivable/payable is either close to

current market rates or the instruments are short-term in nature. Differences were identified for the following instruments at December 31, 2024:

 

 

December 31, 2024

 

December 31, 2023

 

Carrying
amount

 

Fair value

 

Carrying
amount

 

Fair value

Financial assets:

 

 

 

 

 

 

 

 

Short-term investments

 

9,275

 

7,483

 

20,872

 

21,443

Total

 

9,275

 

7,483

 

20,872

 

21,443

 

24.2.
Financial risk management

The risk management of the Group is predominantly controlled by a central treasury department (Group treasury) under policies approved by the board of directors. Group treasury identifies, evaluates, and hedges financial risks in close co-operation with the Group’s operating units. The board provides written principles for overall risk management and policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, the use of derivatives and non-derivative financial instruments, and investment of excess liquidity.

The main financial risks that the Group is exposed to in carrying out its activities are:

a.
Credit risk

Credit risk is the risk of a business counterpart not complying with obligations provided in a financial instrument or contract with the customer and resulting in a financial loss. In connection with credit risk related to financial institutions, the Group operates to diversify such exposure among market financial institutions.

(i)
Risk Management

The Group monitors the credit risk inherent to financial instruments capable of generating counterparty risk, such as cash and cash equivalents and trading securities, as they are composed of bank deposits and fixed income securities, including bonds, time deposits and fixed income funds.

(ii)
Impairment of financial assets

The Group has a single type of financial assets that is subject to the expected credit loss model:

•
Trade receivables from consulting services and subscriptions;

The expected credit losses for financial assets are based on assumptions about risk of default and expected loss rates. The Group uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s history and existing market conditions at the end of each reporting period. Details of the key assumptions and inputs used are disclosed below.

(iii)
Trade receivables and contract assets

The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected credit losses for all trade receivables and contract assets.

To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.

To define the loss rate, customers were split into 4 different groups as follows:

•
tier 1 – customers with yearly GMV greater than 20 million US dollars;
•
tier 2 – customers with yearly GMV between 1 and 20 million US dollars;
•
tier 3 – customers with yearly GMV below 1 million US dollars; and
•
other – customers that do not sell through VTEX platform, such as marketplaces and partners or customers that operate only through business units other than VTEX, such as SMB.

The tier hypothesis was taken into consideration because of the nature of the businesses in each tier. The tier 1 customers, for example, have higher revenue, thus the fixed amount paid related to the take rate is lower, so the more they sell, the more they pay for VTEX. This is a large risk reducer, because when the customer has a larger cash flow coming from its commerce operation, they also have a larger invoice, reducing the risk of the invoice not getting paid. For tier 3 customers the fixed amount is larger compared to the variable one, and if the customer does not sell much the invoice will not reduce as much as in a tier 1 customer. The Group expects that the tier 1 customers would have a lower aging rate than tier 3 and 2 customers.

As of December 31, 2024 and 2023 the percentage provision per type of customer/revenue and age of balance are as follows:

 

 

Days past due

 

As of December 31, 2024

 

Current

 

More
than 30

 

More
than 60

 

More
than 120

 

More
than 180

 

More
than 270

 

More
than 300

Tier 1

 

0.09%

 

1.16%

 

3.25%

 

14.39%

 

41.24%

 

94.11%

 

100.00%

Tier 2

 

0.48%

 

16.88%

 

39.60%

 

70.98%

 

86.48%

 

96.12%

 

100.00%

Tier 3

 

1.22%

 

23.03%

 

41.88%

 

71.39%

 

86.46%

 

99.24%

 

100.00%

Others

 

1.91%

 

13.35%

 

26.71%

 

61.69%

 

78.15%

 

98.90%

 

100.00%

 

 

Days past due

 

As of December 31, 2023

 

Current

 

More
than 30

 

More
than 60

 

More
than 120

 

More
than 180

 

More
than 270

 

More
than 300

Tier 1

 

0.17%

 

1.49%

 

3.67%

 

14.72%

 

38.49%

 

85.78%

 

100.00%

Tier 2

 

0.45%

 

11.90%

 

27.72%

 

63.56%

 

83.38%

 

94.20%

 

100.00%

Tier 3

 

1.27%

 

23.08%

 

38.67%

 

65.30%

 

81.19%

 

98.04%

 

100.00%

Others

 

1.24%

 

8.26%

 

15.17%

 

49.70%

 

74.63%

 

98.90%

 

100.00%

 

Impairment losses on trade receivables and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.

The trade receivables by aging list and the reconciliation of expected credit losses to the opening loss are disclosed on note 7.

Trade receivables and contract assets are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, a failure to make contractual payments for a period greater than 300 days past due.

b.
Liquidity risk

Liquidity risk is the risk of the Group and its subsidiaries encountering difficulties in performing the obligations associated with its financial liabilities that are settled with cash payments. The approach of the Group and its subsidiaries in liquidity management is to guarantee, as much as possible, that they will always have sufficient liquidity to perform their obligations upon maturity, under normal and stress conditions, without causing unacceptable losses or with a risk of sullying the reputation of the Group and its subsidiaries.

The table below presents the Group's non-derivative and derivatives financial liabilities divided into the relevant maturity group based on the remaining period from the end of the reporting period and the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

 

 

Less than 1
year

 

Between 1
and 2 years

 

More than 2
years

December 31, 2024

 

 

 

 

 

 

Non-derivatives

 

 

 

 

 

 

Trade payables

 

15,839

 

—

 

—

Lease liabilities

 

1,617

 

1,307

 

611

Accounts payable from acquisition of subsidiaries

 

29

 

—

 

1,068

Total non-derivatives

 

17,485

 

1,307

 

1,679

 

 

 

Less than 1
year

 

Between 1
and 2 years

 

More than 2
years

December 31, 2023

 

 

 

 

 

 

Non-derivatives

 

 

 

 

 

 

Trade payables

 

14,829

 

—

 

—

Lease liabilities

 

1,863

 

1,408

 

1,123

Total non-derivatives

 

16,692

 

1,408

 

1,123

 

c.
Market risk
(i)
Foreign Currency risk

The Group considers itself exposed mainly to market risk associated with unfavorable foreign currency movements related to contracts and investments in its subsidiaries as well as in costs and expenses.

The Group is hedging the exposure to foreign currency risk in Argentina. Refer to note 24.1 for additional details.

Foreign currency sensitivity analysis

The table below shows the impact on the Group’s net revenues, costs, operation expenses, net income (loss) from operation and equity for a positive and a negative 10% fluctuation as of December 31, 2024 for all subsidiaries with a functional currency other than U.S dollar.

 

 

Foreign currency sensitivity analysis

 

-10%

 

Actual

 

+10%

Net revenue

 

205,596

 

226,709

 

247,822

Costs and operating expenses

 

(197,328)

 

(216,606)

 

(235,884)

Income (loss) from operation

 

8,268

 

10,103

 

11,938

Total Shareholders’ equity

 

253,966

 

255,801

 

257,636

 

A sensitivity analysis is set out below, showing a scenario for foreign exchange risk on financial instruments, computed based on external data along with stressed scenarios (a range of 10% in the foreign exchange rates).

 

 

Exposure at
December 31,
2024

 

Risk

 

-10%

 

10%

Assets

 

3,281

 

Brazilian Real /U.S. Dollar

 

328

 

(328)

Liabilities

 

(3,204)

 

(2024 – 6.19 2023 – 4.85)

 

(320)

 

320

 

77

 

 

 

8

 

(8)

Assets

 

104

 

Argentine Peso/U.S. Dollar

 

10

 

(10)

Liabilities

 

(801)

 

(2024 – 1,030.88 2023 – 808.47)

 

(80)

 

80

 

(697)

 

 

 

(70)

 

70

Assets

 

536

 

Mexican Peso/U.S. Dollar

 

54

 

(54)

Liabilities

 

-

 

(2024 – 20.79 2023 – 16.93)

 

-

 

-

 

536

 

 

 

54

 

(54)

Assets

 

8,452

 

British Pounds/U.S. Dollar

 

845

 

(845)

Liabilities

 

(3,152)

 

(2024 – 0.80 2023 – 0.79)

 

(315)

 

315

 

5,300

 

 

 

530

 

(530)

Assets

 

102

 

Colombian Peso/U.S. Dollar

 

10

 

(10)

Liabilities

 

—

 

(2024 – 4,407.58 2023 – 3,873.55)

 

—

 

—

 

102

 

 

 

10

 

(10)

Assets

 

679

 

Peruvian sol/U.S. Dollar

 

68

 

(68)

Liabilities

 

-

 

(2024 – 3.76 2023 – 3.71)

 

-

 

-

 

679

 

 

 

68

 

(68)

Assets

 

292

 

Chilean Peso/U.S. Dollar

 

29

 

(29)

Liabilities

 

(1)

 

(2024 – 994.29 2023 – 878.87)

 

-

 

-

 

291

 

 

 

29

 

(29)

Total at December 31, 2024

 

6,288

 

 

 

629

 

(629)

 

 

Exposure at
December 31,
2023

 

Risk

 

-10%

 

10%

Assets

 

16,226

 

Brazilian Real /U.S. Dollar

 

1,623

 

(1,623)

Liabilities

 

(3,284)

 

(2023 – 4.85 2022 – 5.29)

 

(328)

 

328

 

12,942

 

 

 

1,294

 

(1,294)

Assets

 

1,763

 

Argentine Peso/U.S. Dollar

 

176

 

(176)

Liabilities

 

(52)

 

(2023 – 808.47 2022 – 177.10)

 

(5)

 

5

 

1,711

 

 

 

171

 

(171)

Assets

 

211

 

Mexican Peso/U.S. Dollar

 

21

 

(21)

Liabilities

 

—

 

(2023 – 16.93 2022 – 19.48)

 

—

 

—

 

211

 

 

 

21

 

(21)

Assets

 

11,421

 

British Pounds/U.S. Dollar

 

1,142

 

(1,142)

Liabilities

 

(11,962)

 

(2023 – 0.79 2022 – 0.83)

 

(1,196)

 

1,196

 

(541)

 

 

 

54

 

54

Assets

 

558

 

Colombian Peso/U.S. Dollar

 

56

 

(56)

Liabilities

 

—

 

(2023 – 3,873.55 2022 – 4,846.04)

 

—

 

—

 

558

 

 

 

56

 

(56)

Assets

 

1,078

 

Peruvian sol/U.S. Dollar

 

108

 

(108)

Liabilities

 

(759)

 

(2023 – 3.71 2022 – 3.81)

 

(76)

 

76

 

319

 

 

 

32

 

32

Assets

 

912

 

Chilean Peso/U.S. Dollar

 

91

 

(91)

Liabilities

 

—

 

(2023 – 878.87 2022 – 852.17)

 

—

 

—

 

912

 

 

 

91

 

(91)

Total at December 31, 2023

 

16,112

 

 

 

1,611

 

(1,611)

 

(ii)
Interest rate risk

The interest risk arises from the possibility of the Group incurring losses due to fluctuations in interest rates in respect of fair value of future cash flows of a financial instrument.

The Group’s exposure to market risk for changes in interest rates relates primarily to the cash, cash equivalents, restricted cash, short and long-term investments. The Group investments are made for capital preservation purposes, and the Group does not obtain investments for trading or speculative purposes. The Group’s trade receivables, account payable, and other liabilities do not bear interest.

The Group’s cash, cash equivalents, restricted cash, short and long-term investments consist primarily of interest-bearing accounts held by our parent company in USD. Such interest-earning instruments carry a degree of interest rate risk. To minimize interest rate risk, the Group maintains its portfolio of cash equivalents in a variety of investment-grade securities, which include commercial papers, money market funds, and government and non-government debt securities. As of December 31, 2024, we are not materially exposed to the risk of changes in market interest rates.

24.3.
Capital management

The policy of the Group is to maintain a strong capital base to secure investor, creditor, and market confidence and also to sustain future development of the business. Management monitors the return on capital.

In addition, the Group objectives to manage capital are to safeguard its ability to continue as a going concern to provide returns for shareholders and benefits for other stakeholders, to maintain an optimal capital structure to reduce the cost of capital, and to have resources available for optimistic opportunities.

To maintain or adjust the capital structure of the Group, management can make, or propose to the shareholders when their approval is required, adjustments to the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce, for example, debt.

The Group monitors capital based on the adjusted net cash / net debt. Adjusted net cash / net debt is calculated as adjusted cash (including cash equivalents, short and long-term investments in the consolidated statement of financial position), net of debt (lease liabilities and accounts payable from acquisition of subsidiaries as shown in the consolidated statement of financial position).

The Group’s strategy is to keep positive adjusted net cash. The adjusted net cash as of December 31, 2024 and 2023 was as follows:

 

 

December 31, 2024

 

December 31, 2023

Lease liabilities

 

3,312

 

4,096

Accounts payable from acquisition of subsidiaries

 

972

 

—

(-) Cash and cash equivalent

 

(18,673)

 

(28,035)

(-) Short and long-term investments

 

(205,784)

 

(183,374)

Adjusted net cash

 

(220,173)

 

(207,313)

Total Equity attributable to VTEX’s shareholders

 

255,745

 

240,293

Financial leverage ratio

 

86.09%

 

86.28%

 
v3.25.0.1
Loans and financing
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about borrowings [abstract]  
Loans and financing
25.
Loans and Financing

 

As of December 31, 2024, the Group did not have outstanding loans payable. The following table shows the changes in loans for the years ended December 31, 2024 and 2023:

 

2024

 

2023

Opening balance on January 1

 

—

 

1,153

Loans from acquisition of subsidiaries

 

71

 

—

Payment of loans

 

(71)

 

(1,238)

Interest charged

 

—

 

4

Interest paid

 

—

 

(5)

Basis adjustment on the fair value hedge

 

—

 

42

Exchange differences

 

—

 

44

Closing balance on December 31

 

—

 

—
v3.25.0.1
Subsequent events
 12 Months Ended
Dec. 31, 2024
Events After Reporting Period [Abstract]  
Subsequent events
26.
Subsequent events

Acquisition of Newtail

On January 9, 2025, VTEX acquired 100% of the shares of Newtail Serviços de Tecnologia LTDA (“Newtail”), a privately held company specializing in the retail media business, for a total cash consideration of US$4,106. The acquisition is expected to expand the Group's retail media solutions. The financial effects of this acquisition, including the initial recognition of the assets, liabilities, and goodwill associated with the acquired company will be accounted for in the financial statements for the year ending December 31, 2025. At the date of approval of these financial statements, management is in the process of assessing the fair value of the identifiable assets and liabilities of Newtail at the acquisition date. In addition to the cash consideration, a separate agreement with the owners of the acquired company provides for an additional payment of US$1,644, covering a long-term non-compete agreement.

Subsequent share repurchase and canceling

During January and February of 2025, the Company canceled 1,500,247 Class A common shares, of which 72,584 shares were held in treasury as of December 31, 2024, and 1,427,663 were repurchased after December 31, 2024 under the repurchase share program.
v3.25.0.1
Significant accounting policies (Policies)
 12 Months Ended
Dec. 31, 2024
Significant Accounting Policies [Abstract]  
Basis of Preparation
2.1.
Basis of preparation
a.
Compliance with IFRS

The consolidated financial statements of the VTEX Group have been prepared in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”).

The consolidated financial statements were authorized for issue by the Board of Directors on February 18, 2025.

b.
Historical cost convention

The financial statements have been prepared on a historical cost basis, except for certain financial assets and financial liabilities (including derivative instruments) measured at fair value.

c.
New standards, interpretations, and amendments adopted by the Group

In 2024 the Company has adopted the following new interpretation and amendments:

•
IFRIC Agenda Decision - Disclosure of Revenues and Expenses for Reportable Segments (IFRS 8);
•
Amendment to IFRS 16 – Leases on sale and leaseback;
•
Amendment to IAS 1 – Non-current liabilities with covenants; and
•
Amendments to IAS 7 and IFRS 7 on Supplier finance arrangements.

The amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods.

d.
New standards and interpretations not yet adopted

Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for the reporting period ended on December 31, 2024 and have not been early adopted by the group:

•
Amendments to IAS 21 -- Lack of Exchangeability;
•
Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7;
•
IFRS 19 Subsidiaries without Public Accountability: Disclosures; and
•
IFRS 18 Presentation and Disclosure in Financial Statements.

Management is currently assessing the detailed implications of applying the new standards on the group’s consolidated financial statements.
Principles of Consolidation and Equity Accounting
2.2.
Principles of consolidation and equity accounting
a.
Subsidiaries

Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is either exposed or has rights to variable returns from its involvement with said entity, and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

The acquisition method of accounting is used to account for business combinations by the Group (refer to note 4).

Inter-company transactions, balances, and unrealized gains on transactions between Group companies are eliminated in the preparation of the consolidated financial statements. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed when necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of changes in equity and balance sheet respectively.

b.
Joint arrangements

Under IFRS 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement.

Interests in joint ventures are accounted for using the equity method after initially being recognized at cost in the consolidated balance sheet.
Segment Reporting
2.3.
Segment reporting

For reviewing the operational performance of the Group and allocating resources purposes, the Chief Operating Decision Maker (“CODM”) of the Group, which is comprised as the Board of Directors of the Group, reviews the consolidated results as a whole.

The CODM considers the whole Group a single operating and reportable segment, monitoring operations, making decisions on fund allocation, and evaluating performance based on a single operating segment. The CODM reviews relevant financial data on a consolidated basis for all subsidiaries.

The Group’s revenue, profit or loss, and assets and liabilities for this one reportable segment can be determined by reference to the consolidated financial statements.

a.
Segment revenue by region

None of the customers represent more than 5% of the Group’s revenues.

The amount of this revenue from external customers, by geography, is shown in the table below:

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Brazil

 

128,302

 

109,470

 

86,066

Latin America - except Brazil

 

73,597

 

70,302

 

55,770

Rest of the world

 

24,810

 

21,745

 

15,784

Total revenue by region

 

226,709

 

201,517

 

157,620

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Brazil

 

126,387

 

107,415

 

83,528

Latin America - except Brazil

 

71,804

 

68,305

 

54,519

Rest of the world

 

19,514

 

14,582

 

10,428

Subscription revenue

 

217,706

 

190,302

 

148,475

Services revenue

 

9,003

 

11,215

 

9,145

Total revenue

 

226,709

 

201,517

 

157,620
b.
Segment non-current assets by region

The total of right-of-use assets, property and equipment, intangible assets and investments in joint venture, broken down by location of the assets, is shown in the following table:

 

 

December 31, 2024

 

December 31, 2023

Brazil

 

17,896

 

19,850

Latin America - except Brazil

 

603

 

304

Rest of the world

 

16,273

 

16,962

Total non-current assets by region

 

34,772

 

37,116

 
Foreign Currency Translation
2.4.
Foreign currency translation
(i)
Functional and presentation currency

The Group has significant operations internationally that are denominated in foreign currencies, as the Group transacts business in various foreign currencies and has significant international revenues and costs. The subsidiaries of the Group generate revenues and incur most of their expenses in the respective local currencies of the countries in which they operate. Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in U.S. dollars (“US$”) which is the functional currency of VTEX (Group’s parent company) and presentation currency of the Group. All amounts have been rounded to the nearest thousands of US$, except when otherwise indicated.

(ii)
Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are generally recognized in profit or loss.

(iii)
Group companies with a different functional currency

The results and financial position of foreign operations that have a functional currency different from the presentation currency (U.S. dollar) are translated into the presentation currency as follows:

•
assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
•
income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and
•
all resulting exchange differences are recognized in other comprehensive income.

Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.

For the translation mechanism when the functional currency is of a hyperinflationary economy, refer to note 2.25.

Cash and Cash Equivalents
2.5.
Cash and cash equivalents

Cash and cash equivalents include cash on hand, bank deposits, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.
Restricted Cash
2.6.
Restricted cash

Restricted cash includes deposits subject to contractual restrictions and therefore not available for general use by the other entities within the group.
Short and Long-term Investments
2.7.
Short and long-term investments

Short and long-term investments refer to investment in financial instruments that do not meet the definition of cash and cash equivalents. Such instruments are measured at their fair value or amortized cost. The Group determines the appropriate classification at the time of purchase. Long-term investments are strategic holdings in unquoted companies that the company does not expect to sell or realize in the short term.

Short-term investments are considered available to support current operations of the Company and are classified as current assets. Gains and losses in fair value and interest income are included in financial income (expenses).
Trade Receivables
2.8.
Trade receivables

Trade receivables are recognized initially at the amount of consideration that is unconditional. They are subsequently measured at amortized cost using the effective interest method, less expected credit losses. See note 7 for further information about the Group’s accounting for trade receivables and note 2.22 for a description of the Group’s impairment policies.
Property and Equipment
2.9.
Property and equipment

Property and equipment items are stated at historical cost of acquisition, less depreciation, and any impairment loss. The historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.

The depreciation is calculated on a straight-line, and the assets have the following useful lives:

 

Class of Property and equipment

 

Useful life

(years)

Machinery and equipment

 

10

Computers and peripherals

 

5

Furniture and fixtures

 

10

Leasehold improvements

 

2-10

 

The assets’ residual values, useful life, and depreciation methods are reviewed and adjusted, if appropriate, at the end of each reporting period. There were no changes in these assets useful life during the year ended December 31, 2024.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing sales value with carrying amount and are recognized in profit or loss.

Business Combinations
2.10.
Business combinations

The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the:

•
fair values of the assets transferred;
•
liabilities incurred to the former owners of the acquired business;
•
equity interests issued by the Group; and
•
fair values of any liability resulting from a contingent consideration arrangement (“earn out”).

Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.

Acquisition-related costs are expensed as incurred.

The excess of the consideration transferred over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss as a bargain purchase.

Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as of the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.

Earn out is classified either as equity or financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with fair value changes recognized in profit or loss.

The Group analyzes whether an arrangement for payments to selling shareholders is part of the consideration transferred in the business combination or is a transaction separate from the business combination. In the event of such cases, the amount is recognized according to IFRS 2 requirements.
Intangible Assets
2.11.
Intangible assets
a.
Goodwill

Goodwill is measured as described in note 2.10. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized; however, it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and it is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

Goodwill is allocated to cash-generating units (CGUs) for impairment testing. The allocation is made to those cash-generating units expected to benefit from the business combination in which the goodwill arose. The units are identified at the lowest level at which goodwill is monitored for internal management purposes.

b.
Customer relationship and intellectual property

Customer relationships and intellectual property acquired in a business combination are recognized at fair value at the acquisition date.

Customer relationship and intellectual property have a finite useful life and are subsequently carried at cost less accumulated amortization and impairment losses. Amortization is calculated under the straight-line method of 8 years according to the valuation made on the purchase price allocation. The Group periodically evaluates for changes on the useful lives.

c.
Software

Licenses of software acquired in a business combination are recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization and impairment losses, if applicable. Amortization is calculated under the straight-line method over 5 to 10 years according to the valuation made on the purchase prices allocation. Maintenance costs are recognized as expenses when incurred.

Software development costs associated with internal use software, which are incurred during the application development phase and meet other requirements under the guidance are capitalized.

d.
Trademark

Trademarks acquired in a business combination are recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization and impairment losses, if applicable. Amortization is calculated under the straight-line method according to the valuation made on the purchase prices allocation.
Impairment of Non-financial Assets
2.12.
Impairment of non-financial assets

Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

An impairment loss is recognized in profit or loss for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units).

Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Therefore, impairment losses recognized for goodwill cannot be reversed in a subsequent period.
Prepaid Expenses
2.13.
Prepaid expenses

Prepaid expenses include prepaid software licenses and certain hosting services and are recognized as an asset in the statement of financial position. Those amounts are measured according to the date of transaction for the purpose of determining the exchange rate

to be used for the related asset or expense at the date on which the group initially recognizes the non-monetary asset arising from the payment of advance consideration.
Loans and Financing
2.14.
Loans and financing

Loans and financing are initially recognized at fair value, net of transaction costs incurred. Loans are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. Loans are removed from the balance sheet when the obligation specified in the contract is discharged, canceled, or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss as other income or finance costs.
Accounts Payable and Accrued Expenses
2.15.
Accounts payable and accrued expenses

These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year, which are unpaid. Accounts payable are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Suppliers are presented as current liabilities unless payment is not due within 12 months after the reporting period.

It also includes liabilities for wages and salaries, that are expected to be settled within 12 months after the end of the period in which the employees render the related service is recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The Group does not have other long-term employee benefits or post-employment obligations.

The accounts payable and accrued expenses includes a liability and an expense for profit sharing recognized based on a formula, which considers the income for the year after certain adjustments. The Group recognizes the liability when it is contractually obligated or when there is a previous practice that has created a constructive obligation over the service period, if applicable.
Provisions
2.16.
Provisions

Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Provisions are measured based on management’s best estimate of the expenditure required to settle the obligation at the end of the reporting period.
Current and Deferred Income Tax
2.17.
Current and deferred income tax

The income tax benefit or expense for the period comprises current and deferred taxes. Income taxes are recognized in the profit or loss, except to the extent that they relate to items recognized in other comprehensive income or directly in equity. In such cases, the income taxes are also recognized in other comprehensive income or directly in equity.

The current and deferred income taxes are calculated based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Group entities operate and generate taxable income. Management periodically evaluates positions taken by the Group in income tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate, based on amounts expected to be paid to the tax authorities.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.

Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the Group is able to control the timing of the reversal of the temporary differences and, it is probable that the differences will not reverse in the foreseeable future.
Share-Based Compensation
2.18.
Share-based compensation

The Group operates equity-settled share-based compensation plans that are designed to provide long-term incentives for selected directors and employees to deliver long-term shareholder returns.

The cost of equity-settled transactions with employees is measured using their fair value at the date they are granted. The cost is expensed together with a corresponding increase in equity over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). At the end of each period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.

The fair value of stock options granted is calculated based on the Binomial Options Pricing Model considering the average contract term. The model inputs for options are included on note 23.
Revenue Recognition
2.19.
Revenue recognition

Revenue is composed of subscriptions and other services as further discussed below:

a.
Subscriptions

Subscription revenues originate from a cloud-based multichannel SaaS (software as a service) platform focused on Ecommerce. There is a single performance obligation corresponding to maintaining access to the platform. Revenue is recognized over time and the transaction price consists of the following components:

•
take rate is a fixed percentage charged on each customer's gross merchandise value (GMV). Revenue is recognized in the period in which the transaction with the end consumer occurs;
•
voucher revenue is a non-refundable upfront fee paid in exchange for a reduction of the aforementioned take rate during a predetermined period. Revenue is recognized ratably over the contractual period;
•
fixed fee is a fixed amount billed on a monthly basis. Revenue is recognized ratably over the contract period; and
•
rebates represent VTEX’s share from partnerships (such as marketplaces and payment providers) that is calculated as a fixed percentage of the end consumer’s gross merchandise value, or as a fixed fee. Revenue is recognized in the period in which the transaction with the end consumer occurs.
b.
Services

Services comprise revenues substantially from consulting and professional services, which primarily consist of digital commerce solutions architecting, education packages and others. Revenues from consulting services are recognized in the accounting period in which the services are rendered based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously and the customer pays the service based on a payment schedule. The Group does not provide implementation services, which are provided by third-party companies to the customers of the Group.

Estimates of revenues, costs, or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management. Payments received in advance of services being rendered are recorded as deferred revenue and recognized ratably over time.
Deferred Commissions
2.20.
Deferred Commissions

Deferred costs include deferred sales commissions that are incremental costs of obtaining customer contracts. Sales commissions are not paid on subscription renewal. The Group amortizes deferred sales commissions ratably over five years. The Group determined the period of benefit by taking into consideration past experience with customers.
Leases
2.21.
Leases

The Group leases mostly commercial buildings used by its administrative areas. Rental contracts are typically made for fixed periods but may have extension options. Contracts may contain both lease and non-lease components. However, for these real estate leases, the Group elected not to separate lease and non-lease components and instead accounts for these as a single lease component.

Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.

Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for the Group.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

•
fixed payments (including in-substance fixed payments), less any lease incentives receivable;
•
variable lease payments that are based on an index or a rate, initially measured using the index or rate as of the commencement date;
•
amounts expected to be payable by the Group under residual value guarantees;
•
the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and
•
payments of penalties for terminating the lease if the lease term reflects the Group exercising that option.

Lease payments to be made under reasonable extension options are also included in the measurement of the liability.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security, and conditions.

The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.

Lease payments are allocated between principal and finance costs. The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Right-of-use assets are measured at cost comprising the following:

•
the amount of the initial measurement of a lease liability;
•
any lease payments made at or before the commencement date less any lease incentives received;
•
any initial direct costs; and
•
restoration costs.

Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life.

Payments associated with short-term leases and all leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and furniture.
Distribution of Dividends
2.22.
Distribution of dividends

Provision is recorded for the amount of any dividend declared and authorized until the end of the reporting period.

Earnings Per Share
2.23.
Earnings per share
a.
Basic earnings per share

Basic earnings per share are calculated by dividing:

•
the profit attributable to owners of the Group, excluding any costs of servicing equity other than ordinary shares;
•
by the weighted average number of ordinary shares outstanding during the financial year and excluding treasury shares if applicable.

The treasury shares are not considered outstanding common shares for the earnings per share calculation and thus are excluded from the weighted average number of outstanding shares.

b.
Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to consider the weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential ordinary shares.
Financial Instruments
2.24.
Financial instruments

The Group classifies its financial assets according to the business model for the management of its financial assets, measured at amortized cost and fair value through profit or loss, as follows:

a.
Classification

The Group classifies its financial assets under the following measurement categories:

•
measured at fair value through profit or loss; and
•
measured at amortized cost.

The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses will be recorded in profit or loss.

The Group reclassifies investments in debt securities only when the business model for managing such assets is changed.

b.
Recognition and derecognition

Regular way purchases and sales of financial assets are recognized on trade date, being the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.

c.
Measurement

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.

Debt instruments

The subsequent measurement of debt instruments depends on the Group's business model for asset management, in addition to the characteristics of the asset's cash flow. The Group classifies its debt instruments according to the following two measurement categories:

Amortized cost - assets, held to collect contractual cash flows when such cash flows represent only payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is recorded in financial income using the effective interest rate method. Any gains or losses due to asset’s write-off are recognized directly in the income statement and presented in “Financial income, net” together with foreign exchange gains and losses. Impairment losses are presented in a separate account in the income statement.

Fair value through profit or loss - assets that do not meet the classification criteria as amortized cost or fair value through other comprehensive income are measured at fair value through profit or loss. Any gains or losses on an investment in a debt security that is subsequently measured at fair value through profit or loss are recognized in the profit or loss and presented as "Financial result, net", in the period in which they occur.

Equity instruments

The Group subsequently measures all equity investments at fair value. Dividends from such investments continue to be recognized in profit or loss as financial income when the Group’s right to receive payments is established.

Changes in the fair value of financial assets at fair value through profit or loss are recognized in financial income (expense) in the statement of income as applicable.

Impairment of financial assets

The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from the initial recognition of the receivables. For more details, refer to note 24.2 (a)(iii).

Offsetting financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount is presented in the balance sheet when there is a legal right to offset the recognized amounts and there is the intention to liquidate them on a net basis or carrying out the asset and settling the liability simultaneously. The legal right should not be contingent on future events, and should be applicable in the normal business course and the event of default, insolvency or bankruptcy of the Group or the counterparty.
IAS 29 - Financial Reporting in Hyperinflationary Economies
2.25.
IAS 29 - Financial reporting in Hyperinflationary Economies

On June 14, 2018, the National Institute of Statistics and Census of Argentina (“INDEC”), disclosed the wholesale price index data for May 2018, which has been consistently published in Argentina and used as a basis for monitoring inflation in Argentina. Based on this data, the accumulated inflation in the last three years exceeded 100%, and with support from qualitative analysis, the Group concluded that as of July 1, 2018, Argentina was considered a country with a hyperinflationary economy. As a result, VTEX ARG has adopted the IAS 29 Financial Reporting in Hyperinflationary Economies as of the same date retrospectively as if the currency had always been hyperinflationary.

Pursuant to IAS 29, non-monetary items and income statement balances of subsidiaries that operate in hyperinflationary economies are adjusted by the change in the general purchasing power of the currency, applying a general price index.

IAS 29 generated an impact for the year ended December 31, 2024, in the finance result in the amount of US$6,908 (US$19,369 in 2023 and US$5,175 in 2022).

The translation of the balances of a hyperinflationary economy to the presentation currency was based on the closing rate of the reporting period for both balance sheet and statement of comprehensive income balances. The Group used the General Consumer Price Index (“IPC”) obtained from INDEX to calculate hyperinflation effects on the balances since Argentina was considered to be hyper-inflationary for the purpose of IAS 29.

The accumulated inflation rates from January 1, 2024, to December 31, 2024, was 117.7% (2023 –211.4%).
v3.25.0.1
General information (Tables)
 12 Months Ended
Dec. 31, 2024
General Explanatory Information [Abstaract]  
Summary of being consolidated in these financial statements

The following entities are part of the Group and are being consolidated in these financial statements:

 

 

Place of business /
country of incorporation

 

Relationship

 

Principal
business activity

 

% of Ownership as of December 31,

Company

 

 

 

 

 

 

 

2024

 

2023

 

2022

VTEX (“VTEX”)

 

Cayman

 

Holding

 

Technology Services

 

 

 

 

 

 

VTEX Argentina S.A. (“VTEX ARG”)

 

Argentina

 

Subsidiary

 

Technology Services

 

100

 

100

 

100

VTEX Brasil Tecnologia para E-commerce LTDA. (“VTEX Brazil”)

 

Brazil

 

Subsidiary

 

Technology Services

 

100

 

100

 

100

VTEX Day Eventos LTDA (“VTEX DAY”)

 

Brazil

 

Subsidiary

 

Production of events

 

100

 

100

 

100

WENI Tecnologia da Informacao LTDA. (“WENI”) (i)

 

Brazil

 

Subsidiary

 

Technology Services

 

100

 

-

 

-

Loja Integrada Tecnologia Para Softwares S.A. (“Loja Integrada”)

 

Brazil

 

Subsidiary

 

Technology Services

 

97.58

 

98.68

 

99.58

VTEX Chile SPA (“VTEX CHI”)

 

Chile

 

Subsidiary

 

Subsidiary

 

100

 

100

 

100

VTEX Colombia Tecnologia para Ecommerce S.A.S. (“VTEX COL”)

 

Colombia

 

Subsidiary

 

Technology Services

 

100

 

100

 

100

VTEX Commerce Cloud Solutions LLC (“VTEX USA”)

 

USA

 

Subsidiary

 

Technology Services

 

100

 

100

 

100

OFFBounds Media LLC (“Offbounds”) (ii)

 

USA

 

Subsidiary

 

Technology Services

 

100

 

-

 

-

VTEX Ecommerce Platform Limited (“VTEX UK”)

 

UK

 

Subsidiary

 

Technology Services

 

100

 

100

 

100

VTEX Mexico Soluciones en Ecommerce S.R.L. de C.V. (“VTEX MEX”)

 

Mexico

 

Subsidiary

 

Technology Services

 

100

 

100

 

100

EICOM Business School S.A.P.I De C.V. (“Escuela”) (iii)

 

Mexico

 

Subsidiary

 

Technology Services

 

100

 

100

 

100

Peru Tecnologia para ECOMMERCE S.A.C. (“VTEX PERU”)

 

Peru

 

Subsidiary

 

Technology Services

 

100

 

100

 

100

VTEX Platform España, S.L. ("VTEX ESP")

 

Spain

 

Subsidiary

 

Technology Services

 

100

 

100

 

-

VTEX Ecommerce Platform Limited - Sede Secondaria (“VTEX ITA”)

 

Italy

 

Branch

 

Technology Services

 

100

 

100

 

100

VTEX Ecommerce Platform Limited London - Sucursala Bucuresti (“VTEX ROM”)

 

Romania

 

Branch

 

Technology Services

 

100

 

100

 

100

VTEX Ecommerce Platform Limited – Sucursal em Portugal (“VTEX PORT”)

 

Portugal

 

Branch

 

Technology Services

 

100

 

100

 

100

 

(i) In August 2024, VTEX completed the acquisition of Weni Tecnologia da Informacao LTDA., a Brazilian privately held company specializing in communication automation solutions and chatbots (Refer to Note 4). The incorporation of Weni into VTEX’s operations was concluded in January 2025.

(ii) In December 2024, VTEX created OFFBounds Media. As of December 31, 2024, the company is still non-operational.

(iii) The entity is dormant.
v3.25.0.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Significant Accounting Policies [Abstract]  
Summary of Revenue from External Customers by Geography

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Brazil

 

128,302

 

109,470

 

86,066

Latin America - except Brazil

 

73,597

 

70,302

 

55,770

Rest of the world

 

24,810

 

21,745

 

15,784

Total revenue by region

 

226,709

 

201,517

 

157,620

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Brazil

 

126,387

 

107,415

 

83,528

Latin America - except Brazil

 

71,804

 

68,305

 

54,519

Rest of the world

 

19,514

 

14,582

 

10,428

Subscription revenue

 

217,706

 

190,302

 

148,475

Services revenue

 

9,003

 

11,215

 

9,145

Total revenue

 

226,709

 

201,517

 

157,620
Summary of Total of Right-of-use Assets, Property and Equipment and Intangible Assets, Broken Down by Location of the Assets

 

 

December 31, 2024

 

December 31, 2023

Brazil

 

17,896

 

19,850

Latin America - except Brazil

 

603

 

304

Rest of the world

 

16,273

 

16,962

Total non-current assets by region

 

34,772

 

37,116

 
Summary of Depreciation is Calculated on a Straight-line, and the Assets

The depreciation is calculated on a straight-line, and the assets have the following useful lives:

 

Class of Property and equipment

 

Useful life

(years)

Machinery and equipment

 

10

Computers and peripherals

 

5

Furniture and fixtures

 

10

Leasehold improvements

 

2-10
v3.25.0.1
Business combinations (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items]  
Summary of Intangible Assets Acquired And Net Liabilities Assumed Based On Their Respective Estimated Fair Values

The table below represents the purchase price allocation to total identifiable intangible assets acquired and net liabilities assumed based on their respective estimated fair values.

Fair value of net tangible assets and liabilities:

 

Thousands of US$

Cash and cash equivalents

 

97

Trade receivables

 

1,525

Other current and non-current assets

 

73

Property and equipment

 

45

Accounts payable

 

(1,004)

Other current and non-current liabilities

 

(704)

Fair value of identifiable intangible assets (i)

 

1,115

Goodwill (ii)

 

2,906

Total consideration

 

4,053

(i) The intangible assets acquired comprises of:

Asset

Valuation Methodology

Estimated Fair Value in thousands of U.S. dollars

Estimated useful life in years

Customer relationship

With or without method

878

8.5

Software

Multi-Period Excess Earnings

237

5.9

(ii) The goodwill is attributable to the workforce and synergies of the acquired business. At the acquisition date, goodwill is not deductible for tax purposes. The Group has a plan to merge Weni into VTEX Brazil in 2025, therefore no deferred tax is recognized. According to Brazilian tax legislation, the expenses related to Goodwill and other intangibles acquired in a business combination are deductible for tax purposes only after the merger.
Schedule of Purchase Consideration Cash Outflow
b)
Purchase consideration cash outflow

Outflow of cash to acquire subsidiary, net of cash acquired

 

Thousands of US$

Cash consideration

 

3,016

Less: Balances acquired

 

 

Cash

 

(97)

Net outflow of cash – investing activities

 

2,919

 
Schedule of Accounts Payable from Acquisition of Subsidiaries
4.2.
Accounts payable from acquisition of subsidiaries

The breakdown of accounts payable from acquisition of subsidiaries is as follows:

 

 

December 31, 2024

Fixed installment - cash

 

29

Current

 

29

 

 

 

Fixed installment - cash

 

943

Non-current

 

943

 

 

 

Total

 

972
Schedule of Changes in Balance Payable from Acquisition of Subsidiaries

 

2024

 

2023

Opening balance on January 1

 

—

 

299

Addition due to acquisition - installments

 

4,053

 

—

Payments of principal/finance charges - installments

 

(3,016)

 

—

Earn-out adjustment

 

—

 

(299)

Accrued interest and others

 

29

 

—

Exchange differences

 

(94)

 

—

Closing balance on December 31

 

972

 

—
v3.25.0.1
Cash and cash equivalents (Tables)
 12 Months Ended
Dec. 31, 2024
Cash and cash equivalents [abstract]  
Summary of Cash and cash equivalents

The breakdown of cash and cash equivalents is as follows:

 

 

December 31, 2024

 

December 31, 2023

Cash and cash bank deposits

 

13,750

 

24,962

Time deposits, investment funds and others

 

4,923

 

3,073

Total

 

18,673

 

28,035
v3.25.0.1
Short and long-term investments (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure Of Short And Long Term Investments [Abstract]  
Summary of Short and long-term investments

 

December 31, 2024

 

December 31, 2023

Financial assets measured at fair value

 

163,205

 

95,293

Financial assets measured at amortized cost

 

42,579

 

88,081

Short and long-term investments

 

205,784

 

183,374

Current

 

196,135

 

181,374

Non-current (i)

 

9,649

 

2,000

 

(i)
Comprising ordinary shares of unlisted entities measured at fair value. The Group elected to recognize the changes in fair value of the existing instruments through profit or loss (“FVPL”). Refer to note 24.1(ii)a for additional details.
Summary of Financial investments measured by fair value

The following table shows the changes in the balances:

 

 

2024

 

2023

Opening balance on January 1

 

95,293

 

204,045

Additions

 

82,312

 

21,146

Redemption

 

(24,730)

 

(136,672)

Accrued dividend

 

757

 

46

Fair value gains (losses)

 

7,605

 

9,823

Reclassification

 

3,790

 

—

Exchange differences

 

(1,822)

 

(3,095)

Closing balance on December 31

 

163,205

 

95,293
Summary of Financial investments measured by amortized cost

The following table shows the changes in the balances:

 

 

2024

 

2023

Opening balance on January 1

 

88,081

 

10,119

Additions

 

51,359

 

114,296

Redemption

 

(96,185)

 

(34,528)

Accrued interest

 

12,720

 

21,605

Fair value gains (losses)

 

(1,535)

 

-

Reclassification

 

(3,790)

 

-

Exchange differences

 

(8,071)

 

(23,411)

Closing balance on December 31

 

42,579

 

88,081
v3.25.0.1
Trade receivables (Tables)
 12 Months Ended
Dec. 31, 2024
Trade and other current receivables [abstract]  
Summary of Trade and Other Receivables Explanatory

Details about the Group’s impairment policies, exposure to credit risk, and foreign currency risk are provided in note 24.

 

 

December 31, 2024

 

December 31, 2023

Trade receivables

 

64,855

 

52,446

Expected credit losses

 

(952)

 

(909)

Total trade receivables

 

63,903

 

51,537

Current

 

52,519

 

44,122

Non-current

 

11,384

 

7,415

 
Summary of Allowance for Credit Losses

The changes in expected credit losses for trade receivables are as follows:

 

 

2024

 

2023

 

2022

Opening balance on January 1

 

(909)

 

(808)

 

(1,147)

Addition, net

 

(1,082)

 

(1,472)

 

(852)

Addition from acquisition of subsidiaries

 

(31)

 

—

 

—

Write-off

 

912

 

1,352

 

1,114

Exchange differences

 

158

 

19

 

77

Closing balance on December 31

 

(952)

 

(909)

 

(808)
Summary of Trade Receivables by Maturity are Distributed

The trade receivables by maturity are distributed as follows:

 

 

December 31, 2024

 

December 31, 2023

Current

 

61,565

 

49,201

Overdue:

 

 

 

 

From 1 to 30 days

 

1,751

 

1,810

From 31 to 60 days

 

720

 

244

From 61 to 90 days

 

162

 

227

From 91 to 120 days

 

290

 

272

From 121 to 300 days

 

367

 

692

Total

 

64,855

 

52,446
v3.25.0.1
Recoverable taxes (Table)
 12 Months Ended
Dec. 31, 2024
Income tax  
Summary of Recoverable Taxes

The breakdown of recoverable taxes is as follows:

 

 

December 31, 2024

 

December 31, 2023

Recoverable income tax

 

2,585

 

1,832

Other recoverable taxes

 

9,106

 

9,121

Total

 

11,691

 

10,953

Current

 

10,327

 

6,499

Non-current

 

1,364

 

4,454
v3.25.0.1
Prepaid expenses (Tables)
 12 Months Ended
Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]  
Summary of Prepaid Expenses

The breakdown of prepaid expenses is as follows:

 

 

December 31, 2024

 

December 31, 2023

Personnel

 

703

 

822

Suppliers (i)

 

3,798

 

3,643

Others

 

685

 

833

Total

 

5,186

 

5,298

Current

 

5,120

 

5,143

Non-current

 

66

 

155

 

(i)
Refers mainly to advances payment to hosting and software suppliers.
v3.25.0.1
Current and deferred tax (Tables)
 12 Months Ended
Dec. 31, 2024
Notes and other explanatory information [abstract]  
Summary of Deferred Tax Assets
10.1.
Deferred tax assets

The balance comprises temporary differences attributable to:

 

 

December 31,
2024

 

December 31,
2023

Loss allowances for financial assets

 

303

 

339

Bonus provision

 

1,195

 

2,271

Lease

 

271

 

396

Share-based compensation (i)

 

2,282

 

3,064

Tax loss (ii)

 

10,382

 

11,916

Others (iii)

 

4,614

 

1,940

Total deferred tax assets

 

19,047

 

19,926

 

(i)
Mainly related to RSU amounts that are treated as temporary differences until the instrument is vested.
(ii)
Tax losses decreased in line with 2024 positive results, and the current balance is expected to be offset in the foreseeable future. Most of the amount is comprised by losses from our Brazil operations, where tax losses do not expire and the offset is capped at 30% of the taxable profit for each fiscal year, as per the applicable tax regulations.
(iii)
Most of the amounts appointed as others in the deferred tax assets reconciliation correspond to temporary differences mainly arising from operations carried out in Argentina and Mexico. It refers to provision for payment of suppliers, sales commission, unrealized foreign exchange variation and minor items whose deductibility timing differs from accounting rules as determined by local tax laws.

 

December 31,
2024

 

December 31,
2023

Acquisition of subsidiaries

 

852

 

1,136

Temporary differences

 

1,626

 

1,499

Others

 

—

 

33

Total deferred tax liabilities

 

2,478

 

2,668
Summary of Movement on Deferred Tax Assets

The movement on deferred tax assets balance is as follows:

 

Movements

 

Loss allowances for financial assets

 

Bonus provision

 

Lease

 

Share-based compensation

 

Tax Loss

 

Other

 

Total

At December 31, 2022

 

270

 

1,712

 

392

 

3,130

 

10,513

 

1,693

 

17,710

(Charged)/Credited to profit and loss (i)

 

69

 

559

 

4

 

(66)

 

1,403

 

247

 

2,216

At December 31, 2023

 

339

 

2,271

 

396

 

3,064

 

11,916

 

1,940

 

19,926

(Charged)/Credited to profit and loss (i)

 

(36)

 

(1,076)

 

(125)

 

(782)

 

(1,534)

 

2,674

 

(879)

At December 31, 2024

 

303

 

1,195

 

271

 

2,282

 

10,382

 

4,614

 

19,047

 

(i)
The differences between the amounts shown in the table above and the statements of profit or loss correspond to exchange rate variation.
Summary of Movement on Deferred Tax Liabilities

The movement on deferred tax liabilities balance is as follows:

 

Movements

 

Goodwill

 

Customer relationship

 

Intellectual property

 

Others

 

Total

At December 31, 2022

 

827

 

1,246

 

163

 

228

 

2,464

Charged/(Credited) to profit and loss

 

672

 

(219)

 

(54)

 

(195)

 

204

At December 31, 2023

 

1,499

 

1,027

 

109

 

33

 

2,668

Charged/(Credited) to profit and loss

 

127

 

(219)

 

(65)

 

(33)

 

(190)

At December 31, 2024

 

1,626

 

808

 

44

 

—

 

2,478

 

(i)
The impact of deferred tax liabilities due to acquisition of subsidiaries increases the goodwill on the acquisition date.
Summary of Income Tax Expense
10.3.
Income Tax expense

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Current tax

 

 

 

 

 

 

Current tax on profits for the year

 

(1,414)

 

(5,182)

 

(877)

 

(1,414)

 

(5,182)

 

(877)

Deferred income tax

 

 

 

 

 

 

Decrease in deferred tax

 

3,746

 

2,075

 

4,902

 

3,746

 

2,075

 

4,902

Income tax

 

2,332

 

(3,107)

 

4,025
Summary of Reconciliation of Benefit (Expenses) of Income Tax and Social Contribution
a)
Reconciliation of benefit (expenses) of income tax and social contribution

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Loss before income tax

 

9,663

 

(10,587)

 

(56,444)

Tax at the Brazilian tax rate of 34% (i)

 

(3,285)

 

3,561

 

19,191

Adjustments for the calculation of effective tax rate:

 

 

 

 

 

 

Technological innovation incentive law (Lei do bem) (ii)

 

3,927

 

2,257

 

—

Unrecognized deferred tax assets (iii)

 

(4,520)

 

(6,031)

 

(9,465)

Tax rate reconciliation (i)

 

4,258

 

(3,796)

 

(6,381)

Other net differences

 

1,952

 

902

 

680

Income tax and social contribution for the year

 

2,332

 

(3,107)

 

4,025

Effective rate - %

 

24.13%

 

29.35%

 

(7.13)%

 

(i)
The tax expense was determined based on the Brazilian corporate income tax (CIT) rate considering that, currently, the Group’s biggest operation is in Brazil. This table reconciles the expected income tax expense, computed by applying the combined Brazilian tax rate of 34%, to the actual income tax expense. The Group’s combined Brazilian tax rate includes the corporate income tax at a 25% rate and the social contribution on net profits at a 9% rate. Differences between local income tax rates to
the Brazilian income tax rate were allocated to “Tax rate reconciliation”. Apart from Brazil, the Group’s biggest operations are in Argentina, the US and Colombia, which CIT rates in 2024 were 35%, 21% and 35%, respectively.
(ii)
Benefit related to the deductibility of research and development (technological innovation) expenses at the amounts higher than booked from the income tax basis as provided for by Law No. 11.196/05 - known as Lei do Bem.
(iii)
Unrecognized deferred tax assets correspond to the tax benefit related to future utilization of net operating losses of certain operations, mainly the United States and the United Kingdom. In those cases, the deferred tax asset was not recognized due to the lack of expectation of utilization of such net operating losses in the foreseeable future. The balance of the accumulated net operating losses of the Group’s US operations totaled US$51,350 on December 31, 2024 and US$64,867 on December 31, 2023, or a total tax benefit of approximately US$10,783 and US$13,622, respectively, taking into account the current US corporate income tax rate of 21%. The balance of the accumulated net operating losses of the Group’s UK operation totaled US$74,100 on December 31, 2024 and US$69,902 on December 31, 2023, or a total tax benefit of approximately US$18,525 and US$17,475, respectively, taking into account the current UK corporate income tax rate of 25%.
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Presentation of leases for lessee [abstract]  
Summary of Quantitative Information about Right of Use Assets and Lease Liabilities

The balance sheet shows the following amounts related to leases:

 

 

December 31, 2024

 

December 31, 2023

Right-of-use assets

 

 

 

 

Office buildings

 

2,783

 

3,277

Total

 

2,783

 

3,277

 

 

December 31, 2024

 

December 31, 2023

Lease liabilities

 

 

 

 

Current

 

1,617

 

1,863

Non-current

 

1,695

 

2,233

Total

 

3,312

 

4,096
Summary of Reconciliation of Changes in Right of Use Assets and Lease Liabilities

The following table shows the changes in the right-of-use assets and lease liabilities:

 

 

2024

 

2023

Right-of-use assets

 

 

 

 

Opening balance on January 1

 

3,277

 

4,818

New lease agreements

 

252

 

85

Remeasurement

 

1,293

 

(105)

Depreciation

 

(1,496)

 

(1,500)

Write-off

 

—

 

(324)

Hyperinflation adjustment

 

7

 

8

Exchange differences

 

(550)

 

295

Closing balance on December 31

 

2,783

 

3,277

 

 

 

2024

 

2023

Lease liabilities

 

 

 

 

Opening balance on January 1

 

4,096

 

5,635

New lease agreements

 

252

 

85

Remeasurement

 

1,277

 

(336)

Interest added

 

371

 

574

Principal elements of lease payments

 

(1,615)

 

(1,574)

Interest payment

 

(369)

 

(573)

Write-off

 

—

 

(94)

Exchange differences

 

(700)

 

379

Closing balance on December 31

 

3,312

 

4,096
Summary of Detailed Information about Lease Amounts Reflected in Statement of Profit or Loss

The statement of profit or loss presents the following amounts related to leases:

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Depreciation charge of office buildings

 

1,496

 

1,500

 

1,347

Interest expense (included in financial expense)

 

371

 

574

 

671

Total

 

1,867

 

2,074

 

2,018
v3.25.0.1
Property and equipment, net (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about property, plant and equipment [abstract]  
Summary of Property Plant and Equipment

Details of property and equipment and changes in the Group’s property and equipment balances are presented below:

 

 

Leasehold
Improvements

 

Machinery and
equipment

 

Furniture and
fixture

 

Computers and
peripherals

 

Total

At December 31, 2022

 

1,431

 

151

 

408

 

1,919

 

3,909

Acquisitions

 

87

 

8

 

93

 

284

 

472

Adjustment of hyperinflation

 

—

 

—

 

1

 

143

 

144

Disposals/write-downs

 

(264)

 

(120)

 

(134)

 

(357)

 

(875)

Depreciation

 

(301)

 

(21)

 

(67)

 

(665)

 

(1,054)

Exchange differences

 

152

 

11

 

(13)

 

(49)

 

101

At December 31, 2023

 

1,105

 

29

 

288

 

1,275

 

2,697

Cost

 

2,560

 

43

 

606

 

3,192

 

6,401

Accumulated depreciation

 

(1,455)

 

(14)

 

(318)

 

(1,917)

 

(3,704)

Net book amount

 

1,105

 

29

 

288

 

1,275

 

2,697

Acquisitions

 

98

 

—

 

31

 

1,940

 

2,069

Acquisitions of subsidiaries

 

—

 

—

 

14

 

30

 

44

Adjustment of hyperinflation

 

—

 

—

 

—

 

32

 

32

Disposals/write-downs

 

(35)

 

—

 

(22)

 

(79)

 

(136)

Depreciation

 

(397)

 

(4)

 

(55)

 

(646)

 

(1,102)

Exchange differences

 

(182)

 

(6)

 

(51)

 

(366)

 

(605)

At December 31, 2024

 

589

 

19

 

205

 

2,186

 

2,999

Cost

 

2,039

 

34

 

505

 

4,295

 

6,873

Accumulated depreciation

 

(1,450)

 

(15)

 

(300)

 

(2,109)

 

(3,874)

Net book amount

 

589

 

19

 

205

 

2,186

 

2,999
v3.25.0.1
Intangible assets, net (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract]  
Summary of Reconciliation of Changes in Intangible Assets and Goodwill

Details of intangible assets and changes in the Group’s intangible assets balances are presented below:

 

 

Software

 

Trademark

 

Intellectual
Property

 

Customer
relationship

 

Goodwill

 

Others

 

Total

At December 31, 2022

 

1,438

 

184

 

1,705

 

6,529

 

20,965

 

389

 

31,210

Amortization

 

(424)

 

(23)

 

(691)

 

(1,181)

 

—

 

(96)

 

(2,415)

Exchange differences

 

111

 

15

 

155

 

49

 

867

 

32

 

1,229

At December 31, 2023

 

1,125

 

176

 

1,169

 

5,397

 

21,832

 

325

 

30,024

Cost

 

4,649

 

238

 

2,962

 

9,490

 

21,832

 

566

 

39,737

Accumulated amortization

 

(3,524)

 

(62)

 

(1,793)

 

(4,093)

 

—

 

(241)

 

(9,713)

Net book amount

 

1,125

 

176

 

1,169

 

5,397

 

21,832

 

325

 

30,024

Acquisitions of subsidiaries

 

237

 

—

 

—

 

878

 

2,906

 

—

 

4,021

Amortization

 

(271)

 

(21)

 

(187)

 

(1,191)

 

—

 

(90)

 

(1,760)

Exchange differences

 

(226)

 

(35)

 

(227)

 

(179)

 

(2,570)

 

(58)

 

(3,295)

At December 31, 2024

 

865

 

120

 

755

 

4,905

 

22,168

 

177

 

28,990

Cost

 

3,929

 

186

 

2,351

 

10,028

 

22,168

 

444

 

39,106

Accumulated amortization

 

(3,064)

 

(66)

 

(1,596)

 

(5,123)

 

—

 

(267)

 

(10,116)

Net book amount

 

865

 

120

 

755

 

4,905

 

22,168

 

177

 

28,990
v3.25.0.1
Accounts payable and accrued expenses (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure Of Accounts Payable And Accrued Expenses [Abstract]  
Summary of Accounts Payable and Accrued Liabilities

The breakdown of accounts payable and accrued expenses is as follows:

 

 

December 31, 2024

 

December 31, 2023

Trade payables

 

15,839

 

14,829

Social charges

 

5,762

 

7,428

Profit-sharing

 

10,643

 

13,147

Provision for vacation and benefits

 

6,378

 

5,935

Others

 

480

 

21

Total

 

39,102

 

41,360

Current

 

36,951

 

39,728

Non-current

 

2,151

 

1,632
v3.25.0.1
Taxes payable (Tables)
 12 Months Ended
Dec. 31, 2024
Tax payable [abstract]  
Summary of tax payable

The breakdown of taxes payable is as follows:

 

 

December 31, 2024

 

December 31, 2023

Income tax payable

 

1,411

 

2,147

Other taxes payable

 

6,612

 

6,072

Total

 

8,023

 

8,219

Current

 

7,863

 

8,219

Non-current

 

160

 

—
v3.25.0.1
Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of contingent liabilities [abstract]  
Summary of Contingencies

The breakdown of existing contingencies classified as probable by the Group, based on the evaluation of its legal advisors, which are recognized as a liability, is as follows:

 

 

December 31, 2024

 

December 31, 2023

Civil

 

56

 

48

Labor

 

14

 

10

Tax

 

182

 

170

Total

 

252

 

228

 

The breakdown of existing contingencies classified as possible by the Group, based on the evaluation of its legal advisors, for which no provision was recognized, is as follows:

 

 

December 31, 2024

 

December 31, 2023

Civil

 

135

 

114

Labor

 

156

 

176

Tax

 

1,011

 

1,067

Total

 

1,302

 

1,357

 

On October 9, 2020, Mirakl, Incorporated, a competitor in the ecommerce SaaS market, filed a complaint for unspecified damages and preliminary and permanent injunctive relief in the United States District Court for the District of Massachusetts against our subsidiary VTEX Commerce Cloud Solutions LLC, or VTEX U.S., and certain of its employees that were formerly employed by the plaintiff.

In July 2024, the parties entered into a confidential settlement agreement, resulting in the dismissal with prejudice of all pending claims and counterclaims. All obligations under the agreement were fully satisfied by January 2025.
v3.25.0.1
Shareholders' equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [abstract]  
Summary of Share Capital

The total share capital is as follows:

 

 

December 31, 2024

 

December 31, 2023

Number of ordinary nominative shares

 

184,813,974

 

184,027,008

Par value

 

0.0001

 

0.0001

Total issued capital

 

18

 

18
v3.25.0.1
Revenue from services provided (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of Detailed Information about Contract Assets and Contract Liabilities [Abstract]  
Summary of Disaggregation of revenue by Major Product Lines

The Group revenue derives mainly from the transfer of services rendered and fees charged as services are provided, therefore, mostly recognized over time. Disaggregation of revenue by major product lines are as follows:

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Subscriptions

 

239,793

 

208,777

 

162,132

Taxes on subscriptions

 

(22,087)

 

(18,475)

 

(13,657)

Subscription revenue

 

217,706

 

190,302

 

148,475

Services provided

 

9,541

 

11,762

 

9,799

Taxes on services

 

(538)

 

(547)

 

(654)

Services revenue

 

9,003

 

11,215

 

9,145

Total revenue

 

226,709

 

201,517

 

157,620
Summary of Contract Assets and Deferred Revenue Related to Contracts with Customers

The Group has recognized the following contract assets and deferred revenue related to contracts with customers:

 

 

December 31,
2024

 

December 31,
2023

Current contract assets relating to subscription

 

44,722

 

30,077

Current contract assets relating to services

 

910

 

1,975

Loss allowance

 

(134)

 

(120)

Total contract assets

 

45,498

 

31,932

 

 

 

 

 

Current

 

34,114

 

24,517

Non-current

 

11,384

 

7,415

Deferred revenue - subscription

 

53,924

 

40,671

Deferred revenue - services

 

814

 

1,861

Total deferred revenue

 

54,738

 

42,532

Current

 

32,521

 

25,948

Non-current

 

22,217

 

16,584
v3.25.0.1
Costs and expenses (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of Detailed Information about Operating Costs and Expenses By Nature [Abstract]  
Summary of Operating Costs And Expenses By Nature

The operating costs and expenses by nature are as follows:

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Personnel (i)

 

121,560

 

125,976

 

122,988

IT Outsourcing, software and hosting expenses

 

40,905

 

40,000

 

40,229

Marketing and events

 

8,446

 

4,351

 

8,720

Outsourced services

 

20,033

 

23,175

 

20,204

Traveling

 

7,703

 

6,153

 

4,223

Depreciation and amortization

 

4,363

 

5,018

 

4,616

Facilities

 

3,628

 

3,228

 

2,906

Expected credit losses

 

1,082

 

1,472

 

852

Others

 

8,886

 

6,746

 

2,801

Total

 

216,606

 

216,119

 

207,539

Subscription cost

 

47,648

 

45,420

 

41,408

Services cost

 

11,770

 

15,529

 

11,424

General and administrative

 

34,431

 

33,673

 

28,348

Sales and marketing

 

67,862

 

59,461

 

67,798

Research and development

 

53,620

 

60,116

 

57,205

Other losses

 

1,275

 

1,920

 

1,356

Total

 

216,606

 

216,119

 

207,539

 

(i)
This amount refers to personnel compensation (such as wages and benefits) and share-based compensation (refer to note 23 for additional details on share-based compensation).
v3.25.0.1
Related party transactions (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of transactions between related parties [abstract]  
Summary of Key Management Personnel Compensation

Remuneration paid or payable to key management personnel of VTEX for services rendered is as follows:

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Total short-term remuneration of key management personnel

 

3,016

 

3,194

 

3,107

Share-based compensation

 

7,675

 

6,895

 

5,116

Total

 

10,691

 

10,089

 

8,223
v3.25.0.1
Financial result, net (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure Of Detailed Information About Finance Income Cost [Abstract]  
Summary of Financial Result Net

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Interest and dividend earned on bank deposits and financial investments

 

14,168

 

23,757

 

2,252

Foreign exchange gains

 

7,422

 

6,517

 

7,321

Gains from fair value of financial instruments (i)

 

160

 

4,476

 

4,822

Gains from short and long-term investments

 

10,425

 

11,427

 

9,079

Other financial income

 

967

 

197

 

296

Financial income

 

33,142

 

46,374

 

23,770

Foreign exchange losses

 

(16,685)

 

(16,891)

 

(8,505)

Losses from fair value of financial instruments (i)

 

(4,206)

 

(3,960)

 

(2,458)

Interest on loans

 

—

 

(4)

 

(62)

Interest on lease liabilities

 

(371)

 

(574)

 

(671)

Losses from short and long-term investments

 

(4,355)

 

(1,604)

 

(13,845)

Adjustment of hyperinflation

 

(6,908)

 

(19,369)

 

(5,175)

Other financial expenses

 

(1,059)

 

(965)

 

(685)

Financial expense

 

(33,584)

 

(43,367)

 

(31,401)

Financial result, net

 

(442)

 

3,007

 

(7,631)

 

(i)
Refers to gain and losses on change in the fair value of derivative financial instruments and earn-out. Refer to note 24.1(ii).
v3.25.0.1
Earnings (Loss) per share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings per share [abstract]  
Summary of earnings (loss) per share

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Net income (loss) attributable to the controlling shareholders of the Group

 

11,998

 

(13,687)

 

(52,419)

Weighted average number of outstanding common shares (thousands)

 

185,044

 

186,365

 

190,695

Basic earnings (loss) per share

 

0.065

 

(0.073)

 

(0.275)

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Net income (loss) attributable to the controlling shareholders of the Group

 

11,998

 

(13,687)

 

(52,419)

Weighted average number of outstanding common and dilutive shares (thousands)

 

192,334

 

186,365

 

190,695

Diluted earnings (loss) per share

 

0.062

 

(0.073)

 

(0.275)
v3.25.0.1
Share-based compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Statements [Line Items]  
Summary of Options Granted Under The Plan

Set out below are summaries of options granted under the plans:

 

 

Number of
options
(thousands)

 

Weighted
average
exercise price

 

Remaining
contractual
terms in years

 

Weighted
average grant
date fair value

At December 31, 2021

 

8,809

 

4.78

 

5.37

 

1.58

Granted

 

3,910

 

4.39

 

—

 

1.98

Forfeit

 

(2,508)

 

7.22

 

—

 

3.19

Exercised (i)

 

(497)

 

1.14

 

—

 

0.46

At December 31, 2022

 

9,714

 

4.18

 

4.37

 

1.41

Granted

 

1,653

 

4.87

 

—

 

2.42

Forfeit

 

(513)

 

6.44

 

—

 

3.72

Exercised (i)

 

(958)

 

1.02

 

—

 

0.52

At December 31, 2023

 

9,896

 

4.17

 

3.86

 

1.44

Granted

 

901

 

6.83

 

—

 

3.22

Forfeit

 

(404)

 

4.51

 

—

 

1.29

Exercised (i)

 

(1,278)

 

3.04

 

—

 

0.54

At December 31, 2024

 

9,115

 

4.55

 

3.02

 

1.74

Stock options exercisable as of December 31, 2024

 

5,706

 

4.50

 

2.69

 

1.32

 

(i)
The number of stock options withheld for tax purposes was 186 thousand shares (38 thousand shares in 2023 and 79 thousand shares in 2022).
Summary of Restricted Stock Units Granted Under The Plan

The following table summarizes the RSU granted under the plan:

 

 

Number of
RSUs
(thousands)

 

Weighted
average grant
date fair value

At December 31, 2021

 

3,001

 

7.70

Granted

 

2,354

 

5.94

Forfeit

 

(940)

 

7.91

Settled (i)

 

(906)

 

5.86

At December 31, 2022

 

3,509

 

6.94

Granted

 

2,588

 

4.90

Forfeit

 

(284)

 

6.61

Settled (i)

 

(2,094)

 

5.57

At December 31, 2023

 

3,720

 

6.32

Granted

 

2,511

 

6.75

Forfeit

 

(489)

 

6.58

Settled (i)

 

(1,902)

 

6.05

At December 31, 2024

 

3,840

 

6.70

 

(i)
The number of RSUs withheld for tax purposes was 417.3 thousand shares (603.2 thousand shares in 2023 and 234.1 thousand shares in 2022).
Summary of Classification of Stock-based Compensation in Consolidated Statements

The following table illustrates the classification of share-based compensation in the consolidated statements of profit and loss which includes both share-based compensation of VTEX and Loja Integrada, which includes social charges and taxes:

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Subscription cost

 

(200)

 

(205)

 

(502)

Services cost

 

(524)

 

(464)

 

(156)

General and administrative

 

(8,371)

 

(7,254)

 

(4,366)

Sales and marketing

 

(3,992)

 

(4,382)

 

(2,885)

Research and development

 

(3,884)

 

(7,380)

 

(4,844)

Total

 

(16,971)

 

(19,685)

 

(12,753)
Loja Integrada Share Based Compensation Plan [Member]  
Statements [Line Items]  
Summary of Options Granted Under The Plan

Set out below are summaries of options granted under the plan:

 

 

Number of
options
(thousands)

 

Weighted
average
exercise price

 

Remaining
contractual
terms in years

 

Weighted
average grant
date fair value

At December 31, 2021

 

23.57

 

12.37

 

6.35

 

5.47

Granted

 

—

 

—

 

—

 

—

Forfeit

 

(15.15)

 

12.78

 

—

 

5.82

Exercised

 

—

 

—

 

—

 

—

At December 31, 2022

 

8.42

 

13.48

 

5.35

 

5.66

Granted

 

—

 

—

 

—

 

—

Forfeit

 

—

 

—

 

—

 

—

Exercised

 

—

 

—

 

—

 

—

At December 31, 2023

 

8.42

 

14.81

 

4.35

 

6.17

Granted

 

—

 

—

 

—

 

—

Forfeit

 

(8.42)

 

13.08

 

—

 

5.49

Exercised

 

—

 

—

 

—

 

—

At December 31, 2024

 

—

 

—

 

—

 

—

Stock options exercisable as of December 31, 2024

 

—

 

—

 

—

 

—
Summary of Restricted Stock Units Granted Under The Plan

The following table summarizes the RSU granted under the plan:

 

 

Number of
RSUs
(thousands)

 

Weighted
average grant
date fair value

At December 31, 2021

 

83.03

 

11.22

Granted

 

327.27

 

6.54

Forfeit

 

(76.24)

 

10.70

Settled (i)

 

(48.78)

 

9.69

At December 31, 2022

 

285.28

 

6.42

Granted

 

115.00

 

5.10

Forfeit

 

(82.25)

 

5.50

Settled (i)

 

(77.15)

 

7.17

At December 31, 2023

 

240.89

 

6.49

Granted

 

47.03

 

4.11

Forfeit

 

(0.50)

 

7.51

Settled (i)

 

(98.52)

 

5.17

At December 31, 2024

 

188.90

 

5.51

 

(i)
The number of RSUs withheld for tax purposes was 10.9 thousand shares (3.7 thousand shares in 2023).
v3.25.0.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract]  
Summary of The Group Financial Instruments Valued At Amortized Cost

The Group has the following financial instruments valued at amortized cost:

 

 

December 31, 2024

 

December 31, 2023

Financial assets:

 

 

 

 

Cash and cash equivalents

 

18,673

 

28,035

Short-term investments

 

42,579

 

88,081

Trade receivables

 

63,903

 

51,537

Total

 

125,155

 

167,653

Financial liabilities:

 

 

 

 

Trade payables

 

15,839

 

14,829

Lease liabilities

 

3,312

 

4,096

Accounts payable from acquisition of subsidiaries

 

972

 

—

Total

 

20,123

 

18,925
Summary of The Group Financial Instruments Valued At Fair Value Through Profit Or Loss

The Group has the following financial instruments valued at fair value through profit or loss:

 

 

Carrying amount

 

December 31, 2024

 

December 31, 2023

Financial assets:

 

 

 

 

Short and long-term investments

 

163,205

 

95,293

Derivative financial instruments

 

-

 

53

Total

 

163,205

 

95,346
Summary of The Amounts Were Recognized In Profit Or Loss In Relation To Financial Instruments

The following amounts were recognized in profit or loss in relation to financial instruments:

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Net gain (loss) on financial instruments

 

(4,046)

 

516

 

2,364

 

The following amounts were recognized in profit or loss in relation to short and long-term investments:

 

 

December 31,
2024

 

December 31,
2023

 

December 31,
2022

Net gain (loss) on short and long-term investments

 

7,605

 

9,823

 

(4,766)
Summary of An Explanation of Each Level An explanation of each level is presented underneath the table.

 

 

December 31, 2024

 

Level 1

 

Level 2

 

Level 3

Assets

 

 

 

 

 

 

Short-term investments

 

153,556

 

—

 

—

Long-term investments

 

—

 

—

 

9,649

 

 

December 31, 2023

 

Level 1

 

Level 2

 

Level 3

Assets

 

 

 

 

 

 

Short-term investments

 

93,293

 

—

 

—

Long-term investments

 

—

 

—

 

2,000

Derivative financial instruments

 

—

 

53

 

—
Summary of The Presents Changes In Level 3 Items

The following table presents the changes in level 3 items for the year ended on December 31, 2024 and 2023:

 

 

Investment in
unquoted
company

 

Contingent
consideration

At January 1, 2023

 

—

 

299

Earn-out adjustment

 

—

 

(299)

Additions

 

2,000

 

—

At December 31, 2023

 

2,000

 

—

Additions

 

6,024

 

—

Fair value adjustments

 

1,625

 

—

At December 31, 2024

 

9,649

 

—
Summary of Differences Were Identified For The Instruments Differences were identified for the following instruments at December 31, 2024:

 

 

December 31, 2024

 

December 31, 2023

 

Carrying
amount

 

Fair value

 

Carrying
amount

 

Fair value

Financial assets:

 

 

 

 

 

 

 

 

Short-term investments

 

9,275

 

7,483

 

20,872

 

21,443

Total

 

9,275

 

7,483

 

20,872

 

21,443
Summary of The Percentage Provision Per Type of Customer Or Revenue And Age of Balance

As of December 31, 2024 and 2023 the percentage provision per type of customer/revenue and age of balance are as follows:

 

 

Days past due

 

As of December 31, 2024

 

Current

 

More
than 30

 

More
than 60

 

More
than 120

 

More
than 180

 

More
than 270

 

More
than 300

Tier 1

 

0.09%

 

1.16%

 

3.25%

 

14.39%

 

41.24%

 

94.11%

 

100.00%

Tier 2

 

0.48%

 

16.88%

 

39.60%

 

70.98%

 

86.48%

 

96.12%

 

100.00%

Tier 3

 

1.22%

 

23.03%

 

41.88%

 

71.39%

 

86.46%

 

99.24%

 

100.00%

Others

 

1.91%

 

13.35%

 

26.71%

 

61.69%

 

78.15%

 

98.90%

 

100.00%

 

 

Days past due

 

As of December 31, 2023

 

Current

 

More
than 30

 

More
than 60

 

More
than 120

 

More
than 180

 

More
than 270

 

More
than 300

Tier 1

 

0.17%

 

1.49%

 

3.67%

 

14.72%

 

38.49%

 

85.78%

 

100.00%

Tier 2

 

0.45%

 

11.90%

 

27.72%

 

63.56%

 

83.38%

 

94.20%

 

100.00%

Tier 3

 

1.27%

 

23.08%

 

38.67%

 

65.30%

 

81.19%

 

98.04%

 

100.00%

Others

 

1.24%

 

8.26%

 

15.17%

 

49.70%

 

74.63%

 

98.90%

 

100.00%
Summary of The Amounts Disclosed In The Table Are The Contractual Undiscounted Cash Flows

The table below presents the Group's non-derivative and derivatives financial liabilities divided into the relevant maturity group based on the remaining period from the end of the reporting period and the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

 

 

Less than 1
year

 

Between 1
and 2 years

 

More than 2
years

December 31, 2024

 

 

 

 

 

 

Non-derivatives

 

 

 

 

 

 

Trade payables

 

15,839

 

—

 

—

Lease liabilities

 

1,617

 

1,307

 

611

Accounts payable from acquisition of subsidiaries

 

29

 

—

 

1,068

Total non-derivatives

 

17,485

 

1,307

 

1,679

 

 

 

Less than 1
year

 

Between 1
and 2 years

 

More than 2
years

December 31, 2023

 

 

 

 

 

 

Non-derivatives

 

 

 

 

 

 

Trade payables

 

14,829

 

—

 

—

Lease liabilities

 

1,863

 

1,408

 

1,123

Total non-derivatives

 

16,692

 

1,408

 

1,123
Summary of The Impact On The Group's Net Revenues, Costs, Operation Expenses, Net Income (Loss) From Operation

The table below shows the impact on the Group’s net revenues, costs, operation expenses, net income (loss) from operation and equity for a positive and a negative 10% fluctuation as of December 31, 2024 for all subsidiaries with a functional currency other than U.S dollar.

 

 

Foreign currency sensitivity analysis

 

-10%

 

Actual

 

+10%

Net revenue

 

205,596

 

226,709

 

247,822

Costs and operating expenses

 

(197,328)

 

(216,606)

 

(235,884)

Income (loss) from operation

 

8,268

 

10,103

 

11,938

Total Shareholders’ equity

 

253,966

 

255,801

 

257,636
Summary of Foreign Exchange Risk On Financial Instruments

A sensitivity analysis is set out below, showing a scenario for foreign exchange risk on financial instruments, computed based on external data along with stressed scenarios (a range of 10% in the foreign exchange rates).

 

 

Exposure at
December 31,
2024

 

Risk

 

-10%

 

10%

Assets

 

3,281

 

Brazilian Real /U.S. Dollar

 

328

 

(328)

Liabilities

 

(3,204)

 

(2024 – 6.19 2023 – 4.85)

 

(320)

 

320

 

77

 

 

 

8

 

(8)

Assets

 

104

 

Argentine Peso/U.S. Dollar

 

10

 

(10)

Liabilities

 

(801)

 

(2024 – 1,030.88 2023 – 808.47)

 

(80)

 

80

 

(697)

 

 

 

(70)

 

70

Assets

 

536

 

Mexican Peso/U.S. Dollar

 

54

 

(54)

Liabilities

 

-

 

(2024 – 20.79 2023 – 16.93)

 

-

 

-

 

536

 

 

 

54

 

(54)

Assets

 

8,452

 

British Pounds/U.S. Dollar

 

845

 

(845)

Liabilities

 

(3,152)

 

(2024 – 0.80 2023 – 0.79)

 

(315)

 

315

 

5,300

 

 

 

530

 

(530)

Assets

 

102

 

Colombian Peso/U.S. Dollar

 

10

 

(10)

Liabilities

 

—

 

(2024 – 4,407.58 2023 – 3,873.55)

 

—

 

—

 

102

 

 

 

10

 

(10)

Assets

 

679

 

Peruvian sol/U.S. Dollar

 

68

 

(68)

Liabilities

 

-

 

(2024 – 3.76 2023 – 3.71)

 

-

 

-

 

679

 

 

 

68

 

(68)

Assets

 

292

 

Chilean Peso/U.S. Dollar

 

29

 

(29)

Liabilities

 

(1)

 

(2024 – 994.29 2023 – 878.87)

 

-

 

-

 

291

 

 

 

29

 

(29)

Total at December 31, 2024

 

6,288

 

 

 

629

 

(629)

 

 

Exposure at
December 31,
2023

 

Risk

 

-10%

 

10%

Assets

 

16,226

 

Brazilian Real /U.S. Dollar

 

1,623

 

(1,623)

Liabilities

 

(3,284)

 

(2023 – 4.85 2022 – 5.29)

 

(328)

 

328

 

12,942

 

 

 

1,294

 

(1,294)

Assets

 

1,763

 

Argentine Peso/U.S. Dollar

 

176

 

(176)

Liabilities

 

(52)

 

(2023 – 808.47 2022 – 177.10)

 

(5)

 

5

 

1,711

 

 

 

171

 

(171)

Assets

 

211

 

Mexican Peso/U.S. Dollar

 

21

 

(21)

Liabilities

 

—

 

(2023 – 16.93 2022 – 19.48)

 

—

 

—

 

211

 

 

 

21

 

(21)

Assets

 

11,421

 

British Pounds/U.S. Dollar

 

1,142

 

(1,142)

Liabilities

 

(11,962)

 

(2023 – 0.79 2022 – 0.83)

 

(1,196)

 

1,196

 

(541)

 

 

 

54

 

54

Assets

 

558

 

Colombian Peso/U.S. Dollar

 

56

 

(56)

Liabilities

 

—

 

(2023 – 3,873.55 2022 – 4,846.04)

 

—

 

—

 

558

 

 

 

56

 

(56)

Assets

 

1,078

 

Peruvian sol/U.S. Dollar

 

108

 

(108)

Liabilities

 

(759)

 

(2023 – 3.71 2022 – 3.81)

 

(76)

 

76

 

319

 

 

 

32

 

32

Assets

 

912

 

Chilean Peso/U.S. Dollar

 

91

 

(91)

Liabilities

 

—

 

(2023 – 878.87 2022 – 852.17)

 

—

 

—

 

912

 

 

 

91

 

(91)

Total at December 31, 2023

 

16,112

 

 

 

1,611

 

(1,611)
Summary of The Group's Strategy To Keep Positive Net Cash

The Group’s strategy is to keep positive adjusted net cash. The adjusted net cash as of December 31, 2024 and 2023 was as follows:

 

 

December 31, 2024

 

December 31, 2023

Lease liabilities

 

3,312

 

4,096

Accounts payable from acquisition of subsidiaries

 

972

 

—

(-) Cash and cash equivalent

 

(18,673)

 

(28,035)

(-) Short and long-term investments

 

(205,784)

 

(183,374)

Adjusted net cash

 

(220,173)

 

(207,313)

Total Equity attributable to VTEX’s shareholders

 

255,745

 

240,293

Financial leverage ratio

 

86.09%

 

86.28%

 
v3.25.0.1
Loans and financing (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about borrowings [abstract]  
Summary of Changes in Loans and Financing

As of December 31, 2024, the Group did not have outstanding loans payable. The following table shows the changes in loans for the years ended December 31, 2024 and 2023:

 

2024

 

2023

Opening balance on January 1

 

—

 

1,153

Loans from acquisition of subsidiaries

 

71

 

—

Payment of loans

 

(71)

 

(1,238)

Interest charged

 

—

 

4

Interest paid

 

—

 

(5)

Basis adjustment on the fair value hedge

 

—

 

42

Exchange differences

 

—

 

44

Closing balance on December 31

 

—

 

—
v3.25.0.1
General information - Summary of Being Consolidated in these Financial Statements (Detail)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Parent [member] | VTEX ("VTEX") [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Company VTEX (“VTEX”)    
Place of business/ country of incorporation Cayman    
Relationship Holding    
Principal business activity Technology Services    
Subsidiaries [member] | VTEX Argentina S A VTEX ARG [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Company VTEX Argentina S.A. (“VTEX ARG”)    
Place of business/ country of incorporation Argentina    
Relationship Subsidiary    
Principal business activity Technology Services    
% of Ownership 100.00% 100.00% 100.00%
Subsidiaries [member] | VTEX Brasil Tecnologia para E-commerce LTDA. ("VTEX Brazil") [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Company VTEX Brasil Tecnologia para E-commerce LTDA. (“VTEX Brazil”)    
Place of business/ country of incorporation Brazil    
Relationship Subsidiary    
Principal business activity Technology Services    
% of Ownership 100.00% 100.00% 100.00%
Subsidiaries [member] | VTEX Day Eventos LTDA ("VTEX DAY") [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Company VTEX Day Eventos LTDA (“VTEX DAY”)    
Place of business/ country of incorporation Brazil    
Relationship Subsidiary    
Principal business activity Production of events    
% of Ownership 100.00% 100.00%  
Subsidiaries [member] | WENI Tecnologia da Informacao LTDA. ('WENI") [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Company WENI Tecnologia da Informacao LTDA. (“WENI”)    
Place of business/ country of incorporation [1] Brazil    
Relationship [1] Subsidiary    
Principal business activity [1] Technology Services    
% of Ownership [1] 100.00% 0.00% 0.00%
Subsidiaries [member] | VTEX Colombia Tecnologia para Ecommerce S.A.S. ("VTEX COL") [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Company VTEX Colombia Tecnologia para Ecommerce S.A.S. (“VTEX COL”)    
Place of business/ country of incorporation Colombia    
Relationship Subsidiary    
Principal business activity Technology Services    
% of Ownership 100.00% 100.00% 100.00%
Subsidiaries [member] | Loja Integrada Tecnologia Para Softwares S.A. ("Loja Integrada") [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Company Loja Integrada Tecnologia Para Softwares S.A. (“Loja Integrada”)    
Place of business/ country of incorporation Brazil    
Relationship Subsidiary    
Principal business activity Technology Services    
% of Ownership 97.58% 98.68% 99.58%
Subsidiaries [member] | VTEX Chile SPA ("VTEX CHI") [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Company VTEX Chile SPA (“VTEX CHI”)    
Place of business/ country of incorporation Chile    
Relationship Subsidiary    
Principal business activity Subsidiary    
% of Ownership 100.00% 100.00% 100.00%
Subsidiaries [member] | VTEX Commerce Cloud Solutions LLC ("VTEX USA") [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Company VTEX Commerce Cloud Solutions LLC (“VTEX USA”)    
Place of business/ country of incorporation USA    
Relationship Subsidiary    
Principal business activity Technology Services    
% of Ownership 100.00% 100.00% 100.00%
Subsidiaries [member] | OFFBounds Media LLC ("Offbounds") [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Company OFFBounds Media LLC (“Offbounds”)    
Place of business/ country of incorporation [2] USA    
Relationship [2] Subsidiary    
Principal business activity [2] Technology Services    
% of Ownership [2] 100.00% 0.00% 0.00%
Subsidiaries [member] | VTEX Ecommerce Platform Limited ("VTEX UK") [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Company VTEX Ecommerce Platform Limited (“VTEX UK”)    
Place of business/ country of incorporation UK    
Relationship Subsidiary    
Principal business activity Technology Services    
% of Ownership 100.00% 100.00% 100.00%
Subsidiaries [member] | VTEX Mexico Soluciones en Ecommerce S.R.L. de C.V. ("VTEX MEX") [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Company VTEX Mexico Soluciones en Ecommerce S.R.L. de C.V. (“VTEX MEX”)    
Place of business/ country of incorporation Mexico    
Relationship Subsidiary    
Principal business activity Technology Services    
% of Ownership 100.00% 100.00% 100.00%
Subsidiaries [member] | EICOM Business School S.A.P.I De C.V. ("Escuela") [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Company EICOM Business School S.A.P.I De C.V. (“Escuela”)    
Place of business/ country of incorporation [3] Mexico    
Relationship [3] Subsidiary    
Principal business activity [3] Technology Services    
% of Ownership [3] 100.00% 100.00% 100.00%
Subsidiaries [member] | Peru Tecnologia para ECOMMERCE S.A.C. ("VTEX PERU") [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Company Peru Tecnologia para ECOMMERCE S.A.C. (“VTEX PERU”)    
Place of business/ country of incorporation Peru    
Relationship Subsidiary    
Principal business activity Technology Services    
% of Ownership 100.00% 100.00% 100.00%
Subsidiaries [member] | VTEX Platform España, S.L. ("VTEX ESP") [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Company VTEX Platform España, S.L. ("VTEX ESP")    
Place of business/ country of incorporation Spain    
Relationship Subsidiary    
Principal business activity Technology Services    
% of Ownership 100.00% 100.00% 0.00%
Branch [Member] | VTEX Ecommerce Platform Limited - Sede Secondaria ("VTEX ITA") [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Place of business/ country of incorporation Italy    
Relationship Branch    
Company VTEX Ecommerce Platform Limited - Sede Secondaria (“VTEX ITA”)    
Principal business activity Technology Services    
% of Ownership 100.00% 100.00% 100.00%
Branch [Member] | VTEX Ecommerce Platform Limited London - Sucursala Bucuresti ("VTEX ROM") [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Place of business/ country of incorporation Romania    
Relationship Branch    
Company VTEX Ecommerce Platform Limited London - Sucursala Bucuresti (“VTEX ROM”)    
Principal business activity Technology Services    
% of Ownership 100.00% 100.00% 100.00%
Branch [Member] | VTEX Ecommerce Platform Limited – Sucursal em Portugal ("VTEX PORT") [Member]      
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]      
Place of business/ country of incorporation Portugal    
Relationship Branch    
Company VTEX Ecommerce Platform Limited – Sucursal em Portugal (“VTEX PORT”)    
Principal business activity Technology Services    
% of Ownership 100.00% 100.00% 100.00%
[1] In August 2024, VTEX completed the acquisition of Weni Tecnologia da Informacao LTDA., a Brazilian privately held company specializing in communication automation solutions and chatbots (Refer to Note 4). The incorporation of Weni into VTEX’s operations was concluded in January 2025.
[2] In December 2024, VTEX created OFFBounds Media. As of December 31, 2024, the company is still non-operational.
[3] The entity is dormant.
v3.25.0.1
General information - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2024
VT Comercio [Member]  
Disclosure Of Entities That Are Part Of The Group And Are Being Consolidated In The Financial Statements [Line Items]  
Proportion of voting rights held in joint venture 50.00%
v3.25.0.1
Significant Accounting Policies - Summary of Revenue from External Customers by Geography (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disclosure of geographical areas [line items]      
Revenue $ 226,709 $ 201,517 $ 157,620
Reportable Segments [member] | Operating Segments [member]      
Disclosure of geographical areas [line items]      
Revenue 226,709 201,517 157,620
Brazil [member] | Reportable Segments [member] | Operating Segments [member]      
Disclosure of geographical areas [line items]      
Revenue 128,302 109,470 86,066
Latin America - Except Brazil [member] | Reportable Segments [member] | Operating Segments [member]      
Disclosure of geographical areas [line items]      
Revenue 73,597 70,302 55,770
Rest of the World [member] | Reportable Segments [member] | Operating Segments [member]      
Disclosure of geographical areas [line items]      
Revenue 24,810 21,745 15,784
Subscription Revenue [Member] | Reportable Segments [member] | Operating Segments [member]      
Disclosure of geographical areas [line items]      
Revenue 217,706 190,302 148,475
Subscription Revenue [Member] | Brazil [member] | Reportable Segments [member] | Operating Segments [member]      
Disclosure of geographical areas [line items]      
Revenue 126,387 107,415 83,528
Subscription Revenue [Member] | Latin America - Except Brazil [member] | Reportable Segments [member] | Operating Segments [member]      
Disclosure of geographical areas [line items]      
Revenue 71,804 68,305 54,519
Subscription Revenue [Member] | Rest of the World [member] | Reportable Segments [member] | Operating Segments [member]      
Disclosure of geographical areas [line items]      
Revenue 19,514 14,582 10,428
Services Revenue [Member] | Reportable Segments [member] | Operating Segments [member]      
Disclosure of geographical areas [line items]      
Revenue $ 9,003 $ 11,215 $ 9,145
v3.25.0.1
Significant Accounting Policies - Summary of Total of Right of use Assets, Property and Equipment and Intangible Assets, Broken Down by Location of the Assets (Detail) - Reportable Segments [member] - Operating Segments [member] - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Disclosure of geographical areas [line items]    
Total non-current assets by region $ 34,772 $ 37,116
Brazil [member]    
Disclosure of geographical areas [line items]    
Total non-current assets by region 17,896 19,850
Latin America - Except Brazil [member]    
Disclosure of geographical areas [line items]    
Total non-current assets by region 603 304
Rest of the World [member]    
Disclosure of geographical areas [line items]    
Total non-current assets by region $ 16,273 $ 16,962
v3.25.0.1
Significant Accounting Policies - Summary of Depreciation is Calculated on a Straight-line, and the Assets (Detail)
 12 Months Ended
Dec. 31, 2024
Machinery and Equipment [member]  
Disclosure of detailed information about property, plant and equipment [line items]  
Class of Property and equipment 10 years
Computers and Peripherals [member]  
Disclosure of detailed information about property, plant and equipment [line items]  
Class of Property and equipment 5 years
Furniture and Fixture [member]  
Disclosure of detailed information about property, plant and equipment [line items]  
Class of Property and equipment 10 years
Leasehold Improvements [member] | Bottom of Range [member]  
Disclosure of detailed information about property, plant and equipment [line items]  
Class of Property and equipment 2 years
Leasehold Improvements [member] | Top of Range [member]  
Disclosure of detailed information about property, plant and equipment [line items]  
Class of Property and equipment 10 years
v3.25.0.1
Significant Accounting Policies - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2024
USD ($)
Segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Text Block [Line Items]      
Date of authorisation for issue of financial statements Feb. 18, 2025    
Number of reportable segment | Segment 1    
Percentage of entity revenue 5.00%    
Other long term employee benefits or post employment obligations $ 0    
Description of vesting requirements for share based payment arrangement vest based on the non-market    
IAS 29 Financial Reporting In Hyperinflationary Economies [Member]      
Text Block [Line Items]      
Gains losses on net monetary position $ 6,908,000 $ 19,369,000 $ 5,175,000
Level of price index 117.7 211.4  
Bottom of Range [member]      
Text Block [Line Items]      
Description of vesting requirements for share based payment arrangement five years    
Bottom of Range [member] | IAS 29 Financial Reporting In Hyperinflationary Economies [Member]      
Text Block [Line Items]      
Level of price index for last three years 100    
Customer Relationship and Intellectual Property [Member]      
Text Block [Line Items]      
Amortisation method, Intangible assets other than goodwill 8    
Computer Software [member] | Bottom of Range [member]      
Text Block [Line Items]      
Amortisation method, Intangible assets other than goodwill 5    
Computer Software [member] | Top of Range [member]      
Text Block [Line Items]      
Amortisation method, Intangible assets other than goodwill 10    
v3.25.0.1
Business combinations - Additional Information (Detail) - USD ($)
 12 Months Ended
Aug. 29, 2024
Dec. 31, 2024
Disclosure of geographical areas [line items]    
Deferred tax recognized   $ 0
Acquisition Of Weni [Member]    
Disclosure of geographical areas [line items]    
Percentage of voting equity interests acquired 100.00%  
Purchase price of cash consideration $ 3,016,000  
Long-term fixed installment $ 972,000  
Total expense of business combination   644,000
Fair value of acquired trade receivables   1,525,000
Gross contractual amount for trade receivables   1,557,000
Loss allowance recognized on acquisition   32,000
Revenue of acquiree since acquisition date   1,204,000
Profit (loss) of acquiree since acquisition date   114,000
Revenue of combined entity as if combination occurred at beginning of period   5,542,000
Profit (loss) of combined entity as if combination occurred at beginning of period   $ 423,000
v3.25.0.1
Business combinations - Summary of Intangible Assets Acquired And Net Liabilities Assumed Based On Their Respective Estimated Fair Values (Details) - Acquisition Of Weni [Member]
$ in Thousands
Dec. 31, 2024
USD ($)
Disclosure of detailed information about business combination [line items]  
Cash and cash equivalents $ 97
Trade receivables 1,525
Other current and non-current assets 73
Property and equipment 45
Accounts payable (1,004)
Other current and non-current liabilities (704)
Fair value of identifiable intangible assets 1,115
Goodwill 2,906
Total consideration $ 4,053
v3.25.0.1
Business combinations - Summary of Intangible Assets Acquired Comprises (Details) - Acquisition Of Weni [Member]
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Customer relationship [Member]  
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items]  
Estimated Fair Value in thousands of U.S. dollars $ 878
Estimated useful life in years 8 years 6 months
Software [member]  
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items]  
Estimated Fair Value in thousands of U.S. dollars $ 237
Estimated useful life in years 5 years 10 months 24 days
v3.25.0.1
Business combinations - Summary of Purchase Consideration Cash Outflow (Details) - Acquisition Of Weni [Member]
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items]  
Cash consideration $ 3,016
Cash (97)
Net outflow of cash - investing activities $ 2,919
v3.25.0.1
Business combinations - Summary of Accounts Payable From Acquisition of Subsidiaries (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of accounts payable from acquisition of subsidiaries [Abstract]      
Fixed installment - cash current $ 29    
Current 29 $ 0  
Fixed installment - cash non-current 943    
Non-current 943 0  
Total $ 972 $ 0 $ 299
v3.25.0.1
Business combinations - Summary of Changes In Balance Payable From Acquisition of Subsidiaries (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Schedule of Changes in Balance Payable From Acquisition Of Subsidiaries [Abstract]    
At January 1 $ 0 $ 299
Addition due to acquisition - installments 4,053 0
Payments of principal/finance charges - installments (3,016) 0
Earn-out adjustment 0 (299)
Accrued interest and others 29 0
Exchange differences (94) 0
At December 31 $ 972 $ 0
v3.25.0.1
Cash and cash equivalents - Additional Information (Detail)
Dec. 31, 2024
Dec. 31, 2023
CAYMAN ISLANDS    
Disclosure Of Cash And Cash Equivalents [Line Items]    
percentage of cash and cash equivalent held 17.00% 3.00%
BRAZIL    
Disclosure Of Cash And Cash Equivalents [Line Items]    
percentage of cash and cash equivalent held 53.00% 72.00%
other subsidiaries of the Group [Member]    
Disclosure Of Cash And Cash Equivalents [Line Items]    
percentage of cash and cash equivalent held 30.00% 25.00%
v3.25.0.1
Cash and cash equivalents - Summary of Cash and cash equivalents (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure Of Cash And Cash Equivalents [Line Items]        
Cash and cash bank deposits $ 13,750 $ 24,962    
Time deposits, investment funds and others 4,923 3,073    
Cash and cash equivalents $ 18,673 $ 28,035 $ 24,394 $ 121,006
v3.25.0.1
Short and long-term investments - Summary of Short and Long-Term Investments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Disclosure Of Short And Long Term Investments [Line Items]    
Short and long-term investments $ 205,784 $ 183,374
Current 196,135 181,374
Non-current [1] 9,649 2,000
Financial assets measured at fair value [member]    
Disclosure Of Short And Long Term Investments [Line Items]    
Short and long-term investments 163,205 95,293
Financial assets measured at amortized cost [member]    
Disclosure Of Short And Long Term Investments [Line Items]    
Short and long-term investments $ 42,579 $ 88,081
[1] Comprising ordinary shares of unlisted entities measured at fair value. The Group elected to recognize the changes in fair value of the existing instruments through profit or loss (“FVPL”). Refer to note 24.1(ii)a for additional details.
v3.25.0.1
Short and long-term investments - Summary of Financial Investments Measured by Fair Value (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Disclosure Of Detailed Information About Financial Investments Measured At Fair Value [Line Items]    
Opening balance on January 1 $ 21,443  
Closing balance on December 31 7,483 $ 21,443
Investments [Member]    
Disclosure Of Detailed Information About Financial Investments Measured At Fair Value [Line Items]    
Opening balance on January 1 95,293 204,045
Closing balance on December 31 163,205 95,293
Investments [Member] | Financial assets at fair value, class [member]    
Disclosure Of Detailed Information About Financial Investments Measured At Fair Value [Line Items]    
Additions 82,312 21,146
Redemption (24,730) (136,672)
Accrued dividend 757 46
Fair value gains (losses) 7,605 9,823
Reclassification 3,790 0
Exchange differences $ (1,822) $ (3,095)
v3.25.0.1
Short and long-term investments - Summary of Financial Investments Measured by Amortized Cost (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Disclosure Of Detailed Information About Financial Investments Measured At Amortized Cost [Line Items]    
Opening balance on January 1 $ 167,653  
Closing balance on December 31 125,155 $ 167,653
Investments [Member]    
Disclosure Of Detailed Information About Financial Investments Measured At Amortized Cost [Line Items]    
Opening balance on January 1 88,081 10,119
Closing balance on December 31 42,579 88,081
Investments [Member] | Financial assets at amortised cost, class [member]    
Disclosure Of Detailed Information About Financial Investments Measured At Amortized Cost [Line Items]    
Additions 51,359 114,296
Redemption (96,185) (34,528)
Accrued interest 12,720 21,605
Fair value gains (losses) (1,535) 0
Reclassification (3,790) 0
Exchange differences $ (8,071) $ (23,411)
v3.25.0.1
Trade receivables - Summary of Trade and Other Receivables Explanatory (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Summary of Trade Receivables [Line Items]        
Trade receivables $ 64,855 $ 52,446    
Current 52,519 44,122    
Non-current 11,384 7,415    
Trade receivables [member]        
Summary of Trade Receivables [Line Items]        
Trade receivables 63,903 51,537    
Expected credit losses (952) (909) $ (808) $ (1,147)
Trade receivables [member] | Gross carrying amount [Member]        
Summary of Trade Receivables [Line Items]        
Trade receivables $ 64,855 $ 52,446    
v3.25.0.1
Trade receivables - Summary of Allowance for Credit Losses (Detail) - Trade Receivables [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disclosure of allowance for credit losses [line items]      
Opening balance on January 1 $ 909 $ 808 $ 1,147
Addition, net (1,082) (1,472) (852)
Addition from acquisition of subsidiaries (31) 0 0
Write-off 912 1,352 1,114
Exchange differences 158 19 77
Closing balance on December 31 $ 952 $ 909 $ 808
v3.25.0.1
Trade receivables - Summary of Trade Receivables by Maturity are Distributed (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]    
Total $ 64,855 $ 52,446
Current [Member]    
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]    
Total 61,565 49,201
From 1 to 30 days [Member]    
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]    
Total 1,751 1,810
From 31 to 60 days [Member]    
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]    
Total 720 244
From 61 to 90 days [Member]    
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]    
Total 162 227
From 91 to 120 days [Member]    
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]    
Total 290 272
From 121 to 300 days [Member]    
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]    
Total $ 367 $ 692
v3.25.0.1
Recoverable taxes - Summary of Restricted cash (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Disclosure Of income taxes Recoverable [Line Items]    
Recoverable income tax $ 2,585 $ 1,832
Other recoverable taxes 9,106 9,121
Total 11,691 10,953
Current 10,327 6,499
Non-current $ 1,364 $ 4,454
v3.25.0.1
Prepaid expenses - Summary of Prepaid Expenses (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Disclosure Of Prepayments [Line Items]    
Personnel $ 703 $ 822
Suppliers [1] 3,798 3,643
Other 685 833
Total 5,186 5,298
Current 5,120 5,143
Non-Current $ 66 $ 155
[1] Refers mainly to advances payment to hosting and software suppliers.
v3.25.0.1
Current and deferred tax - Summary of Deferred Tax Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred Tax Assets [Line Items]      
Deferred tax assets $ 19,047 $ 19,926 $ 17,710
Loss Allowances For Financial Assets [Member]      
Deferred Tax Assets [Line Items]      
Deferred tax assets 303 339  
Bonus Provision [Member]      
Deferred Tax Assets [Line Items]      
Deferred tax assets 1,195 2,271  
Lease [Member]      
Deferred Tax Assets [Line Items]      
Deferred tax assets 271 396  
Share-based compensation [Member]      
Deferred Tax Assets [Line Items]      
Deferred tax assets 2,282 3,064  
Tax Loss [Member]      
Deferred Tax Assets [Line Items]      
Deferred tax assets 10,382 11,916  
Others [Member]      
Deferred Tax Assets [Line Items]      
Deferred tax assets $ 4,614 $ 1,940  
v3.25.0.1
Current and deferred tax - Summary of Deferred Tax Assets (Parenthetical) (Details)
Dec. 31, 2024
Tax Loss [Member]  
Deferred Tax Assets [Line Items]  
Percentage of deferred tax capped for offset each year 30.00%
v3.25.0.1
Current and deferred tax - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]      
Deferred tax expense (income) $ (3,746) $ (2,075) $ (4,902)
Accumulated Tax Loss Carryforwards and Other Temporary Differences [Member]      
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]      
Deferred tax expense (income) $ 29,308 $ 31,098  
v3.25.0.1
Current and deferred tax - Summary of Movement on Deferred Tax Assets (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Reconciliation Of Changes In Deferred Tax (Asset) [Line Items]    
Balance Beginning $ 19,926 $ 17,710
(Charged)/Credited to profit and loss (i) (879) 2,216
Balance Ending 19,047 19,926
Loss Allowances For Financial Assets [Member]    
Reconciliation Of Changes In Deferred Tax (Asset) [Line Items]    
Balance Beginning 339 270
(Charged)/Credited to profit and loss (i) (36) 69
Balance Ending 303 339
Bonus Provision [Member]    
Reconciliation Of Changes In Deferred Tax (Asset) [Line Items]    
Balance Beginning 2,271 1,712
(Charged)/Credited to profit and loss (i) (1,076) 559
Balance Ending 1,195 2,271
Lease [Member]    
Reconciliation Of Changes In Deferred Tax (Asset) [Line Items]    
Balance Beginning 396 392
(Charged)/Credited to profit and loss (i) (125) 4
Balance Ending 271 396
Sharebased compensation (ii) [Member]    
Reconciliation Of Changes In Deferred Tax (Asset) [Line Items]    
Balance Beginning 3,064 3,130
(Charged)/Credited to profit and loss (i) (782) (66)
Balance Ending 2,282 3,064
Tax Loss (iii) [Member]    
Reconciliation Of Changes In Deferred Tax (Asset) [Line Items]    
Balance Beginning 11,916 10,513
(Charged)/Credited to profit and loss (i) (1,534) 1,403
Balance Ending 10,382 11,916
Others (iv) Assets [Member]    
Reconciliation Of Changes In Deferred Tax (Asset) [Line Items]    
Balance Beginning 1,940 1,693
(Charged)/Credited to profit and loss (i) 2,674 247
Balance Ending $ 4,614 $ 1,940
v3.25.0.1
Current and deferred tax - Summary of Deferred Tax Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred Tax Liabilities [Line Items]    
Deferred tax liabilities $ 2,478 $ 2,668
Acquisition of subsidiaries [Member]    
Deferred Tax Liabilities [Line Items]    
Deferred tax liabilities 852 1,136
Temporary differences [member]    
Deferred Tax Liabilities [Line Items]    
Deferred tax liabilities 1,626 1,499
Others [Member]    
Deferred Tax Liabilities [Line Items]    
Deferred tax liabilities $ 0 $ 33
v3.25.0.1
Current and deferred tax - Summary of Movement on Deferred Tax Liabilities (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of changes in deferred tax liabilities [Line Items]    
Charged/(Credited) to profit and loss $ (879) $ 2,216
Deferred tax liabilities [Member]    
Reconciliation of changes in deferred tax liabilities [Line Items]    
Balance Beginning 2,668 2,464
Charged/(Credited) to profit and loss (190) 204
Balance Ending 2,478 2,668
Deferred tax liabilities [Member] | Goodwill [Member]    
Reconciliation of changes in deferred tax liabilities [Line Items]    
Balance Beginning 1,499 827
Charged/(Credited) to profit and loss 127 672
Balance Ending 1,626 1,499
Deferred tax liabilities [Member] | Customer relationship [Member]    
Reconciliation of changes in deferred tax liabilities [Line Items]    
Balance Beginning 1,027 1,246
Charged/(Credited) to profit and loss (219) (219)
Balance Ending 808 1,027
Deferred tax liabilities [Member] | Intellectual property [Member]    
Reconciliation of changes in deferred tax liabilities [Line Items]    
Balance Beginning 109 163
Charged/(Credited) to profit and loss (65) (54)
Balance Ending 44 109
Deferred tax liabilities [Member] | Others [Member]    
Reconciliation of changes in deferred tax liabilities [Line Items]    
Balance Beginning 33 228
Charged/(Credited) to profit and loss (33) (195)
Balance Ending $ 0 $ 33
v3.25.0.1
Current and deferred tax - Summary of Income Tax expense (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Expense [Line Items]      
Current tax on profits for the year $ (1,414) $ (5,182) $ (877)
Decrease in deferred tax 3,746 2,075 4,902
Total income tax $ 2,332 $ (3,107) $ 4,025
v3.25.0.1
Current and deferred tax - Summary of Reconciliation of Benefit (Expenses) of Income Tax and Social Contribution (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation Of Benefit (Expenses) Of Income Tax And Social Contribution [Line Items]      
Loss before income tax $ 9,663 $ (10,587) $ (56,444)
Tax at the Brazilian tax rate (3,285) 3,561 19,191
Technological innovation incentive law (Lei do bem) 3,927 2,257 0
Unrecognized deferred tax assets (4,520) (6,031) (9,465)
Tax rate reconciliation 4,258 (3,796) (6,381)
Other net differences 1,952 902 680
Total income tax $ 2,332 $ (3,107) $ 4,025
Effective rate 24.13% 29.35% (7.13%)
v3.25.0.1
Current and deferred tax - Summary of Reconciliation of Benefit (Expenses) of Income Tax and Social Contribution (Parentheticals) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statements [Line Items]      
Brazilian Tax rate 34.00%    
Income tax benefit $ (2,332) $ 3,107 $ (4,025)
BRAZIL      
Statements [Line Items]      
Corporate tax rate 25.00%    
Percentage Of Social Contribution On Net Profits rate 9.00%    
UNITED STATES      
Statements [Line Items]      
Corporate tax rate 21.00%    
Accumulated net operating losses $ 51,350 64,867  
Income tax benefit $ 10,783 13,622  
UNITED KINGDOM      
Statements [Line Items]      
Corporate tax rate 25.00%    
Accumulated net operating losses $ 74,100 69,902  
Income tax benefit $ 18,525 $ 17,475  
ARGENTINA      
Statements [Line Items]      
Corporate tax rate 35.00%    
COLOMBIA      
Statements [Line Items]      
Corporate tax rate 35.00%    
v3.25.0.1
Leases - Summary of Quantitative Information about Right of Use Assets and Lease Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Right-of-use asset      
Right-of-use assets $ 2,783 $ 3,277 $ 4,818
Lease liabilities      
Current 1,617 1,863  
Non-current 1,695 2,233  
Total 3,312 4,096 $ 5,635
Office buildings [Member]      
Right-of-use asset      
Right-of-use assets $ 2,783 $ 3,277  
v3.25.0.1
Leases - Summary of Reconciliation of Changes in Right of Use Assets and Lease Liabilities (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Right-of-use asset      
Balance Beginning $ 3,277 $ 4,818  
New lease agreements 252 85  
Remeasurement 1,293 (105)  
Depreciation (1,496) (1,500) $ (1,347)
Write off 0 (324)  
Hyperinflation adjustment 7 8  
Exchange differences (550) 295  
Balance Ending 2,783 3,277 4,818
Lease liabilities      
Balance Beginning 4,096 5,635  
New lease agreements 252 85  
Remeasurement 1,277 (336)  
Interest added 371 574 671
Principal elements of lease payments (1,615) (1,574)  
Interest payment (369) (573)  
Write off 0 (94)  
Exchange differences (700) 379  
Balance Ending $ 3,312 $ 4,096 $ 5,635
v3.25.0.1
Leases - Summary of Detailed Information about Lease Amounts Reflected in Statement of Profit or Loss (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disclosure Of Detailed Information About Lease Amounts Reflected In Statement Of Profit Or Loss [Abstract]      
Depreciation charge of office buildings $ 1,496 $ 1,500 $ 1,347
Interest expense (included in financial expense) 371 574 671
Total $ 1,867 $ 2,074 $ 2,018
v3.25.0.1
Property and equipment, net - Summary of Property Plant and Equipment (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Disclosure of detailed information about property, plant and equipment [line items]    
Beginning balance $ 2,697 $ 3,909
Acquisitions 2,069 472
Acquisitions of subsidiaries 44  
Adjustment of hyperinflation 32 144
Disposals/write-downs (136) (875)
Depreciation (1,102) (1,054)
Exchange rate effect (605) 101
Ending balance 2,999 2,697
Gross carrying amount [Member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Beginning balance 6,401  
Ending balance 6,873 6,401
Accumulated depreciation and amortisation [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Beginning balance (3,704)  
Ending balance (3,874) (3,704)
Leasehold Improvements [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Beginning balance 1,105 1,431
Acquisitions 98 87
Acquisitions of subsidiaries 0  
Adjustment of hyperinflation 0 0
Disposals/write-downs (35) (264)
Depreciation (397) (301)
Exchange rate effect (182) 152
Ending balance 589 1,105
Leasehold Improvements [member] | Gross carrying amount [Member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Beginning balance 2,560  
Ending balance 2,039 2,560
Leasehold Improvements [member] | Accumulated depreciation and amortisation [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Beginning balance (1,455)  
Ending balance (1,450) (1,455)
Machinery and equipment [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Beginning balance 29 151
Acquisitions 0 8
Acquisitions of subsidiaries 0  
Adjustment of hyperinflation 0 0
Disposals/write-downs 0 (120)
Depreciation (4) (21)
Exchange rate effect (6) 11
Ending balance 19 29
Machinery and equipment [member] | Gross carrying amount [Member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Beginning balance 43  
Ending balance 34 43
Machinery and equipment [member] | Accumulated depreciation and amortisation [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Beginning balance (14)  
Ending balance (15) (14)
Furniture and Fixture [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Beginning balance 288 408
Acquisitions 31 93
Acquisitions of subsidiaries 14  
Adjustment of hyperinflation 0 1
Disposals/write-downs (22) (134)
Depreciation (55) (67)
Exchange rate effect (51) (13)
Ending balance 205 288
Furniture and Fixture [member] | Gross carrying amount [Member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Beginning balance 606  
Ending balance 505 606
Furniture and Fixture [member] | Accumulated depreciation and amortisation [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Beginning balance (318)  
Ending balance (300) (318)
Computers and Peripherals [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Beginning balance 1,275 1,919
Acquisitions 1,940 284
Acquisitions of subsidiaries 30  
Adjustment of hyperinflation 32 143
Disposals/write-downs (79) (357)
Depreciation (646) (665)
Exchange rate effect (366) (49)
Ending balance 2,186 1,275
Computers and Peripherals [member] | Gross carrying amount [Member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Beginning balance 3,192  
Ending balance 4,295 3,192
Computers and Peripherals [member] | Accumulated depreciation and amortisation [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Beginning balance (1,917)  
Ending balance $ (2,109) $ (1,917)
v3.25.0.1
Property and equipment, net - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Disclosure of detailed information about property, plant and equipment [abstract]    
Impairment charges $ 0 $ 0
v3.25.0.1
Intangible assets, net - Summary of Reconciliation of Changes in Intangible Assets and Goodwill (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance $ 30,024 $ 31,210
Acquisitions of subsidiaries 4,021  
Amortization (1,760) (2,415)
Exchange rate effect (3,295) 1,229
Ending balance 28,990 30,024
Gross carrying amount [Member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 39,737  
Ending balance 39,106 39,737
Accumulated depreciation and amortisation [member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance (9,713)  
Ending balance (10,116) (9,713)
Net Book Value [Member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 30,024  
Ending balance 28,990 30,024
Software [member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 1,125 1,438
Acquisitions of subsidiaries 237  
Amortization (271) (424)
Exchange rate effect (226) 111
Ending balance 865 1,125
Software [member] | Gross carrying amount [Member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 4,649  
Ending balance 3,929 4,649
Software [member] | Accumulated depreciation and amortisation [member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance (3,524)  
Ending balance (3,064) (3,524)
Software [member] | Net Book Value [Member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 1,125  
Ending balance 865 1,125
Trademark [member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 176 184
Acquisitions of subsidiaries 0  
Amortization (21) (23)
Exchange rate effect (35) 15
Ending balance 120 176
Trademark [member] | Gross carrying amount [Member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 238  
Ending balance 186 238
Trademark [member] | Accumulated depreciation and amortisation [member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance (62)  
Ending balance (66) (62)
Trademark [member] | Net Book Value [Member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 176  
Ending balance 120 176
Intellectual property [Member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 1,169 1,705
Acquisitions of subsidiaries 0  
Amortization (187) (691)
Exchange rate effect (227) 155
Ending balance 755 1,169
Intellectual property [Member] | Gross carrying amount [Member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 2,962  
Ending balance 2,351 2,962
Intellectual property [Member] | Accumulated depreciation and amortisation [member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance (1,793)  
Ending balance (1,596) (1,793)
Intellectual property [Member] | Net Book Value [Member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 1,169  
Ending balance 755 1,169
Customer-related intangible assets [member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 5,397 6,529
Acquisitions of subsidiaries 878  
Amortization (1,191) (1,181)
Exchange rate effect (179) 49
Ending balance 4,905 5,397
Customer-related intangible assets [member] | Gross carrying amount [Member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 9,490  
Ending balance 10,028 9,490
Customer-related intangible assets [member] | Accumulated depreciation and amortisation [member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance (4,093)  
Ending balance (5,123) (4,093)
Customer-related intangible assets [member] | Net Book Value [Member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 5,397  
Ending balance 4,905 5,397
Goodwill [Member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 21,832 20,965
Acquisitions of subsidiaries 2,906  
Amortization 0 0
Exchange rate effect (2,570) 867
Ending balance 22,168 21,832
Goodwill [Member] | Gross carrying amount [Member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 21,832  
Ending balance 22,168 21,832
Goodwill [Member] | Accumulated depreciation and amortisation [member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 0  
Ending balance 0 0
Goodwill [Member] | Net Book Value [Member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 21,832  
Ending balance 22,168 21,832
Others [member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 325 389
Acquisitions of subsidiaries 0  
Amortization (90) (96)
Exchange rate effect (58) 32
Ending balance 177 325
Others [member] | Gross carrying amount [Member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 566  
Ending balance 444 566
Others [member] | Accumulated depreciation and amortisation [member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance (241)  
Ending balance (267) (241)
Others [member] | Net Book Value [Member]    
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]    
Beginning balance 325  
Ending balance $ 177 $ 325
v3.25.0.1
Intangible assets, net - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Disclosure of detailed information about intangible assets [line items]    
Impairment loss recognised in profit or loss, intangible assets and goodwill $ 0 $ 0
Discount rate applied to cash flow projections 19.80% 18.00%
Pretax growth rate applied to cash flow projections 7.50% 7.50%
Intangible assets other than goodwill [member]    
Disclosure of detailed information about intangible assets [line items]    
Discount rate applied to cash flow projections 19.80% 18.00%
Pretax growth rate applied to cash flow projections 7.50% 7.50%
v3.25.0.1
Accounts payable and accrued expenses - Summary of Accounts Payable and Accrued Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Disclosure Of Accounts Payable And Accrued Expenses [Abstract]    
Trade payables $ 15,839 $ 14,829
Social charges 5,762 7,428
Profit-sharing 10,643 13,147
Provision for vacation and benefits 6,378 5,935
Others 480 21
Total 39,102 41,360
Current 36,951 39,728
Non-current $ 2,151 $ 1,632
v3.25.0.1
Taxes payable - Summary of Taxes Payable (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Trade and other payables [abstract]    
Income tax payable $ 1,411 $ 2,147
Other taxes payable 6,612 6,072
Total 8,023 8,219
Current 7,863 8,219
Non-current $ 160 $ 0
v3.25.0.1
Contingencies - Summary of Contingencies (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Disclosure of Detailed Information about Provisions and Contingencies [Line Items]    
Other provisions $ 252 $ 228
Estimated financial effect of contingent liabilities 1,302 1,357
Civil [member]    
Disclosure of Detailed Information about Provisions and Contingencies [Line Items]    
Estimated financial effect of contingent liabilities 135 114
Labor [member]    
Disclosure of Detailed Information about Provisions and Contingencies [Line Items]    
Estimated financial effect of contingent liabilities 156 176
Tax [member]    
Disclosure of Detailed Information about Provisions and Contingencies [Line Items]    
Estimated financial effect of contingent liabilities 1,011 1,067
Civil [member]    
Disclosure of Detailed Information about Provisions and Contingencies [Line Items]    
Other provisions 56 48
Labor [member]    
Disclosure of Detailed Information about Provisions and Contingencies [Line Items]    
Other provisions 14 10
Tax [member]    
Disclosure of Detailed Information about Provisions and Contingencies [Line Items]    
Other provisions $ 182 $ 170
v3.25.0.1
Shareholders' equity - Summary of Share Capital (Detail) - USD ($)
$ / shares in Units, $ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Disclosure of classes of share capital [abstract]    
Number of ordinary nominative shares 184,813,974 184,027,008
Par value $ 0.0001 $ 0.0001
Issued Capital $ 18 $ 18
v3.25.0.1
Shareholders' equity - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2024
USD ($)
Vote
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
shares
Dec. 03, 2024
USD ($)
Aug. 03, 2023
USD ($)
Aug. 08, 2022
USD ($)
Disclosure of classes of share capital [line items]            
Assets $ 366,778,000 $ 341,145,000        
Share Repurchase Program Plan 1 [Member]            
Disclosure of classes of share capital [line items]            
Stock repurchase program authorized amount           $ 30,000,000
Stock repurchase program expiration date Aug. 08, 2023          
Share Repurchase Program Plan 2 [Member]            
Disclosure of classes of share capital [line items]            
Stock repurchase program authorized amount         $ 20,000,000  
Stock repurchase program expiration date Aug. 10, 2024          
Share Repurchase Program Plan 3 [Member]            
Disclosure of classes of share capital [line items]            
Stock repurchase program authorized amount       $ 30,000,000    
Stock repurchase program expiration date Dec. 02, 2025          
Loja Integrada [Member]            
Disclosure of classes of share capital [line items]            
Members' equity attributable to noncontrolling interest $ 21,000          
Loja Integrada [Member] | Maximum [Member]            
Disclosure of classes of share capital [line items]            
Proportion of ownership interest in subsidiary 98.69%          
Loja Integrada [Member] | Minimum [Member]            
Disclosure of classes of share capital [line items]            
Proportion of ownership interest in subsidiary 97.58%          
Loja Integrada [Member] | Gross Carrying Amount [Member]            
Disclosure of classes of share capital [line items]            
Assets $ 2,325,000 $ 2,941,000        
Class A Common Stock [Member]            
Disclosure of classes of share capital [line items]            
Common stock vote per share | Vote 1          
Stocks repurchase program number of shares authorized to be repurchased | shares     3,287,960      
Stock repurchase program remaining authorized repurchase amount     $ 12,798,000      
Stock repurchase program cancellation of shares | shares 1,763,054 7,469,870 3,206,936      
Treasury shares $ 72,584 $ 0 $ 81,024      
Class A Common Stock [Member] | Share Repurchase Program Plan 1 [Member]            
Disclosure of classes of share capital [line items]            
Stocks repurchase program number of shares authorized to be repurchased | shares   3,719,860        
Stock repurchase program remaining authorized repurchase amount   $ 15,169,000        
Class A Common Stock [Member] | Share Repurchase Program Plan 2 [Member]            
Disclosure of classes of share capital [line items]            
Stocks repurchase program number of shares authorized to be repurchased | shares   3,668,986        
Stock repurchase program remaining authorized repurchase amount   $ 20,074,000        
Class A Common Stock [Member] | Share Repurchase Program Plan 3 [Member]            
Disclosure of classes of share capital [line items]            
Stocks repurchase program number of shares authorized to be repurchased | shares 1,836,638          
Stock repurchase program remaining authorized repurchase amount $ 11,202,000          
Class B Common Stock [Member]            
Disclosure of classes of share capital [line items]            
Common stock vote per share | Vote 10          
v3.25.0.1
Revenue from services provided - Summary of Disaggregation of revenue by Major Product Lines (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]      
Total revenue $ 226,709 $ 201,517 $ 157,620
Subscription cost [member]      
Disclosure of disaggregation of revenue from contracts with customers [line items]      
Revenue from contract with customer including assessed tax 239,793 208,777 162,132
Revenue from contract with customer assessed tax (22,087) (18,475) (13,657)
Total revenue 217,706 190,302 148,475
Services cost [member]      
Disclosure of disaggregation of revenue from contracts with customers [line items]      
Revenue from contract with customer including assessed tax 9,541 11,762 9,799
Revenue from contract with customer assessed tax (538) (547) (654)
Total revenue $ 9,003 $ 11,215 $ 9,145
v3.25.0.1
Revenue from services provided - Summary of Contract Assets and Deferred Revenue Related to Contracts with Customers (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Disclosure of Detailed Information about Contract Assets and Contract Liabilities [Line Items]    
Loss allowance $ (134) $ (120)
Total contract assets 45,498 31,932
Current 34,114 24,517
Non-current 11,384 7,415
Total deferred revenue 54,738 42,532
Current 32,521 25,948
Non-current 22,217 16,584
Subscription cost [member]    
Disclosure of Detailed Information about Contract Assets and Contract Liabilities [Line Items]    
Contract assets before loss allowance 44,722 30,077
Total deferred revenue 53,924 40,671
Services cost [member]    
Disclosure of Detailed Information about Contract Assets and Contract Liabilities [Line Items]    
Contract assets before loss allowance 910 1,975
Total deferred revenue $ 814 $ 1,861
v3.25.0.1
Costs and expenses - Summary of Operating Costs And Expenses By Nature (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Expenses by nature [abstract]      
Personnel $ 121,560 $ 125,976 $ 122,988
IT Outsourcing, software, and hosting expenses 40,905 40,000 40,229
Marketing and events 8,446 4,351 8,720
Outsourced services 20,033 23,175 20,204
Traveling 7,703 6,153 4,223
Depreciation and amortization 4,363 5,018 4,616
Facilities 3,628 3,228 2,906
Expected credit losses 1,082 1,472 852
Others 8,886 6,746 2,801
Total 216,606 216,119 207,539
Cost of sales 59,418 60,949 52,832
General and administrative 34,431 33,673 28,348
Sales and marketing 67,862 59,461 67,798
Research and development 53,620 60,116 57,205
Other losses 1,275 1,920 1,356
Total 216,606 216,119 207,539
Subscription cost [member]      
Expenses by nature [abstract]      
Cost of sales 47,648 45,420 41,408
Services cost [member]      
Expenses by nature [abstract]      
Cost of sales $ 11,770 $ 15,529 $ 11,424
v3.25.0.1
Related party transactions - Summary of Key Management Personnel Compensation (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disclosure of transactions between related parties [line items]      
Total short-term remuneration of key management personnel $ 3,016 $ 3,194 $ 3,107
Share-based compensation 7,675 6,895 5,116
Total $ 10,691 $ 10,089 $ 8,223
v3.25.0.1
Financial result, net - Summary of Financial Result Net (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disclosure Of Detailed Information About Finance Income Cost [Abstract]      
Interest and dividend earned on bank deposits and financial investments $ 14,168 $ 23,757 $ 2,252
Foreign exchange gains 7,422 6,517 7,321
Gains from fair value of financial instruments (i) 160 4,476 4,822
Gains from short and long-term investments 10,425 11,427 9,079
Other financial income 967 197 296
Financial income 33,142 46,374 23,770
Foreign exchange losses (16,685) (16,891) (8,505)
Losses from fair value of financial instruments (i) (4,206) (3,960) (2,458)
Interest on loans 0 (4) (62)
Interest on lease liabilities (371) (574) (671)
Losses from short and long-term investments (4,355) (1,604) (13,845)
Adjustment of hyperinflation (6,908) (19,369) (5,175)
Other financial expenses (1,059) (965) (685)
Financial expense (33,584) (43,367) (31,401)
Financial result, net $ (442) $ 3,007 $ (7,631)
v3.25.0.1
Earnings (Loss) per share - Summary of Earnings (Loss) Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Basic      
Net income (loss) attributable to the controlling shareholders of the Group $ 11,998 $ (13,687) $ (52,419)
Weighted average number of outstanding common shares (thousands) 185,044 186,365 190,695
Basic earnings (loss) per share $ 0.065 $ (0.073) $ (0.275)
Diluted      
Net income (loss) attributable to the controlling shareholders of the Group $ 11,998 $ (13,687) $ (52,419)
Weighted average number of outstanding common and dilutive shares (thousands) 192,334 186,365 190,695
Diluted earnings (loss) per share $ 0.062 $ (0.073) $ (0.275)
v3.25.0.1
Share-based compensation - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2024
USD ($)
shares
$ / shares
Dec. 31, 2023
USD ($)
shares
$ / shares
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
shares
Disclosure Of Share Based Payment Arrangements [Line Items]        
Risk free interest rate 4.20% 4.39%    
Volatility rate 55.83% 56.99%    
Unamortized compensation costs $ 16,935,000 $ 16,669,000 $ 16,538,000  
Estimated weighted average remaining period for cost recognition 1 year 10 months 2 days      
Total expense related to share based compensation plan $ 16,303,000 19,071,000 12,390,000  
Stock based compensation recorded in reserve (16,971,000) (19,685,000) (12,753,000)  
Expense from share based payment transactions tax benefit from compensation expenses 9,369,000 13,847,000    
Capital reserve [member]        
Disclosure Of Share Based Payment Arrangements [Line Items]        
Stock based compensation recorded in reserve $ 10,766,000 $ 13,776,000 $ 12,066,000  
Bottom of range [member]        
Disclosure Of Share Based Payment Arrangements [Line Items]        
Target asset price | $ / shares   $ 5.12    
Top of range [member]        
Disclosure Of Share Based Payment Arrangements [Line Items]        
Target asset price | $ / shares $ 6.82      
Stock Option [Member]        
Disclosure Of Share Based Payment Arrangements [Line Items]        
Number of options awarded | shares 901,000 1,653,000 3,910,000  
Number of share options outstanding in share-based payment arrangement | shares 9,115,000 9,896,000 9,714,000 8,809,000
Loja Integrada Share Based Compensation Plan [Member]        
Disclosure Of Share Based Payment Arrangements [Line Items]        
Unamortized compensation costs $ 454,100 $ 733,360    
Estimated weighted average remaining period for cost recognition 1 year 7 months 17 days      
Total expense related to share based compensation plan $ 668,000 615,000    
Expense from share based payment transactions tax benefit from compensation expenses 148,000 184,000    
Loja Integrada Share Based Compensation Plan [Member] | Capital reserve [member]        
Disclosure Of Share Based Payment Arrangements [Line Items]        
Stock based compensation recorded in reserve $ 411,000 $ 421,000    
Loja Integrada Share Based Compensation Plan [Member] | Stock Option [Member]        
Disclosure Of Share Based Payment Arrangements [Line Items]        
Number of options awarded | shares 0 0 0  
Number of share options outstanding in share-based payment arrangement | shares 0 8,420 8,420 23,570
v3.25.0.1
Share-based compensation - Summary of Options Granted Under The Plan (Detail) - Stock Option [Member]
 12 Months Ended
Dec. 31, 2024
shares
$ / shares
Dec. 31, 2023
shares
$ / shares
Dec. 31, 2022
shares
$ / shares
Dec. 31, 2021
shares
$ / shares
Disclosure Of Share Options Granted Activity Share Based Payment Arrangement [Line Items]        
Number of options, Beginning balance | shares 9,896,000 9,714,000 8,809,000  
Number of options, Granted | shares 901,000 1,653,000 3,910,000  
Number of options, Forfeit | shares (404,000) (513,000) (2,508,000)  
Number of options, Exercised | shares [1] (1,278,000) (958,000) (497,000)  
Number of options, Ending balance | shares 9,115,000 9,896,000 9,714,000 8,809,000
Number of options, Stock options exercisable as of December 31,2024 | shares 5,706,000      
Weighted Average Exercise Price, Beginning balance $ 4.17 $ 4.18 $ 4.78  
Weighted Average Exercise Price, Granted 6.83 4.87 4.39  
Weighted Average Exercise Price, Forfeit 4.51 6.44 7.22  
Weighted Average Exercise Price, Exercised [1] 3.04 1.02 1.14  
Weighted Average Exercise Price, Ending balance 4.55 $ 4.17 $ 4.18 $ 4.78
Weighted Average Exercise Price, Stock options exercisable as of December 31, 2024 $ 4.5      
Remaining Contractual Terms in Years 3 years 7 days 3 years 10 months 9 days 4 years 4 months 13 days 5 years 4 months 13 days
Remaining Contractual Terms in Years, Stock options exercisable as of December 31, 2024, Remaining Contractual Terms in Years 2 years 8 months 8 days      
Weighted Average Grant Date Fair Value, Beginning balance $ 1.44 $ 1.41 $ 1.58  
Weighted Average Grant Date Fair Value, Granted 3.22 2.42 1.98  
Weighted Average Grant Date Fair Value, Forfeit 1.29 3.72 3.19  
Weighted Average Grant Date Fair Value, Exercised [1] 0.54 0.52 0.46  
Weighted Average Grant Date Fair Value, Ending balance 1.74 $ 1.44 $ 1.41 $ 1.58
Weighted Average Grant Date Fair Value, Stock options exercisable as of December 31, 2024, Weighted Average Grant Date Fair Value $ 1.32      
Loja Integrada Share Based Compensation Plan [Member]        
Disclosure Of Share Options Granted Activity Share Based Payment Arrangement [Line Items]        
Number of options, Beginning balance | shares 8,420 8,420 23,570  
Number of options, Granted | shares 0 0 0  
Number of options, Forfeit | shares (8,420) 0 (15,150)  
Number of options, Exercised | shares 0 0 0  
Number of options, Ending balance | shares 0 8,420 8,420 23,570
Number of options, Stock options exercisable as of December 31,2024 | shares 0      
Weighted Average Exercise Price, Beginning balance $ 14.81 $ 13.48 $ 12.37  
Weighted Average Exercise Price, Granted 0 0 0  
Weighted Average Exercise Price, Forfeit 13.08 0 12.78  
Weighted Average Exercise Price, Exercised 0 0 0  
Weighted Average Exercise Price, Ending balance 0 $ 14.81 $ 13.48 $ 12.37
Weighted Average Exercise Price, Stock options exercisable as of December 31, 2024 0      
Remaining Contractual Terms in Years   4 years 4 months 6 days 5 years 4 months 6 days 6 years 4 months 6 days
Weighted Average Grant Date Fair Value, Beginning balance 6.17 $ 5.66 $ 5.47  
Weighted Average Grant Date Fair Value, Granted 0 0 0  
Weighted Average Grant Date Fair Value, Forfeit 5.49 0 5.82  
Weighted Average Grant Date Fair Value, Exercised 0 0 0  
Weighted Average Grant Date Fair Value, Ending balance 0 $ 6.17 $ 5.66 $ 5.47
Weighted Average Grant Date Fair Value, Stock options exercisable as of December 31, 2024, Weighted Average Grant Date Fair Value $ 0      
[1] The number of stock options withheld for tax purposes was 186 thousand shares (38 thousand shares in 2023 and 79 thousand shares in 2022).
v3.25.0.1
Share-based compensation - Summary of Options Granted Under The Plan (Parenthetical) (Detail) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disclosure Of Share Options Granted Activity Share Based Payment Arrangement [Line Items]      
Number of stock options withheld for tax puposes   38,000  
Stock Option [Member]      
Disclosure Of Share Options Granted Activity Share Based Payment Arrangement [Line Items]      
Number of stock options withheld for tax puposes 186,000 38 79,000
v3.25.0.1
Share-based compensation - Summary of Restricted Stock Units Granted Under The Plan (Detail) - Restricted Share Unit [Member]
 12 Months Ended
Dec. 31, 2024
shares
$ / shares
Dec. 31, 2023
shares
$ / shares
Dec. 31, 2022
shares
$ / shares
Disclosure Of Other Equity Instruments Granted Activity Share Based Payment Arrangement [Line Items]      
Number of RSU, Beginning balance | shares 3,720,000 3,509,000 3,001,000
Number of RSU, Granted | shares 2,511,000 2,588,000 2,354,000
Number of RSU, Forfeit | shares (489,000) (284,000) (940,000)
Number of RSU, Settled | shares [1] (1,902,000) (2,094,000) (906,000)
Number of RSU, Ending balance | shares 3,840,000 3,720,000 3,509,000
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares $ 6.32 $ 6.94 $ 7.7
Weighted Average Grant Date Fair Value, Granted | $ / shares 6.75 4.9 5.94
Weighted Average Grant Date Fair Value, Forfeit | $ / shares 6.58 6.61 7.91
Weighted Average Grant Date Fair Value, Settled | $ / shares [1] 6.05 5.57 5.86
Weighted Average Grant Date Fair Value, Ending balance | $ / shares $ 6.7 $ 6.32 $ 6.94
Loja Integrada Share Based Compensation Plan [Member]      
Disclosure Of Other Equity Instruments Granted Activity Share Based Payment Arrangement [Line Items]      
Number of RSU, Beginning balance | shares 240,890 285,280 83,030.00
Number of RSU, Granted | shares 47,030.00 115,000 327,270
Number of RSU, Forfeit | shares (500) (82,250) (76,240)
Number of RSU, Settled | shares [2] (98,520) (77,150) (48,780)
Number of RSU, Ending balance | shares 188,900 240,890 285,280
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares $ 6.49 $ 6.42 $ 11.22
Weighted Average Grant Date Fair Value, Granted | $ / shares 4.11 5.1 6.54
Weighted Average Grant Date Fair Value, Forfeit | $ / shares 7.51 5.5 10.7
Weighted Average Grant Date Fair Value, Settled | $ / shares [2] 5.17 7.17 9.69
Weighted Average Grant Date Fair Value, Ending balance | $ / shares $ 5.51 $ 6.49 $ 6.42
[1] The number of RSUs withheld for tax purposes was 417.3 thousand shares (603.2 thousand shares in 2023 and 234.1 thousand shares in 2022).
[2] The number of RSUs withheld for tax purposes was 10.9 thousand shares (3.7 thousand shares in 2023).
v3.25.0.1
Share-based compensation - Summary of Restricted Stock Units Granted Under The Plan (Parenthetical) (Detail) - Restricted Share Unit [Member] - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disclosure Of Other Equity Instruments Granted Activity Share Based Payment Arrangement [Line Items]      
Number of RSUs withheld for tax purposes 417,300 603,200 234,100
Loja Integrada Share Based Compensation Plan [Member]      
Disclosure Of Other Equity Instruments Granted Activity Share Based Payment Arrangement [Line Items]      
Number of RSUs withheld for tax purposes 10,900 3,700  
v3.25.0.1
Share-based compensation - Summary of Classification of Stock-based Compensation in Consolidated Statements (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Expense From Share Based Payment Transactions Alternative [Line Items]      
Expense from share-based payment transactions with employees $ (16,971) $ (19,685) $ (12,753)
Subscription Cost [Member]      
Expense From Share Based Payment Transactions Alternative [Line Items]      
Expense from share-based payment transactions with employees (200) (205) (502)
Services Cost [Member]      
Expense From Share Based Payment Transactions Alternative [Line Items]      
Expense from share-based payment transactions with employees (524) (464) (156)
General And Administrative [Member]      
Expense From Share Based Payment Transactions Alternative [Line Items]      
Expense from share-based payment transactions with employees (8,371) (7,254) (4,366)
Sales And Marketing [Member]      
Expense From Share Based Payment Transactions Alternative [Line Items]      
Expense from share-based payment transactions with employees (3,992) (4,382) (2,885)
Research And Development [Member]      
Expense From Share Based Payment Transactions Alternative [Line Items]      
Expense from share-based payment transactions with employees $ (3,884) $ (7,380) $ (4,844)
v3.25.0.1
Financial Instruments - Summary of The Group Financial Instruments Valued At Amortized Cost (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financial assets:    
Financial assets at amortised cost $ 125,155 $ 167,653
Financial liabilities    
Financial liabilities at amortised cost 20,123 18,925
Cash and cash equivalents [Member]    
Financial assets:    
Financial assets at amortised cost 18,673 28,035
Short-term investments [Member]    
Financial assets:    
Financial assets at amortised cost 42,579 88,081
Trade Receivables [Member]    
Financial assets:    
Financial assets at amortised cost 63,903 51,537
Trade Payables [Member]    
Financial liabilities    
Financial liabilities at amortised cost 15,839 14,829
Lease liabilities [Member]    
Financial liabilities    
Financial liabilities at amortised cost 3,312 4,096
Accounts payable from acquisition of subsidiaries [Member]    
Financial liabilities    
Financial liabilities at amortised cost $ 972 $ 0
v3.25.0.1
Financial Instruments - Summary of The Group Financial Instruments Valued At Fair Value Through Profit Or Loss (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current    
Carrying amount $ 163,205 $ 95,346
Short and long-term investments [member] | Current Investments [Member]    
Current    
Carrying amount 163,205 95,293
Derivative financial instruments [Member] | Derivative Financial Asset [Member]    
Current    
Carrying amount $ 0 $ 53
v3.25.0.1
Financial Instruments - Additional Information (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Disclosure of detailed information about financial instruments [line items]  
Sensitivity analysis percentage 10.00%
Revenue fair value change $ 850
Tier One Clients [Member] | Bottom of range [member] | Trade Receivables And Contract Assets [Member]  
Disclosure of detailed information about financial instruments [line items]  
Gross merchandise value 20,000
Tier Two Clients [Member] | Bottom of range [member] | Trade Receivables And Contract Assets [Member]  
Disclosure of detailed information about financial instruments [line items]  
Gross merchandise value 1,000
Tier Two Clients [Member] | Top of range [member] | Trade Receivables And Contract Assets [Member]  
Disclosure of detailed information about financial instruments [line items]  
Gross merchandise value 20,000
Tier Three Clients [Member] | Top of range [member] | Trade Receivables And Contract Assets [Member]  
Disclosure of detailed information about financial instruments [line items]  
Gross merchandise value $ 1,000
Future Derivative Financial Instrument [Member]  
Disclosure of detailed information about financial instruments [line items]  
Nominal amount of hedging instrument 13,000
Hedge contracts, due date February 2025
v3.25.0.1
Financial Instruments - Summary of The Amounts Were Recognized In Profit Or Loss In Relation To Financial Instruments (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivatives [member]      
Gains Losses On Financial Instruments At Fair Value Through Profit Or Loss [Line Items]      
Net gain (loss) on investments $ (4,046) $ 516 $ 2,364
Short and long-term investments [member] | Current Investments [Member]      
Gains Losses On Financial Instruments At Fair Value Through Profit Or Loss [Line Items]      
Net gain (loss) on investments $ 7,605 $ 9,823 $ (4,766)
v3.25.0.1
Financial Instruments - Summary of An Explanation of Each Level (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Financial assets, at fair value $ 7,483 $ 21,443
Short Term Investments1 [Member] | Financial assets at fair value through profit or loss, category [member] | Level 1 of fair value hierarchy [member]    
Assets    
Financial assets, at fair value 153,556 93,293
Short Term Investments1 [Member] | Financial assets at fair value through profit or loss, category [member] | Level 2 of fair value hierarchy [member]    
Assets    
Financial assets, at fair value 0 0
Short Term Investments1 [Member] | Financial assets at fair value through profit or loss, category [member] | Level 3 of fair value hierarchy [member]    
Assets    
Financial assets, at fair value 0 0
Long Term Investment [Member] | Financial assets at fair value through profit or loss, category [member] | Level 1 of fair value hierarchy [member]    
Assets    
Financial assets, at fair value 0 0
Long Term Investment [Member] | Financial assets at fair value through profit or loss, category [member] | Level 2 of fair value hierarchy [member]    
Assets    
Financial assets, at fair value 0 0
Long Term Investment [Member] | Financial assets at fair value through profit or loss, category [member] | Level 3 of fair value hierarchy [member]    
Assets    
Financial assets, at fair value $ 9,649 2,000
Derivative financial instruments [Member] | Financial assets at fair value through profit or loss, category [member] | Level 1 of fair value hierarchy [member]    
Assets    
Financial assets, at fair value   0
Derivative financial instruments [Member] | Financial assets at fair value through profit or loss, category [member] | Level 2 of fair value hierarchy [member]    
Assets    
Financial assets, at fair value   53
Derivative financial instruments [Member] | Financial assets at fair value through profit or loss, category [member] | Level 3 of fair value hierarchy [member]    
Assets    
Financial assets, at fair value   $ 0
v3.25.0.1
Financial Instruments - Summary of The Presents Changes In The Maximum Earn-out (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Disclosure in tabular form of reconciliation of fair value of assets and liabilities based on significant unobservable input [Line Items]    
Opening balance on January 1 $ 341,145  
Closing balance on December 31 366,778 $ 341,145
Level 3 of fair value hierarchy [member] | At fair value [member] | Contingent consideration [member] | Financial liabilities at fair value through profit or loss, category [member]    
Disclosure in tabular form of reconciliation of fair value of assets and liabilities based on significant unobservable input [Line Items]    
Opening balance on January 1 0 299
Earn-out adjustments 0 (299)
Additions 0 0
Closing balance on December 31 0 0
Level 3 of fair value hierarchy [member] | At fair value [member] | Investment in Equity Securities of Unquoted Companies [Member] | Financial assets at fair value through profit or loss, category [member]    
Disclosure in tabular form of reconciliation of fair value of assets and liabilities based on significant unobservable input [Line Items]    
Opening balance on January 1 2,000 0
Earn-out adjustment 1,625 0
Additions 6,024 2,000
Closing balance on December 31 $ 9,649 $ 2,000
v3.25.0.1
Financial Instruments - Summary of Differences Were Identified For The Instruments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financial assets:    
Financial assets $ 9,275 $ 20,872
Financial assets, at fair value 7,483 21,443
Financial assets at amortised cost, category [member] | Short-term investments [Member]    
Financial assets:    
Financial assets 9,275 20,872
Financial assets, at fair value $ 7,483 $ 21,443
v3.25.0.1
Financial Instruments - Summary of The Percentage Provision Per Type of Customer Or Revenue And Age of Balance (Detail) - Trade Receivables And Contract Assets [Member]
Dec. 31, 2024
Dec. 31, 2023
Current [Member] | Tier 1 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 0.09% 0.17%
Current [Member] | Tier 2 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 0.48% 0.45%
Current [Member] | Tier 3 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 1.22% 1.27%
Current [Member] | Others [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 1.91% 1.24%
More than 30 [Member] | Tier 1 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 1.16% 1.49%
More than 30 [Member] | Tier 2 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 16.88% 11.90%
More than 30 [Member] | Tier 3 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 23.03% 23.08%
More than 30 [Member] | Others [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 13.35% 8.26%
More than 60 [Member] | Tier 1 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 3.25% 3.67%
More than 60 [Member] | Tier 2 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 39.60% 27.72%
More than 60 [Member] | Tier 3 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 41.88% 38.67%
More than 60 [Member] | Others [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 26.71% 15.17%
More than 120 [Member] | Tier 1 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 14.39% 14.72%
More than 120 [Member] | Tier 2 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 70.98% 63.56%
More than 120 [Member] | Tier 3 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 71.39% 65.30%
More than 120 [Member] | Others [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 61.69% 49.70%
More than 180 [Member] | Tier 1 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 41.24% 38.49%
More than 180 [Member] | Tier 2 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 86.48% 83.38%
More than 180 [Member] | Tier 3 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 86.46% 81.19%
More than 180 [Member] | Others [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 78.15% 74.63%
More than 270 [Member] | Tier 1 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 94.11% 85.78%
More than 270 [Member] | Tier 2 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 96.12% 94.20%
More than 270 [Member] | Tier 3 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 99.24% 98.04%
More than 270 [Member] | Others [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 98.90% 98.90%
More than 300 [Member] | Tier 1 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 100.00% 100.00%
More than 300 [Member] | Tier 2 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 100.00% 100.00%
More than 300 [Member] | Tier 3 [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 100.00% 100.00%
More than 300 [Member] | Others [Member]    
Disclosure of provision matrix [line items]    
Expected credit loss rate 100.00% 100.00%
v3.25.0.1
Financial Instruments - Summary of The Amounts Disclosed In The Table Are The Contractual Undiscounted Cash Flows (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Less than 1 year [Member]    
Non-derivatives    
Trade payables $ 15,839 $ 14,829
Lease liabilities 1,617 1,863
Accounts payable from acquisition of subsidiaries 29  
Total non-derivatives 17,485 16,692
Between 1 and 2 years [Member]    
Non-derivatives    
Trade payables 0 0
Lease liabilities 1,307 1,408
Accounts payable from acquisition of subsidiaries 0  
Total non-derivatives 1,307 1,408
More than 2 years [Member]    
Non-derivatives    
Trade payables 0 0
Lease liabilities 611 1,123
Accounts payable from acquisition of subsidiaries 1,068  
Total non-derivatives $ 1,679 $ 1,123
v3.25.0.1
Financial Instruments - Summary of The Impact On The Group's Net Revenues, Costs, Operation Expenses, Net Income (Loss) From Operation (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of nature and extent of risks arising from financial instruments [line items]        
Net Revenue $ 226,709 $ 201,517 $ 157,620  
Income (loss) from operation 10,103 (14,602) (49,919)  
Total shareholders' equity 255,801 $ 240,332 $ 274,677 $ 327,189
-10% [Member] | Currency risk [member] | Impact Due To Fluctuation [Member]        
Disclosure of nature and extent of risks arising from financial instruments [line items]        
Net Revenue 205,596      
Cost and operating expenses (197,328)      
Income (loss) from operation 8,268      
Total shareholders' equity 253,966      
Actual [Member] | Currency risk [member] | Impact Due To Fluctuation [Member]        
Disclosure of nature and extent of risks arising from financial instruments [line items]        
Net Revenue 226,709      
Cost and operating expenses (216,606)      
Income (loss) from operation 10,103      
Total shareholders' equity 255,801      
+10% [Member] | Currency risk [member] | Impact Due To Fluctuation [Member]        
Disclosure of nature and extent of risks arising from financial instruments [line items]        
Net Revenue 247,822      
Cost and operating expenses (235,884)      
Income (loss) from operation 11,938      
Total shareholders' equity $ 257,636      
v3.25.0.1
Financial Instruments - Summary of The Impact On The Group's Net Revenues, Costs, Operation Expenses, Net Income (Loss) From Operation (Parenthetical) (Detail)
Dec. 31, 2024
Currency risk [member]  
Disclosure of nature and extent of risks arising from financial instruments [line items]  
Percentage Of Reasonably Possible Increase Decrease In Assumption 10.00%
v3.25.0.1
Financial Instruments - Summary of Foreign Exchange Risk On Financial Instruments (Detail) - Currency risk [member] - USD ($)
$ / shares in Units, $ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic $ 6,288 $ 16,112  
Brazilian Real [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic $ 77 $ 12,942  
Foreign currency risk to USD $ 6.19 $ 4.85 $ 5.29
Argentine Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic $ (697) $ 1,711  
Foreign currency risk to USD $ 1,030.88 $ 808.47 177.1
Mexican Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic $ 536 $ 211  
Foreign currency risk to USD $ 20.79 $ 16.93 19.48
British Pounds [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic $ 5,300 $ (541)  
Foreign currency risk to USD $ 0.8 $ 0.79 0.83
Colombian Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic $ 102 $ 558  
Foreign currency risk to USD $ 4,407.58 $ 3,873.55 4,846.04
Peruvian Sol [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic $ 679 $ 319  
Foreign currency risk to USD $ 3.76 $ 3.71 3.81
Chilean Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic $ 291 $ 912  
Foreign currency risk to USD $ 994.29 $ 878.87 $ 852.17
Assets [Member] | Brazilian Real [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic $ 3,281 $ 16,226  
Assets [Member] | Argentine Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 104 1,763  
Assets [Member] | Mexican Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 536 211  
Assets [Member] | British Pounds [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 8,452 11,421  
Assets [Member] | Colombian Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 102 558  
Assets [Member] | Peruvian Sol [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 679 1,078  
Assets [Member] | Chilean Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 292 912  
Liabilities [Member] | Brazilian Real [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (3,204) (3,284)  
Liabilities [Member] | Argentine Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (801) (52)  
Liabilities [Member] | Mexican Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 0 0  
Liabilities [Member] | British Pounds [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (3,152) (11,962)  
Liabilities [Member] | Colombian Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 0 0  
Liabilities [Member] | Peruvian Sol [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 0 (759)  
Liabilities [Member] | Chilean Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (1) 0  
-10% [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 629 1,611  
-10% [Member] | Brazilian Real [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 8 1,294  
-10% [Member] | Argentine Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (70) 171  
-10% [Member] | Mexican Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 54 21  
-10% [Member] | British Pounds [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 530 54  
-10% [Member] | Colombian Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 10 56  
-10% [Member] | Peruvian Sol [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 68 32  
-10% [Member] | Chilean Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 29 91  
-10% [Member] | Assets [Member] | Brazilian Real [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 328 1,623  
-10% [Member] | Assets [Member] | Argentine Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 10 176  
-10% [Member] | Assets [Member] | Mexican Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 54 21  
-10% [Member] | Assets [Member] | British Pounds [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 845 1,142  
-10% [Member] | Assets [Member] | Colombian Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 10 56  
-10% [Member] | Assets [Member] | Peruvian Sol [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 68 108  
-10% [Member] | Assets [Member] | Chilean Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 29 91  
-10% [Member] | Liabilities [Member] | Brazilian Real [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (320) (328)  
-10% [Member] | Liabilities [Member] | Argentine Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (80) (5)  
-10% [Member] | Liabilities [Member] | Mexican Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 0 0  
-10% [Member] | Liabilities [Member] | British Pounds [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (315) (1,196)  
-10% [Member] | Liabilities [Member] | Colombian Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 0 0  
-10% [Member] | Liabilities [Member] | Peruvian Sol [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 0 (76)  
-10% [Member] | Liabilities [Member] | Chilean Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 0 0  
+10% [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (629) (1,611)  
+10% [Member] | Brazilian Real [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (8) (1,294)  
+10% [Member] | Argentine Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 70 (171)  
+10% [Member] | Mexican Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (54) (21)  
+10% [Member] | British Pounds [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (530) 54  
+10% [Member] | Colombian Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (10) (56)  
+10% [Member] | Peruvian Sol [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (68) 32  
+10% [Member] | Chilean Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (29) (91)  
+10% [Member] | Assets [Member] | Brazilian Real [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (328) (1,623)  
+10% [Member] | Assets [Member] | Argentine Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (10) (176)  
+10% [Member] | Assets [Member] | Mexican Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (54) (21)  
+10% [Member] | Assets [Member] | British Pounds [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (845) (1,142)  
+10% [Member] | Assets [Member] | Colombian Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (10) (56)  
+10% [Member] | Assets [Member] | Peruvian Sol [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (68) (108)  
+10% [Member] | Assets [Member] | Chilean Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic (29) (91)  
+10% [Member] | Liabilities [Member] | Brazilian Real [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 320 328  
+10% [Member] | Liabilities [Member] | Argentine Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 80 5  
+10% [Member] | Liabilities [Member] | Mexican Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 0 0  
+10% [Member] | Liabilities [Member] | British Pounds [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 315 1,196  
+10% [Member] | Liabilities [Member] | Colombian Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 0 0  
+10% [Member] | Liabilities [Member] | Peruvian Sol [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic 0 76  
+10% [Member] | Liabilities [Member] | Chilean Peso [Member]      
Disclosure of nature and extent of risks arising from financial instruments [line items]      
Risk exposure associated with instruments sharing characteristic $ 0 $ 0  
v3.25.0.1
Financial Instruments - Summary of The Group's Strategy To Keep Positive Net Cash (Detail)
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Statements [Line Items]        
Lease liabilities $ 3,312 $ 4,096 $ 5,635  
Accounts payable from acquisition of subsidiaries 972 0    
Cash and cash equivalent (18,673) (28,035) $ (24,394) $ (121,006)
Short and long-term investments (205,784) (183,374)    
Adjusted net cash (220,173) (207,313)    
Total Equity attributable to VTEX's shareholders $ 255,745 $ 240,293    
Financial leverage ratio 86.09 86.28    
v3.25.0.1
Loans and financing - Summary of Changes in Loans and Financing (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disclosure of detailed information about borrowings [abstract]      
Opening balance on January 1 $ 0 $ 1,153  
Loans from acquisition of subsidiaries 71 0  
Payment of loans (71) (1,238)  
Interest charged 0 4  
Interest paid 0 (5) $ (56)
Basis adjustment on the fair value hedge 0 42  
Exchange differences 0 44  
Closing balance on December 31 $ 0 $ 0 $ 1,153
v3.25.0.1
Subsequent Events - Additional Information (Detail) - USD ($)
$ in Thousands
 2 Months Ended
Jan. 09, 2025
Feb. 25, 2025
Dec. 31, 2024
Events After Reporting Period [Line Items]      
Held in treasury shares     72,584
Events After Reporting Period [Member]      
Events After Reporting Period [Line Items]      
Share repurchase and canceling   1,500,247  
Stock repurchased under repurchase share program   1,427,663  
Acquisition of Newtail [Member] | Events After Reporting Period [Member]      
Events After Reporting Period [Line Items]      
Date of acquisition Jan. 09, 2025    
Percentage of voting equity interests acquired 100.00%    
Cash transferred $ 4,106    
Additional consideration transferred $ 1,644