Still, improving gross margins are popular as they indicate that future cash flows will grow at a faster clip than revenues, all else held equal.Of course, we'll know more when it prices. It’s not a nice figure, per se, but it is one small enough that a good IPO haul could sharply reduce while still providing good amounts of working capital for the business.we respect your privacy and take protecting it seriouslyThe BigCommerce big commerce business is growing more slowly than I had anticipated, but its overall operational health is better than I expected.Of course, we’ll know more when it prices. Still, improving gross margins are popular as they indicate that future cash flows will grow at a faster clip than revenues, all else held equal.The company’s cash flow is, akin to its adjusted EBITDA, worse than its net loss figures would have you guess. The Austin, Texas, based e-commerce company raised over $200 million while private. You can read those results however you’d like. Still, by revenue, BigCommerce is currently around 5% of Shopify’s size. BigCommerce, like most venture-backed startups that go public nowadays, isn’t profitable. It’s not a nice figure, per se, but it is one small enough that a good IPO haul could sharply reduce while still providing good amounts of working capital for the business.A few other notes, before we tear deeper into its S-1 filing tomorrow morning. Today, however, the timing appears fortuitous.The company is further in debt than many SaaS companies, but not so far as to be a problem. BigCommerce will file an S-1/A with more information in Q2 2020, we expect; it can’t go public without sharing more about its recent financial performance.Starting with broad strokes, here’s how the company performed in 2019 compared to 2018, and Q1 2020 in contrast to Q1 2019:The company is further in debt than many SaaS companies, but not so far as to be a problem. BigCommerce's operating activities consumed $10 million in Q1 2020, an improvement from its Q1 2019 operating cash burn of $11.1 million.Please give an overall site rating:The BigCommerce big commerce business is growing more slowly than I had anticipated, but its overall operational health is better than I expected.If the company's revenue growth acceleration continues in the most recent period -- bearing in mind that e-commerce as a segment has proven attractive to many businesses during the COVID-19 pandemic -- BigCommerce's IPO timing would appear even more intelligent than it did at first blush. All Technology News & UpdatesWe respect your privacy and take protecting it seriouslyStarting with broad strokes, here’s how the company performed in 2019 compared to 2018, and Q1 2020 in contrast to Q1 2019:Subscribe to our mailing list and get interesting stuff and updates to your email inbox.The company is further in debt than many SaaS companies, but not so far as to be a problem.