Mirakl turns profitable for first time as ARR hits $218m, bets on AI agents

Mirakl closed 2025 profitable at group level for the first time in its history, with annual recurring revenue up 23% to $218m, the company said on 26 February. Alongside the results, the Paris and Boston-based marketplace software firm launched Mirakl Nexus, a platform it is positioning as infrastructure for "agentic commerce", the shift toward AI agents browsing and buying on behalf of shoppers.

The milestone matters because Mirakl has not raised fresh capital since a $555m Series E led by Silver Lake in September 2021. Rather than chase a new round, the 2012-founded company spent the past few years pushing toward sustainable economics, and 2025 is the year that effort showed up in the numbers.

The numbers behind the milestone

Gross merchandise value flowing through Mirakl's marketplace and dropship tools reached $14.6bn for the year, up 31%. Annual contract value bookings grew close to 20%, and the company added 45 new enterprise customers, with 36 of them going live with new marketplaces or dropship programmes. Retailers in that cohort include Tesco, John Lewis & Partners, Bauhaus, Bunzl, JCB and Ulta Beauty. More than 35 of Mirakl's customers now generate over $100m in GMV apiece through the platform, a sign that its biggest accounts keep scaling rather than plateauing.

Two newer product lines are growing faster than the core marketplace business. Mirakl Connect, a channel-management tool for brands selling across multiple marketplaces, reached $11.7m in annual recurring revenue within its first year on the market, built on a network the company says now includes more than 100,000 curated sellers and brands. Clients named include Balmain, Lancel and Hill House Home. Mirakl Ads, the company's retail-media product, signed 30 new clients in 2025 and saw ad spend on the platform jump 258% to $12.7m, with close to 50 retailers now using it, among them Lowe's, Jumia and Debenhams.

Adrien Nussenbaum, Mirakl's co-founder and co-CEO, said the year marked a turning point for the company, calling it a landmark period in which profitability and the $218m ARR figure arrived together. He said the quick uptake of Mirakl Connect backed up the company's strategy of growing beyond marketplaces into a wider commerce ecosystem.

Why Mirakl is chasing AI shopping agents

Mirakl Nexus is the company's attempt to get ahead of a shift that retailers across Europe are only beginning to grapple with: shoppers increasingly asking AI assistants to find and buy products for them, rather than browsing a website directly. Mirakl describes Nexus as a neutral layer meant to connect its merchant network, their product catalogues and outside AI platforms, so that sellers on Mirakl-powered marketplaces can be found and transacted with by shopping agents.

To get there faster, Mirakl struck a partnership with Stripe, announced in December 2025, that taps into Stripe's existing connections with AI platforms including OpenAI, rather than building every integration from scratch. The company says it is also pursuing direct integrations of its own alongside that deal.

Philippe Corrot, Mirakl's other co-founder and co-CEO, framed the move as comparable in scale to the rise of e-commerce itself.

"Agentic commerce is the most significant transformation in digital buying since the rise of eCommerce itself, and Mirakl is building the critical infrastructure to power it," Corrot said.

Underpinning the pitch is Catalog Transformer, a tool Mirakl calls its first AI-native product. It uses more than ten generative AI models, trained on 13 years of the company's own marketplace data, to automatically fill in missing product details and extract attributes from images, cutting the time it takes a seller to get a catalogue live on a new marketplace from weeks to days. Mirakl says roughly 20% of its research and development budget now goes toward AI work.

What it signals for European software

Mirakl's path stands out in a European tech scene where many well-capitalised scale-ups are still searching for a profitable model years after their last mega-round. Reaching group-level profitability without returning to investors gives Mirakl more room to decide on its own terms how much it invests in a bet like agentic commerce, rather than having that decision shaped by a fundraising clock.

Whether Mirakl Nexus becomes a meaningful revenue line or stays a strategic positioning exercise is still an open question; the company has not disclosed separate financial targets for the new platform. The faster test will be whether shopping agents built by the likes of OpenAI actually route meaningful purchase volume through merchants on Mirakl's network, rather than through retailers' own direct integrations.