koers cm com
CM.com’s stock is making noise—and not just because of a 10% drop. Behind the price swings is a small Dutch tech company quietly putting together a turnaround story powered by messaging, mobile payments, and AI. It’s messy, it’s bold, and it might just work.
What CM.com Actually Does
CM.com isn’t just another SaaS company riding the AI hype train. It started out as a messaging platform—SMS, WhatsApp, RCS, that kind of thing. Over time, it layered on payments, ticketing, customer engagement tools, even digital signatures. Think Twilio meets Stripe meets Eventbrite, all rolled into a Dutch company based in Breda.
They call this “conversational commerce.” It’s more than a buzzword. Imagine a retailer texting customers with a discount link. The customer clicks, pays via mobile, gets a ticket, and shows up at the event. CM.com is the infrastructure powering all of that. It's not sexy, but it’s useful.
Stock Price: Wild Ride
Right now, CM.com is trading between €6.00 and €6.80. As of July 23, it was around €6.04 after dropping more than 10% in a day. That’s a pretty steep hit for a stock of this size. And it’s not the first time.
Over the past year, it’s ranged from a low of €5.36 to a high of €8.32. It’s small—market cap is under €200 million—so volatility is baked in. But the swings aren’t random. They’re tied to real events: earnings, guidance, product news. This isn’t just meme-stock drama.
Financials: Pain, Then Progress
Last year—2024—was rough, but CM.com started turning things around. Revenue hit €274 million, up 3% from the year before. Not huge growth, but steady. Gross profit was more interesting—€83.1 million, a 6% increase, and the margin jumped to 30.3%. That matters. Messaging is a volume game. You want to see margin expand if the tech is improving.
More impressive: EBITDA swung from a loss to a €18.1 million gain. That’s not magic. It came from real belt-tightening—cutting costs, shrinking headcount by 6%, and sharpening product focus. Even free cash flow turned positive. That’s the kind of thing that gets analysts to look twice.
But don’t get carried away. The company still posted a net loss—about €19.8 million. So it’s not profitable yet. It’s just bleeding less.
The Four Business Segments, Broken Down
CM.com splits its business into four parts. They’re not all firing the same way.
Connect (CPaaS) is the biggest chunk. It’s the text messaging backbone. Volumes were up 18% in 2024—8.3 billion messages. Gross profit grew 7%, which isn’t spectacular but solid.
Engage is where it gets interesting. This is where the AI stuff lives. Think chatbots, automated replies, smarter workflows. Revenue here jumped 15.6% year-over-year, and gross margin was a ridiculous 87%. That’s software-level profitability. One product here—HALO—is an AI agent being rolled out to clients like AS Watson. Big upside, but early days.
Pay is the payments side. It’s a mixed bag. POS (point of sale) is doing fine, but online payments fell off. Total processed volume was up 14%, but revenue actually dropped 24% in Q4. Something to watch.
Live is ticketing. It’s small, but reliable. 19.3 million tickets sold last year. Q4 revenue was up 3%. Not a rocket ship, but steady cash flow.
Why the Market Freaked Out (Then Didn’t)
After Q4 results came out in February 2025, CM.com stock tanked. Earnings were objectively good: record EBITDA, positive free cash flow, margin gains. But the stock fell anyway. Why?
Classic expectations mismatch. Investors heard “AI pivot” and wanted hypergrowth. Instead, CM.com delivered discipline and steady execution. No fireworks. Just efficiency.
The company is positioning HALO as its future engine, but it’s still being deployed. The market didn’t see a blockbuster announcement, so it bailed. That’s what happens with small-cap tech: one muted forecast, and 10% disappears overnight.
Analyst View: There's Some Optimism
Analyst targets hover around €8.70. That’s almost 30% upside from today’s price. They’re not expecting a miracle, just that CM.com continues tightening up and slowly monetizing AI.
They project revenue growth of about 12% in the next year. The company itself is guiding for €22–27 million in EBITDA for 2025. That’s a 20–50% jump. Not bad, if they hit it.
Valuation-wise, it’s a bit of a head-scratcher. The forward P/E is 104x for 2025, dropping to 52x in 2026. That’s pricey unless margins explode. But the EV/sales ratio is under 1. That’s low for SaaS, especially if Engage grows into a higher-margin beast.
AI: More Than a Gimmick?
HALO is CM.com’s bet on agentic AI. It’s supposed to help brands respond automatically to customers, handle tickets, escalate chats—basically, do what support teams usually do.
It’s being piloted with a few clients now. If it works, CM.com could shift its core value prop from infrastructure to intelligence. That would change its margin profile dramatically.
But it’s early. The buzz is real, but deployment is limited. Investors want to see revenue tied to HALO before buying into the narrative.
Risks? Yeah, Plenty
There are real risks here. Payments isn’t growing the way it should. AI success is far from guaranteed. And execution is everything in small-cap tech.
There’s also the fact that CM.com doesn’t have the brand power of competitors like Twilio or Stripe. In many cases, it’s playing catch-up—albeit cleverly and efficiently.
And the stock trades below its 200-day moving average. That’s a technical signal some traders take seriously. Doesn’t mean it’s doomed, but it does say sentiment is still cautious.
The Bottom Line
CM.com is in the middle of a hard reset. It’s not trying to win with flash. It’s trying to win with margins, focus, and just enough AI to be dangerous.
For long-term investors, especially those who can stomach volatility, this looks like a calculated bet. The fundamentals are improving. The story is tighter. The upside is real—but so are the risks.
This isn’t a stock to chase because it dropped 10%. It’s a stock to watch if the next earnings call confirms the trend: growth where it matters, and discipline everywhere else. If that happens, CM.com might finally get the respect it’s trying to earn.
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