u/PrimaryAd6389

Commerce.com (formerly BigCommerce, ticker CMRC) rejected two unsolicited all-stock offers from Rezolve AI (RZLV) earlier this year.

First offer in February: 1 RZLV share for every 1 CMRC share.

Board rejected it.

Second offer in April (hostile, taken directly to shareholders): 1 RZLV share for every 2 CMRC shares.

Board rejected it again, called it significantly undervalued, and put in a poison pill.

At the time, Commerce’s board said they were focused on their own “material business transformation” and AI positioning. Rezolve claimed a combination would create a $700M+ revenue company with better margins and AI infrastructure layered onto Commerce’s merchant base.

Fast forward to now (August 2026):

Commerce.com’s recent results:

Q2 revenue basically flat (~$84.5M)

ARR only up ~2% YoY

Subscription revenue slightly down

They did post positive GAAP net income and improved operating margins through cost cutting

But they just cut full-year revenue guidance lower

Stock is still trading in the low $2s with relatively thin volume.

Rezolve’s claims:

Guiding ~$360M revenue for 2026 (roughly 7.5x their 2025 number)

Preliminary H1 already looking very strong according to them. Positioning hard as an agentic commerce / AI infrastructure play.

I’m not saying Rezolve is some perfect high-quality company (their growth is aggressive and still needs to be fully proven). But looking at the two trajectories side by side, it’s hard not to wonder if Commerce shareholders would have been better off taking the original 1:1 offer, or at least forcing the board to engage more seriously.

Commerce has stabilized the P&L and isn’t burning cash, so they can survive as a smaller independent company. The question is whether “survive” is good enough when the stock has already destroyed most of its post-IPO value and growth remains anemic in a market that’s clearly shifting toward AI-native commerce platforms.

​

In late 2025 Rezolve AI (RZLV) took a ~$63.3M non-cash impairment on SQD tokens after acquiring Subsquid. At the same time they booked a ~$61.3M bargain purchase gain. The net hit was small, the charge doesn’t repeat, and the core business has been scaling extremely fast (Q1 2026 alone did more revenue than all of 2025). That’s the main reason the narrative shifted toward profitability.

What actually happened with the SQD / Subsquid deal

October 2025: Rezolve acquired Subsquid (the team behind the SQD blockchain data platform).

Purchase consideration was relatively modest (~$14.2M total fair value: cash + shares + commitment to buy $10M of SQD tokens).

Under purchase accounting the SQD tokens already held by Subsquid were marked to fair value (~$70M range). This created a bargain purchase gain of ~$61.3M.

Later in Q4 2025 the market price of SQD dropped hard. Rezolve ran an impairment test and wrote the tokens down to the lowest observable price in the period → $63.3M impairment charge.

Net P&L impact of the gain + impairment was basically a wash. The tokens are treated as indefinite-lived intangibles, so impairments are not reversed if the price recovers later.

Why the “profit” talk is possible now

One-time non-cash charge

The impairment only hit 2025. It doesn’t create ongoing expense. Future periods start from the already-written-down carrying value.

Insane revenue ramp

Full year 2025: $46.8M revenue

Q1 2026 alone: ~$60M (more than all of 2025)

Preliminary H1 2026: ~$127M

Guidance: ~$360M for full-year 2026, targeting $500M+ ARR exit

High margins + operating leverage

2025 blended gross margin was 66%, core software >90%. December 2025 was the first month with positive Adjusted EBITDA. Management has said the model is already structurally profitable at current scale and they “could be profitable today if we choose to be,” but are still investing heavily in sales and expansion.

Cash vs. GAAP

The big GAAP net loss in 2025 was heavily driven by non-cash items (impairment, share-based comp, extinguishments, etc.). Actual cash burn was much lower.

Bottom line

The $63M write-down was real and ugly on the 2025 income statement, but it was largely offset by the bargain purchase gain and, more importantly, it doesn’t repeat. Once that noise is gone and the platform is printing $20M+ months at high incremental margins, the profitability conversation becomes a lot more plausible — even if full-year GAAP net income is still messy because of other non-cash items and growth spending.

​

I’ve been watching the public analytics dashboard at network.sqd.dev/dashboard/analytics for a while and the numbers have gotten pretty wild this year.

Current snapshot (as of late July / early August 2026)

4.5 petabytes of data served in the last 90 days

26M+ queries per day across 225+ chains (July numbers).

Peak daily served data hit ~1.4 PB/day in June (up >5× from ~240 TB/day in February)

2,000+ workers online

~28% of supply locked

Protocols built on SQD now support >$20B in AUM

For context, earlier in 2025 the network was doing a few hundred TB over 90 days and single-digit millions of daily queries at peaks. This is a clear step-change.

What the dashboard actually shows

The Analytics tab breaks things into Network Health, Economics, and Usage charts. You can see:

Locked value trending up hard

Active workers and unique operators growing

Query count and data served accelerating through 2026

Worker APR and Delegator APR still positive (though lower than the early high-APR days)

Speculation / my take

This doesn’t feel like temporary hype or a single big customer. A few things seem to be compounding:

Institutional shift is real — New leadership, explicit push toward capital markets / AI / enterprise, and production use by names like Lambda, Morpho, PancakeSwap, GMX, etc. The 5× jump in four months lines up with larger clients coming online.

AI / agentic demand — SQD’s streaming Portal API is unusually well-suited for agents and analytics pipelines that need verified multi-chain data at scale. The recent Claude/MCP integrations make this even more frictionless.

Supply side is keeping up — 2k+ independent workers + meaningful locked supply means capacity is there. More usage → more rewards → more operators is a healthy flywheel so far.

The team has been teasing “biggest announcements in our history still to come” and saying the rest of 2026 will be colossal. If even one major warehouse/enterprise integration or deeper AI tooling lands, another leg higher in daily volume looks plausible.

​

Saw this LinkedIn post from TCS Europe a couple days ago and thought it was worth digging into.

TCS hosted the IT leadership from Salling Group (Denmark’s largest retailer — owns Netto, Bilka, føtex, etc.) for a 2-day strategic session in Amsterdam focused on becoming an “agentic enterprise.” Rezolve AI was featured as their strategic partner and “leading AI commerce platform.”

For those who don’t know:

Rezolve AI (NASDAQ: RZLV) provides agentic commerce tools (conversational shopping, intelligent discovery, agentic checkout) via their brainpowa platform.

In May 2026 they announced a global strategic partnership with TCS where TCS will resell Rezolve’s platform to its enterprise clients.

How this helps Rezolve AI

TCS is a $30B+ IT giant with deep relationships in retail. This gives Rezolve access to a massive sales channel and enterprise credibility they couldn’t easily build alone. The Salling workshop is basically a live example of the partnership in action.

Financial speculation (purely my take)

Rezolve guided $360M revenue for 2026 (they did ~$46.8M in FY2025 and already ~$60M in Q1 2026). The TCS partnership could contribute a meaningful chunk of that, especially if it starts converting into multi-year deals. Hard to put exact numbers on it since terms aren’t public, but even a handful of large European retailers would move the needle.

Salling Group fit

Salling seems like a strong potential customer:

They’re actively pursuing agentic commerce (they recently partnered with Google on integrating with Gemini). They’re a large omnichannel retailer with grocery + general merchandise.

The fact that their IT leadership spent two days with TCS and Rezolve suggests real interest. Would be interesting to see if this turns into a pilot or full deployment.

​

Sole Voting Power & Sole Dispositive Power: 30,061,917 shares.

Aggregate Beneficial Ownership: 30,061,917 shares

Previous filing (earlier this year): ~22.8 million shares at 5.7%1c0eac

Sec

Shares outstanding (per filing): ~398.8 million

Filing date reference: As of market close July 14, 2026

This looks like a passive investor adding significantly to his position (increase of roughly 7.25 million shares). Schedule 13G is typically for investors who aren't trying to influence control, but crossing these thresholds often gets attention in smaller-cap names. 🚀

​

Big news in the rewards and fintech space today!

Tillo, a leading global gift card and rewards platform, just announced a partnership with Reward (part of the Rezolve AI Group) to expand Reward’s international gift card and customer engagement offerings.

Quick breakdown of the companies:

Tillo (founded 2016).

Operates a powerful API that connects businesses to 4,000+ global brands across 40 markets and 25 currencies.

Has processed over $4 billion in digital gift cards.

Helps banks, enterprises, loyalty programs, and fintechs deliver seamless rewards, incentives, employee recognition, and payouts.

Known for making gift cards simple, flexible, and truly global (think instant delivery, multi-brand choice cards, prepaid options, etc.).

Offices in UK, US (Austin), Australia, and South Africa.

Reward (acquired by Rezolve AI in Feb 2026 for $230M)

A customer engagement and commerce media platform at the intersection of banking and retail.

Uses real transaction data to deliver personalized offers, cashback, and loyalty rewards through major banks and retailers.

Has already returned billions in value to customers.

Strong presence in UK, Europe, Middle East, and Asia.

​

With all the recent momentum around Rezolve AI (RZLV / RZLVW), I put together a summary on their proposed $300M share repurchase program and how it ties into the ~7.5 million outstanding public warrants.

The Buyback Program

Board seeking shareholder approval at AGM on June 30, 2026.

Requires UK Court approval for capital reduction (expected by end of August 2026).

Structure: Rezolve will repurchase shares from BTIG, which will acquire them in the open market (or other legal methods) within agreed pricing parameters.

Funded initially with existing cash; company is also exploring non-dilutive financing to support it longer-term.

This is a flexible, ongoing facility rather than a one-time ASR. Management has signaled the stock is materially undervalued.

The Warrants Angle (~7.5M Public Warrants)

Exercise price: $11.50 per share → ~ $86 million potential cash to the company if exercised.

Company can redeem warrants (forcing exercise or cheap redemption) once stock trades ≥ $18 for 20 out of 30 trading days.

Buyback + strong execution on revenue guidance ($360M+ for 2026), AI commerce deals, and partnerships could help push the price toward that level.

Timeline & Risks

Buybacks likely start late August or shortly after court approval. No guarantees on price appreciation or full warrant participation. Standard UK corporate process — no major fast-tracking expected.

This setup could bring in significant cash, clean up the cap structure, and support the stock if fundamentals continue delivering. Classic post-SPAC warrant playbook if they hit the $18 trigger.

https://www.facebook.com/share/v/1EU2HzTjF7/