Shopify Inc.

Shopify filed its first 10-Q as a domestic SEC filer (Q1 FY2025, period ended March 31, 2025). The filing mentions the company will 'continue to invest in data analytics, machine learning and AI' and highlights ability to 'leverage emerging technologies, including artificial intelligence' in forward-looking statements, but provides no AI-specific revenue figures. Revenue was $2,360M. The Vantage acquisition was completed in March 2025 (technology-based intangible assets acquired), adding AI/ML capabilities. Shopify Magic and Sidekick were further refined with more AI-powered features. Subscription Solutions and Merchant Solutions remain the only revenue lines. Modest increase to 4% reflects: (1) growing merchant adoption of AI features as a standard part of the platform; (2) Vantage acquisition bringing additional AI technology; (3) continued conservative bias due to full bundling. Math: 4% x $2,360M = ~$94M implied AI-attributable revenue.