SHOPIFY INC.

Shopify provides essential internet infrastructure for commerce through an all-in-one platform that facilitates starting, running, and growing a business. The platform powers sales online, in store, and across various channels. Shopify offers a comprehensive, multi-channel commerce platform that supports businesses as they grow, providing tools to manage, market, and sell products across online storefronts, physical retail spaces, AI platforms, and social media. It includes an integrated back-end system for operations like inventory management, transaction management, and buyer relationship building. Shopify serves merchants of all verticals and sizes, from entrepreneurs to companies with large-scale direct-to-consumer or business-to-business (B2B) operations. No single merchant has ever represented more than five percent of total revenues in a single reporting period. As of December 31, 2025, Shopify had millions of merchants from more than 175 countries using its platform. Geographically, 44% of merchants are in the United States, 31% in Europe, the Middle East and Africa, 16% in Asia Pacific, Australia and China, 5% in Canada, and 5% in Latin America. The business model is driven by merchant success, with historical merchant cohorts increasing sales, adopting additional solutions, upgrading subscription plans, and purchasing additional apps over time.