EXHIBIT 99.1 Over the years we’ve also helped foster a large ecosystem 2015 Letter to Shareholders, continued A Year of that has grown up around Shopify. App developers, design Achievements agencies, and theme designers have built businesses of The irst Shopify store was our own. In 2004, we took their own by creating value for merchants on the Shopify First one billion dollars in revenue. something we loved, snowboarding, and built a business platform. Instead of stiling this enthusiastic pool of talent around it. The idea was to set up an online store and and carving out the proits for ourselves, we’ve made a create a snowboarding empire. But there was a problem: point of supporting our partners and aligning their First one billion orders on the the software landscape we encountered seemed to work interests with our own. In order to build long-term value, Shopify platform cumulatively. against our ambitions at every step. Back then, online we decided to forgo short-term revenue opportunities and store software was built for existing big businesses that nurture the people who were putting their trust in Shopify. Fastest-growing software-as- were transitioning online. It was incredibly expensive, As a result, today there are thousands of partners that a-service company in history unnecessarily complex, and infuriatingly inlexible. have built businesses around Shopify by creating custom to achieve $1B in revenue, apps, custom themes, or any number of other services for growing revenue 59% over Shopify merchants. Existing software was not designed with the new 2017. entrepreneur in mind, so we rejected the existing models 2018 and created our own. Our custom software met our needs This is a prime example of how we approach value and so well that we decided to take everything we learned and something that potential investors must understand: we Year in Review shift our business away from snowboards and towards do not chase revenue as the primary driver of our ixing the glaring hole in the ecommerce market. We knew business. Shopify has been about empowering merchants that many future businesses would be created online irst, since it was founded, and we have always prioritized We are achieving what we and software needed to support the irst steps of long-term value over short- term revenue opportunities. entrepreneurship, not just the established big guys. We We don’t see this changing. committed to do four years ago, set out to create the software that we wished would have when we became a public company: existed, and we launched it in 2006 under the name In terms of the value we create, we think that the most make commerce better for everyone. Shopify. important thing that we deliver to our merchants is simplicity. Simplicity isn’t simple. It takes tremendous Original Letter from Tobi, 2015 Tobi, from Original Letter Shopify is exactly this: the only platform you need to build care, discipline, and craftsmanship to take something your empire. Shopify is the irst thing our merchants log inherently complex like commerce and make it intuitive. into in the morning and the last thing they log out of in the We have spent the last decade democratizing commerce, evening. It’s at the heart of their business—a responsibility simplifying it, and making it accessible for businesses of that we take very seriously. Chances are that you’ve all sizes. already bought products through stores that use Shopify and you didn’t even realize it. More than 165,000 stores Today, businesses sell through dozens of dierent use Shopify today. Yet, as a brand, we are virtually channels: online stores, retail stores, wholesale, at pop-up invisible to consumers. This is by design, as our job is to shops, on social networks, through mobile apps or any make our merchants look their very best in every number of other ways. Merchants often hack together interaction they have with consumers. dierent applications and technologies in order to try to address their multi-channel requirements. We’re now showing them that they don’t have to; that their complex Over $8 billion of GMV has already been transacted Revenue $1,073.2M through our platform, with the most recent quarter setup can be reduced to a single, simple platform. By the +59% coming in at over $1 billion. We’ve proven that there’s time we’re done, we think Shopify will have established incredible potential in early-stage entrepreneurs when the “new normal”. they are empowered with great technology. Focusing on inspiring entrepreneurship and helping people iterate I want Shopify to be a company that sees the next their ideas, launch new stores and scale their businesses century. To get us there we not only have to correctly predict future commerce trends and technology, but be creates a sense of solidarity: we did it together. We $673.3M believe that by giving merchants an aordable, easy to the ones that push the entire industry forward. Shopify +73% use solution that helps them sell and run their business, was initially built in a world where merchants were simply Shopify will share in their success as they grow. We’ve looking for a homepage for their business. By accurately shown that it was possible to build a single platform that predicting how the commerce world would be changing, and building what our merchants would need next, we works from the very beginning—an entrepreneur with an $389.3M idea—to a business with millions of orders. And while taught them to expect so much more from their software. +90% many of our larger merchants switched to Shopify based on the quality of our platform, a large number of our These underlying aspirations and values drive our mission: make commerce better for everyone. I hope you’ll join us. $205.3M merchants are “homegrown” and started their businesses +95% with us. I’m incredibly proud of this. Merchant solutions $105M $50.3M +109% Subscriptions solutions $23.7M +112% - Tobi May 2015 2012 2013 2014 2015 2016 2017 2018

Taking the Path that Leads to More Entrepreneurs cohort osetscohort thedeclineinrevenue from merchants leaving theplatform. model: theincrease inrevenue from remaining merchants growing withina growth comingfrom illustratesthestrength eachcohort ofourbusiness platformthe Shopify atdierent inourhistory. times Theconsistent revenue The above displays chart theannualrevenue for merchant thatjoined cohorts Revenue By AnnualCohort Monthly Recurring Revenue Merchant Growth Count By In2018 Continent Global Growth Africa 45% 2015 $1.1M 2012 Q1 48% Asia 2016 2013 Q1 Europe 44% 2017 2014 America Q1 North 31% 2018 70% CAGR Oceania 2015 Q1 27% America Pre-2016 2016 2017 2018 2016 South 69% Q1 2017 Q1 December31, 2018 * Revenue andmerchants asat for ourmerchants. objectivesaccomplish these -- are undertaken to partnerships, orinacquisitions platform development, in -- whetherinproduct and Allofourinvestmentsbusiness. and grow ontheir sales operate,making iteasiertostart, empowering merchants, by better for everyone by We are makingcommerce room for learnings. these modelmakesand ourbusiness something thatdidn’t work, discoverythe successful of failure canalsobeviewed as At Shopify, we know that on theirjourney to success. failoften -more thanonce- entrepreneurssuccessful come great but success, With entrepreneurship can We encourage entrepreneurship. USA Canada W Rest ofthe 24% Merchants 12% Reven ue 55% Merchants 70% Revenue 7% Merchants 7% Revenue orld 2018 Q1 $40.9M 7% Merchants 4% Revenue 8% Merchants 6% Revenue Australia UK Simplifying Merchant Operations Orders OnShopify New Products AndFeatures 2018 As ofDecember31, 2018 Portugese. andBrazilian Japanese, German, Italian, * Languagesinclude:French, Spanish, Dashboard Marketing Mobile Languages* 66% +6 methods Payment Local Locations Desktop 34% Protect Fraud 2019 into acompetitive advantage. all helpmerchants turn mobile card reader andmobilephone, in-person payments with a sale (POS) app, whichenables andourpointof businesses; for(AR) accessible small selling withAugmented Reality AR,Shopify whichmakes Pay, ApplePay andGooglePay accelerators suchasShopify since. Ourintegrated checkout to track aheadof the industry desktop, andhave continued devices surpassedthosefrom to merchants from mobile devices. Inearly2016, orders their storefronts viamobile easy for merchants tomanage app in2010, whichmakes it We Mobile launchedtheShopify playbook for nearlyadecade. ofShopify’s part important Mobile deviceshave beenan and securingworking capital. accepting payments, shipping, commonly require, including functionality merchants the broad array ofother Merchant Solutionsaddress platform. Inaddition,our fromaccessible withinthe anddomainseasily themes, also makes apps,custom in-person, Shopify’s platform channels, marketplaces, and social other onlinespaces, over anonlinestore, blogsand mobile, andenablingselling merchants, optimized for feature-rich platform. Builtfor running onanincredibly merchants togetupand subscription packagesenable they love. Shopify’s that aspects oftheirbusiness resources tofocus onthe they canfree upmore time, money, andeort, so platform tosave merchants continually improving the Central toourmissionis ; Catalyzing Merchants’ Sales Buyers From Stores Shopify online shoppers 163 millionin2017 to218millionin2018. merchants’ stores grew onShopify 34% from The numberofconsumers buying from GMV 28 million 2014 $0.7B 2012 online shoppers 57 million 2015 $1.6B +128% 2013 online shoppers 100 million 2016 $3.8B +133% 2014 online shoppers 163 million 2017 $7.7B +105% 2015 online shoppers 218 million 2018 $15.4B +99% 2016 among entrepreneurs. and community-building for education, engagement, new spaceinLos built Angeles Shop Classprograms, andour communityforums,Shopify through blogs, Shopify their brands and businesses our merchants onhow togrow plans. Assuch,we educate and upgrade their Shopify growth Capital, withShopify Shipping,fundtheir Shopify ship more products with process more transactions, revenue we generate asthey on ourplatform, themore The more ourmerchants sell with thoseofourmerchants. Our goalsare closelyaligned $26.3B 2017 +71% $41.1B +56% 2018