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- Lightspeed Commerce reported a notable turnaround with first-quarter revenue rising to $266.1 million, surpassing expectations.
- The company's transaction-based revenue surged by 44% year-over-year, with payments now comprising over 60% of total revenue.
- Adjusted net income reached $16.1 million, marking a significant improvement from the previous year's loss.
Lightspeed Commerce Inc. (TSX:LSPD), a Montreal-based payments software provider, reported an improvement in year-over-year revenue for the first quarter, reflecting its focus on profitability. For the quarter ending June 30, the company posted a net loss of $35 million, a decrease from a net loss of $48.7 million in the previous year. On an adjusted basis, Lightspeed achieved net income of $16.1 million, a notable turnaround from an adjusted loss of $2.2 million a year earlier.
First-quarter revenue reached $266.1 million, surpassing the previous year's $209.1 million and exceeding the company’s guidance.
Founder and CEO Dax Dasilva highlighted the company's commitment to profitable growth during an interview with BNN Bloomberg. Dasilva noted that the quarter was marked by strong payments adoption and a significant focus on achieving profitability.
Transaction-based revenue was a major contributor to the growth, showing a 44 percent increase compared to the previous year. Payments now account for over 60 percent of Lightspeed’s total revenue, up from 22 percent at the same time last year. The percentage of customers using Lightspeed’s payment platform increased from 32 percent last quarter to 36 percent in the current period.
Dasilva emphasized that this rise in payments adoption has enabled Lightspeed to benefit alongside its clients, which include restaurants and retailers. He described the increase in payments adoption as a key area of success for the company, attributing it to their strategic focus and execution.
