Total revenue of $277.2 million grew 20% year-over-year and exceeded outlook

Net loss improved to ($29.7) million and positive Adjusted EBITDA¹ of $14.0 million exceeded outlook of $12 million

The monthly ARPU² in the quarter grew 24% year-over-year to ~$527
Gross profit of $114.3 million, increased by 19% year-over-year

Lightspeed raises Fiscal 2025 Adjusted EBITDA¹ outlook³ to a minimum of $50 million from a minimum of $45 million

Lightspeed reports in US dollars and in accordance with IFRS.

Lightspeed Commerce today announced financial results for the three and six months ended September 30, 2024. Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

“I am proud to announce that on a trailing twelve month basis, Lightspeed now exceeds $1 billion in revenue. And we continued our rapid pace of product innovation, releasing dozens of new features in the quarter aimed at helping complex, high-volume SMBs to manage and grow their businesses,” said Dax Dasilva, Founder and CEO. “Our differentiated product offerings have enabled us to develop a strong competitive position, particularly for retail in North America and hospitality in Europe. These are areas where we have a proven right to win and where we will be prioritizing our efforts in the future.”

“Our initiatives aimed at expanding payments adoption and controlling costs are working, with Lightspeed delivering record Adjusted EBITDA and positive Adjusted Free Cash Flow,” said Asha Bakshani, CFO. “While continuing to invest in product and go-to-market to help fuel software growth, we also remain focused on continuing to improve Adjusted EBITDA which we now expect to come in at a minimum of $50 million in Fiscal 2025.”

Second Quarter Financial Highlights

(All comparisons are relative to the three-month period ended September 30, 2023 unless otherwise stated):

• Total revenue of $277.2 million, an increase of 20% year-over-year.
• Transaction-based revenue of $183.8 million, an increase of 33% year-over-year.
• Subscription revenue of $85.5 million, an increase of 6% year-over-year.
• Net loss of ($29.7) million, or ($0.19) per share, as compared to a net loss of ($42.5) million, or ($0.28) per share, and Adjusted Income¹ of $19.9 million, or $0.13 per share 1 , as compared to Adjusted Income 1 of $6.4 million, or $0.04 per
  share.
• Adjusted EBITDA¹ of $14.0 million versus Adjusted EBITDA¹ of $0.2 million.
• Cash flows used in operating activities of $11.3 million as compared to cash flows used in operating activities of $24.8 million, and Adjusted Free Cash Flow¹ of $1.6 million as compared to Adjusted Free Cash Flow¹ used of $17.2 million.
• As at September 30, 2024, Lightspeed had $659.0 million in cash and cash equivalents.

_________________________________________

Second Quarter Operational Highlights

• Lightspeed delivered several new product releases in the quarter including:
  • Retail Insights globally, providing retailers with a comprehensive set of data-driven tools to better understand their sales and inventory.
  • Multi-Location Ordering, enabling merchants to create one purchase order for multiple locations and automatically distribute stock based on inventory plans.
  • Instant Payouts expanded to retailers in the UK.
  • Custom sections for Instant Site, enabling merchants to create and design customized websites and app sections for their eCommerce sites.
  • Benchmarks & Trends in the U.S. for hospitality customers, leveraging machine learning to transform data into actionable insights for restaurateurs, with planned release in EMEA in Fiscal 2026.
  • New Sales Summary page, allowing hospitality customers to spot trends faster using improved data visualizations.
  • Happy Hour to Order Anywhere, our online ordering module, allowing restaurants to dynamically adjust online pricing during promotional periods.
• ARPU^2,4 increased to ~$527 from ~$425 in the same quarter last year representing an increase of 24% driven by our focus on our unified POS and payments offering and high GTV customer adoption.
• Gross profit of $114.3 million increased 19% year over year. Overall gross margin was 41%, compared to 42% in the same quarter last year, reflecting a higher portion of customers adopting Lightspeed Payments. Subscription gross margin grew to 79% in the quarter from 75% in the same quarter last year driven by a dedicated effort at controlling costs. Transaction-based gross margin was 27%, compared to 28% last year.
• GTV generated by Lightspeed’s flagship platforms increased by 26% compared to the same period last year, demonstrating that for its ideal customer profile and with its flagship products, Lightspeed continues to gain traction. Total GTV⁴ was $23.6 billion.
• An increasing portion of GTV is being processed through the Company’s payments solutions. GPV increased 49% to $8.8 billion in the quarter from $5.9 billion in the same period last year, largely due to the Company’s unified POS and payments initiative.
• Customer Locations with GTV exceeding $500,000/year⁵ and $1 million/year⁵ increased 1% and 2% year-over-year, respectively.
• Lightspeed Capital showed strong growth with revenue increasing 121% year-over-year.

_________________________________________

Notable customer wins include:

• From California, Barebones Workwear, signed on their 10 location work apparel, footwear and accessories business for Lightspeed Retail;
• Mavi Jeans, the premium denim retailer came to Lightspeed via a NuORDER co-sell deal;
• Wayne’s Boot Shop in Wyoming switched to Lightspeed Retail thanks to the NuORDER integration;
• Columbia Sportswear, J.Lindeberg, and Bugatti Group were part of dozens of new brands that were added to our Supplier Network;
• Nathalie, with two locations in the heart of central London, has signed up for Lightspeed Restaurant;
• 4PM Entertainment in Amsterdam selected Lightspeed Restaurant for over 20 locations; and
• Hospitality powerhouse, J’adore, in Paris, France has begun to power their restaurants, clubs, and bars with Lightspeed Restaurant.

Capital Markets Day

In light of the Company’s ongoing strategic review, Lightspeed will postpone its Capital Markets Day previously scheduled for November 20. The Company notes that there can be no assurances given, at this time, as to the outcome of its strategic review and that no further announcements or comments in respect of this matter will be made except as required under our regulatory obligations.

Financial Outlook⁶

The following outlook supersedes all prior statements made by the Company and is based on current expectations. Lightspeed’s year-to-date results have been encouraging with both revenue and Adjusted EBITDA coming in ahead of the Company’s outlook. As a result, the Company is increasing its Adjusted EBITDA¹ outlook for the year from at least $45 million to at least $50 million. For the third quarter, Lightspeed expects subscription revenue growth rates to improve over the levels seen in the second quarter as the Company expands outbound teams, the majority of account managers return to upselling software, and targeted price increases take effect. In addition, the Company expects to see strong growth rates in transaction-based revenue as more customers adopt its payments solutions.

The Company’s outlook is as follows:

Third Quarter 2025

• Revenue of approximately $280 million to $285 million.
• Adjusted EBITDA 1 of approximately $14 million

Fiscal 2025

• Revenue growth of at least 20%.
• Adjusted EBITDA 1 of a minimum of $50 million.

Financial Outlook Assumptions

When calculating the Adjusted EBITDA included in our financial outlook for the quarter ending December 31, 2024 and full year ending March 31, 2025, we considered IFRS measures including revenues, direct cost of revenues, and operating expenses. Our financial outlook is based on a number of assumptions, including assumptions related to inflation, changes in interest rates, consumer spending, foreign exchange rates and other macroeconomic conditions; that the jurisdictions in which Lightspeed has significant operations do not impose strict measures like those put in place in response to pandemics like the COVID-19 pandemic; requests for subscription pauses and churn rates owing to business failures remain in line with planned levels; our Customer Location count remaining in line with our planned levels (particularly in higher GTV cohorts); quarterly subscription revenue growth gradually ramping up throughout the year to ~10% growth; revenue streams resulting from certain partner referrals remaining in line with our expectations (particularly in light of our decision to unify our POS and payments solutions, which payments solutions have in the past and may in the future, in some instances, be perceived by certain referral partners to be competing with their own solutions); customers adopting our payments solutions having an average GTV at our planned levels; continued uptake of our payments solutions in line with our expectations in connection with our ongoing efforts to sell our POS and payments solutions as one unified platform; gross margins reflecting a trend towards more transaction-based revenue in our revenue mix; our ability to price our payments solutions in line with our expectations and to achieve suitable margins and to execute on more optimized pricing structures; our ability to manage default risks of our merchant cash advances in line with our expectations; seasonal trends of our key verticals being in line with our expectations and the resulting impact on our GTV and transaction-based revenues; continued success in module adoption expansion throughout our customer base; our ability to selectively pursue strategic opportunities and derive the benefits we expect from the acquisitions we have completed including expected synergies resulting from the prioritization of our flagship Lightspeed Retail and Lightspeed Restaurant offerings; market acceptance and adoption of our flagship offerings; our ability to attract and retain key personnel required to achieve our plans, including outbound and field sales personnel in our key markets; our ability to execute our succession planning; our expectations regarding the costs, timing and impact of our reorganizations and other cost reduction initiatives; our ability to manage customer churn; and our ability to manage customer discount requests. Our financial outlook does not give effect to the potential impact of acquisitions, divestitures or other strategic transactions that may be announced or closed after the date hereof. Our financial outlook, including the various underlying assumptions, constitutes forward-looking information and should be read in conjunction with the cautionary statement on forward-looking information below. Many factors may cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including the risks and uncertainties related to: macroeconomic factors affecting small and medium-sized businesses, including inflation, changes in interest rates and consumer spending trends; instability in the banking sector; exchange rate fluctuations; any pandemic or global health crisis; the Russian invasion of Ukraine and reactions thereto; the Israel-Hamas war and reactions thereto; uncertainty and changes as a result of elections in the U.S. and Europe; our inability to attract and retain customers, including among high GTV customers; our inability to increase customer sales; our inability to implement our growth strategy; our inability to continue to increase adoption of our payments solutions, including our initiative to sell our POS and payments solutions as one unified platform; our ability to successfully execute our pricing and packaging initiatives; risks relating to our merchant cash advance program; our ability to continue offering merchant cash advances and scaling our merchant cash advance program in line with our expectations; our reliance on a small number of cloud service suppliers and suppliers for parts of the technology in our payments solutions; our ability to manage and maintain integrations between our platform and certain third-party platforms; our ability to maintain sufficient levels of hardware inventory; our inability to improve and enhance the functionality, performance, reliability, design, security and scalability of our platform; our ability to prevent and manage information security breaches or other cyber-security threats; our ability to compete against competitors; strategic relations with third parties; our reliance on integration of third-party payment processing solutions; compatibility of our solutions with third-party applications and systems; changes to technologies on which our platform is reliant; our ability to effectively incorporate artificial intelligence solutions into our business and operations; our ability to obtain, maintain and protect our intellectual property; risks relating to international operations, sales and use of our platform in various countries; our liquidity and capital resources; pending and threatened litigation and regulatory compliance; changes in tax laws and their application; our ability to expand our sales, marketing and support capability and capacity; our ability to execute on our reorganizations and cost reduction initiatives; our ability to successfully make future investments in our business through capital expenditures; our ability to successfully execute our capital allocation strategies; our ability to execute on our business and operational strategy, including as a result of our pending strategic review; and maintaining our customer service levels and reputation. The purpose of the forward-looking information is to provide the reader with a description of management’s expectations regarding our financial performance and may not be appropriate for other purposes. 

Lightspeed Commerce Inc., the one-stop commerce platform empowering merchants to provide the best omnichannel experiences is honored to be named the fifth fastest growing organization in the Enterprise–Industry Leaders category for Deloitte’s 2024 Technology Fast 50 program.

The award recognizes the fastest-growing enterprise-level technology, media, and telecommunications companies by revenue growth percentage over their last four years of operation. This category is open to companies that recorded a minimum revenue of $10 million in 2020 and $50 million in 2023. For this year’s award, Lightspeed was recognized with a growth percentage of 502%, ranking fifth overall in demonstrating outstanding growth and innovation within the technology industry. 

“This award showcases our unwavering focus on disciplined growth and helping our customers achieve new levels of success,” said Dax Dasilva, Lightspeed’s Founder and Chief Executive Officer. “As a company just shy of celebrating our 20th anniversary, we are continuing to grow and learn. We keep optimizing our offerings in order to bring the best POS and payments solutions to our customers. This award highlights the success we are seeing in doing so, and a bright path moving forward.”

“The Enterprise—Industry Leaders exemplify the strength and resilience of Canada’s business landscape, showcasing their ability to navigate challenges and drive sustainable growth,” highlighted Anders McKenzie, the National Technology Fast 50 program leader at Deloitte Canada. “As established leaders in their industries, these companies have demonstrated their capacity to innovate, adapt, and transform in a rapidly evolving digital landscape. By embracing emerging technologies, fostering a culture of continuous improvement, and leveraging their extensive resources, these Enterprise – Industry Leaders have positioned themselves as industry leaders, setting new benchmarks for success. Their achievements not only contribute to their own organizational growth but also inspire and shape the future of Canada’s technology sector.”

For further information: https://www.newswire.ca/news-releases/lightspeed-ranked-5th-fastest-growing-enterprise-industry-leader-in-deloitte-s-2024-technology-fast-50-tm-program-852223253.html 

New product updates focus on providing merchants with a deeper understanding of their–and their competitors–businesses

Lightspeed Commerce Inc., the one-stop commerce platform empowering merchants to provide the best omnichannel experiences, today highlighted some of the key product innovations launched in the past quarter to support the Company’s customer base in retail and hospitality.

Focused on improving business effectiveness and operational efficiency, the releases in the past few months have streamlined business management to help create faster workflows, predict sales opportunities and compare the health of their business against industry benchmarks.

“This past quarter we’ve delivered on some exciting and cutting-edge technology innovations,” said Dax Dasilva, Founder and Chief Executive Officer of Lightspeed. “Whether you’re a retailer looking to better capitalize on product sales opportunities, or a restaurateur who needs to better understand their business in context to your peers, we’ve opened up real opportunities to improve business performance and maximize sales.”

Lightspeed’s Q2 innovations brought a number of new products and feature sets across the retail and hospitality industries, including: 

Retail

• Increased sales opportunities and better inventory management with Retail Insights

Launched globally in August, Retail Insights allows Lightspeed customers to close the gap on missed sales opportunities by using historical and real time data to forecast demand which factors in stock-outs, and create purchase orders ahead of demand.

• Keep your sales, and peace of mind, with Offline Mode

With Offline Mode, Lightspeed Retail merchants can continue to run business as usual even during outage situations. When a terminal detects that the internet connection has been lost, Lightspeed’s POS will be prompted to enable offline mode to process payments. Merchants can manually enter the sale amounts and have the customer pay using a card payment like normal. The payment will be stored on the terminal until the internet connection has been restored. All stored payments will then be transferred to Lightspeed for processing and merchant portal payments will be updated accordingly.

• Automatic Order Distribution to Multiple Locations

Distributing stock from a purchase order to multiple locations can be challenging. With Lightspeed Multi-Location Ordering, retailers can now create one purchase order for multiple locations and after receiving it at a warehouse automatically create transfers to distribute the stock out.

• Instant Payouts for Retailers Comes to the UK

Cash flow is the most crucial part of running a business. With the launch of Instant Payouts to UK merchants, eligible Lightspeed merchants will be able to access funds immediately after the transaction–even on weekends and holidays–and manage daily expenses, pay suppliers and invest in growth opportunities. Instant Payouts is already available to Lightspeed Retail customers currently based in the U.S.

Hospitality

• Groundbreaking AI-driven Benchmarks & Trends for the Hospitality industry

Through the power of machine learning and AI, Benchmarks & Trends gives restaurateurs the insights they need to help boost revenue, streamline operations, and gain a competitive edge in a crowded dining landscape.

• Spot trends faster with the new Sales Summary page

Leveraging improved data visualization, customers can now better understand what’s happening with their business, identify sales trends and pinpoint where losses are happening. This visual guide clearly outlines the busiest periods throughout the week and provides insights into what’s affecting performance.

• Happy Hour on Order Anywhere

Extend POS happy hour pricing to Order Anywhere. This feature allows businesses to dynamically adjust their menu pricing, allowing guests to take advantage of happy hour pricing ordering online from their table.

• Menu management made easy through bulk actions

Customers can manage their menu faster than ever with new bulk actions in the item library. Assign static categories, accounting groups, production instructions, etc. Archive or unarchive up to a hundred items at a time. 

• Issue partial refunds directly from the POS

Partial refunds directly from the POS are now enabled for all merchants. This feature gives users the flexibility to refund specific items, service charges and tips, making it easier to provide excellent customer service.

eCommerce

• Endless opportunities with custom sections for the Instant Site

Merchants and partners can now develop and design new sections for Lightspeed eCommerce Instant Site. Giving merchants and developers the tools to build unique customer experiences tailored to their business or design an online store that matches their vision and takes their brand to the next level.

Lightspeed powers the world’s best restaurants and retailers including:  Taverne Atlantic (Montréal), Tony’s Chocolonely (Amsterdam), Alinea Group (Chicago), L’Occitane (New Zealand), and  Kei (Paris).

For more information, see https://www.lightspeedhq.com/.

With 62% of restaurateurs struggling with labor management and 74% aiming to streamline operations, Lightspeed and 7shifts strengthen their partnership to address industry challenges.

Lightspeed Commerce Inc., today announced a significant enhancement to its existing integration with 7shifts, the all-in-one team management app for restaurant operators. This deepening partnership will bring powerful new functionalities to restaurant owners across North America, further simplifying and streamlining their operations.

According to Lightspeed’s 2024 State of Hospitality Report, 62% of restaurateurs are actively seeking ways to improve labor management, and 74% are looking for technology to streamline operations. As labor challenges and rising costs continue to impact the industry, finding effective solutions has become essential for profitability.

“Deepening our partnership with 7shifts will enable our customers to streamline their operations even further, with seamless integration and access to essential payroll features,” said JD St-Martin, President  of Lightspeed. “Through our partnership with 7shifts our customers have saved countless hours in scheduling, and significant amounts on labor costs. We believe by expanding this relationship, our customers will continue to see added benefits to the operational bottom line.”

With this latest update, restaurant owners using Lightspeed Restaurant system will now be able to import both sales, labor, and employee data directly into 7shifts, enhancing the platform’s forecasting capabilities. Employee data now syncs automatically, which means less manual tasks, less errors and more time saving.

In addition to the enhanced data integration, merchants using Lightspeed can now take advantage of 7shifts’ powerful payroll features. Currently available to customers in the United States, it offers a range of benefits including Payroll Administration, Tip Integration, Benefit Management, and more. By automating these processes, restaurant owners can focus more on what matters most—delivering exceptional customer experiences.

“Our partnership with Lightspeed is exciting because restaurants who utilize the new integration will not only experience the benefits of being able to better forecast sales and labor, but also benefit from an all-in-one platform that connect everything from scheduling, time clocking, tip management, all the way to running payroll,” said Jordan Boesch, CEO at 7shifts. “With accurate data syncing from Lightspeed to 7shifts Payroll, operators can ensure employees are paid on time and without issue. This partnership exemplifies our shared commitment to provide much-needed solutions to those in the restaurant industry.”

7shifts, known for its expertise in hospitality and its leading-edge technology, has become a strategic partner for Lightspeed, helping to bring comprehensive payroll solutions to restaurant owners. This enhanced partnership reflects Lightspeed’s commitment to making restaurant management easier and more efficient. Together, 7shifts and Lightspeed deliver a robust, integrated solution designed to meet the specific needs of the hospitality industry.

Dive into the transformative features of Lightspeed Restaurant on our website. To witness its powerful capabilities, see www.lightspeedhq.com/pos/restaurant.

Lightspeed Commerce Inc., the unified commerce platform powering merchants to provide the best omnichannel experiences, today announced its exclusive partnership with Le Fou Fou, a new European-style food hall set to become a centerpiece of Montreal’s vibrant dining and entertainment scene.

Developed by MTB Collective and located within Montreal’s newest landmark, the Royalmount retail and lifestyle complex by Carbonleo, Le Fou Fou spans over 30,000 sq. ft. and features 12 distinct dining concepts, three bars, and an expansive 6,000 sq. ft. outdoor terrace,the whole accommodating more than 900 guests. Powered by Lightspeed Restaurant, the food hall offers a seamless blend of self-service and table-service ordering. Through this partnership, Lightspeed’s technology is fully integrated across all vendors, elevating service, boosting efficiency, and helping position Le Fou Fou as a premier destination in Montreal’s food scene. Guests can begin their experience when Le Fou Fou is planned to officially open on September 5th.

“Lightspeed is incredibly honored to have been chosen as the sole commerce platform vendor for Le Fou Fou, a key element to Montreal’s evolving culinary and dining scene,” said Dax Dasilva, Founder and CEO of Lightspeed. “As a Montreal-based business this partnership holds special significance  for us.  We’re not only supporting a project that will breathe new life into the area, but also setting a new standard in the food hall industry.”

Le Fou Fou will tap into key features within the Lightspeed Restaurant platform, including:

• Multi-Basket Ordering: Patrons can order from multiple locations in a single transaction, offering convenience and improving operational efficiency through the use of QR codes at each table.
• Kitchen Display System (KDS): Synchronizes kitchen operations with real-time orders for timely and accurate service. 
• 5Loyalty Integration: Provides personalized loyalty rewards and a seamless ordering experience across collection, delivery, and in-house dining, including support for timed event vouchers.

“Our mission at Le Foufou is to create an amazing experience for our guests.  The partnership between Le Fou Fou and Lightspeed allows for multi-basket ordering, and results in a cutting-edge technology stack that addresses long standing industry pain points,” said David Haas, Founder of MTB Collective, the company behind Le Fou Fou.  “Together, we strive to set a new standard for utility and efficiency to redefine the food hall experience, offering unparalleled convenience for guests and streamlined operations for vendors.”

Lightspeed is the choice of thousands of restaurants worldwide, driving faster service, higher revenue, and better customer insights. Lightspeed powers Le Fou Fou businesses including Eva’s, Tiramisu, Le Taj, Kishu, Spirulina, Hogar, Tori Ramen, Prime Bar à Boeuf, À la table vins et fromages, Il Miglio, Bar Sucré, Bayswater, Exchange Marché du Café, Le Lucky Belly, and Brera catering, delivering seamless service and powerful insights. To see it in action, click here.

Lightspeed Commerce Inc. the one-stop commerce platform empowering merchants to provide the best omnichannel experiences, today announced its newest product launch, Retail Insights, to provide retailers with a comprehensive set of data-driven tools to better understand their inventory and sales opportunities. This innovation allows Lightspeed customers to close the gap on missed sales opportunities by using historical and real time data to forecast demand which factors in  stock-outs, and create purchase orders ahead of demand.

“Retail is transforming at a rapid pace, and retailers need the most advanced insights to be able to keep up with the demand from their customers, suppliers and staff.  We are excited to be releasing these incredibly powerful features tailored specifically for our retail customer’s needs,” said Dax Dasilva, CEO & Founder of Lightspeed. “Through Retail Insights, our customers will be able to clearly view product insights, sales, inventory reports, and generate quick purchase orders to streamline their business operations, allowing them to plan ahead for increased sales opportunities.” 

Lightspeed’s Retail Insights is a robust, easy-to-use and innovative tool that adapts to diverse catalogs, a number of suppliers, multi-locations and fast-moving trends. Retail Insights launches with a rich application of features, all designed to provide a seamless business management experience.

 These include:

• Missed items sold / Estimated items sold: Merchants can take into account past out-of-stock periods when ordering so that they can more accurately order and avoid missing sales.
• Forecasting for non-seasonal replenishment: Merchants will have the ability to view suggested order quantities that consider past sales volumes and stockouts when deciding what to order, minimizing the need to create manual estimations.
• Easily create purchase orders from reports: Merchants can easily select the items they wish to order, directly from inventory reports and create draft purchase orders with the suggested order quantities – saving time and avoiding having to toggle between screens.
• Detailed inventory and sales reporting: Visual reporting allows merchants to track daily, weekly or monthly reporting at a glance, while deeper insights in inventory management reports provide better understanding on product performance and costs in detail. 
• Customized reporting: Merchants can customize and save inventory, sales, tax and payments reports to their specific requirements. Merchants can further drill down on their business performance to make strategic decisions on promotions, staffing and product selection.

Retail Insights is now available to Lightspeed clients in the retail space globally and is one of many advancements the Company is making in its continued innovation and growth aiming to offer customers the best possible POS experience. 

For more information, see https://www.lightspeedhq.com/pos/retail.

Lightspeed Commerce Inc. the one-stop commerce platform empowering merchants to provide the best omnichannel experiences, today announced a new collaboration with US Foods Holding Corp. (NYSE: USFD), one of the largest foodservice distributors in the United States.

Through this collaboration, Lightspeed Restaurant technology will be available throughout  US Foods’ CHECK Business Tools program, available to thousands of restaurants and food service operators across the United States. This dynamic collaboration will empower ambitious entrepreneurs to accelerate growth, provide exceptional customer experiences, and become go-to destinations in their space. 

“Partnering with US Foods to bring our advanced POS solutions to their CHECK Business Tools program marks a significant milestone,” said Adoniram Sides, SVP of Hospitality at Lightspeed. “Through this collaboration, we aim to help restaurant operators streamline their operations, boost profitability, and create memorable customer experiences. We’re setting a new standard in the dining industry by delivering unmatched value and support to restaurateurs.”

US Foods customers will gain access to multiple benefits within the Lightspeed Restaurant platform:

• Exclusive US Foods Customer Offers on Lightspeed POS Hardware: Making state-of-the-art technology upgrades accessible and affordable.
• Advanced Insights: Boost sales and elevate customer service with powerful menu insights, guest profiles, and server reviews. Track customer habits and menu performance to spotlight top dishes.
• Multi-Location Management: Effortlessly oversee multiple locations with shared customer data and customizable menus for delivery, dine-in, or specific devices.

Lightspeed Restaurant POS  systems and Lightspeed Payments will be leveraged through the US Foods CHECK Business Tools program. The CHECK Business Tools program provides restaurateurs with the tools they need to drive increased traffic, simplify their staffing and modernize their restaurant operations – ultimately helping them make more money and unlock their full potential. With Lightspeed as a premier partner, restaurateurs are better equipped with industry-leading tools to excel and stand out in a competitive market.

“We are excited to welcome Lightspeed as a new provider in our CHECK Business Tools Program,” said Adam Stinn, Director of Business Solutions at US Foods.  “Our goal is to offer our customers reliable technology providers, who bring meaningful solutions and impactful product innovations to help their businesses succeed. We believe Lightspeed has a lot to offer, and are looking forward to this new collaboration.”

Dive into the transformative  features of Lightspeed Restaurant on our website.

Total revenue of $266.1 million grew 27% year-over-year and exceeded outlook

Net loss improved to ($35.0) million and positive Adjusted EBITDA¹ of $10.2 million exceeded the $7 million outlook

GPV as a percentage of GTV was 36% in the quarter, up from 22% in the prior year

Quarterly ARPU² grew 31% year-over-year to a record ~$502 

Lightspeed repurchased ~2.7 million shares during the quarter for ~$40 million

Lightspeed reports in US dollars and in accordance with IFRS.

Lightspeed Commerce Inc., today announced financial results for the three months ended June 30, 2024. Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

“This was my first full quarter returning as Lightspeed’s CEO and I am thrilled to see the volume of capabilities we are releasing for our customers,” said Dax Dasilva, Founder and CEO. “Lightspeed continues to distinguish itself with advanced inventory management and B2B functionality that we believe no other retail platform can match and in hospitality we are preparing to deliver never-before-seen levels of productivity improvement to streamline restaurant operations.”

“Fiscal 2025 is off to a great start with first quarter revenues and Adjusted EBITDA exceeding outlook,” said Asha Bakshani, CFO. “We have spent the last year expanding payments adoption and right-sizing our cost structure and that is reflected in our results today. We are now turning our focus to accelerating growth in our software business so that we can continue to pursue our goal of profitable growth.”

First Quarter Financial Highlights

(All comparisons are relative to the three-month period ended June 30, 2023 unless otherwise stated):

• Total revenue of $266.1 million, an increase of 27% year-over-year.
• Transaction-based revenue of $174.1 million, an increase of 44% year-over-year.
• Subscription revenue of $83.3 million, an increase of 6% year-over-year.
• Net loss of ($35.0) million, or ($0.23) per share, as compared to a net loss of ($48.7) million, or ($0.32) per share and an Adjusted Income¹ of $16.1 million, or $0.10 per share¹ as compared to an Adjusted Loss¹ of ($2.2) million, or ($0.01) per share¹.
• Adjusted EBITDA¹ of $10.2 million versus Adjusted EBITDA¹ loss of ($7.0) million.
• Under its Normal Course Issuer Bid, Lightspeed repurchased and cancelled 2,673,926 of its own shares for a total consideration, including transaction costs, of $39.9 million.
• As at June 30, 2024, Lightspeed had $673.9 million in cash and cash equivalents.

First Quarter Operational Highlights

• Lightspeed delivered several new product releases in the quarter including:
  • Omnichannel Loyalty Program for Lightspeed merchants allows consumers to earn and redeem loyalty credits both in-store and online, all managed from the merchant’s POS.
  • Landed Costs incorporates the full cost of an item including shipping and duties, allowing merchants to better price their offerings and making accounting reconciliation easier.
  • Product Bin Locations allows merchants to identify where products are stored within their warehouses or storage areas right from the POS, allowing employees to quickly find, pack, ship and sell orders.
  • Improvements to inventory management and auditing on both mobile and desktop devices allow retailers to streamline their inventory management approach by recording stock adjustments where and when they find them.
  • A new product reviews feature allows merchants to automatically collect, manage, and promote customer reviews.
  • AI powered photo enhancements greatly improve product photos for Lightspeed e-commerce sites which can help boost product sales.
  • Over 12,000 pet products added to the Supplier Network — from brands such as YETI and Farmina, our pet merchants can now scan in or type a product name and automatically upload descriptions and images into their POS.
  • Enhancements to NuORDER Assortments including new B2B capabilities, version histories, and roles for sharing assortments with brand partners.
  • Tableside with Tap to Pay launched for Lightspeed Restaurants in the UK and Canada and Tap to Pay on iPhone launched in France and Australia.
  • Delivery partnership with Uber Direct and Uber Eats, making it easier for merchants to reach more customers.

• ARPU^2,[3] increased to ~$502 from ~$383 in the same quarter last year representing an increase of 31% driven by our focus on our unified POS and payments offering and high GTV customer adoption.
  
  
• Gross profit of $108.2 million an increase of 23% year over year. Overall gross margin was 41%, compared to 42% in the same quarter last year, reflecting a higher portion of customers adopting Lightspeed Payments. Subscription gross margins grew to 79% in the quarter from 75% in the same quarter last year driven by a dedicated effort to controlling costs and improved overall efficiencies. Transaction-based gross margins were 26%, consistent with last year with Lightspeed Capital helping to offset the declines in referral fees.
  
  
• GTV generated by Lightspeed’s flagship platforms increased by 24% compared to the same period last year, demonstrating that for its ideal customer profile and with its flagship products, Lightspeed continues to gain traction. Total GTV³ was $23.6 billion, up 1% year-over-year.
  
  
• An increasing portion of GTV is being processed through the Company’s payments solutions. GPV³ increased 64% to $8.4 billion in the quarter from $5.1 billion in the same period last year, largely due to the Company’s unified POS and payments initiatives during Fiscal 2024.
  
  
• Customer Locations with GTV exceeding $500,000/year[4] and $1 million/year⁴ both increased 4% year-over-year.
  
  
• Lightspeed Capital showed strong growth with revenue increasing 388% year-over-year.

• Notable customer wins include:
  
  • Google’s GBike, with three locations across Google’s California campus, signed onto Lightspeed Retail to power their bike shops;
  • Horkans in Ireland with 17 locations across three brands recently adopted Lightspeed Retail;
  • Karavel Shoes in Texas joined Lightspeed Retail to experience the value of a unified software and payment solution for their inventory tracking needs;
  • Northgate Resorts with over 20 locations across the U.S. signed up for Lightspeed Restaurant to manage their sophisticated multi-location needs;
  • Foodmaker, the health food restaurant group with over 20 locations in Europe chose Lightspeed Restaurant to handle their complex multi-location operations;
  • Dineen Coffee, a boutique coffeehouse in Toronto with five locations has chosen Lightspeed Restaurant; and
  • Tommy Hilfiger, Calvin Klein and luxury Swiss footwear brand Bally were part of dozens of new brands that were added to our Supplier Network.
    
    
• After the quarter, Lightspeed published its third annual Sustainability Report. Key highlights include: planting more than 1.8 million trees through Lightspeed’s Carbon Friendly Dining initiative; rolling out Lightspeed Capital to more countries including France, the Netherlands, Germany and Belgium to open up more ways for independent merchants to access capital; and improving representation of women in Lightspeed’s leadership where 50% of Lightspeed’s executive officer positions are held by women.

Financial Outlook⁵

The following outlook supersedes all prior statements made by the Company and is based on current expectations.

Lightspeed continues to remain confident that total revenue growth for the full fiscal year will be at least 20%. The Company expects its initiatives aimed at increasing subscription revenue growth, such as outbound sales, price increases, and account managers transitioning back to selling software, to gain momentum and benefit the second half of Fiscal 2025. Additionally, for the full year, Lightspeed is increasing its outlook for Adjusted EBITDA profitability given better than expected results from various cost saving initiatives.

For the second quarter, we will likely see similar trends to Lightspeed’s first quarter, with sales growth coming predominately from transaction-based revenue as we continue to expand adoption of the Company’s payments and capital offerings. For the second quarter’s year-over-year growth, the Company is lapping a significant revenue uplift due to the surge of Unified Payments customers becoming live last year. Furthermore, our initiatives aimed at growing software sales will only partially impact the upcoming quarter. As a result, the Company’s outlook is as follows:

Second Quarter 2025

• Revenue of approximately $270 million to $275 million.
  
  
• Adjusted EBITDA¹ of approximately $12 million.

Fiscal 2025

• Revenue growth of at least 20%.
  
  
• Adjusted EBITDA¹ of a minimum of $45 million.

Conference Call and Webcast Information

Lightspeed will host a conference call and webcast to discuss the Company’s financial results at 8:00 am ET on Thursday, August 1, 2024. To access the telephonic version of the conference call, visit https://registrations.events/direct/Q4I74316633. After registering, instructions will be shared on how to join the call including dial-in information as well as a unique passcode and registrant ID. At the time of the call, registered participants will dial in using the numbers from the confirmation email, and upon entering their unique passcode and ID, will be entered directly into the conference. Alternatively, the webcast will be available live on the Investors section of the Company’s website at https://investors.lightspeedhq.com.

Among other things, Lightspeed will discuss quarterly results, financial outlook and trends in its customer base on the conference call and webcast, and related materials will be made available on the Company’s website at https://investors.lightspeedhq.com. Investors should carefully review the factors, assumptions and uncertainties included in such related materials.

An audio replay of the call will also be available to investors beginning at approximately 11:00 a.m. Eastern Time on August 1, 2024 until 11:59 p.m. Eastern Time on August 8, 2024, by dialing 800.770.2030 for the U.S. or Canada, or 647.362.9199 for international callers and providing conference ID 74316. In addition, an archived webcast will be available on the Investors section of the Company’s website at https://investors.lightspeedhq.com.

Lightspeed’s unaudited condensed interim consolidated financial statements and management’s discussion and analysis for the three months ended June 30, 2024 are available on Lightspeed’s website at https://investors.lightspeedhq.com and will be filed on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.

Financial Outlook Assumptions

When calculating the Adjusted EBITDA included in our financial outlook for the quarter ending September 30, 2024 and full year ending March 31, 2025, we considered IFRS measures including revenues, direct cost of revenues, and operating expenses. Our financial outlook is based on a number of assumptions, including assumptions related to inflation, changes in interest rates, consumer spending, foreign exchange rates and other macroeconomic conditions; that the jurisdictions in which Lightspeed has significant operations do not impose strict measures like those put in place in response to pandemics like the COVID-19 pandemic; requests for subscription pauses and churn rates owing to business failures remain in line with planned levels; our Customer Location count remaining in line with our planned levels (particularly in higher GTV cohorts); quarterly subscription revenue growth gradually ramping up throughout the year to 10-15% growth; revenue streams resulting from certain partner referrals remaining in line with our expectations (particularly in light of our decision to unify our POS and payments solutions, which payments solutions have in the past and may in the future, in some instances, be perceived by certain referral partners to be competing with their own solutions); customers adopting our payments solutions having an average GTV at our planned levels; continued uptake of our payments solutions in line with our expectations in connection with our ongoing efforts to sell our POS and payments solutions as one unified platform; gross margins reflecting a trend towards more transaction-based revenue in our revenue mix; our ability to price our payments solutions in line with our expectations and to achieve suitable margins and to execute on more optimized pricing structures; our ability to manage default risks of our merchant cash advances in line with our expectations; seasonal trends of our key verticals being in line with our expectations and the resulting impact on our GTV and transaction-based revenues; continued success in module adoption expansion throughout our customer base; our ability to selectively pursue strategic opportunities and derive the benefits we expect from the acquisitions we have completed including expected synergies resulting from the prioritization of our flagship Lightspeed Retail and Lightspeed Restaurant offerings; market acceptance and adoption of our flagship offerings, including migration of existing customers to our flagship offerings; our ability to attract and retain key personnel required to achieve our plans; our ability to execute our succession planning; our expectations regarding the costs, timing and impact of our reorganization and other cost reduction initiatives; our ability to manage customer churn; and our ability to manage customer discount requests. Our financial outlook does not give effect to the potential impact of acquisitions that may be announced or closed after the date hereof. Our financial outlook, including the various underlying assumptions, constitutes forward-looking information and should be read in conjunction with the cautionary statement on forward-looking information below. Many factors may cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including the risks and uncertainties related to: macroeconomic factors affecting small and medium-sized businesses, including inflation, changes in interest rates and consumer spending trends; instability in the banking sector; exchange rate fluctuations; any pandemic or global health crisis; the Russian invasion of Ukraine and reactions thereto; the Israel-Hamas war and reactions thereto; uncertainty and changes as a result of elections in the U.S. and Europe; our inability to attract and retain customers, including among high GTV customers; our inability to increase customer sales; our inability to implement our growth strategy; our inability to continue to increase adoption of our payments solutions, including our initiative to sell our POS and payments solutions as one unified platform; our ability to successfully execute our pricing and packaging initiatives; risks relating to our merchant cash advance program; our ability to continue offering merchant cash advances and scaling our merchant cash advance program in line with our expectations; our reliance on a small number of cloud service suppliers and suppliers for parts of the technology in our payments solutions; our ability to manage and maintain integrations between our platform and certain third-party platforms; our ability to maintain sufficient levels of hardware inventory; our inability to improve and enhance the functionality, performance, reliability, design, security and scalability of our platform; our ability to prevent and manage information security breaches or other cyber-security threats; our ability to compete against competitors; strategic relations with third parties; our reliance on integration of third-party payment processing solutions; compatibility of our solutions with third-party applications and systems; changes to technologies on which our platform is reliant; our ability to effectively incorporate artificial intelligence solutions into our business and operations; our ability to obtain, maintain and protect our intellectual property; risks relating to international operations, sales and use of our platform in various countries; our liquidity and capital resources; pending and threatened litigation and regulatory compliance; changes in tax laws and their application; our ability to expand our sales, marketing and support capability and capacity; our ability to execute on our reorganization and cost reduction initiatives; our ability to successfully make future investments in our business through capital expenditures; our ability to successfully execute our capital allocation strategies; and maintaining our customer service levels and reputation. The purpose of the forward-looking information is to provide the reader with a description of management’s expectations regarding our financial performance and may not be appropriate for other purposes.

Lightspeed Commerce Inc., the one-stop commerce platform empowering merchants to provide the best omnichannel experiences, proudly announces the release of its third annual Sustainability Report. This report continues Lightspeed’s mission to strengthen communities and empower businesses worldwide, detailing its Environmental, Social, and Governance (ESG) initiatives and highlights for the fiscal year ended March 31, 2024 (“Fiscal 2024”).

“At its core, Lightspeed is a company built on the foundation of inclusivity and diversity, values that extend to all areas of our business, from our employees through to our customer engagement,” said Shirvani Mudaly, Lightspeed’s Chief People Officer. “This annual sustainability report is a testament to our ongoing commitment to continuing to improve all areas of our Environmental, Social and Governance responsibilities, acting as a leader–and example–for the tech industry to follow.”

Some highlights of Lightspeed’s sustainability initiatives include:

• According to Lightspeed’s annual diversity, equity and inclusion and engagement survey, 86% of its employees feel that they can be their authentic self at work.1
• Lightspeed’s employee base includes 9% LGBTQ2S+, 5% persons with disabilities and 35% BIPOC representation.1 50% of Lightspeed’s executive officers identify as women.
• With Lightspeed Capital—the Company’s merchant cash advance program—now available in France, the Netherlands, Germany and Belgium in addition to the United States, Canada, the United Kingdom, Australia and New Zealand, Lightspeed is opening up more ways for independent merchants to access funds.
• Lightspeed is proud to support non-profit organizations like Big Brothers Big Sisters Auckland, Summit School and Technovation Montreal.
• Lightspeed continues to partner with GiftTrees to offer Carbon Friendly Dining, which empowers its customers’ diners to offset carbon emissions associated with their meals by planting trees. Over 1.8 million trees have been planted to date.

In addition to partnerships and internal initiatives, the report highlights businesses using Lightspeed to transform our world for the better and build vibrant, diverse communities. One such business is Analogue October Records, an independent record shop located in the heart of the historic city of Chichester, UK. The shop and its staff are on a mission to celebrate and support local artists and makers. Craig Crane, owner of Analogue October Records, notes that Lightspeed’s Capital has become a seamless part of their budget,  “It was just nice to kind of basically compartmentalize the amount of the advance and set that to one side specifically for that project. […] I enjoy and appreciate the simple mechanism of the percentage return. I don’t have to worry about it.”

“There is, as ever, work to be done. Our goal is to lead by example in environmental and social responsibility in every aspect of our operations,” said Dax Dasilva, Founder and CEO of Lightspeed. “Returning as Lightspeed’s CEO, one of my focuses is to continue to move forward in helping make sustainable changes in our operations and our customers’ lives.”

Find out more about our mission on our website: https://www.lightspeedhq.com/sustainability/. 

1. Based on self-identification and voluntary declaration of our employees who participated in our annual DEI and engagement survey, with an 87% participation rate, which survey was conducted in March 2024.

Lightspeed Commerce Inc., the one-stop commerce platform empowering merchants to provide the best omnichannel experiences, today highlighted some of the innovative solutions that have been launched to support its global retail and hospitality customers. These innovations tackle critical challenges facing merchants today such as cost management, supply chain issues, customer loyalty and streamlining the customer experience. 

“When we look at launching new products, it’s critically important that we are delivering maximum value to our customers, and solving their most complex problems,” said Dax Dasilva, Founder and Chief Executive Officer of Lightspeed. “By delivering products that solve the more complex and mundane issues our merchants face, we can improve their overall operational experience and help them get back to focusing on what matters most, their customers.”

Lightspeed’s Q1 innovations brought a number of new products and feature sets across the retail and hospitality industries, including: 

Retail

• Providing retailers with a better understanding of landed costs 

Retailers need to be critically aware of how much it costs to actually deliver a product to their consumer’s doorstep. With Landed Costs, merchants can capture expenditures like discounts and costs of ordering inventory, like shipping and import duties. Through this data, retailers can ensure they are accurately pricing their products and maintaining a healthy ratio of profitability in their business. 

• Enhanced inventory management and auditing

New product enhancements on both mobile and desktop allow retailers to have a much more streamlined approach to their inventory management. Merchants can record stock adjustments when and where they find them so they can keep their inventory records up to date, and prevent damaged, expired or missing inventory from being sold or ordered from their other outlets. In addition, new Product Bin Locations allow merchants to record, edit and view specific locations of products, empowering staff to quickly find products when packing orders, saving time and increasing productivity. This is especially helpful to large retailers with high inventory, or smaller retailers looking to scale. 

• Increased B2B Capabilities in NuORDER Assortments

NuORDER by Lightspeed launched new capabilities within NuORDER Assortments, a cutting-edge solution that revolutionizes the way brands plan assortments. With the new capabilities, brands will be able to add “Proposer” roles used for sharing assortments with brand partners that should have visibility to products and brand product data, ensuring buyers and brands can confidently collaborate within the platform while protecting their data. Buyers can also send select Assortment data as an initial “Order Intent” to the brand via the NuORDER platform and can track what was shared via tagged Version History.

• Seamlessly integrated product reviews

Lightspeed provides a new seamless way for merchants to automatically collect, manage, and take advantage of online customer reviews. This new feature eliminates the need for merchants to spend time chasing down customer feedback and allows them to effortlessly publish reviews to enhance their store’s online credibility and drive higher conversion rates.

• Introducing Lightspeed’s omnichannel Loyalty Program

In this competitive consumer landscape, merchants need to have an omnichannel approach to customer loyalty. Lightspeed’s enhanced loyalty program blends online and offline loyalty experiences, allowing merchants to provide consistent customer service across all platforms. Customers can effortlessly earn and redeem online and in-store points, ensuring they remain consistently engaged with the brands they love.

Hospitality

• Lightspeed expands Tableside to the UK & Canada

After previously launching in the U.S., Lightspeed continues to roll out new regional launches of its innovative Tableside solution, launching in the new markets of Canada and the UK. Tableside allows restaurant staff to take orders and process payments directly at the table from just an iPhone, leveraging Tap to Pay on iPhone. This new innovation allows restaurants to streamline operations to focus on creating exceptional dining experiences. 

• Making delivery easier with Lightspeed’s partnership with Uber Direct & Uber Eats 

Previously announced in May, Lightspeed is proud to partner with Uber to offer cost-effective and flexible ways to help merchants reach more customers and build brands. Merchants can easily list their menus on Uber Eats, or offer on-demand delivery with their own branded websites leveraging Uber’s world-class courier network via Uber Direct.  

• Quebec WEB-SRM certification 

After launching the Company’s flagship Lightspeed Restaurant product in Quebec last quarter, the Company is proud to announce it has been fully certified by Revenu Québec to support the new WEB-SRM requirement, demonstrating the Company’s commitment as a reliable partner to help merchants maximize success and facilitate merchants’ fiscal compliance within the province.

• Tap to Pay on iPhone launches in France and Australia

Merchants using Tap to Pay on iPhone present a consistent and trusted payment experience to customers. Lightspeed customers in France and Australia join merchants in the UK, Netherlands, Canada and the U.S. who can now accept contactless payments from contactless credit or debit cards, Apple Pay, Apple Watch, and smartphones with other digital wallets — right on iPhone and without any extra terminals or hardware. 

Lightspeed powers the world’s best restaurants and retailers including: Birkenstock (Australia), Alinea Group  (Chicago), Air Canada (Canada), Neal’s Yard (London), L’occitane (New Zealand), and Kei (Paris). Lightspeed Retail is currently available in Canada, the United States, the United Kingdom, Belgium, the Netherlands, Australia, and New Zealand.

For more information, see https://www.lightspeedhq.com/pos/retail.

The Oscars of the food world, otherwise known as the James Beard Awards, were handed out this past Monday night, with culinary masters across the US coming together to honor some of the most innovative chefs and cuisine of the year.

Of those nominated this year, Lightspeed is proud to partner with 30 incredible restaurants using Lightspeed’s technology in their establishments across the US.  This includes Clover Hill (Brooklyn, New York), which took home the award for Best Chef, New York State, celebrating Executive Chef Charlie Mitchell.

Other notable Lightspeed restaurants that were nominated for a James Beard Award include: Sofreh, a cozy, Iranian restaurant located in Brooklyn, NY; Kiln, a contemporary fine dining establishment in San Francisco, CA; and classic French bistro Le Bouchon in Chicago, IL.

“Reflecting on Lightspeed’s journey from its humble beginnings in Montreal, to becoming a global leader in innovative technology solutions embedded across all types of award-winning hospitality businesses, fills me with immense pride,” says Dax Dasilva, Founder and CEO of Lightspeed. “We’re committed to building reliable, flexible technology for restaurants with sophisticated operations—so they can focus on elevating their craft and setting new standards in the hospitality industry.”

Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

James Beard Awards Semifinalists, Nominees and Winners

The full list of Lightspeed customers who won or were nominated for a James Beard Award 2024 includes:

Total revenue of $230.2 million grew 25% year-over-year and annual revenue exceeded previously-established outlook

Net loss and Adjusted EBITDA¹ improved to ($32.5) million and $4.4 million, respectively

GPV as a percentage of GTV was 32% in the quarter, up from 19% in the prior year

ARPU² of ~$431 grew 29% year-over-year with Net Retention Rate of ~110%

Lightspeed reports in US dollars and in accordance with IFRS.

Lightspeed Commerce Inc., today announced financial results for the three months and fiscal year ended March 31, 2024. Additionally, the Lightspeed Board of Directors is pleased to announce that Dax Dasilva has been reappointed as Lightspeed’s permanent CEO, removing the interim tag from his title. Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

“On the back of a strong fourth quarter, Lightspeed is coming into the new fiscal year with a revitalized sense of energy and purpose,” said Dax Dasilva, Founder and CEO. “I am excited to be guiding the Company through the next phase of its evolution. With the strongest product offerings we have ever had and a renewed commitment towards product innovation, Lightspeed is continuing to accelerate its sustainable and profitable growth.”

“Fiscal 2024 was a milestone year for Lightspeed with the company exceeding our previously-established revenue outlook and achieving a full year of positive Adjusted EBITDA for the first time,” said Asha Bakshani, CFO. “With the Company focused on its two flagship offerings and payments penetration on a strong upward trajectory, Lightspeed is expected to exceed the $1 billion revenue mark³ in Fiscal 2025 by growing subscription revenue and increasing our high GTV customer base, resulting in expanding margins throughout Fiscal 2025.”

Fourth Quarter Financial Highlights

(All comparisons are relative to the three-month period ended March 31, 2023 unless otherwise stated):

• Total revenue of $230.2 million, an increase of 25% year-over-year.
• Transaction-based revenue of $139.0 million, an increase of 40% year-over-year.
• Subscription revenue of $81.3 million, an increase of 7% year-over-year.
• Net loss of ($32.5) million, or ($0.21) per share, as compared to a net loss of ($74.5) million, or ($0.49) per share. After adjusting the net loss by $41.1 million for certain items including share-based compensation, amortization of intangible assets, and restructuring, the Company delivered Adjusted Income¹ of $8.5 million, or $0.06 per share¹ as compared to an Adjusted Loss¹ of ($0.4) million, or ($0.00) per share¹.
• Adjusted EBITDA¹ of $4.4 million versus Adjusted EBITDA¹ of ($4.3) million.
• As at March 31, 2024, Lightspeed had $722.1 million in cash and cash equivalents.

Full Fiscal Year Financial Highlights 

(All comparisons are relative to the full fiscal year ended March 31, 2023 unless otherwise stated):

• Total revenue of $909.3 million, an increase of 24% year-over-year and ahead of previously established outlook.
• Transaction-based revenue of $545.5 million, an increase of 37% year-over-year.
• Subscription revenue of $322.0 million, an increase of 8% year-over-year.
• Net Loss of ($164.0) million, or ($1.07) per share, as compared to a net loss of ($1,070.0) million, or ($7.11) per share. After adjusting the net loss by $188.5 million for certain items including share-based compensation, amortization of intangible assets, and restructuring, the Company delivered Adjusted Income¹ $24.5 million, or $0.16 per share¹ as compared to an Adjusted Loss¹ of ($25.1) million, or ($0.17) per share¹. Net loss for the fiscal year ended March 31, 2023 includes a non-cash goodwill impairment charge of ($748.7) million.
• Adjusted EBITDA¹ of $1.3 million versus Adjusted EBITDA¹ of ($33.9) million in 2023.

Fourth Quarter Operational Highlights

• Lightspeed delivered several new product releases in the quarter including:
  • AI-powered configuration recommendations for Lightspeed Restaurant merchants to help maximize the power of the platform.
  • Margin-based pricing in Lightspeed Retail which automatically calculates the right mark-up and price based on the retailer’s desired margin.
  • Enhanced Order Tracking with Apple Wallet which enables Lightspeed e-commerce customers to track orders directly through Apple Wallet, eliminating the need to sift through emails or visit third-party sites.
  • Payment Links now allows customers to pay anywhere, anytime, with a link from the merchant.
  • Enhancements to Lightspeed Restaurant’s Order Anywhere platform including order history and account management, quick reordering, and new reporting features, all of which help improve repeat guest business.
• ARPU^2,4 increased 29% to approximately $431 from approximately $335 in the same quarter last year driven by our focus on our unified POS and payments offering and high GTV customer adoption.
• Overall gross margin came in at 43%, slightly up from the prior quarter. Subscription gross margins grew to 77% in the quarter from 75% in the same quarter last year driven by a dedicated effort to consolidate cloud vendor arrangements and improved overall efficiencies. Transaction-based gross margins were 29% versus 33% last year given the increase in customers moving over to Lightspeed Payments which generally results in higher gross profit dollar contributions but at lower gross margins than referral fees. This was partially offset by increased Lightspeed Capital revenue, which carries high gross margins, as well as an increasing portion of GPV coming from international markets where Lightspeed Payments carries a higher gross margin.
• In the quarter, GTV generated by Lightspeed’s flagship platforms increased by 29% compared to the same period last year, demonstrating that for its ideal customer profile and with its flagship products, Lightspeed continues to gain traction. Total GTV⁴ of $20.7 billion, was up 2% year-over-year.
• An increasing portion of GTV is being processed through the Company’s payments solutions. GPV⁴ increased 75% to $6.6 billion in the quarter from $3.8 billion in the same period last year, largely due to the Company’s unified POS and payments initiatives during Fiscal 2024.
• Customer Locations with GTV exceeding $500,000/year⁵ increased 5% year-over-year, and the number of Customer Locations with GTV exceeding $1 million/year⁵ increased 6% year-over-year.
• Lightspeed Capital showed strong growth with revenue increasing 135% year-over-year.

• Notable customer wins include:
  • Five-star hotel, Hôtel les Roches Blanches in Cassis on the Southern Coast of France, adopted Lightspeed Restaurant to operate their four beautiful restaurants and luxury villa;
  • Johnston Canyon Lodge & Bungalows in Banff National Park has chosen Lightspeed to power their restaurant and cafe;
  • NASA’s Langley Research Center selected Lightspeed Retail to operate their retail outlet and bar;
  • Honsberger Estate Winery, with a bottle shop and restaurant nestled in Ontario’s Niagara region, chose Lightspeed Restaurant to unify their tech stack;
  • 5 Star Nutrition, multi-location supplement, protein, and smoothies retailer selected Lightspeed Retail to power their complex national business;
  • Ester Restaurant and Bar in Sydney implemented Lightspeed Restaurant to run their highly-regarded restaurant;
  • Ontario’s Stratford Festival will be using Lightspeed Retail to power retail sales across their multiple theaters;
  • Dozens of new brands were added to our Supplier Network including ALDO Group, Saint Owen, and Seven ’til Midnight.
• After the quarter, Lightspeed authorized a share repurchase program to purchase for cancellation up to 9,722,677 shares over a twelve-month period representing approximately 10% of the Company’s public float. This is the maximum allowed per year under TSX rules. The Company plans to execute the program with the primary objective of delivering maximum value for shareholders.
• On April 3, 2024, the Company announced a reorganization of operations with a reduction in headcount-related expenses of approximately 10% and the elimination of approximately 280 roles. In addition, the Company expects to explore several other cost reduction initiatives during the course of the year.

Financial Outlook

The following outlook supersedes all prior statements made by the Company and is based on current expectations.

Lightspeed expects to meaningfully expand Adjusted EBITDA profitability in the coming year while growing our high GTV customer base and subscription revenues. The Company also expects to continue to increase the proportion of GTV that is processed through its payments platform. Lightspeed will continue to balance growth in both revenue and Adjusted EBITDA as it scales its business to beyond $1 billion in revenue.

The Company expects subscription revenue growth to be better in the second half of the year than the first half. In addition, owing to the steep climb in GPV as a percentage of GTV that occurred in Fiscal 2024, transaction-based revenue growth is expected to be stronger in the first half of the fiscal year than the second half. As a result, the Company’s outlook is as follows:

First Quarter 2025

• Revenue of approximately $255 million to $260 million, with subscription revenue growth for the quarter consistent with Q4 2024.
• Adjusted EBITDA¹ of approximately $7 million.

Fiscal 2025

• Revenue growth of at least 20%.
• Adjusted EBITDA¹ of a minimum of $40 million.

Conference Call and Webcast Information

Lightspeed will host a conference call and webcast to discuss the Company’s financial results at 8:00 am ET on Thursday, May 16, 2024. To access the telephonic version of the conference call, visit https://registrations.events/direct/Q4I7431649. After registering, instructions will be shared on how to join the call including dial-in information as well as a unique passcode and registrant ID. At the time of the call, registered participants will dial in using the numbers from the confirmation email, and upon entering their unique passcode and ID, will be entered directly into the conference. Alternatively, the webcast will be available live on the Investors section of the Company’s website at https://investors.lightspeedhq.com.

Among other things, Lightspeed will discuss quarterly results, financial outlook and trends in its customer base on the conference call and webcast, and related materials will be made available on the Company’s website at https://investors.lightspeedhq.com. Investors should carefully review the factors, assumptions and uncertainties included in such related materials.

An audio replay of the call will also be available to investors beginning at approximately 11:00 a.m. Eastern Time on May 16, 2024 until 11:59 p.m. Eastern Time on May 23, 2024, by dialing 800.770.2030 for the U.S. or Canada, or 647.362.9199 for international callers and providing conference ID 74316. In addition, an archived webcast will be available on the Investors section of the Company’s website at https://investors.lightspeedhq.com.

Lightspeed’s audited annual consolidated financial statements, management’s discussion and analysis and annual information form for the fiscal year ended March 31, 2024 are available on Lightspeed’s website at https://investors.lightspeedhq.com and will be filed on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov. Shareholders may, upon request, receive a hard copy of the complete audited financial statements free of charge.

Financial Outlook Assumptions

When calculating the Adjusted EBITDA included in our financial outlook for the quarter ending June 30, 2024 and full year ending March 31, 2025, we considered IFRS measures including revenues, direct cost of revenues, and operating expenses. Our financial outlook is based on a number of assumptions, including assumptions related to inflation, changes in interest rates, consumer spending, foreign exchange rates and other macroeconomic conditions; that the jurisdictions in which Lightspeed has significant operations do not impose strict measures like those put in place in response to pandemics like the COVID-19 pandemic; requests for subscription pauses and churn rates owing to business failures remain in line with planned levels; our Customer Location count remaining in line with our planned levels (particularly in higher GTV cohorts); quarterly subscription revenue growth gradually ramping up throughout the year to 10-15% growth; revenue streams resulting from certain partner referrals remaining in line with our expectations (particularly in light of our decision to unify our POS and payments solutions, which payments solutions have in the past and may in the future, in some instances, be perceived by certain referral partners to be competing with their own solutions); customers adopting our payments solutions having an average GTV at our planned levels; continued uptake of our payments solutions in line with our expectations in connection with our ongoing efforts to sell our POS and payments solutions as one unified platform; gross margins reflecting a trend towards more transaction-based revenue in our revenue mix; our ability to price our payments solutions in line with our expectations and to achieve suitable margins and to execute on more optimized pricing structures; our ability to achieve success in the continued expansion of our payments solutions, including as part of our initiative to sell our POS and payments solutions as one unified platform; our ability to manage default risks of our merchant cash advances in line with our expectations; seasonal trends of our key verticals being in line with our expectations and the resulting impact on our GTV and transaction-based revenues; continued success in module adoption expansion throughout our customer base; our ability to selectively pursue strategic opportunities and derive the benefits we expect from the acquisitions we have completed including expected synergies resulting from the prioritization of our flagship Lightspeed Retail and Lightspeed Restaurant offerings; market acceptance and adoption of our flagship offerings, including migration of existing customers to our flagship offerings; our ability to attract and retain key personnel required to achieve our plans; our ability to execute our succession planning; our expectations regarding the costs, timing and impact of our reorganization and other cost reduction initiatives; our ability to manage customer churn; and our ability to manage customer discount requests. Our financial outlook does not give effect to the potential impact of acquisitions that may be announced or closed after the date hereof. Our financial outlook, including the various underlying assumptions, constitutes forward-looking information and should be read in conjunction with the cautionary statement on forward-looking information below. Many factors may cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including the risks and uncertainties related to: macroeconomic factors affecting small and medium-sized businesses, including inflation, changes in interest rates and consumer spending trends; instability in the banking sector; exchange rate fluctuations; any pandemic or global health crisis; the Russian invasion of Ukraine and reactions thereto; the Israel-Hamas war and reactions thereto; our inability to attract and retain customers; our inability to increase customer sales; our inability to implement our growth strategy; our inability to continue to increase adoption of our payments solutions, including our initiative to sell our POS and payments solutions as one unified platform; risks relating to our merchant cash advance program; our ability to continue offering merchant cash advances and scaling our merchant cash advance program in line with our expectations; our reliance on a small number of cloud service suppliers and suppliers for parts of the technology in our payments solutions; our ability to maintain sufficient levels of hardware inventory; our inability to improve and enhance the functionality, performance, reliability, design, security and scalability of our platform; our ability to prevent and manage information security breaches or other cyber-security threats; our ability to compete against competitors; strategic relations with third parties; our reliance on integration of third-party payment processing solutions; compatibility of our solutions with third-party applications and systems; changes to technologies on which our platform is reliant; our ability to effectively incorporate artificial intelligence solutions into our business and operations; our ability to obtain, maintain and protect our intellectual property; risks relating to international operations, sales and use of our platform in various countries; our liquidity and capital resources; pending and threatened litigation and regulatory compliance; changes in tax laws and their application; our ability to expand our sales, marketing and support capability and capacity; our ability to execute on our reorganization and cost reduction initiatives; our ability to successfully make future investments in our business through capital expenditures; our ability to successfully execute our capital allocation strategies; and maintaining our customer service levels and reputation. The purpose of the forward-looking information is to provide the reader with a description of management’s expectations regarding our financial performance and may not be appropriate for other purposes.

For more information, please read the press release here.

Elimination of approximately 10% of Lightspeed’s headcount-related operating expenditures

Lightspeed’s board authorized a share repurchase program for up to 10% of its public float – the maximum allowed per year – representing approximately U.S. $140 million

Lightspeed reaffirms its outlook for fiscal 2024 revenue and Adjusted EBITDA

Lightspeed Commerce Inc. the unified POS and payments platform for ambitious entrepreneurs who wish to provide the best omnichannel customer experiences, today announced a reorganization and cost reduction initiatives to facilitate the next phase of its profitable growth strategy. These initiatives are designed to improve the Company’s financial performance while also allowing for greater investment in key product development and customer experiences.

The reorganization impacts approximately 280 roles representing about 10% of Lightspeed’s headcount-related operating expenditures. In addition, the Company has undertaken several other cost reduction initiatives in facilities and operations. Lightspeed expects that the majority of the restructuring charges will be incurred in the first quarter of fiscal 2025, and that the execution of the restructuring plan will be substantially complete by the end of the first quarter of fiscal 2025.   

“After successfully integrating our many acquisitions into our two flagship products and expanding adoption of our payments offering, Lightspeed is now entering a new phase, one focused on profitable growth to capture the opportunity in front of us,” said Lightspeed Founder and Chief Executive Officer Dax Dasilva. “This means making some hard decisions, like reducing spending in specific areas such as headcount, to allow for investments in others. As we navigate through this transition, we acknowledge the invaluable efforts of every team member who has played a role in our journey.”

“To optimize our capital allocation, our Board of Directors has also authorized the repurchase of up to ten percent of our public float, the maximum allowable under TSX rules, representing ~$140 million based on recent closing prices on the NYSE,” said Asha Bakshani, Chief Financial Officer of Lightspeed. “As we continue to drive profitable growth and execute on our long-term strategic plan, this authorization gives us the opportunity to create value for our shareholders through share repurchases and reduce dilution from employee equity grants.”

Lightspeed is reaffirming its previously-established revenue and Adjusted EBITDA outlooks as set out in its press release dated February 8, 2024².

Lightspeed will provide an update on its financial performance for both Q4 and the end of fiscal 2024 on its earnings call in May 2024. In addition, Lightspeed will provide its outlook for fiscal 2025, its 2025 strategic plan, and management’s planned approach to the share repurchase program.

Launch of Normal Course Issuer Bid

Lightspeed has authorized, and the Toronto Stock Exchange (the “TSX”) has approved, a normal course issuer bid (the “NCIB”) to purchase for cancellation up to 9,722,677 subordinate voting shares of Lightspeed over the twelve-month period commencing on April 5, 2024 and ending no later than April 4, 2025, representing approximately 10% of the “public float” (as defined in the TSX Company Manual) of the subordinate voting shares issued and outstanding as at March 22, 2024. As at March 22, 2024, there were 153,540,389 subordinate voting shares issued and outstanding. Subject to the required regulatory approvals, the NCIB will be conducted through the facilities of the TSX and the New York Stock Exchange (the “NYSE”) or alternative trading systems in Canada and the United States, if eligible, and will conform to their regulations. Subordinate voting shares will be acquired under the NCIB at the prevailing market price at the time of acquisition, except that any purchases made under an issuer bid exemption order will be at a discount to the prevailing market price as per the terms of the order. Any subordinate voting share purchased under the NCIB will be canceled.

Under the NCIB, other than purchases made under block purchase exemptions, Lightspeed will be allowed, subject to applicable securities laws, to purchase daily, through the facilities of the TSX, a maximum of 165,177 subordinate voting shares representing 25% of the average daily trading volume of 660,709 subordinate voting shares, as calculated per the TSX rules for the six-month period ended on February 29, 2024.

In connection with the NCIB, Lightspeed will also enter into an automatic share purchase plan (“ASPP”) on the date hereof with the designated broker responsible for the NCIB, allowing for the purchase of subordinate voting shares under the NCIB at times when Lightspeed would ordinarily not be permitted to purchase its securities due to regulatory restrictions and customary self-imposed blackout periods, and in any event only after Lightspeed releases financial results in respect of its fiscal year ended March 31, 2024. Pursuant to the ASPP, before entering into a blackout period, Lightspeed may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with certain purchasing parameters. Such purchases will be made by the designated broker based on such purchasing parameters, without further instructions by Lightspeed, in compliance with the rules of the TSX, applicable securities laws and the terms of the ASPP. 

Lightspeed believes that the purchase of its subordinate voting shares under the NCIB is an appropriate investment by it since, in its view, market prices from time to time may not reflect the underlying value of Lightspeed’s business. Furthermore, the purchases are expected to benefit all persons who continue to hold Lightspeed subordinate voting shares by increasing their equity interest in Lightspeed when such repurchased subordinate voting shares are canceled.

Actions in connection with the NCIB will be subject to various factors, including Lightspeed’s capital and liquidity positions, accounting and regulatory considerations, Lightspeed’s financial and operational performance, alternative uses of capital, the trading price of Lightspeed’s subordinate voting shares and general market conditions. The NCIB does not obligate Lightspeed to acquire a specific dollar amount or number of shares and may be modified or discontinued at any time. Lightspeed has not repurchased any of its outstanding subordinate voting shares under a normal course issuer bid in the past 12 months. For more information, please read the press release.

Lightspeed Commerce Inc. is proud to announce, for the second year in a row, the company has been named one of the best places to work in its hometown of Montréal. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

Mediacorp Canada Inc., organizers of the annual Montréal’s Top Employers project, announced results Tuesday, February 27th. This award recognizes organizations in the Greater Montréal area that offer exceptional workplaces. 

“In 2005, I made a deliberate decision to start a company in Montréal, believing that the city is an excellent hub of culture and innovation,” said Dax Dasilva, Lightspeed’s Founder and CEO. “To now be recognized as a recurring top employer in the city is a huge honor. Yes, we have amazing health and wellness benefits. Above all else, we have a fantastic culture—in large part because of the wonderful city we call home.” 

On top of an unlimited time off policy in North America and an equity incentive plan that provides wealth creation opportunities for its broader employee base, Lightspeed provides referral bonuses to encourage employees to recruit top talent from their network.

Shirvani Mudaly, Lightspeed’s Chief People Officer, notes that “we want every single one of Lightspeed’s employees to find meaning and purpose in the work they do. We’re a great place to work and we empower people to do great work.” 

Thinking of making a career change? Lightspeed is hiring for roles across Canada and around the world. 

For more information, please read the press release here.

Lightspeed Commerce Inc. announced today the reappointment of Founder Dax Dasilva as interim CEO. Dasilva most recently served as Lightspeed’s Executive Chair, and previous to this, served as the Company’s CEO from its inception in 2005 until February 2022. This appointment by Lightspeed’s Board, effective immediately, comes as JP Chauvet is stepping down. “I thank JP for his contributions, service and leadership at Lightspeed over the past eleven years,” said Dasilva.

“I founded this company, and am delighted to be named interim CEO to lead this next stage of profitable growth,” Dasilva continued. “The achievements of our last quarter serve as a testament to our potential, and we must continue to build upon this momentum. My vision is clear: cultivate a business model that fosters growth, prioritizes profitability and unlocks operational efficiencies to deliver ongoing value to our shareholders.”

Dasilva rejoins Lightspeed in the interim CEO role after the Company announced its third-quarter 2024 financial results last Thursday, February 8, 2024. Results for the quarter included total revenue of $239.7 million, which grew 27% year-over-year, and improved Net loss and Adjusted EBITDA¹ ($40.2) million and $3.6 million respectively,  surpassing previously established outlooks.

“On behalf of the Board, we welcome back Dax Dasilva as Lightspeed’s interim CEO,” said Patrick Pichette, Lead Independent Director of the Board. “His exceptional track record as the founder of this company speaks volumes about his visionary leadership and dedication to success over the years. Under his guidance, we have witnessed remarkable growth and innovation, propelling Lightspeed to the category leader it is today. I am confident that he will continue to steer Lightspeed towards new heights of success.”

Leadership Changes

Along with Dasilva’s appointment as interim CEO, Lightspeed announced several changes to the leadership team and the Board. John Shapiro, SVP of Retail Technology has been promoted to Chief Product and Technology Officer, replacing Ryan Tabone who will be departing the Company in April 2024. In addition, Patrick Pichette, currently the company’s Lead Independent Director, will move into the role of interim Chair of the Board. These leadership changes are a reflection  of the Company’s ongoing succession planning.

For more information, please read the press release here.

Here we are at the beginning of a new year and the end of our third quarter. We’re entering the final phase of our Year of Execution, pushing forward on multiple fronts to deliver on  our objectives. 

And deliver we have – in huge strides. In short, we beat our own expectations, surpassing our previously established revenue outlook of $232 to $237 million. Our move towards Unified Payments helped drive our revenue to reach $239.7 million – a 27% increase in revenue year-over-year. Net loss and Adjusted EBITDA improved to ($40.2) million and $3.6 million, respectively. 

In more good news, GPV2 as a percentage of GTV2 was 29% this quarter. We’ve reached other important benchmarks, as well. Transaction-based revenue grew 38% to $147.8 million. ARPU, is up to approximately $447, an increase of 28% year-over-year. We also saw a 69% increase in GPV year-over-year to $6.6 billion. 

Our sophisticated, high GTV customer base keeps growing. Customer Locations with GTV exceeding $500K/year increased 7% year-over-year, while those with GTV under $200K/year4 declined (as we had planned for). And Customer Locations with GTV exceeding $1M/year4 increased 7% year-over-year. 

This tells me that our customers see how our unified software and payments solution not only allows them to scale and innovate, it brings them value. They see that Lightspeed’s technology and insights equip them to take their business to the next level. 

You can find even more about these numbers in the press release.

Now, let me tell you about what we accomplished in the last quarter.

Market leadership through relentless innovation    

Our two flagship products are now available in almost all of our target markets around the world. These are best-in-class products, and ones that we believe are helping grow the competitive gap between us and our competitors.

To do that, we have to keep expanding and innovating our product offering. Our laser-focused innovation efforts have yielded a roster of new features. Let me highlight a few:

• In the US, we launched Lightspeed Tableside, our compact POS and payment processing device for restaurants. It allows servers to process orders instantaneously, right at the customer’s side. This improves speed and efficiency in the front of the house. This seamless process reduces wait times, increases table turnover, and improves customer satisfaction.
• Over in retail, we introduced the Lightspeed Retail and NuORDER Integration. This advanced technology was, until recently, only available to enterprise customers. Now, SMB retailers can order directly from thousands of brands through the NuORDER by Lightspeed platform, saving them hours per week. 
• We also launched enhancements to Advanced Insights in Lightspeed Retail. Now, Dusty Inventory and Sell Through reports give a clear view of what needs stocking or what should be discounted, while Individual Performance and Sales by Hour reports help identify team members who are performing well.
  
• There were also significant advancements in EMEA. We launched Lightspeed Capital in France, the Netherlands and Belgium this quarter—and Germany shortly after the quarter—expanding our global footprint. And we launched Tap to Pay on iPhone in the UK and the Netherlands, allowing customers in those regions to accept payments right on their iPhone. 

Sophisticated entrepreneurs choose Lightspeed

All around the world, the strength of our offering attracts established, savvy businesses with complex needs. Here are a few of the customers who chose Lightspeed last quarter, beginning with three new Michelin star restaurants:

Restaurant

• The River Café, an iconic UK restaurant overlooking the River Thames has selected Lightspeed to power their restaurant. Featuring Italian cuisine with one Michelin star, The River Café is known to have trained some of the greatest chefs, such as Jamie Oliver.
• In Germany, we signed the iconic Hæbel in downtown Hamburg—it has one Michelin star and a Michelin Green star for gastronomy and sustainability. In Berlin, we welcomed prism, a one Michelin star restaurant with elevated cuisine and an award-winning wine list. Hæbel and Prism have both selected Lightspeed Restaurant to power their restaurants.
• We are also pleased to say that Attica, a regular on the World’s 50 Best Restaurants list, has selected Lightspeed to operate their fine dining restaurant in Melbourne.

Retail

• Lolë Clothing, the Canadian athletic apparel designer, switched to Lightspeed from one of our cloud-based competitors to run a number of their locations across North America. 
• In the UK, the high-end bicycle brand Pinarello signed up two of its locations with Lightspeed. This is a family owned and operated company. It has a single goal: to make the world’s best bikes. 
• And in the US, we signed with Fit My Feet, a footwear retailer with six locations that moved from their on-premise legacy POS system to Lightspeed.

Supplier Network

• We welcomed several new brands to our Supplier Network. Some highlights include casual men’s companies Tommy Bahama, Baffin and UNTUCKit.

Five years ago, we began this journey 

Five years ago, we went public. We’ve  done incredible things together since then. We started with bold moves—we acquired and integrated nine companies, transforming them into two industry leading platforms. We rolled out Lightspeed Payments to our global customer base. We’ve made strategic moves to put us on the path to Adjusted EBITDA profitability. All the while, revenue grew over tenfold and GTV grew over fivefold. We maintained strong organic revenue growth and achieved Adjusted EBITDA profitability.

I’m proud of our team and of the company. I am confident that we’re in a strong position and can continue to build on the momentum from this last quarter to keep delivering sophisticated products and powerful financial services that help the world’s best businesses thrive.

1. This is a Non-IFRS measure. Refer to the section entitled “Non-IFRS Measures and Ratios and Reconciliation of Non-IFRS Measures and Ratios” within Management’s Discussion and Analysis of Financial Condition and Results of Operation for the Three and Nine Months Ended December 31, 2023 available on SEDAR at www.sedarplus.ca and on EDGAR at www.sec.gov for the definition and reconciliation of the Non-IFRS measure to net loss, which is incorporated by reference herein.

2. This is a Key Performance Indicator. Refer to the section entitled “Key Performance Indicators” within Management’s Discussion and Analysis of Financial Condition and Results of Operation for the Three and Nine Months Ended December 31, 2023  available on SEDAR at www.sedarplus.ca and on EDGAR at www.sec.gov for the definition.

3. As at December 31, 2023 vs as at December 31, 2022. Excluding Customer Locations attributable to the Ecwid eCommerce standalone product.

4. Excluding Customer Locations and GTV attributable to the Ecwid eCommerce standalone product, Lightspeed Golf and NuORDER by Lightspeed product. A Customer Location’s GTV per year is calculated by annualizing the GTV for the months in which the Customer Location is actively processing in the last twelve months.

Lightspeed Commerce Inc. announced today a combination of new product features and updates designed to help retail and restaurant customers across the globe to simplify and scale their operations. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

“With inflation remaining a chief concern amongst hospitality and retail providers, Lightspeed has focused on innovations that improve speed and efficiency, reducing the overall time and stress related to daily business management,” said JP Chauvet, CEO of Lightspeed. “We’re excited to roll out features like our new Tableside solution which provide a faster, more seamless order-taking experience, while Lightspeed Retail and NuORDER Order Integration simplifies the retail purchasing process. By simplifying their operations, we’re empowering entrepreneurs to elevate their business through exceptional customer service.” 

Newly launched for U.S. customers in January, Lightspeed Tableside is a compact, portable, and flexible POS and payment processing device for restaurants looking to expand their ability to take orders and payments and gain flexibility in service. 

With Lightspeed Tableside, servers can instantaneously process orders, improving the restaurant’s speed and efficiency and improving the overall dining experience. This seamless process reduces wait times, increases table turnover, and improves customer satisfaction.

Other ways Lightspeed is elevating the customer experience across Retail and Hospitality industries include: 

Retail

• Lightspeed Retail and NuORDER Order Integration save retailers hours per week 

Lightspeed Retail is optimizing the purchasing experience. Now, retailers can order from thousands of brands they stock and love through direct integration with NuORDER by Lightspeed. The integration also lets them import purchase orders placed into Lightspeed Retail, saving hours in product creation and inventory management for every order placed. This new integration is available to Lightspeed retailers in the U.S., Canada, UK, Australia and New Zealand.

• Advanced Insights additions to Lightspeed Retail save money and time

New reports released to Advanced Insights subscribers help retailers reduce inventory waste and create more efficiency in their business. Dusty Inventory and Sell Through reports give a clear view of what needs stocking or what should be discounted, while Individual Performance and Sales by Hour reports help identify who’s performing well, when. These reports quickly and easily provide retailers the insights they need to optimize every area of their business.

• Instant Payouts for Retailers

Cash flow is the most crucial part of running a business. With the launch of  Instant Payouts, eligible Lightspeed merchants will be able to access funds immediately after the transaction–even on weekends and holidays–and manage daily expenses, pay suppliers and invest in growth opportunities. Instant Payouts is available to Lightspeed Retail customers currently based in the U.S.

• Lightspeed Payments and accounting reconciliation on Lightspeed Retail

Embedded payments is a key value of Lightspeed Retail. This value now flows through to speed up and automate the reconciliation process through accounting connections with QuickBooks Online and Xero. By clearly recording deposits and transaction fees, reconciliation is done in a snap.

• Standalone Retail Payments

Available wherever Lightspeed Payments is offered, retailers now have the flexibility to process a payment without initiating the sale in their Lightspeed POS. Never miss a sale and reliably accept payments, whenever, wherever with standalone mode. 

Hospitality

• Self Delivery on Order Anywhere

With Self Delivery on Order Anywhere, restaurants with their own fleet of delivery drivers can now offer dishes directly to their customers. This provides an easy and flexible option for restaurants to add another revenue stream into their service model. The feature is commission free, and fully integrated with Lightspeed Restaurant.

• Tap to Pay on iPhone launches in the UK and the Netherlands

Merchants using Tap to Pay on iPhone present a consistent and trusted payment experience to customers. Lightspeed customers in the UK and the Netherlands can now accept contactless payments from contactless credit or debit cards, Apple Pay, Apple Watch, and smartphones with other digital wallets — right on iPhone and without any extra terminals or hardware. Tap to Pay on iPhone was previously launched successfully in the U.S. in March of 2023.

• Lightspeed Capital expands into new markets

Lightspeed Capital is an innovative solution that provides eligible Lightspeed merchants with quick and easy access to funding. Lightspeed Capital is superior to traditional lending options due to its flat-fee cost structure, simple application and two business day funding timeline. Successful market launches included four new markets: France, the Netherlands, Germany and Belgium.

Lightspeed powers the world’s best businesses, including: Boulud (New York), Alinea (Chicago), Recess (Chicago), Death & Co (Los Angeles), Mace (New York), Service Bar (Washington, DC), Collective Arts (Toronto), Joe Beef (Montreal), Cloakroom (Montreal), David Rocco Bar Aperitivo (Toronto), Cubitt House (London), Maybe Sammy (Sydney), Sunshine Brewery (Gisborne) and In den Ouden Vogelstruys (Maastricht).

Dive into the transformative  features of Lightspeed on our website.

About Lightspeed 

Powering the businesses that are the backbone of the global economy, Lightspeed’s one-stop commerce platform helps merchants innovate to simplify, scale and provide exceptional customer experiences. Our cloud commerce solution transforms and unifies online and physical operations, multichannel sales, expansion to new locations, global payments, financial solutions and connection to supplier networks.

Founded in Montréal, Canada in 2005, Lightspeed is dual-listed on the New York Stock Exchange and Toronto Stock Exchange (NYSE: LSPD) (TSX: LSPD). With teams across North America, Europe and Asia Pacific, the company serves retail, hospitality and golf businesses in over 100 countries.

For more information, see www.lightspeedhq.com.

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Lightspeed Commerce Inc. announced today a new partnership with GreatLIFE Golf, an industry-leading Multi-Course Operator (MCO). Through this partnership Lightspeed will provide courses in GreatLIFE’s portfolio with custom technology solutions that are tailored to their unique operational needs. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

The collaboration marks a milestone in the golf technology landscape and highlights Lightspeed’s continued commitment to providing cutting-edge solutions for the golf industry. 

“We are thrilled to welcome GreatLIFE Golf into the Lightspeed family,” said David Hope, General Manager, Lightspeed Golf. “Our two organizations share a commitment to providing flexible, innovative solutions to the golf industry that empower owners and operators. It’s through this commitment that we saw a natural alignment. With this partnership in place,  it marks a step forward in our shared vision for accessible, technology-driven golf experiences.”

GreatLIFE Golf manages an extensive portfolio of 56 locations across the United States. GreatLIFE is moving forward with Lightspeed at its 14 clubs in the Kansas City market, with plans for further implementation across additional sites. This partnership solidifies Lightspeed’s position as a technology partner of choice for renowned MCOs in the golf industry, adding GreatLIFE to an esteemed list of collaborators, including Landscapes Golf Management, Advance Golf Partners, Kapalua Golf & Tennis, Ron Jaworski Golf, OKI Golf, KemperSports, and MCG.

The partnership is especially noteworthy given Lightspeed’s commitment to public, accessible golf—a shared commitment with GreatLIFE, whose mission is to enrich the lives of families and communities through golf, fitness, and healthy lifestyles.

Unprecedented Flexibility with Open API

The standout feature that led GreatLIFE to choose Lightspeed was the platform’s flexibility enabled by its cloud-based, open API. GreatLIFE seamlessly integrated Lightspeed’s POS solutions for Retail and Restaurant with their preferred direct booking engine, GolfBack. This level of customization, combined with Lightspeed’s multi-location capabilities and best-in-breed partner ecosystem, makes it a powerful choice for complex MCOs looking to elevate their operations.

Also central to GreatLIFE’s decision was Lightspeed’s onboarding support, dedicated account management and product adoption specialist teams. Given GreatLIFE’s commitment to maintaining a high standard of customer service across its broad customer base, they required a partner who could deliver the same. From onboarding to post-launch services, Lightspeed’s team are industry experts who collaborate closely with customers to ensure their success.

“I appreciate Lightspeed’s commitment to helping not only GreatLIFE Golf operate at a high level, but our industry as a whole,” said John Brown, CEO, GreatLIFE Golf. “Lightspeed is a great partner to have in our portfolio and we also feel that Lightspeed will work to continue to push technology in golf further.”

Lightspeed powers the world’s best businesses, including Founders Group International, Landscapes Golf Management, KemperSports, TPC Myrtle Beach, Cape Kidnappers and Kapalua Golf & Tennis.

Read the full press release here.

Lightspeed Commerce Inc. is honored to be the winner of the Omnichannel Payment Platform of the Year as part of the 2023 edition of Juniper Research’s Future Digital Awards. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

Juniper Research’s Future Digital Awards, with a rich history dating back to 2008, spotlight organizations that have demonstrated outstanding contributions to their industries and are poised to make a significant impact in the future. These awards recognize tech companies at the forefront of their respective fields, acknowledging those that deliver imaginative, innovative products or services with the potential to disrupt ecosystems and provide substantial benefits to their target audience.

Lightspeed’s recognition as the Omnichannel Payment Platform of the Year underscores the company’s commitment to excellence and innovation. The award highlights Lightspeed’s dedication to powering the world’s best businesses and providing a unified POS and payments platform that enables ambitious entrepreneurs to accelerate growth, deliver unparalleled customer experiences, and become go-to destinations in their industries.

“We are honored to receive the Omnichannel Payment Platform of the Year award from Juniper Research’s Future Digital Awards. This recognition reflects our ongoing commitment to pushing the boundaries of technology and empowering entrepreneurs to thrive in a rapidly evolving digital landscape,” said JP Chauvet, CEO at Lightspeed.

The Future Digital Awards’ esteemed recognition places Lightspeed among the elite in the technology sector, solidifying its position as a leader in delivering innovative solutions that reshape the future of digital commerce.

Lightspeed powers the world’s best retailers, restaurants and bars, including Michel Brisson (Montreal), Joe Beef (Montreal), Melissa Joy Manning (New York), Boulud (New York), City Bird (Detroit), Alinea (Chicago), Zilte (Antwerp), Le Chalet de la Forêt (Brussels), In den Ouden Vogelstruys (Maastricht), Kei (Paris), Da Terra (London), Maybe Sammy (Sydney), Neal’s Yard Remedies (UK), Jurlique (Global) and Joel Robuchon Group (Global).

With this innovative partnership, inKind provides capital in exchange for food and beverage credits to participating Lightspeed restaurants

Lightspeed Commerce Inc. is pleased to announce that Lightspeed Restaurant now seamlessly integrates with inKind, a unique dining platform that helps restaurants across North America grow by providing them with unrestricted capital. 

Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space. 

inKind is a minority and LGBTQ2S+-owned small business. Founded in 2016, there are now 500,000 users on the inKind app. Its mission? To find a way to help restaurants become profitable and allow them to reach their full potential.

“We founded inKind to help restaurants succeed,” says inKind’s CEO and co-founder, Johann Moonesinghe. “Our new partnership with Lightspeed presents an unparalleled opportunity to maximize our impact by providing  operators with equitable financing solutions and best-in-class technology.” 

inKind’s mission is aligned with Lightspeed’s own history as an LGBTQ2S+-founded business that was built to help communities and small and medium businesses (SMBs) grow. “Lightspeed and inKind share a lot of the same values. At our core, we believe that a great dining scene brings so much to local communities—it feeds the culture and the economy. When local restaurants win, we all win,” says Peter Dougherty, General Manager of Hospitality at Lightspeed Commerce. 

inKind brings an alternative funding model to the table; no loan repayments or partial ownership are required. Instead, inKind provides restaurants with capital in exchange for food and beverage credits. Guests who use the inKind mobile app can purchase these credits, which they can redeem by paying for their meal with their phone thanks to the inKind app’s integration with Lightspeed.

• Guests win. At the end of their meal, guests visiting a participating restaurant input their check number into the inKind app, which charges them and closes the bill in Lightspeed. Waitstaff are free to focus on other patrons and guests can move on without having to wait for their server to return to the table.
  
• Restaurants win. inKind was founded by restaurant operators for restaurant operators. It provides operators with funding in the form of a lump sum of nonrestrictive cash.  In exchange, inKind receives food and beverage credits, which it then sells to guests. When guests redeem their credits at the restaurant, they’re also closing the loop. So when the restaurant succeeds, inKind does, too. 
• Everyone wins. Lightspeed and inKind believe that local businesses help communities flourish. And with restaurateurs facing greater challenges—from labor shortages to increasing interest rates and everything in between—easier access to capital can make all the difference. 

“This new partnership complements our Capital offering wonderfully,” continues Dougherty. “By choosing Lightspeed, restaurants now have that many more tools in their toolbelt to build out their vision. It’s not just about surviving, it’s about thriving.” 

He adds: “Their unique model combines POS data with consumer data to help inform their risk model. This is very much in line with our insights and how Lightspeed sets itself apart on the market.”

Ember Kitchen & Subterra Agave Bar, inKind’s own restaurant incubator based in Austin, TX, now uses Lightspeed Restaurant. “Lightspeed reduces headaches so that we can focus on the guest experience,” says Ember Kitchen’s Mychael Flores, Director of Restaurant Operations. On the partnership, Flores notes, “the integration with Lightspeed is seamless and operators across the country have a lot to look forward to.”

NuORDER Assortments will streamline buying plans across brands, departments and teams

Lightspeed Commerce Inc. has been selected by David Jones, Australia’s leading premium department store curating the most exclusive global and local brands, as part of its Vision 2025+ strategy to digitize its merchandising and buying process. Launching in January with the women’s international and designer ready-to-wear categories, David Jones will utilize NuORDER Assortments to digitally preview collections, curate assortments and complete orders in collaboration with their brands. 

This partnership will accelerate David Jones’ digital transformation efforts and replace manual, time consuming processes like data collection, sizing and order writing. Buyers will have more time to focus on creating a premium world-class shopping experience. David Jones will no longer need to rely on manual spreadsheets, instead the buying team will be able to utilize pre-populated data, automated roll-ups, and real-time collaboration tools to deliver a more sophisticated omnichannel assortment. 

NuORDER by Lightspeed’s innovative technology will give David Jones the ability to easily view and analyze their assortments across brands, categories, and attributes. Buyers will now be able to take a more customer-centric approach to the range planning process to ensure they are delivering a premium product offering both online and in-store. 

Using the platform’s robust tagging and rollup capabilities, David Jones buyers will be able to collaborate with leadership and teams across the organization to review investments in key initiatives, such as exclusives, enhancing their ability to create distinct assortments for their customers.

“David Jones is committed to delivering an unparalleled omnichannel shopping experience for customers,” said Bridget Veals, General Manager Womenswear, Footwear and Accessories for David Jones. “Adopting the NuORDER Assortments technology as our new digital buying process will ensure that our teams provide customers with access to a well-planned premium shopping experience online and in stores while also enhancing our collaboration with brands.”

“We are thrilled to partner with David Jones, a leading Australian retailer known for their premium customer experience, to digitally transform their merchandising process,” said Danielle Fairfield, Head of Retail for NuORDER by Lightspeed. “NuORDER will provide David Jones with the tools they need to advance their Vision 2025 strategy with a digital-first approach.”

NuORDER by Lightspeed powers the world’s best brands and retailers, including: Saks, Macy’s, Nordstrom, Brunello Cucinelli, Rag & Bone, Kendra Scott, Barbour, Tecnica, Arc’teryx and Shiseido.

Read the full press release here.

New video thought leadership series features insights from the world’s top retail and hospitality entrepreneurs

Lightspeed Commerce Inc. today announced the launch of its Luminaries thought leadership series. The first episode, shot in Miami, features Life House hotels’ Corporate Head of Food and Beverage, Peter Litvinenko. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

Illuminating conversations with the industry’s best

Lightspeed Luminaries is a video thought leadership series that celebrates the best of the best in business, examining what sets the individuals behind great brands apart from the pack. Covering hospitality, retail and golf, each episode features a visionary Lightspeed customer who’s making waves in their industry, with the aim of sharing their insights and experience with other business owners.

Episode 1: Connecting brand and operations with Life House’s Peter Litvinenko

In episode one of Luminaries, we travel to Little Havana in Miami, Florida to visit Lightspeed customer Life House, which specializes in contextually designed boutique hotels across the United States. Shot throughout their Little Havana location in Miami, Florida, the premier story sees Peter Litvinenko, Head of Food and Beverage, explaining the importance of a symbiotic relationship between operations and marketing. 

“Life House’s mission is to make travel accessible to a larger group of people,” notes Litvinenko. “Hotels can be expensive; they tend not to be approachable. People are drawn to Airbnbs or boutique hotels because they are a reflection of the neighborhood’s character. We target this style of property and work with them, adding a level of sophistication with technology. That’s our secret sauce.”

Founded by Rami Zeidan in 2017, Life House takes a personal approach to travel. Each location celebrates the neighbourhood it resides in through the smallest of details. From hiring locally to curating a scent for each location, Life House weaves its story throughout each of its spaces—giving guests a home away from home that makes a lasting impression.  

“What Life House has achieved is a model for modern brands,” notes Lightspeed CEO JP Chauvet. “They’re making travel accessible, creating spaces that are infused with local charm, and that don’t compromise on providing an elevated experience. Peter’s experience and attention to detail is an important part of that. Lightspeed is proud to be part of their strategy, supporting their impressive growth across the United States.”  

“We were looking for a POS partner that could grow with us,” explains Litvinenko. “We looked hard at who had the ability to take on different integrations, work with different partners in our ecosystem and also open up the API to work with  our PMS software. What sticks out for me is just how well we’ve grown together with Lightspeed.”

Lightspeed sets the spark 

Celebrating the insights and hard-earned experience of industry titans, Luminaries is a series that speaks its name—delivering inspiration, influence and insights. A resource to other industry leaders, these videos feature the best in the business exploring topics and themes relevant to the challenges facing business owners today. Look out for more from Lightspeed’s Luminaries series coming in 2024.  Episode one is now available on YouTube.

Read the full press release here.

Today Lightspeed Commerce Inc. is honoured as an Enterprise—Industry leaders award winner as part of the 2023 Deloitte Technology Fast 50 program. The company was ranked 8th on the list – up from its 12th spot ranking in 2022. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

Celebrating its 26th anniversary, the award recognizes fastest-growing enterprise-level technology, media, and telecommunications companies by revenue-growth percentage over their last four years of operation. This leadership category is open to companies that recorded a minimum revenue of $10 million in 2019 and $50 million in 2022.

“Lightspeed’s mission to build communities through commerce has never been more vital,” said JP Chauvet, Lightspeed’s CEO. “This mission is at the core of everything we do: empower restaurateurs and retailers with the tools that simplify how they operate, so they can focus on their customers. It is a privilege to help these entrepreneurs accelerate growth, provide the best customer experience and become a go-to destination in their space.” 

“This year’s Enterprise—Industry leaders winners represent a high level of excellence and success as members of Canada’s elite in the technology sector,” stated Anders McKenzie, partner and national leader for the Technology Fast 50 program at Deloitte Canada. “With their bold vision for the future, impactful technologies, competitive drive, and passion for pushing the boundaries, these winners catapult Canadian innovation forward nationally and on the global stage. No doubt their successes are a source of pride and inspiration for all tech entrepreneurs.”

Read the full press release here.

We’ve reached the halfway mark of our “Year of Execution,” and the momentum we’re seeing is a direct reflection of this year’s theme. 

Notably, we’ve reached some incredible milestones: in addition to delivering the lowest net loss in 10 quarters, for the first time since we became a publicly traded company, we delivered positive Adjusted EBITDA in the quarter – a significant achievement for Lightspeed. 

We’ve also hit significant financial markers in the past three months, registering $230.3 million in revenue (a 25% year-over-year growth that exceeds our previously-established outlook). ARPU increased 26% year-over-year. And we’ve seen a 59% increase in GPV2 ($5.9 billion) and GTV2 of $23.5 billion—thanks largely to the Unified Payments initiative. 

I encourage everyone to read the press release for the full story. But first, let me highlight some of the results that show why Lightspeed is the right commerce platform for ambitious entrepreneurs looking to innovate and scale.

Industry-leading products with global reach 

After completing nine acquisitions in three years, we’ve taken the strongest features of all these products and built two powerful flagships on the best modern code base we’ve ever delivered: Lightspeed Retail and Lightspeed Restaurant.  We simply could not have developed these features—or assembled such an enviable depth of talent—in such a short period of time without our acquisition strategy, and I am so proud of both the teams and the products we’ve built.

By the end of the quarter:

• Our new flagships accounted for approximately a third of our overall customer locations
• GTV from flagships grew 35% year-over-year
• Total revenue from flagships grew 124% year-over-year

Fewer products means faster, more focused innovation efforts, and we’re already delivering more speed, simplification and customization to our products:

• In Lightspeed Restaurant, we launched Smart Items: An AI-driven feature that lets you build menus in seconds (versus hours) by generating compelling product information and pictures, plus instant translation. We also expanded our Magic Menu Quadrant and Staff Performance insights tools globally, giving restaurants real-time insights that let them optimize menus and their front-of-house.
  
• In Lightspeed Retail, we delivered new Omni-Channel capabilities for multi location merchants that accommodate complex workflows around inventory management for physical and digital customers. And for NuORDER by Lightspeed, we enabled Vertical Assortments which allows brands with their own retail locations to merchandise, assort and visualize their own products.
  

With industry-leading products that have scale and global reach and our continuously improving financial performance, Lightspeed is in its strongest position ever.  

This is helping us attract more established, sophisticated retailers and restaurateurs, globally. We also welcomed some big names to Lightspeed, such as:

• Joël Robuchon International, a culinary legend with locations globally, selected Lightspeed Restaurant’s offering to manage their complex workflows and payment systems.
• Gustoso Group, a major player in Germany with over 100 restaurants, for which we started to rollout Lightspeed Restaurant to a number of their locations and Kensington Street in Sydney, Australia, for which 9 Asian-inspired food vendors, 2 bars, 2 event spaces and 6 full-service restaurants, are now operating on Lightspeed Restaurant.
• GetBoards in California (3 locations), Blue Star Eyewear in Australia (4 locations), and Les Jumelles (2 locations) in Belgium have all adopted Lightspeed Retail. 
• In Golf, GreatLIFE Golf (14 locations) and Blue Star Resort (15 locations) have selected Lightspeed for multiple offerings—covering their dining facilities, pro shops, and of course, Lightspeed Payments.
• We also extended our Supplier Network this quarter, welcoming new brands such as Jordache, Ashley Lauren, and Esprit.

Growing financial services to power efficiencies and scale   

Our efforts to onboard all eligible customers globally onto our unified POS and Payments offerings is making major strides: our close rates are stable, our teams are onboarding a record number of customers to payments and churn remains in line with historic levels. This strategy is also accelerating our revenue growth, with transaction-based revenue up by 36% year-over-year.

Best yet—we’re receiving feedback that shows the tangible benefits this offering brings to our customers’ businesses. For example, Tyan Parent from Le Brande Groupe in Montreal, Quebec, tells us that:

“From the time we decided to switch to Lightspeed Payments to the time we were set up and ready to sell, it was less than 24 hours. Since then, we’ve saved so much time at checkout thanks to the fully integrated system. It’s just so simple and user friendly. I can now travel and still be connected to our data, make better-informed decisions and correct mistakes from anywhere for all our three stores, directly on my phone. We switched for efficiency, and that’s been the biggest value, but as a bonus we’re now paying less in fees too.” 

This offering has been successfully rolled out in North America, and has started to launch in Europe and Australia. We’re excited to continue growing financial services —both through Lightspeed Payments and Lightspeed Capital—globally. 

I’m proud of what our team was able to achieve this quarter. And from delivering industry-leading products to solving the pain points of sophisticated businesses to building powerful, integrated financial services, I’m more confident than ever in Lightspeed’s ability to help the world’s best businesses thrive.

1. This is a Non-IFRS measure. Refer to the section entitled “Non-IFRS Measures and Ratios and Reconciliation of Non-IFRS Measures and Ratios” within Management’s Discussion and Analysis of Financial Condition and Results of Operation for the Three and Six Months Ended September 30, 2023 available on SEDAR at www.sedarplus.ca and on EDGAR at www.sec.gov. for the definition and reconciliation of the Non-IFRS measure to net loss, which is incorporated by reference herein.
2. This is a Key Performance Indicator. Refer to the section entitled “Key Performance Indicators” within Management’s Discussion and Analysis of Financial Condition and Results of Operation for the Three and Six Months Ended September 30, 2023 available on SEDAR at www.sedarplus.ca and on EDGAR at www.sec.gov for the definition. 
3. Excluding Customer Locations attributable to the Ecwid eCommerce standalone product.
4. Excluding Customer Locations attributable to the Ecwid eCommerce standalone product.

Over 300 partners, customers, industry leaders join Lightspeed’s executive team for three days of informative sessions, insightful panelists, exciting updates and more

Lightspeed Commerce Inc. plans to welcome over 300 independent business owners, partners and Lightspeed leaders from around the world to the Lightspeed Oxygen Summit, an invitation-only three-day conference in the heart of Montreal. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

“I’m a huge believer in the power of in-person gatherings to spark something great. That’s what the Lightspeed Oxygen Summit is all about: making connections, sharing insights and building ideas,” said JP Chauvet, Lightspeed’s CEO.  “This is the perfect moment to share our story: who we are, how we’re shaping the future of commerce, and how—with the help of our invaluable partners—this will help our customers scale their businesses.”

Over the course of the Summit, guests will hear from members of Lightspeed’s leadership team, who will share exclusive announcements, industry trends and Lightspeed insights, as well as provide updates on our product roadmap. JD St-Martin, Lightspeed’s President, will host a fireside chat with two customers: Melissa Joy Manning, the Founder and Creative Director of her eponymous ethical jewelry brand, and Peter Litvinenko, Head of Food & Beverage for Life House Hotels, a chain of luxurious hotels across the United States. Attendees will have more opportunities to connect during industry-specific breakout group sessions and celebrate their achievements at our Partner Awards ceremony. 

Lightspeed thanks its sponsors for their support: Omniboost, Star, Deliverect, eCard Systems, Plastic Printers, QuoteMachine, 7Shifts, Codat, Davo by Avalara, Discover Global Network, Ilglu, LINK, MarketMan, Mr. Yum and Otter.

The Lightspeed Oxygen Summit will take place from October 25-27, 2023, at the Marriott Château Champlain in Montreal, QC. Find out more about what’s in store—including an agenda and answers to frequently asked questions—on the Summit’s dedicated website.

Dive into Lightspeed’s transformative features at lightspeedhq.com or read the press release here for more. 

Accomplished technology CEO and board director returns to Lightspeed after two-year hiatus

Lightspeed Commerce Inc. is pleased to announce that Manon Brouillette has been re-appointed to its Board of Directors (the “Board”), effective October 1, 2023. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

This is Manon Brouillette’s second term as one of Lightspeed’s Board members. With over 20 years of experience as the head of global technology, media and telecommunications companies, she brings tremendous insight and business acumen to the role. Her appointment to Lightspeed’s Board also reflects Lightspeed’s continuing commitment to promote gender representation at all levels of its business, including achieving the Board’s target to maintain at least 37.5% of members who identify as women.

“Manon’s remarkable accomplishments, combined with her keen insights into customer needs, make her the ideal addition to our team,” said Dax Dasilva, Founder and Executive Chair of Lightspeed. “I look forward to working with her again and am excited for the role she will play with our company for years to come. Manon’s return reinforces our steadfast commitment to innovation and excellence.”

“I’m so excited to welcome Manon back to Lightspeed’s Board of Directors,” said JP Chauvet, CEO of Lightspeed. “Her deep understanding of the technology sector’s landscape and successful track record of leading highly complex organizations will provide valuable counsel and oversight to Lightspeed as it further cements itself as an industry leader. Her strategic vision and guidance will empower us to unlock new opportunities and fuel huge value for our customers around the world.”

Earlier this year, Manon Brouillette was appointed to serve as Chair of the board of directors of Hydro-Québec, the largest renewable energy company in Quebec. Prior to that, she spent two years with the US telecom leader Verizon, where she acted, among other positions, as Executive vice-president and CEO of the Consumer Group. From 2004 to 2019, she held various executive roles at Videotron and acted as President and CEO from 2013 to 2019. Under her leadership, the company became Canada’s most rapidly expanding telecommunications provider. 

“I’m excited to return to Lightspeed’s Board. This is a crucial moment for retailers and restaurateurs,” said Manon Brouillette. “Lightspeed’s focus on delivering innovative solutions to entrepreneurs—who are at the heart of its mission—aligns with my customer-first mindset., bringing the level of customer satisfaction that its solutions deliver to new heights.” 

Manon Brouillette brings unparalleled corporate governance experience to her role. She has served on the boards of private and public international companies, including the National Bank of Canada (TSX: NA), France-based SFR, U.S.-based Altice USA (NYSE: ATUS), Sonder Holdings (SOND.NA) and Beauty For All Industries (BFAI). She provides strategic advice to international private equity and venture capital funds. She holds a Bachelor’s degree from Université Laval and completed the Ivey Business School’s Executive Program. 

To read the press release, click here.

Leading retailers, restaurants and golf operators join Lightspeed to keep innovating and scaling their businesses in the face of difficult economic conditions

Lightspeed Commerce Inc. is honored to welcome new outstanding retail, hospitality and golf customers from all over the globe to its roster. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

We’re thrilled to welcome these businesses—among others—to Lightspeed, and proud of the tremendous positive impact they have on their communities. 

Retail Innovators 

• With six shops across the United Kingdom using Lightspeed Retail, Bath House are on a mission to make their artisan fragrances and natural skincare as sustainable as possible. 
• The Spice and Tea Exchange, a gourmet spice and herb retailer, is all about bringing elevated flavors to consumers. They’ve chosen Lightspeed’s flagship retail offering in over 80 locations across the United States. 
• Women’s designer clothing retailer Soleamour sources unique, difficult to find brands in their two locations in Maine. They recently adopted Lightspeed’s flagship omnichannel retail solution with e-commerce. 
• For three generations (since 1899, to be exact) Seroogy’s has helped make special occasions extra delicious with their homemade, hand-dipped chocolates. Based in Wisconsin, they’re now using Lightspeed’s flagship retail offering. 

Hospitality Heroes

• They have two locations in Victoria and four more in Queensland, but Australia’s Kickon Group is just getting started. Their goal? To “create an environment in which [their] people feel proud and inspired to deliver amazing experiences.” They recently signed up with Lightspeed Restaurant. 
• March First Brewing prefers to lead where others follow, making it “delightfully unpredictable.” All their ciders, beers and spirits are crafted in Cincinnati, Ohio. Cheers! 
• We’re proud to welcome Chef Teo Paul’s four businesses. Michelin-recommended Union restaurant and Côte de Bœuf are both located along Ossington Avenue in Toronto. They’re part of a broader group of high-end dining venues that includes Heart’s Tavern in Kimberley and the forthcoming Le Tambour Tavern in Hamilton. In all locations, Chef Paul chose Lightspeed Restaurant to support expansion plans throughout Ontario.

Golf Trendsetters

• In Clearwater, Florida, Cove Cay Golf Course is open every day of the week to offer a spectacular experience. And they’re now using Lightspeed Retail and Lightspeed Restaurant to run their golf academy, restaurant, pro shop and course. 
• Reef Capital owns and operates two luxurious golf courses: the Black Desert Resort in Utah and Cutalong at Lake Anna, in Virginia. Expect to see more of the Black Desert Resort in a new tournament, the Black Desert Championship, which is set to begin next year.

“Our customers are community champions and innovators,” says JP Chauvet, CEO at Lightspeed. “They’re incredible. They’re building successful businesses in challenging economic times – all this, in the wake of a global pandemic that shifted so many consumer habits. We’re honored to be part of their journey.”

Read the full press release here.

We’ve just closed the books on the first quarter of our “Year of Execution,” and I am thrilled to share some news. We’ve seen a solid 20% growth in total revenue, and our Gross Payment Volume (“GPV”) ¹  was up by 56% YoY. Plus, our Adjusted EBITDA loss was lower than our previously-established outlook. We’re not just ticking boxes here; we’re making real strides.

I encourage everyone to read the press release for the full story. But first, let me highlight some of the results that show just why Lightspeed is the right commerce platform for entrepreneurs looking to innovate and scale. 

First, we invest in innovation. 

We can increase our investment in innovation because our One Lightspeed goal has helped us hone our focus. 

With our flagship products—Lightspeed Retail and Lightspeed Restaurant, both of which include Lightspeed Payments—we can simplify our operations. We can reduce complexities across the organization.

And we can focus on making better products that help our merchants scale their businesses. In our first fiscal quarter of the year, our product team has been rolling out new features that are making a difference. We’ve introduced: 

• Advanced Insights in Europe.  This lets customers access real-time data. It suggests how to run their business more efficiently while respecting compliance with GDPR obligations.
• Expanded Lightspeed Capital to new regions, including Australia, plus a self-serve option now available to eligible users in Canada.
• Multi-layer pricing in Lightspeed Retail. It allows merchants to charge different prices per location/customer group. 
• NuORDER Assortments for Brands in North America and Europe. Now, brands can optimize inventory and identify merchandising gaps.

We’re not just solving problems; we’re anticipating them.

Second, we unlock added benefits for our customers’ business. Case in point, unifying our POS and Payments offerings into one platform. 

We’re asking all eligible customers to sign up for one cohesive and comprehensive product offering, where Lightspeed Payments is embedded directly into their POS.

We launched this initiative—known as Unified Payments—across NOAM this spring, and it’s going worldwide this year. 

It’s early, but we’re seeing encouraging results:

• Excluding the Ecwid eCommerce standalone product, ARPU ² is reaching all-time highs (up 20% YoY)
• Our close rates have remained relatively consistent 
• Our churn rate remains within historical ranges 

We’re also hearing from customers  who already adopted our unified platform, like Brooklyn jeweler Melissa Joy Manning, She points out that “we switched to Lightspeed Payments because with Lightspeed, we’re saving a lot of money in fees and it has made the business much faster, cheaper and easier to operate.”

This is not a one-and-done launch. We’re actively listening to feedback and continuing to improve as we go. For example, eligible customers switching to Lightspeed Payments will experience:

• Competitive, ‘meet or beat’ rates
• Free payments hardware and installation + 24/7 support
• Next-day payouts for most retail customers globally
• And more feature enhancements, coming soon!

Third, we’re built to simplify the complex—a tool best leveraged by high GTV customers. 

We saw a 10% YoY increase this quarter in high GTV Customer Locations ³(those with over $500K/year in GTV⁴). As high GTV customers scale, they expand their tech suite and invest more in our platforms to keep building on that momentum. This is reflected in the aforementioned increase of ARPU (up by 20% YoY). 

This tells me we’re on the right track in our efforts to welcome more established, sophisticated retailers and restaurateurs to the Lightspeed family. Customers like the ones who just joined Lightspeed this quarter:

• The Spice & Tea Exchange, a US-based fine spice and herb store which selected Lightspeed’s Retail offering for their over 80 franchises; 
• UK-based luxury fragrance and skin care provider, Bath House, with 6 locations has also signed up for Lightspeed Retail; 
• Chef Teo Paul’s restaurants, Côte de Boeuf, Hearts Tavern, Le Tambour Tavern and Michelin recommended Union, have chosen Lightspeed Restaurant to support their expansion; 
• March First, with 4 brewery and tasting room locations in Cincinnati, is adopting the Lightspeed Restaurant offering; 
• the six location Kickon Group from Australia has also joined with Lightspeed Restaurant
• and Cove Cay Golf Course in Florida has signed up for the Lightspeed Golf, Retail, and Restaurant trifecta. 

And finally, we’re built to help businesses scale.

Traditional POS systems manage a lot of scale, but they don’t innovate. They’re hard to update and super expensive. 

Lightspeed manages scale and drives innovation.  Our ability to service businesses at scale, with higher complexity, sets us apart. 

Here’s a perfect example:  in the last twelve months, restaurateurs have leveraged Lightspeed Restaurant to serve over 1 billion meals worldwide and facilitated over 300 million dining experiences. 

This highlights how Lightspeed Restaurant’s transaction volume has grown. And that’s just one of the ways we’re helping businesses speed up growth, provide the best customer experience and become a go-to destination in their space. 

There’s a reason why the world’s best restaurants and retailers run their business on Lightspeed. Keep watching this space to watch them grow.

¹Key performance indicator. Gross Payment Volume. “Gross Payment Volume” or “GPV” means the total dollar value of transactions processed, excluding amounts processed through the NuORDER solution, in the period through our payments solutions in respect of which we act as the principal in the arrangement with the customer, net of refunds, inclusive of shipping and handling, duty and value-added taxes. We use this measure as we believe that growth in our GPV demonstrates the extent to which we have scaled our payments solutions. We have excluded amounts processed through the NuORDER solution from our GPV because they represent business-to-business volume rather than business-to-consumer volume, and we do not currently have a robust payments solution for business-to-business volume. 

²Key performance indicator. Average Revenue Per User. “Average Revenue Per User” or “ARPU” represents the total subscription revenue and transaction-based revenue of the Company in the period divided by the number of Customer Locations of the Company in the period. We use this measure as we believe it provides a helpful supplemental indicator of our progress in growing the revenue that we derive from our customer base. For greater clarity, the number of Customer Locations of the Company in the period is calculated by taking the average number of Customer Locations throughout the period.

³Key performance indicator. Customer Locations. “Customer Location” means a billing merchant location for which the term of services have not ended, or with which we are negotiating a renewal contract, and, in the case of NuORDER, a brand with a direct or indirect paid subscription for which the terms of services have not ended or in respect of which we are negotiating a subscription renewal. A single unique customer can have multiple Customer Locations including physical and eCommerce sites and in the case of NuORDER, multiple subscriptions. We use this measure as we believe that our ability to increase the number of Customer Locations with a high GTV per year served by our platform is an indicator of our success in terms of market penetration and growth of our business. A Customer Location’s GTV per year is calculated by annualizing the GTV for the months in which the Customer Location was actively processing in the last twelve months.

⁴Excluding Customer Locations and GTV attributable to Ecwid eCommerce standalone product, Lightspeed Golf and NuORDER by Lightspeed product. A Customer Location’s GTV per year is calculated by annualizing the GTV for the months in which the Customer Location is actively processing in the last 12 months.

Lightspeed customers make up more than 30% of the list, with 6 courses inside the top 20. Merritt, British Columbia’s acclaimed Sagebrush Golf Club finished highest in the 6th spot

Lightspeed Commerce Inc., is proud to partner with 19 renowned public golf facilities which have been named to SCOREGolf’s 2023 list of the Top 59 Canadian Public Courses. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

Lightspeed courses feature prominently on the list, with 19 of the 59 leveraging the technology platform and 6 inside the top 20. Lightspeed’s customer success is particularly evident in Ontario, with Lightspeed software used at 8 of the 17 Ontario-based golf facilities on this year’s list.

Notable Lightspeed customers named to the list include: Tobiano, the Thomas McBroom masterpiece in Kamloops, BC that was recently listed in Golf Digest‘s World’s 100 Greatest Golf Courses; The Algonquin, a stunning layout set along the shores of New Brunswick’s Passamaquoddy Bay that was reworked in the 1920s by legendary architect Donald Ross and recently revitalized by noted Canadian designer Rod Whitman; and all three courses at TPC Toronto at Osprey Valley (Hoot, North and Heathlands), Canada’s only TPC Network facility, which offers an unparalleled variety of golf amid the rolling hills of Caledon, Ontario.

“To see TPC Toronto at Osprey Valley recognized as one of the top places to play golf in Canada and have all three courses ranked inside the Top 25 is a thrill for our entire team,” says Brian Decker, Director of Marketing and Communications, TPC Toronto. “It’s our mission to deliver memorable golf experiences with exceptional service and a modern approach, and we look forward to working with partners like Lightspeed to continue this mission into our exciting future ahead.”

“I’m thrilled about the number of Lightspeed customers named to SCOREGolf’s Top 59 Canadian Public Courses this year,” said David Hope, GM, Lightspeed Golf. “Supporting public, accessible golf is very important to us. This list shows that many of the best public facilities in Canada are using Lightspeed every day to help simplify their operations and deliver incredible customer experiences. I couldn’t be happier for our customers who have made this list and I look forward to seeing more and more on the list in the future.”

Golf’s surge in popularity seen during the pandemic is still holding strong. In June, US rounds played up year-over-year for the third straight month. Demand remains high and continues to trend above pre-pandemic levels. Pair this with the fact that participation is up among women, juniors and people of color, and it’s clear that access to public golf in North America is more important than ever. Public facilities that deliver rich, fulfilling golf experiences are well-positioned to succeed.

Lightspeed’s platform is the perfect choice for facilities looking to reach more golfers, drive revenue and deliver a great customer experience. Although many courses expected a contraction in the industry in 2022, Lightspeed customers future-proofed their businesses and experienced a sustained interest in the game with rounds played, GTV and transaction sizes up year-over-year between 2021 and 2022:

• Rounds played increased +9.5% YoY in North America (11.4% in the US, 7.5% in CA)
• Food and beverage sales rose +30% YOY and were a dominant contributor to this increase
• Average transaction size grew +4% YOY from $53 to $55

Top 59 Canadian Public Courses

The full list of Lightspeed customers named to this year’s list of top public golf facilities includes: 

Read the press release here.

Lightspeed publishes its Fiscal 2023 Sustainability Report and renews its commitment to building stronger and more inclusive communities around the world through accessible, industry-leading technology

Lightspeed Commerce Inc., is proud to announce its second annual Sustainability Report is now live. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

This latest Sustainability Report is a continuation of Lightspeed’s mission to strengthen communities and empower businesses around the world. The report outlines Lightspeed’s Environmental, Social and Governance (ESG) initiatives and highlights for the fiscal year ended March 31, 2023 (“Fiscal 2023”).

“When I founded Lightspeed in 2005, we were a small group of four employees. Now Lightspeed has teams in over 10 countries across three continents,” said Dax Dasilva, Founder and Executive Chair of Lightspeed. “While a lot has changed, our commitment to building strong, diverse and sustainable communities remains the same.” 

Some highlights of Lightspeed’s sustainability initiatives include:

• Lightspeed continues to partner with Sustainably Run to offer a Carbon Free Dining program. Through this partnership, Lightspeed customers can offset carbon emissions associated with their diners by planting trees. As a result of this partnership, over 1.4 million trees have been planted at the date of this publication. 
• Lightspeed is proud to support non-profit organizations like TupuToa, Fondation Émergence and Fondation KANPE, which empower underrepresented groups. 
• According to Lightspeed’s annual diversity, equity and inclusion and engagement survey, 86% of its employees feel that they can be their authentic self at work.
• Lightspeed’s employee base includes 10% LGBTQ2S+, 5% persons with disabilities and 30% BIPOC representation.

In addition to partnerships and internal initiatives, the report highlights businesses using Lightspeed to transform our world for the better and build vibrant, diverse communities. One such business is Electric Movement, a retailer that sells, rents and repairs electric bikes and scooters in Old Town Chicago. The shop and its staff are on a mission to reduce carbon emissions by enabling locals to use micro mobility vehicles. Atticus Conway, a Manager at Electric Movement, notes that Lightspeed’s embedded payments solution “makes stuff a lot easier on my end. With us only having to run one batch at the end of the day, it gives me more face-to-face interaction with our customers.” Those conversations with customers make all the difference as Electric Movement becomes the go-to space for electric micro mobility solutions in the city. 

“This second edition of our Sustainability Report showcases how amazing our customers are,” adds JP Chauvet, Lightspeed’s Chief Executive Officer. “They’re exceptional. They’re running stores and restaurants that make a huge difference in their communities. I’m incredibly proud of each and every one of them.” 

Find out more about our mission on our website: https://www.lightspeedhq.com/sustainability. 

Read the press release here.