Lightspeed reports 51% revenue growth in fiscal Q2 2020

Lightspeed POS has announced its financial results for the second quarter of the fiscal year 2020. The results cover two fiscal periods; the three-month period and six-month period, both ending September 30, 2019. All figures are expressed in USD.

“We are thrilled that high-performing companies and their talented teams are eager to join forces with us.”

The Montreal-based POS company saw a total revenue of $28 million for the three-month period (Q2), a 51 percent increase year-over-year. The company also experienced a net loss of $10.1 million during Q2, compared to a net loss of $8.2 million for the same quarter last year. At the end of the fiscal quarter, Lightspeed had $171.8 million in cash and cash equivalents, and no debt.

This is the company’s third financial report since it went public on the Toronto Stock Exchange in March. For this quarter, Lightspeed’s recurring software and payments revenue totalled to $25.4 million, representing an increase of 52 percent. Lightspeed reported a gross margin of 66 percent, with gross profit on software and payments revenue up by 39 percent. Finally, gross transaction volume grew by more than 48 percent to over $5.4 billion in the three-month period and over $17.4 billion for the twelve-month period ended September 30, 2019.

In its operational highlights, the company reported the launch of Lightspeed Retail 3.0 during Q2, its acquisition of Switzerland-based iKentoo, as well as the acquisition of hospitality POS platform Kounta. Lightspeed reported that customer locations, which includes both physical and e-commerce locations, grew 26 percent to almost 57,000, which included the addition of iKentoo’s customers, which totalled to about 3,800.

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“Our recent acquisitions not only fortify our leadership in geographic coverage, but we are thrilled that high-performing companies and their talented teams are eager to join forces with us as we tackle our massive market opportunity of building a truly global platform,” said Dax Dasilva, CEO of Lightspeed.

Lightspeed’s cloud-based commerce platform is built to assist small-and-medium-sized businesses across 100 countries. The company’s headcount currently sits at approximately 800 employees that are located in offices in Canada, the US, Europe, and Australia.

In its financial outlook, the company is estimating revenues between $31.5 million and $32 million for its fiscal third quarter, which would represent a 57 percent increase year-over-year. For the full year, Lightspeed predicted revenues between $117 million and $119 million, which would represent annual growth of 51 to 54 percent.

Image courtesy Lightspeed

Isabelle Kirkwood

Isabelle Kirkwood

Isabelle is a Vancouver-based writer with 5+ years of experience in communications and journalism and a lifelong passion for telling stories. For over two years, she has reported on all sides of the Canadian startup ecosystem, from landmark venture deals to public policy, telling the stories of the founders putting Canadian tech on the map.

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