Lightspeed Commerce Inc., a leading unified POS and payments platform, has announced its financial results for the three and six months ended September 30, 2024. The company reported total revenue of $277.2 million, representing a 20% year-over-year growth and surpassing its outlook. Additionally, Lightspeed achieved positive Adjusted EBITDA of $14.0 million, exceeding its projected $12 million.
The company’s monthly average revenue per user (ARPU) in the quarter increased by 24% year-over-year to approximately $527. Gross profit reached $114.3 million, a 19% increase compared to the same period last year. Lightspeed’s strong performance led to an improved net loss of ($29.7) million.
Lightspeed’s Founder and CEO, Dax Dasilva, expressed pride in the company’s achievement of surpassing $1 billion in revenue on a trailing twelve-month basis. He highlighted the continuous product innovation and the release of numerous features aimed at assisting complex, high-volume SMBs in managing and growing their businesses.
CFO Asha Bakshani emphasized the success of Lightspeed’s initiatives to expand payments adoption and control costs. The company delivered record Adjusted EBITDA and positive Adjusted Free Cash Flow. Bakshani also stated that Lightspeed’s focus remains on improving Adjusted EBITDA, which is now expected to reach a minimum of $50 million in Fiscal 2025.
During the second quarter, Lightspeed introduced several new product releases, including Retail Insights globally, Multi-Location Ordering, and Instant Payouts expansion to retailers in the UK. The company also witnessed an increase in ARPU, driven by its unified POS and payments offering and high customer adoption.
Lightspeed’s gross profit margin for the quarter was 41%, slightly lower than the previous year due to a higher proportion of customers adopting Lightspeed Payments. However, subscription gross margin improved to 79% as a result of cost control efforts. The company’s flagship platforms experienced a 26% increase in Gross Transaction Value (GTV) compared to the same period last year.
Notable customer wins for Lightspeed included Barebones Workwear, Mavi Jeans, Wayne’s Boot Shop, Columbia Sportswear, J.Lindeberg, Bugatti Group, Nathalie, 4PM Entertainment, and J’adore.
In light of its ongoing strategic review, Lightspeed has postponed its Capital Markets Day, with no further announcements expected until required by regulatory obligations.
Looking ahead, Lightspeed has increased its Adjusted EBITDA outlook for Fiscal 2025 to a minimum of $50 million. The company anticipates improved subscription revenue growth rates in the third quarter, along with strong growth in transaction-based revenue as more customers adopt its payments solutions.
