Lightspeed Commerce reports US$59.1M Q2 loss, revenue nearly triples

·2 min read

MONTREAL — Shares in Lightspeed Commerce Inc. plunged more than 30 per cent in early trading after reporting its latest quarterly results.

The company says it expects strong year-over-year growth, but warned it is facing uncertainties in the macro environment including the ongoing effects of the pandemic.

Lightspeed says supply chain issues are impacting merchants' ability to stock inventory and affecting its own ability to add new customers who require Lightspeed hardware.

In its outlook for its full 2022 financial year, Lightspeed says it now expects revenue between US$520 million and US$535 million and an adjusted EBITDA loss of about US$40 million to US$45 million.

The new guidance compared with earlier expectations for revenue between US$510 million and US$530 million for the year and an adjusted EBITDA loss of about US$35 million.

Shares in the company plunged to C$88.27 shortly after trading began, down from a closing price of C$122.76 on Wednesday. By mid-morning they were at C$87.86, down 28.43 per cent.

The Montreal-based company, which keeps its books in U.S. dollars, reported a loss of US$59.1 million or 43 cents per diluted share for the quarter ended Sept. 30 compared with a loss of US$19.5 million or 20 cents per diluted share in the same quarter last year.

Revenue in what was the company's second quarter of its 2022 financial year totalled US$133.2 million, up from US$45.5 million a year ago, pushed higher by organic growth and acquisitions.

Subscription revenue rose to US$59.4 million compared with US$25.6 million a year ago, while transaction-based revenue climbed to US$65 million compared with US$15.5 million last year. Hardware and other revenue rose to US$8.8 million, up from US$4.4 million a year ago.

Lightspeed says its adjusted loss for the quarter amounted to eight cents per share compared with an adjusted loss of five cents per share in the same quarter last year.

Analysts on average had expected an adjusted loss of nine cents per share and US$123.5 million in revenue, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 4, 2021.

Companies in this story: (TSX:LSPD)

The Canadian Press

Note to readers: This is a corrected story. An earlier version incorrectly stated in the headlines the quarter for which Lightspeed reported results.

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