Lightspeed revenues surge in its latest quarter on positive effects of COVID-19
Lightspeed POS founder and CEO Dax Dasilva
MONTREAL -- Lightspeed POS Inc. saw both its net loss and revenues increase in its latest quarter as it felt the positive effects of COVID-19.
The Montreal-based retail payment technology firm, which reports in U.S. dollars, says it lost $20.1 million or 22 cents per share in its fiscal first quarter. That compared with a loss of $9.1 million or 11 cents per share a year earlier.
Revenues for the three months ended June 30 surged more than 50 per cent to $36.2 million, from $24.1 million in the first quarter of 2019 with recurring software and payments revenue increasing 57 per cent to $33.4 million.
Lightspeed was expected to lose 14 cents per share on $31.2 million in revenues, according to financial markets data firm Refinitiv.
The company says COVID-19 has permanently altered the way retailers and restaurateurs run their businesses as they turn to Lightspeed's offering while customers increasingly move online.
Its customer base rebounded from April's lows to surpass 77,000 by the end of June, which contributed to a record quarter of volumes processed by Lightspeed's payments offering.
"The small- and medium-sized businesses we built Lightspeed to serve have risen to overcome historic challenges prompted by the global pandemic. Their resourcefulness and willingness to innovate has spurred an unprecedented digital transformation, proving why this nimble segment is the backbone of thriving economies all over the world," stated CEO Dax Dasilva.
Chief financial officer Brandon Nussey says the company delivered another positive quarter in the face of a challenging macro environment as more customers were added through the quarter.
In a separate release, the company announced it will make available Lightspeed Capital in the U.S. in partnership with Stripe.
This report by The Canadian Press was first published Aug. 6, 2020.