Lightspeed Commerce Inc. reported a narrowed net loss of US$74.5-million in its latest quarter, as the payments technology company issued an outlook that “reflects caution on the near-term results given the economic climate.”
The Montreal-based company said its revenue grew to US$184.2-million for the fourth fiscal quarter ended March 31, attributing the year-over-year increase of 26 per cent to growth in subscription and transaction-based revenue. In the quarter a year earlier, Lightspeed posted a loss of US$114.5-million and revenue of US$146.6-million.
Lightspeed shares fell 12.4 per cent on the Toronto Stock Exchange on Thursday, closing at $17.52.
Lightspeed provides point-of-sale and payments software for restaurants, retailers and hospitality businesses globally. The company’s stock has collapsed by more than 80 per cent over the past year, amid inflation and higher interest rates.
In issuing its financial outlook, the company cited “changes in consumer spending impacting several of Lightspeed’s retail verticals.” The company said it expects revenue growth to build during the year, and is targeting “break even or better” adjusted earnings before interest, taxes, depreciation and amortization for fiscal 2024, but expects a loss of about US$10-million on that basis for the first fiscal quarter.
In an interview, Lightspeed chief executive officer Jean Paul Chauvet said the company’s stock performance doesn’t bother him and that he expects revenue growth next year. “The markets are volatile, but we’re very well-capitalized,” he said.
The company reported US$800.2-million of cash and equivalents as of March 31. Mr. Chauvet said the fourth-quarter results bring Lightspeed closer to its long-standing target of breaking even or turning positive for adjusted EBITDA.
Lightspeed said Thursday its quarterly loss amounted to 49 US cents per diluted share, compared with a loss of 77 US cents a year earlier. Subscription revenue grew year over year to US$76.2-million from US$70.5-million, while transaction-based revenue reached US$99.6-million, up from US$66.7 million.