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Lightspeed Announces First Quarter 2026 Financial Results

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Lightspeed Commerce (NYSE:LSPD) reported strong Q1 2026 financial results, with total revenue reaching $304.9 million, up 15% year-over-year. The company saw significant growth in transaction-based revenue of $204.6 million (+18% YoY) and subscription revenue of $90.9 million (+9% YoY).

Key operational highlights include improved gross margins at 42%, addition of ~1,700 net Customer Locations in core markets, and GPV growth of 21% to $10.2 billion. ARPU increased 16% to ~$655. The company completed its share buyback program, repurchasing ~9.0 million shares for ~$85.4 million.

For Q2 2026, Lightspeed expects revenue of $305-310 million and Adjusted EBITDA of $17-19 million. Full-year FY2026 outlook projects revenue growth of 10-12% with Adjusted EBITDA of $68-72 million.

Lightspeed Commerce (NYSE:LSPD) ha riportato solidi risultati finanziari per il primo trimestre 2026, con un fatturato totale che ha raggiunto 304,9 milioni di dollari, in crescita del 15% rispetto all'anno precedente. L'azienda ha registrato una crescita significativa dei ricavi basati sulle transazioni, pari a 204,6 milioni di dollari (+18% su base annua), e dei ricavi da abbonamenti, che hanno raggiunto 90,9 milioni di dollari (+9% su base annua).

I principali risultati operativi includono un miglioramento del margine lordo al 42%, l'aggiunta di circa 1.700 nuove sedi clienti nei mercati principali e una crescita del GPV del 21%, raggiungendo i 10,2 miliardi di dollari. L'ARPU è aumentato del 16%, attestandosi a circa 655 dollari. L'azienda ha completato il programma di riacquisto di azioni, riacquistando circa 9,0 milioni di azioni per circa 85,4 milioni di dollari.

Per il secondo trimestre 2026, Lightspeed prevede ricavi tra 305 e 310 milioni di dollari e un EBITDA rettificato tra 17 e 19 milioni di dollari. Le previsioni per l'intero anno fiscale 2026 indicano una crescita dei ricavi del 10-12% con un EBITDA rettificato tra 68 e 72 milioni di dollari.

Lightspeed Commerce (NYSE:LSPD) reportó sólidos resultados financieros en el primer trimestre de 2026, con ingresos totales que alcanzaron los 304,9 millones de dólares, un aumento del 15% interanual. La compañía experimentó un crecimiento significativo en los ingresos basados en transacciones, que sumaron 204,6 millones de dólares (+18% interanual), y en los ingresos por suscripciones, que alcanzaron los 90,9 millones de dólares (+9% interanual).

Los principales aspectos operativos incluyen una mejora en el margen bruto al 42%, la incorporación de aproximadamente 1,700 nuevas ubicaciones de clientes en los mercados principales y un crecimiento del GPV del 21%, llegando a 10,2 mil millones de dólares. El ARPU aumentó un 16%, hasta aproximadamente 655 dólares. La compañía completó su programa de recompra de acciones, recomprando cerca de 9,0 millones de acciones por aproximadamente 85,4 millones de dólares.

Para el segundo trimestre de 2026, Lightspeed espera ingresos de entre 305 y 310 millones de dólares y un EBITDA ajustado de entre 17 y 19 millones de dólares. Las perspectivas para todo el año fiscal 2026 proyectan un crecimiento de ingresos del 10-12% con un EBITDA ajustado de entre 68 y 72 millones de dólares.

Lightspeed Commerce (NYSE:LSPD)� 2026� 1분기 강력� 재무 실적� 보고했으�, � 매출은 3� 4,900� 달러� 전년 대� 15% 증가했습니다. 회사� 거래 기반 매출� 2� 460� 달러(전년 대� 18% 증가), 구독 매출� 9,090� 달러(전년 대� 9% 증가)� 크게 성장했습니다.

주요 운영 성과로는 42%� 개선� � 이익�, 핵심 시장에서 � 1,700개의 � 신규 고객 위치 추가, 그리� GPV가 21% 증가하여 102� 달러� 도달� 점이 포함됩니�. ARPU� � 655달러� 16% 증가했습니다. 회사� � 9백만 주를 � 8,540� 달러� 자사� 매입 프로그램� 완료했습니다.

2026� 2분기에는 매출� 3� 500� 달러에서 3� 1,000� 달러 사이, 조정 EBITDA� 1,700� 달러에서 1,900� 달러 사이� 것으� 예상합니�. 2026 회계연도 전체 전망은 매출� 10-12% 성장하고 조정 EBITDA가 6,800� 달러에서 7,200� 달러 사이� 것으� 예상합니�.

Lightspeed Commerce (NYSE:LSPD) a publié de solides résultats financiers pour le premier trimestre 2026, avec un chiffre d'affaires total atteignant 304,9 millions de dollars, en hausse de 15 % par rapport à l'année précédente. L'entreprise a connu une croissance significative des revenus basés sur les transactions, s'élevant à 204,6 millions de dollars (+18 % en glissement annuel), ainsi que des revenus d'abonnement de 90,9 millions de dollars (+9 % en glissement annuel).

Les principaux faits marquants opérationnels incluent une amélioration des marges brutes à 42 %, l'ajout d'environ 1 700 nouveaux emplacements clients sur les marchés principaux, et une croissance du GPV de 21 % pour atteindre 10,2 milliards de dollars. L'ARPU a augmenté de 16 % pour atteindre environ 655 dollars. La société a terminé son programme de rachat d'actions, rachetant environ 9,0 millions d'actions pour environ 85,4 millions de dollars.

Pour le deuxième trimestre 2026, Lightspeed prévoit un chiffre d'affaires compris entre 305 et 310 millions de dollars et un EBITDA ajusté entre 17 et 19 millions de dollars. Les perspectives pour l'ensemble de l'exercice 2026 projettent une croissance du chiffre d'affaires de 10 à 12 % avec un EBITDA ajusté de 68 à 72 millions de dollars.

Lightspeed Commerce (NYSE:LSPD) meldete starke Finanzergebnisse für das erste Quartal 2026 mit einem Gesamtumsatz von 304,9 Millionen US-Dollar, was einem Anstieg von 15 % gegenüber dem Vorjahr entspricht. Das Unternehmen verzeichnete ein deutliches Wachstum bei den transaktionsbasierten Einnahmen von 204,6 Millionen US-Dollar (+18 % im Jahresvergleich) sowie bei den Abonnementerlösen von 90,9 Millionen US-Dollar (+9 % im Jahresvergleich).

Zu den wichtigsten operativen Highlights zählen verbesserte Bruttomargen von 42 %, die Hinzufügung von rund 1.700 neuen Kundenstandorten in den Kernmärkten sowie ein GPV-Wachstum von 21 % auf 10,2 Milliarden US-Dollar. Der ARPU stieg um 16 % auf rund 655 US-Dollar. Das Unternehmen hat sein Aktienrückkaufprogramm abgeschlossen und rund 9,0 Millionen Aktien für etwa 85,4 Millionen US-Dollar zurückgekauft.

Für das zweite Quartal 2026 erwartet Lightspeed einen Umsatz von 305 bis 310 Millionen US-Dollar und ein bereinigtes EBITDA von 17 bis 19 Millionen US-Dollar. Die Prognose für das Gesamtjahr 2026 sieht ein Umsatzwachstum von 10-12 % mit einem bereinigten EBITDA von 68 bis 72 Millionen US-Dollar vor.

Positive
  • Revenue grew 15% YoY to $304.9 million, exceeding outlook
  • Transaction-based revenue increased 18% YoY to $204.6 million
  • Gross margin improved to 42% from 41% YoY
  • Added ~1,700 net Customer Locations in core markets
  • ARPU increased 16% YoY to ~$655
  • GPV grew 21% YoY to $10.2 billion
  • Lightspeed Capital revenue increased 34% YoY
Negative
  • Net loss increased to ($49.6) million from ($35.0) million YoY
  • Adjusted Income decreased to $7.9 million from $16.1 million YoY
  • Adjusted Free Cash Flow remained negative at ($1.7) million
  • Total GTV growth slowed to 4% YoY

Insights

Lightspeed delivers strong Q1 with 15% revenue growth, expanding margins, and positive adjusted EBITDA despite widening net loss.

Lightspeed's Q1 2026 results demonstrate solid execution of its focused strategy targeting retail in North America and hospitality in Europe. The company reported $304.9 million in revenue, exceeding guidance with 15% year-over-year growth. Notably, transaction-based revenue grew 18% to $204.6 million, while subscription revenue increased 9% to $90.9 million.

Gross margin improvements are particularly encouraging, expanding to 42% from 41% last year, with subscription gross margins reaching 81%. This drove gross profit up 19%, outpacing revenue growth. The margin expansion reflects both pricing power and operational efficiency improvements.

Customer metrics reveal positive momentum in Lightspeed's targeted segments, with ~1,700 net new customer locations added in North American retail and European hospitality. Total customer locations grew year-over-year to approximately 145,000. Average Revenue Per User (ARPU) increased 16% to ~$655, driven by software price increases and expanded payments adoption.

Payments processing continues to be a growth driver, with Gross Payment Volume (GPV) up 21% to $10.2 billion, now representing 41% of Gross Transaction Volume (GTV). This payments penetration is critical for long-term margin expansion.

On profitability, Lightspeed generated $15.9 million in Adjusted EBITDA, up 56% from $10.2 million last year. However, GAAP net loss widened to $49.6 million from $35.0 million, raising questions about the sustainability of the adjusted profit metrics.

The company's outlook remains positive, guiding for Q2 revenue of $305-310 million and full fiscal year revenue growth of 10-12%. Notably, Lightspeed is projecting gross profit growth of 14%, faster than revenue growth, indicating continued margin expansion.

Lightspeed's capital allocation strategy has shifted toward shareholder returns, with $85.4 million spent repurchasing shares in Q1, part of a larger $219.6 million buyback representing 12% of outstanding shares since the start of fiscal 2025. This suggests management believes shares are undervalued while demonstrating confidence in future cash generation.

The divergence between improving adjusted metrics and widening GAAP losses bears monitoring, as does the deceleration in subscription revenue growth compared to transaction revenue. Lightspeed's focus on specific geographic segments appears to be yielding results, but investors should track whether this targeted approach can sustain the company's ambitious 3-year targets.

Total revenue in the quarter of $304.9million grew 15% year-over-year and exceeded outlook

Gross margin improved to 42%, with gross profit increasing 19% year-over-year exceeding outlook

Lightspeed added ~1,700 net Customer Locations across retail in North America and hospitality in Europe, with total Customer Locations growing year-over-year

GPV grew 21% year-over-year with GPV as a percentage of GTV at 41%

Lightspeed reports in US dollars and in accordance with IFRS Accounting Standards.

MONTREAL, July 31, 2025 /PRNewswire/ - Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD) ("Lightspeed" or the "Company"), the unified omnichannel platform powering ambitious retail and hospitality businesses in over 100 countries, today announced financial results for the three months ended June 30, 2025.

"Lightspeed is winning where it matters � we added high-quality locations, increased ARPU, and delivered solid top-line growth with expanded margins," said Dax Dasilva, Founder and CEO. "We're seeing strong impact from our product innovation and go-to-market execution, and our focused strategy is gaining traction and delivering profitable growth".

"Lightspeed had a great start to the year with revenue and gross profit exceeding our previously-established outlook," said Asha Bakshani, CFO. "Our strong Adjusted EBITDA growth is evidence of the leverage we are seeing in our business model as well as our relentless operating efficiency, allowing us to invest in our business while also delivering higher profitability."

FirstQuarter Financial Highlights

(All comparisons are relative to the three-month period ended June30, 2024 unless otherwise stated):

  • Total revenue of $304.9 million, an increase of 15% year-over-year.
  • Transaction-based revenue of $204.6 million, an increase of 18% year-over-year.
  • Subscription revenue of $90.9 million, an increase of 9% year-over-year.
  • Net loss of ($49.6) million, or ($0.35) per share, as compared to a net loss of ($35.0) million, or ($0.23) per share. After adjusting for certain items, such as share-based compensation, the Company delivered Adjusted Income1 of $7.9 million, or $0.06 per share1, as compared to Adjusted Income1 of $16.1 million, or $0.10 per share1.
  • Adjusted EBITDA1 of $15.9 million versus Adjusted EBITDA1 of $10.2 million.
  • Cash flows from operating activities of $12.4 million as compared to cash flows used in operating activities of ($14.2) million, and Adjusted Free Cash Flow1 used of ($1.7) million as compared to Adjusted Free Cash Flow1 used of ($3.0) million.
  • As at June 30, 2025, Lightspeed had $447.6 million in cash and cash equivalents.

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1

Non-IFRS measure or ratio. See the section entitled "Non-IFRS Measures and Ratios" and the reconciliation to the most directly comparable IFRS measure or ratio.

FirstQuarter Operational Highlights

  • Lightspeed delivered several new product releases in the quarter including:
    • Enhanced inventory tracking withCustom Inventory Adjustments allowing for detailed tracking of stock changes;
    • Inventory Turns and GMROI (Gross Margin Return on Investment) to Retail Insights;
    • Improved customer service within theLightspeed Scanner App which now allows for product search, inventory checking, and pricing directly from the app;
    • NuORDER by Lightspeed introduced Order Trends, aggregating top-performing products, colors, categories and sizes at the brand level, allowing buyers to make confident stocking decisions;
    • Launched AI-poweredBenchmarks & Trends for hospitality in Europe, providing restaurant owners with the insights to boost sales, streamline operations, and outperform competition;
    • 𲹲Mobile Tap on Lightspeed Tableside in the UK, Netherlands, and Belgium, improving table turnover and service speed;
    • Enhancements toKitchen Display System, and back office updates, reducing time spent modifying menus and understanding kitchen performance; and
    • New sales report consolidates what was previously fragmented into a single, flexible data dashboard that enables restaurant operators to uncover deeper sales insights through enhanced filtering and cross-period comparisons.
  • ARPU2 increased 16% to ~$655 from ~$567 in the same quarter last year driven by software price increases and expanding adoption of our payments offering. Subscription ARPU increased 10%.
  • Our growth engines, retail in North America and hospitality in Europe, grew Customer Locations by 1,700 from the previous quarter, up 5% year-over-year to approximately 90,000. Lightspeed ended the quarter with total Customer Locations2 of approximately 145,000, up year-over-year.
  • Total GTV2 was $24.6 billion and grew by 4% year-over-year. An increasing portion of GTV is being processed through the Company's payments solutions. GPV2 increased 21% to $10.2 billion in the quarter from $8.4 billion in the same period last year. GPV as a percentage of GTV was 41%.
  • Gross profit of $129.1 million increased 19% year-over-year. Overall gross margin was 42%, compared to 41% in the same quarter last year. Subscription gross margin grew to 81% in the quarter from 79% in the same quarter last year driven by a dedicated effort at controlling costs and targeted price increases. Transaction-based gross margin was 29% compared to 26% last year.
  • Lightspeed Capital showed strong growth with revenue increasing 34% year-over-year.
  • Notable retail customer wins in North America include:
    • Last Stop,a premium streetwear retailer with 10 locations in Maryland and Virginia.
    • Shades of Charleston,a four-location eyewear retailer in South Carolina.
    • AcrossNuORDER by Lightspeed we added several new brands, including Tory Burch and Fabletics, and renowned retailers Neiman Marcus and Bergdorf Goodman.
    • In golf, we signedWestern Golf Properties, with 11 locations across California and Nevada.
  • For hospitality customers in Europe, we welcomed:
    • La Petite Chaise, the oldest restaurant in Paris, operating since 1680.
    • Two Michelin starred restaurantAan de Poel located by lake De Poel in Amsterdam.
    • ճCorrigan Collection with seven locations across the UK and Ireland.
  • In the quarter, Lightspeed completed its latest normal course issuer bid program, repurchasing and cancelling ~9.0 million shares for ~$85.4 million. Collectively, since the start of Fiscal 2025, Lightspeed has spent ~$219.6 million to acquire ~18.7 million shares, representing ~12% of the total shares outstanding as at April 1, 2024.
  • The Company appointed Glen LeBlanc to its Board of Directors, effective July 1, 2025. Mr. LeBlanc brings more than 30 years of experience in the telecommunications and technology industries. Mr. LeBlanc currently serves as the Vice Chair, Atlantic Canada with BCE Inc. where he has also previously held the positions of Executive Vice President and CFO.

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2

Key Performance Indicator. See the section entitled "Key Performance Indicators".

Financial Outlook3

The following outlook supersedes all prior statements made by the Company and is based on current expectations.

Lightspeed remains confident in its ability to execute its strategy of focusing on retail customers in North America and hospitality customers in Europe and expects to increase Customer Locations within these growth engines while focusing on retaining revenue in its other markets.

Finally, the financial outlook reflects our most recent view of the macroeconomic environment and is consistent with our three-year target gross profit CAGR4 of approximately 15-18% and three-year target Adjusted EBITDA1 CAGR4 of approximately 35% presented at our Capital Markets Day in March. Overall, the Company's outlook is as follows:

SecondQuarter 2026

  • Revenue of approximately $305 million to $310 million.
  • Gross profit growth of approximately 14%.
  • Adjusted EBITDA1 of approximately $17 million to $19 million.

Fiscal 2026

  • Revenue growth of approximately 10% to 12%.
  • Gross profit growth of approximately 14%.
  • Adjusted EBITDA1 of approximately $68 million to $72 million.

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3

The financial outlook is fully qualified and based on a number of assumptions and subject to a number of risks described under the headings "Forward-Looking Statements", "Financial Outlook Assumptions" and "Long-Term Financial Outlook" of this press release.

4

Financial outlook, please see the section entitled "Long-Term Financial Outlook" in this press release for the assumptions, risks and uncertainties related to Lightspeed's financial outlook, and the section entitled "Forward-Looking Statements".

Conference Call and Webcast Information

Lightspeed will host a conference call and webcast to discuss the Company's financial results at 8:00 am ET on Thursday, July31, 2025. To access the telephonic version of the conference call, visit . After registering, instructions will be shared on how to join the call including dial-in information as well as a unique passcode and registrant ID. At the time of the call, registered participants will dial in using the numbers from the confirmation email, and upon entering their unique passcode and ID, will be entered directly into the conference. Alternatively, the webcast will be available live in the Events section of the Company's Investor Relations website, .

Among other things, Lightspeed will discuss quarterly results, financial outlook and trends in its customer base on the conference call and webcast, and related materials will be made available on the Company's website at . Investors should carefully review the factors, assumptions and uncertainties included in such related materials.

An audio replay of the call will also be available to investors beginning at approximately 11:00 a.m. Eastern Time on July31, 2025 until 11:59 p.m. Eastern Time on August 7, 2025, by dialing 800.770.2030 for the U.S. or Canada, or 647.362.9199 for international callers and providing conference ID 74316. In addition, an archived webcast will be available on the Investors section of the Company's website at .

Lightspeed's unaudited condensed interim consolidated financial statements and management's discussion and analysis for the three months ended June 30, 2025 are available on Lightspeed's website at and will be filed on SEDAR+ at and on EDGAR at .

Financial Outlook Assumptions

When calculating the Adjusted EBITDA included in our financial outlook for the quarter ending September 30, 2025 and the full year ending March 31, 2026, we considered IFRS measures including revenues, direct cost of revenues, and operating expenses. Our financial outlook is based on a number of assumptions, including assumptions related to inflation, tariffs, changes in interest rates, consumer spending, foreign exchange rates and other macroeconomic conditions; that the jurisdictions in which Lightspeed has significant operations do not impose strict measures like those put in place in response to pandemics like the COVID-19 pandemic or other health crises; requests for subscription pauses and churn rates owing to business failures remain in line with planned levels; our Customer Location count growing in line with our planned levels (particularly in higher GTV cohorts and among retail customers in North America and hospitality customers in Europe); quarterly subscription revenue growth in line with our expectations; revenue streams resulting from certain partner referrals remaining in line with our expectations (particularly in light of our decision to unify our POS and payments solutions, which payments solutions have in the past and may in the future, in some instances, be perceived by certain referral partners to be competing with their own solutions); customers adopting our payments solutions having an average GTV at our planned levels; continued uptake of our payments solutions in line with our expectations in connection with our ongoing efforts to sell our POS and payments solutions as one unified platform; our ability to price our payments solutions in line with our expectations and to achieve suitable margins and to execute on more optimized pricing structures; continued uptake of our merchant cash advance solutions in line with our expectations; our ability to manage default risks of our merchant cash advances in line with our expectations; seasonal trends of our key verticals being in line with our expectations and the resulting impact on our GTV, GPV and transaction-based revenues; continued success in module adoption expansion throughout our customer base; our ability to selectively pursue strategic opportunities and derive the benefits we expect from the acquisitions we have completed including expected synergies resulting from the prioritization of our flagship Lightspeed Retail and Lightspeed Restaurant offerings; market acceptance and adoption of our flagship offerings; our ability to attract and retain key personnel required to achieve our plans, including outbound and field sales personnel in our key markets; our ability to execute our succession planning; our expectations regarding the costs, timing and impact of our reorganizations and other cost reduction initiatives; our expectations regarding our growth strategy focused on retail customers in North America and hospitality customers in Europe and our strategies for customers in other geographies and verticals; our ability to manage customer churn; and our ability to manage customer discount requests. Our financial outlook does not give effect to the potential impact of acquisitions, divestitures or other strategic transactions that may be announced or closed after the date hereof. Our financial outlook, including the various underlying assumptions, constitutes forward-looking information and should be read in conjunction with the cautionary statement on forward-looking information below. Many factors may cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including the risks and uncertainties related to: macroeconomic factors affecting small and medium-sized businesses, including inflation, tariffs, changes in interest rates and consumer spending trends; instability in the banking sector; exchange rate fluctuations and the use of hedging; any pandemic or global health crisis; the Russian invasion of Ukraine and reactions thereto; continuing military conflict in the Middle East and reactions thereto; the impact and uncertainty of foreign policy shifts in the U.S., Canada and Europe (including the impacts of tariffs, trade wars, or other trade conditions or protective government actions); certain natural disasters; our inability to attract and retain customers, including among high GTV customers and among retail customers in North America and hospitality customers in Europe; our inability to increase customer sales; our inability to implement our growth strategy; our inability to continue to increase adoption of our payments solutions, including our initiative to sell our POS and payments solutions as one unified platform; our ability to successfully execute our pricing and packaging initiatives; risks relating to our merchant cash advance program; our ability to continue offering merchant cash advances and scaling our merchant cash advance program in line with our expectations; our reliance on a small number of cloud service suppliers and suppliers for parts of the technology in our payments solutions; our ability to manage and maintain integrations between our platform and certain third-party platforms; our ability to maintain sufficient levels of hardware inventory; our inability to improve and enhance the functionality, performance, reliability, design, security and scalability of our platform; our ability to prevent and manage information security breaches or other cyber-security threats; our ability to compete against competitors; strategic relations with third parties; our reliance on integration of third-party payment processing solutions; compatibility of our solutions with third-party applications and systems; changes to technologies on which our platform is reliant; our ability to effectively incorporate artificial intelligence solutions into our business and operations; our ability to obtain, maintain and protect our intellectual property; risks relating to international operations, sales and use of our platform in various countries; our liquidity and capital resources; pending and threatened litigation and regulatory compliance; any external stakeholder activism; changes in tax laws and their application; our ability to expand our sales, marketing and support capability and capacity; our ability to execute on our reorganizations and cost reduction initiatives; our ability to execute on our growth strategy focused on retail customers in North America and hospitality customers in Europe and our strategies for customers in other geographies and verticals; our ability to successfully make future investments in our business through capital expenditures; our ability to successfully execute our capital allocation strategies; our ability to execute on our business and operational strategy; and maintaining our customer service levels and reputation. The purpose of the forward-looking information is to provide the reader with a description of management's expectations regarding our financial performance and may not be appropriate for other purposes.

Long-Term Financial Outlook

Our long-term targets constitute financial outlook and forward-looking information within the meaning of applicable securities laws. The purpose of communicating long-term targets is to provide a description of management's expectations regarding our intended operating model, financial performance and growth prospects at a further stage of business maturity. Such information may not be appropriate for other purposes.

A number of assumptions were made by the Company in preparing our long-term targets, including:

  • Our expectations regarding our growth strategy for retail customers in North America and hospitality customers in Europe and our strategies for customers in other geographies and verticals.
  • Economic conditions in our core geographies and verticals, including inflation, consumer confidence, disposable income, consumer spending, foreign exchange rates, employment and other macroeconomic conditions, remaining at close to current levels.
  • Jurisdictions in which Lightspeed has significant operations do not impose strict measures like those put in place in response to pandemics like the COVID-19 pandemic.
  • Customer adoption of our payments solutions in line with expectations, with new customers having an average GTV at or above planned levels.
  • Our ability to price our payments solutions in line with our expectations and to achieve suitable margins and to execute on more optimized pricing structures.
  • Continued uptake of our payments solutions in line with our expectations in connection with our ongoing efforts to sell our POS and payments solutions as one unified platform.
  • Revenue streams resulting from certain partner referrals remaining in line with our expectations (particularly in light of our decision to unify our POS and payments solutions, which payments solutions have in the past and may in the future, in some instances, be perceived by certain referral partners to be competing with their own solutions).
  • Our ability to manage default risks of our merchant cash advances in line with our expectations.
  • Long-term growth in ARPU, including growth in subscription ARPU, in line with expectations, driven by Customer Location expansion in our growth engines, customer adoption of additional solutions and modules and the introduction of new solutions, modules and functionalities.
  • Our ability to achieve higher close rates and better unit economics with customers in our growth engines.
  • Our reallocation of investment over time towards our growth engines - retail customers in North America and hospitality customers in Europe.
  • Our ability to price solutions and modules in line with our expectations.
  • Our ability to recognize synergies and reinvest those synergies in core areas of the business as we prioritize our flagship Lightspeed Retail and Lightspeed Restaurant offerings.
  • Our ability to scale our outbound and fields sales motions in our growth engines.
  • Our ability to attract and retain customers and grow subscription ARPU in our addressable markets.
  • The size of our addressable markets for our growth engines - retail customers in North America and hospitality customers in Europe - being in line with our expectations.
  • Customer Location growth of ~10-15% (three year CAGR between Fiscal 2025 and Fiscal 2028) in our two growth engines - retail customers in North America and hospitality customers in Europe.
  • Our ability to selectively pursue strategic opportunities and derive the benefits we expect from the acquisitions we have completed including expected synergies resulting from the prioritization of our flagship Lightspeed Retail and Lightspeed Restaurant offerings.
  • Market acceptance and adoption of our flagship offerings.
  • Our ability to increase our operating efficiencies by consolidating infrastructure and hosting contracts with certain providers and consolidating certain service centers into lower cost geographies.
  • Our ability to attract, develop and retain key personnel and our ability to execute our succession planning.
  • Our expectations regarding the costs, timing and impact of our reorganizations and other cost reduction initiatives.
  • The ability to effectively develop and expand our labour force, including our sales, marketing, support and product and technology operations, in each case both domestically and internationally, but particularly in our growth engines.
  • Our ability to manage customer churn.
  • Our ability to manage requests for subscription pauses, customer discounts and payment deferral requests.
  • Assumptions as to foreign exchange rates and interest rates, including inflation.
  • Share-based compensation declining as a percentage of revenue over time.
  • Gross margin being within a range of ~42-45% over time.
  • Seasonal trends of our key verticals being in line with our expectations and the resulting impact on our GTV, GPV and transaction-based revenues.

Our financial outlook does not give effect to the potential impact of acquisitions, divestitures or other strategic transactions that may be announced or closed after the date hereof. Many factors may cause actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such targets, including risk factors identified in our most recent Management's Discussion and Analysis of Financial Condition and Results of Operation and under "Risk Factors" in our most recent Annual Information Form. In particular, our long-term targets are subject to risks and uncertainties related to:

  • Our ability to execute on our growth strategy focused on retail customers in North America and hospitality customers Europe and our strategies for customers in other geographies and verticals.
  • The Russian invasion of Ukraine and reactions thereto.
  • Continuing military conflict in the Middle East and reactions thereto.
  • The impact and uncertainty of foreign policy shifts in the U.S., Canada and Europe (including the impacts of tariffs, trade wars, or other trade conditions or protective government actions).
  • Supply chain risk and the impact of shortages in the supply chain on our merchants.
  • Macroeconomic factors affecting small and medium-sized businesses, including inflation, changes in interest rates and consumer spending trends.
  • Instability in the banking sector.
  • Any pandemic or global health crisis or certain natural disasters.
  • Our ability to manage the impact of foreign currency fluctuations on our revenues and results of operations, including the use of hedging.
  • Our ability to implement our growth strategy and the impact of competition.
  • Our inability to attract and retain customers, including among high GTV customers or customers in our growth engines.
  • Our inability to increase customer sales.
  • Our ability to successfully execute our pricing and packaging initiatives.
  • The substantial investments and expenditures required in the foreseeable future to expand our business, including over $50 million incremental investment in our product and technology roadmap in Fiscal 2026.
  • Our liquidity and capital resources, including our ability to secure debt or equity financing on satisfactory terms.
  • Our ability to increase scale and operating leverage.
  • Our inability to continue to increase adoption of our payments solutions, including our initiative to sell our POS and payments solutions as one unified platform.
  • Risks relating to our merchant cash advance program.
  • Our ability to continue offering merchant cash advances and scaling our merchant cash advance program in line with our expectations.
  • Our ability to further monetize our Lightspeed NuORDER offering.
  • Our reliance on a small number of cloud service providers and suppliers for parts of the technology in our payments solutions.
  • Our ability to improve and enhance the functionality, performance, reliability, design, security and scalability of our platform.
  • Our ability to prevent and manage information security breaches or other cyber-security threats.
  • Our ability to compete and satisfactorily price our solutions in a highly fragmented and competitive market.
  • Strategic relations with third parties, including our reliance on integration of third-party payment processing solutions.
  • Our ability to maintain sufficient levels of hardware inventory including any impacts resulting from tariffs, trade wars or supply chain disruptions.
  • Our ability to manage and maintain integrations between our platform and certain third-party platforms.
  • Compatibility of our solutions with third-party applications and systems.
  • Changes to technologies on which our platform is reliant.
  • Our ability to effectively incorporate artificial intelligence solutions into our business and operations.
  • Our ability to obtain, maintain and protect our intellectual property.
  • Risks relating to our international operations, sales and use of our platform in various countries.
  • Seasonality in our business and in the business of our customers.
  • Pending and threatened litigation and regulatory compliance.
  • Any external stakeholder activism.
  • Changes in tax laws and their application.
  • Our ability to expand our sales capability (including employing over 150 outbound and field sales personnel in our growth engines by the end of Fiscal 2026) and maintain our customer service levels and reputation.
  • Our ability to execute on our reorganizations and cost reduction initiatives.
  • Our ability to successfully make future investments in our business through capital expenditures.
  • Our ability to successfully execute our capital allocation strategies, including our share repurchase initiatives.
  • Gross profit and operating expenses being measures determined in accordance with IFRS Accounting Standards, and the fact that such measures may be affected by unusual, extraordinary, or non-recurring items, or by items which do not otherwise reflect operating performance or which hinder period-to-period comparisons.
  • Any potential acquisitions, divestitures or other strategic opportunities, some of which may be material in size or result in significant integration difficulties or expenditures, or otherwise impact our ability to achieve our long term targets on our intended timeline or at all.

See also the section entitled "Forward-Looking Statements" in this press release.

About Lightspeed

Lightspeed is the POS and payments platform powering businesses at the heart of communities in over 100 countries. As the partner of choice for ambitious retail and hospitality entrepreneurs, Lightspeed helps businesses accelerate growth, deliver exceptional customer experiences, and run smarter across all channels and locations.

With fast, flexible omnichannel technology, Lightspeed brings together point of sale, eCommerce, embedded payments, inventory, reporting, staff and supplier management, financial services, and an exclusive wholesale retail network. Backed by insights, and expert support, Lightspeed helps businesses run more efficiently and focus on what they do best.

Founded in Montréal, Canada in 2005, Lightspeed is dual-listed on the New York Stock Exchange and Toronto Stock Exchange (NYSE: LSPD) (TSX: LSPD), with teams across North America, Europe, and Asia Pacific.

For more information, please visit:

On social media: , ,, , and (formerly Twitter)

Non-IFRS Measures and Ratios

The information presented herein includes certain non-IFRS financial measures such as "Adjusted EBITDA", "Adjusted Income", "Adjusted Free Cash Flow", "Non-IFRS gross profit", "Non-IFRS general and administrative expenses", "Non-IFRS research and development expenses", and "Non-IFRS sales and marketing expenses" and certain non-IFRS ratios such as "Adjusted Income per Share - Basic and Diluted", "Non-IFRS gross profit as a percentage of revenue", "Non-IFRS general and administrative expenses as a percentage of revenue", "Non-IFRS research and development expenses as a percentage of revenue", and "Non-IFRS sales and marketing expenses as a percentage of revenue". These measures and ratios are not recognized measures and ratios under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures and ratios presented by other companies. Rather, these measures and ratios are provided as additional information to complement those IFRS measures and ratios by providing further understanding of our results of operations from management's perspective. Accordingly, these measures and ratios should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures and ratios are used to provide investors with supplemental measures and ratios of our operating performance and liquidity and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures and ratios. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures and ratios in the evaluation of issuers. Our management also uses non-IFRS measures and ratios in order to facilitate operating performance comparisons from period to period, to prepare operating budgets and forecasts and to determine components of management compensation.

"Adjusted EBITDA"is defined as net loss excluding interest, taxes, depreciation and amortization, or EBITDA, as adjusted for share-based compensation and related payroll taxes, compensation expenses relating to acquisitions completed, foreign exchange gains and losses, transaction-related costs, restructuring, litigation provisions and goodwill impairment. We believe that Adjusted EBITDA provides a useful supplemental measure of the Company's operating performance, as it helps illustrate underlying trends in our business that could otherwise be masked by the effect of the income or expenses that are not indicative of the core operating performance of our business.

"Adjusted Income" is defined as net loss excluding amortization of intangibles, as adjusted for share-based compensation and related payroll taxes, compensation expenses relating to acquisitions completed, transaction-related costs, restructuring, litigation provisions, deferred income tax expense (recovery) and goodwill impairment. We use this measure as we believe excluding amortization of intangibles and certain other non-cash or non-operational expenditures provides a helpful supplementary indicator of our business performance as it allows for more accurate comparability across periods.

"Adjusted Income per Share - Basic and Diluted" is defined as Adjusted Income divided by the weighted average number of common shares outstanding - basic and diluted.We use Adjusted Income per Share - Basic and Diluted to provide a helpful supplemental indicator of the performance of our business on a per share (basic and diluted) basis.

"Adjusted Free Cash Flow"is defined as cash flows from (used in) operating activities as adjusted for the payment of amounts related to capitalized internal development costs, the payment of amounts related to acquiring property and equipment and certain cash inflows and outflows associated with merchant cash advances. We use this measure as we believe including or excluding certain inflows and outflows provides a helpful supplemental indicator to investors of the Company's ability to generate cash flows.

"Non-IFRS gross profit" is defined as gross profit as adjusted for share-based compensation and related payroll taxes. We use this measure as we believe excluding share-based compensation and related payroll taxes provides a helpful supplemental indicator to investors on our business performance in regard to the Company's performance and profitability.

"Non-IFRS gross profit as a percentage of revenue" is calculated by dividing our Non-IFRS gross profit by our total revenue. We use this ratio as we believe excluding share-based compensation and related payroll taxes provides a helpful supplemental indicator to investors on our business performance in regard to the Company's performance and profitability.

"Non-IFRS general and administrative expenses" is defined as general and administrative expenses as adjusted for share-based compensation and related payroll taxes, transaction-related costs and litigation provisions. We use this measure as we believe excluding certain charges provides a helpful supplemental indicator to investors on our operating expenditures.

"Non-IFRS general and administrative expenses as a percentage of revenue"is calculated by dividing our Non-IFRS general and administrative expenses by our total revenue. We use this ratio as we believe excluding certain charges provides a helpful supplemental indicator to investors on our operating expenditures.

"Non-IFRS research and development expenses"is defined as research and development expenses as adjusted for share-based compensation and related payroll taxes. We use this measure as we believe excluding share-based compensation and related payroll taxes provides a helpful supplemental indicator to investors on our operating expenditures.

"Non-IFRS research and development expenses as a percentage of revenue"is calculated by dividing our Non-IFRS research and development expenses by our total revenue. We use this ratio as we believe excluding share-based compensation and related payroll taxes provides a helpful supplemental indicator to investors on our operating expenditures.

"Non-IFRS sales and marketing expenses"is defined as sales and marketing expenses as adjusted for share-based compensation and related payroll taxes. We use this measure as we believe excluding share-based compensation and related payroll taxes provides a helpful supplemental indicator to investors on our operating expenditures.

"Non-IFRS sales and marketing expenses as a percentage of revenue"is calculated by dividing our Non-IFRS sales and marketing expenses by our total revenue. We use this ratio as we believe excluding share-based compensation and related payroll taxes provides a helpful supplemental indicator to investors on our operating expenditures.

See the financial tables below for a reconciliation of the non-IFRS measures and ratios.

Key Performance Indicators

We monitor the following key performance indicators to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. These key performance indicators are also used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures and ratios. We also believe that securities analysts, investors and other interested parties frequently use industry metrics in the evaluation of issuers. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies.

Average Revenue Per User."Average Revenue Per User" or "ARPU" represents the total subscription revenue and transaction-based revenue of the Company in the period divided by the number of Customer Locations of the Company in the period. Subscription revenue and transaction-based revenue attributable to standalone eCommerce sites is excluded from ARPU. We use this measure as we believe it provides a helpful supplemental indicator of our progress in growing the revenue that we derive from our customer base. For greater clarity, the number of Customer Locations of the Company in the period is calculated by taking the average number of Customer Locations throughout the period.

Customer Locations. "Customer Location" means a billing merchant location for which the term of services has not ended, or in respect of which we are negotiating a renewal contract, and, in the case of NuORDER, a brand with a direct or indirect paid subscription for which the term of services has not ended or in respect of which we are negotiating a subscription renewal. A single unique customer can only have multiple Customer Locations if it has multiple physical sites and in the case of NuORDER, multiple subscriptions. We use this measure as we believe that our ability to increase the number of Customer Locations with a high GTV per year and the number of retail Customer Locations in North America and hospitality Customer Locations in Europe served by our platform is an indicator of our success in terms of market penetration and growth of our business.

Gross Payment Volume. "Gross Payment Volume" or "GPV"means the total dollar value of transactions processed, excluding amounts processed through the NuORDER solution, in the period through our payments solutions in respect of which we act as the principal in the arrangement with the customer, net of refunds, inclusive of shipping and handling, duty and value-added taxes. We use this measure as we believe that growth in our GPV demonstrates the extent to which we have scaled our payments solutions. As the number of Customer Locations using our payments solutions grows, particularly those with a high GTV, we will generate more GPV and see higher transaction-based revenue. We have excluded amounts processed through the NuORDER solution from our GPV because they represent business-to-business volume rather than business-to-consumer volume and we do not currently have a robust payments solution for business-to-business volume. Some of our brands can accept certain payments from retailers in certain of our geographies, and we may in the future include such volume in GPV once we have further developed our payments solution for business-to-business volume.

Gross Transaction Volume. "Gross Transaction Volume" or "GTV" means the total dollar value of transactions processed through our cloud-based software-as-a-service platform, excluding amounts processed through the NuORDER solution, in the period, net of refunds, inclusive of shipping and handling, duty and value-added taxes. We use this measure as we believe GTV is an indicator of the success of our customers and the strength of our platform. GTV does not represent revenue earned by us. We have excluded amounts processed through the NuORDER solution from our GTV because they represent business-to-business volume rather than business-to-consumer volume and we do not currently have a robust payments solution for business-to-business volume. Some of our brands can accept certain payments from retailers in certain of our geographies, and we may in the future include such volume in GTV once we have further developed our payments solution for business-to-business volume.

Forward-Looking Statements

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward looking information may relate to our financial outlook (including revenue, gross profit and Adjusted EBITDA), and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend and capital allocation policy (including share repurchase initiatives), plans and objectives. Particularly, information regarding: our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate; macroeconomic conditions such as inflationary pressures, interest rates, the international trade environment and related restrictions or disputes, and global economic uncertainty; our expectations regarding the costs, timing and impact of reorganizations and cost reduction initiatives and personnel changes; our expectations regarding our growth strategy focused on retail customers in North America and hospitality customers in Europe and our strategies for customers in other geographies and verticals; geopolitical instability, terrorism, war and other global conflicts such as the Russian invasion of Ukraine and continuing military conflict in the Middle East; and expectations regarding industry and consumer spending trends, our growth rates, the achievement of advances in and expansion of our platform, our focus on complex customers, our revenue and the revenue generation potential of our payment-related and other solutions, the impact of our decision to sell our POS and payments solutions as one unified platform, our pricing and packaging initiatives; our gross margins and future profitability, acquisition, investment or divestiture outcomes and synergies, the impact of any further goodwill impairments, the impact of pending and threatened litigation, the impact of any external stakeholder activism, the impact of foreign currency fluctuations and the use of hedging on our results of operations, our business plans and strategies and our competitive position in our industry, is forward-looking information.

In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "suggests", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates" or "does not anticipate", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved", the negative of these terms and similar terminology. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances.

Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as of the date of such forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including the risk factors identified in our most recent Management's Discussion and Analysis of Financial Condition and Results of Operations, under "Risk Factors" in our most recent Annual Information Form, and in our other filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission, all of which are available under our profiles on SEDAR+ at and on EDGAR at .

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. You should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents our expectations as of the date hereof (or as of the date they are otherwise stated to be made), and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss

(expressed in thousands of US dollars, except number of shares and per share amounts, unaudited)





Three months ended June 30,


2025

2024

Revenues

$

$

Subscription

90,862

83,314

Transaction-based

204,559

174,054

Hardware and other

9,521

8,723




Total revenues

304,942

266,091




Direct cost of revenues



Subscription

17,343

17,507

Transaction-based

144,703

127,952

Hardware and other

13,823

12,424




Total direct cost of revenues

175,869

157,883




Gross profit

129,073

108,208




Operating expenses



General and administrative

34,713

31,856

Research and development

32,425

27,471

Sales and marketing

67,880

57,070

Depreciation of property and equipment

1,635

1,973

Depreciation of right-of-use assets

1,188

1,394

Foreign exchange loss (gain)

(2,763)

85

Acquisition-related compensation

157

Amortization of intangible assets

34,681

22,895

Restructuring

1,210

9,541




Total operating expenses

171,126

152,285




Operating loss

(42,053)

(44,077)




Net interest income (expense)

(6,209)

10,166




Loss before income taxes

(48,262)

(33,911)




Income tax expense (recovery)



Current

1,691

801

Deferred

(386)

300




Total income tax expense

1,305

1,101




Net loss

(49,567)

(35,012)




Other comprehensive income (loss)






Items that may be reclassified to net loss



Foreign currency differences on translation of foreign operations

7,402

240

Change in net unrealized gain (loss) on cash flow hedging instruments, net of tax

3,131

(514)




Total other comprehensive income (loss)

10,533

(274)




Total comprehensive loss

(39,034)

(35,286)




Net loss per share � basic and diluted

(0.35)

(0.23)




Weighted average number of Common Shares outstanding � basic and diluted

140,818,891

154,744,336

Condensed Interim Consolidated Balance Sheets

(expressed in thousands of US dollars, unaudited)







As at


June 30,
2025

March 31,
2025

Assets

$

$




Current assets



Cash and cash equivalents

447,598

558,469

Trade and other receivables

52,127

53,077

Merchant cash advances

103,626

106,169

Inventories

14,944

14,612

Other current assets

69,480

65,696




Total current assets

687,775

798,023




Lease right-of-use assets, net

11,774

12,714

Property and equipment, net

17,043

17,102

Intangible assets, net

135,391

159,542

Goodwill

805,321

797,962

Other long-term assets

38,964

40,562

Deferred tax assets

356

298




Total assets

1,696,624

1,826,203




Liabilities and Shareholders' Equity






Current liabilities



Accounts payable and accrued liabilities

72,867

73,075

Lease liabilities

5,430

5,654

Income taxes payable

1,833

1,540

Deferred revenue

69,461

68,714




Total current liabilities

149,591

148,983




Deferred revenue

1,132

1,088

Lease liabilities

10,844

11,319

Other long-term liabilities

744

562

Deferred tax liabilities

216

284




Total liabilities

162,527

162,236




Shareholders' equity



Share capital

3,878,111

4,157,395

Additional paid-in capital

206,445

200,634

Accumulated other comprehensive income (loss)

3,071

(7,462)

Accumulated deficit

(2,553,530)

(2,686,600)




Total shareholders' equity

1,534,097

1,663,967




Total liabilities and shareholders' equity

1,696,624

1,826,203




Condensed Interim Consolidated Statements of Cash Flows

(expressed in thousands of US dollars, unaudited)







Three months ended June 30,


2025

2024

Cash flows from (used in) operating activities

$

$

Net loss

(49,567)

(35,012)

Items not affecting cash and cash equivalents



Amortization of intangible assets

34,681

22,895

Depreciation of property and equipment and lease right-of-use assets

2,823

3,367

Deferred income tax expense (recovery)

(386)

300

Share-based compensation expense

12,963

11,328

Unrealized foreign exchange loss (gain)

(501)

3

(Increase)/decrease in operating assets and increase/(decrease) in operating liabilities



Trade and other receivables

475

15,576

Merchant cash advances

2,543

(13,302)

Inventories

(332)

(1,764)

Other assets

(1,073)

(3,259)

Accounts payable and accrued liabilities

3,295

(3,361)

Income taxes payable

293

(468)

Deferred revenue

791

(197)

Other long-term liabilities

182

(173)

Net interest (income) expense

6,209

(10,166)




Total operating activities

12,396

(14,233)




Cash flows from (used in) investing activities



Additions to property and equipment

(1,804)

(847)

Additions to intangible assets

(10,515)

(3,269)

Interest income

6,114

10,985




Total investing activities

(6,205)

6,869




Cash flows from (used in) financing activities



Proceeds from exercise of stock options

19

1,349

Shares repurchased and cancelled

(86,238)

(39,946)

Shares repurchased for settlement of non-treasury RSUs

(30,188)

Payment of lease liabilities and movement in restricted lease deposits

(2,059)

(2,141)

Financing costs

(9)

(40)




Total financing activities

(118,475)

(40,778)




Effect of foreign exchange rate changes on cash and cash equivalents

1,413

(12)




Net decrease in cash and cash equivalents during theperiod

(110,871)

(48,154)




Cash and cash equivalents � Beginning of period

558,469

722,102




Cash and cash equivalents � End of period

447,598

673,948




Income taxes paid

1,390

1,056

Reconciliation from IFRS to Non-IFRS Results

Adjusted EBITDA

(expressed in thousands of US dollars, unaudited)






Three months ended

June 30,






2025


2024


$


$





Net loss

(49,567)


(35,012)

Share-based compensation and related payroll taxes(1)

13,969


11,674

Depreciation and amortization(2)

37,504


26,262

Foreign exchange loss (gain)(3)

(2,763)


85

Net interest (income) expense(2)

6,209


(10,166)

Acquisition-related compensation(4)

157


Transaction-related costs(5)

64


685

Restructuring(6)

1,210


9,541

Litigation provisions(7)

7,788


6,053

Income tax expense

1,305


1,101





Adjusted EBITDA

15,876


10,223





(1)

These expenses represent non-cash expenditures recognized in connection with issued stock options and other awards under our equity incentive plans to our employees and directors, and cash related payroll taxes given that they are directly attributable to share-based compensation; they can include estimates and are therefore subject to change. For the three months ended June 30, 2025,share-based compensation expense was$12,963 (June 2024 - expense of $11,328), and related payroll taxes were an expense of $1,006 (June 2024 - expense of $346). These amounts are included in direct cost of revenues, general and administrative expenses, research and development expenses and sales and marketing expenses (see note 6 of the unaudited condensed interim consolidated financial statements for additional details).

(2)

In connection with the accounting standard IFRS 16 - Leases, for the three months ended June 30, 2025, net loss includes depreciation of $1,188 related to right-of-use assets, interest expense of $274 on lease liabilities, and excludes an amount of $2,059 relating to rent expense ($1,394, $354, and $2,110, respectively, for the three months ended June 30, 2024).

(3)

These non-cash gains and losses relate to foreign exchange translation.

(4)

These costs represent a portion of the consideration paid to acquired businesses that is contingent upon the ongoing employment obligations for certain key personnel of such acquired businesses, and/or on certain performance criteria being achieved.

(5)

These expenses relate to professional, legal, consulting, accounting, advisory, and other fees relating to our public offerings and acquisitions that would otherwise not have been incurred. These costs are included in general and administrative expenses.

(6)

We implemented a reorganization to streamline the Company's operating model while continuing to focus on profitable growth. The expenses associated with reorganization initiatives were recorded as a restructuring charge (see note13 of the unaudited condensed interim consolidated financial statements for additional details).

(7)

These amounts represent provisions taken, settlement amounts and other costs, such as legal fees, incurred in respect of certain litigation matters, net of amounts covered by insurance and indemnifications. These amounts are included in general and administrative expenses (see note13 of the unaudited condensed interim consolidated financial statements for additional details).

Reconciliation from IFRS to Non-IFRS Results (continued)

Adjusted Income and Adjusted Income per Share - Basic and Diluted

(expressed in thousands of US dollars, except number of shares and per share amounts, unaudited)






Three months ended

June 30,






2025


2024


$


$





Net loss

(49,567)


(35,012)

Share-based compensation and related payroll taxes(1)

13,969


11,674

Amortization of intangibleassets

34,681


22,895

Acquisition-related compensation(2)

157


Transaction-related costs(3)

64


685

Restructuring(4)

1,210


9,541

Litigation provisions(5)

7,788


6,053

Deferred income tax expense (recovery)

(386)


300





Adjusted Income

7,916


16,136





Weighted average number of Common Shares outstanding � basic and diluted(6)

140,818,891


154,744,336





Net loss per share � basic and diluted

(0.35)


(0.23)

Adjusted Income per Share � Basic and Diluted

0.06


0.10

(1)

These expenses represent non-cash expenditures recognized in connection with issued stock options and other awards under our equity incentive plans to our employees and directors, and cash related payroll taxes given that they are directly attributable to share-based compensation; they can include estimates and are therefore subject to change. For the three months ended June 30, 2025, share-based compensation expense was $12,963 (June 2024 - expense of $11,328), and related payroll taxes were an expense of $1,006 (June 2024 - expense of $346). These amounts are included in direct cost of revenues, general and administrative expenses, research and development expenses and sales and marketing expenses (see note 6 of the unaudited condensed interim consolidated financial statements for additional details).

(2)

These costs represent a portion of the consideration paid to acquired businesses that is contingent upon the ongoing employment obligations for certain key personnel of such acquired businesses, and/or on certain performance criteria being achieved.

(3)

These expenses relate to professional, legal, consulting, accounting, advisory, and other fees relating to our public offerings and acquisitions that would otherwise not have been incurred. These costs are included in general and administrative expenses.

(4)

We implemented a reorganization to streamline the Company's operating model while continuing to focus on profitable growth. The expenses associated with reorganization initiatives were recorded as a restructuring charge (see note13 of the unaudited condensed interim consolidated financial statements for additional details).

(5)

These amounts represent provisions taken, settlement amounts and other costs, such as legal fees, incurred in respect of certain litigation matters, net of amounts covered by insurance and indemnifications. These amounts are included in general and administrative expenses (see note13 of the unaudited condensed interim consolidated financial statements for additional details).

(6)

For the three months ended June 30, 2025 and 2024, because the impact of including potentially-dilutive shares in the weighted average number of Common Shares outstanding - basic and diluted would not result in a change in the Adjusted Income per Share - Basic and Diluted, the weighted average number of Common Shares outstanding - basic and diluted was not adjusted to include the potentially-dilutive shares.

Reconciliation from IFRS to Non-IFRS Results (continued)

Adjusted Free Cash Flow

(expressed in thousands of US dollars, unaudited)






Three months ended

June 30,






2025


2024


$


$





Cash flows from (used in) operating activities

12,396


(14,233)

Capitalized internal development costs(1)

(10,515)


(3,269)

Additions to property and equipment(2)

(1,804)


(847)

Merchant cash advances, net(3)

(1,793)


15,379





Adjusted Free Cash Flow

(1,716)


(2,970)

(1)

These amounts represent the cash outflow associated with capitalized internal development costs. These amounts are included within the cash flows from (used in) investing activities section of the unaudited condensed interim consolidated statements of cash flows. If these costs were not capitalized as an intangible asset, they would be part of our cash flows from (used in) operating activities.

(2)

These amounts represent cash outflows associated with the purchase of property and equipment. These amounts are included within the cash flows from (used in) investing activities section of the unaudited condensed interim consolidated statements of cash flows.

(3)

These amounts represent cash outflows, including the principal advanced, and cash inflows, including the repayment of principal, in respect of merchant cash advances.

Reconciliation from IFRS to Non-IFRS Results (continued)

(In thousands of US dollars, except percentages, unaudited)





Three months ended June 30,


2025

2024


$

$

Gross profit

129,073

108,208

% of revenue

42.3%

40.7%

add: Share-based compensation and related payroll taxes(3)

301

742




Non-IFRS gross profit(1)

129,374

108,950

Non-IFRS gross profit as a percentage of revenue(2)

42.4%

40.9%




General and administrative expenses

34,713

31,856

% of revenue

11.4%

12.0%

less: Share-based compensation and related payroll taxes(3)

4,617

4,300

less: Transaction-related costs(4)

64

685

less: Litigation provisions(5)

7,788

6,053




Non-IFRS general and administrative expenses(1)

22,244

20,818

Non-IFRS general and administrative expenses as a percentage of revenue(2)

7.3%

7.8%




Research and development expenses

32,425

27,471

% of revenue

10.6%

10.3%

less: Share-based compensation and related payroll taxes(3)

5,039

3,175




Non-IFRS research and development expenses(1)

27,386

24,296

Non-IFRS research and development expenses as a percentage of revenue(2)

9.0%

9.1%




Sales and marketing expenses

67,880

57,070

% of revenue

22.3%

21.4%

less: Share-based compensation and related payroll taxes(3)

4,012

3,457




Non-IFRS sales and marketing expenses(1)

63,868

53,613

Non-IFRS sales and marketing expenses as a percentage of revenue(2)

20.9%

20.1%

(1)

This is a Non-IFRS measure. See the section entitled "Non-IFRS Measures and Ratios".

(2)

This is a Non-IFRS ratio. See the section entitled "Non-IFRS Measures and Ratios".

(3)

These expenses represent non-cash expenditures recognized in connection with issued stock options and other awards under our equity incentive plans to our employees and directors, and cash related payroll taxes given that they are directly attributable to share-based compensation; they can include estimates and are therefore subject to change. For the three months ended June 30, 2025,share-based compensation expense was$12,963 (June 2024 - expense of $11,328), and related payroll taxes were an expense of $1,006 (June 2024 - expense of $346). These amounts are included in direct cost of revenues, general and administrative expenses, research and development expenses and sales and marketing expenses (see note 6 of the unaudited condensed interim consolidated financial statements for additional details).

(4)

These expenses relate to professional, legal, consulting, accounting, advisory, and other fees relating to our public offerings and acquisitions that would otherwise not have been incurred. These costs are included in general and administrative expenses.

(5)

These amounts represent provisions taken, settlement amounts and other costs, such as legal fees, incurred in respect of certain litigation matters, net of amounts covered by insurance and indemnifications. These amounts are included in general and administrative expenses (see note 13 of the unaudited condensed interim consolidated financial statements for additional details).

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FAQ

What were Lightspeed's (LSPD) Q1 2026 revenue and growth?

Lightspeed reported Q1 2026 revenue of $304.9 million, representing a 15% growth year-over-year, exceeding their previous outlook.

How much did Lightspeed's (LSPD) net loss increase in Q1 2026?

Lightspeed's net loss increased to ($49.6) million, or ($0.35) per share, compared to a net loss of ($35.0) million, or ($0.23) per share in the same period last year.

What is Lightspeed's (LSPD) revenue guidance for Q2 2026?

Lightspeed expects Q2 2026 revenue of approximately $305-310 million with Adjusted EBITDA of $17-19 million.

How many customer locations did Lightspeed (LSPD) add in Q1 2026?

Lightspeed added approximately 1,700 net Customer Locations across retail in North America and hospitality in Europe, bringing total Customer Locations to approximately 145,000.

What was Lightspeed's (LSPD) share buyback activity in Q1 2026?

Lightspeed completed its normal course issuer bid program, repurchasing ~9.0 million shares for ~$85.4 million. Since the start of Fiscal 2025, the company has spent ~$219.6 million to acquire ~18.7 million shares.
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