Montréal-based company reports 27 percent year-over-year sales increase to $266.1 million USD.
Lightspeed’s revenue grew in its first fiscal quarter as the company continued to expand functionalities for its unified point-of-sale (POS) system with founder Dax Dasilva back in the CEO chair.
The Montréal-based company reported Thursday that sales increased 27 percent year-over-year to $266.1 million USD for the period ended June 30, 2024. It beat its previous revenue forecast of $255 million to $260 million.
“This was my first full quarter returning as Lightspeed’s CEO and I am thrilled to see the volume of capabilities we are releasing for our customers,” said Dax Dasilva in a statement.
“Lightspeed continues to distinguish itself with advanced inventory management and B2B functionality that we believe no other retail platform can match and in hospitality we are preparing to deliver never-before-seen levels of productivity improvement to streamline restaurant operations,” he added.
In the quarter, net losses were $35 million, or $0.23 per share, compared to a net loss of $48.7 million, or $0.32 per share.
Since the beginning of the year, the unified payments provider has gone through many changes. The board ousted Jean Paul (JP) Chauvet after he struggled to bring up the stock price after replacing Dasilva as CEO in early 2022. Dasilva returned in February as interim CEO and the board reinstated him permanently alongside the company’s fourth-quarter earnings in May.
Feature image courtesy Elevate.
