Canadian e-commerce and payments platform, Lightspeed Commerce, has announced its financial results for the second fiscal quarter. Despite the challenging economic climate, the company reported a narrower loss and higher-than-anticipated revenue. Adjusted EBITDA also turned positive for the first time in this period.
Narrowed Loss: Lightspeed Commerce reported a loss of $42.5 million, or 28 cents per share, for the three months ended September 30. This is an improvement compared to the loss of $79.9 million, or 53 cents per share, in the same quarter last year.
Adjusted Profit: On an adjusted basis, the company achieved a profit of 4 cents per share, surpassing analysts’ expectations of 1 cent per share. This represents a significant turnaround from the loss of 5 cents per share in the previous year. The adjustment excludes $48.9 million for specific items, such as share-based compensation, amortization of intangible assets, and acquisition-related compensation.
Strong Revenue Growth: Total revenue for the quarter was $230.3 million, surpassing analyst estimates of $213.9 million. This represents a significant increase from $183.7 million in the same period last year.
Positive Adjusted EBITDA: Lightspeed Commerce achieved adjusted earnings before interest, taxes, depreciation, and amortization of $200,000 in the quarter. This marks the first time in the company’s history that this metric has entered positive territory. It also exceeded the previous expectations of a loss of $4 million.
These results demonstrate Lightspeed Commerce’s resilience and ability to adapt to market conditions, positioning the company for continued success in the e-commerce and payments industry.