Lighting up the commerce landscape: Lightspeed unveils strong Q1 results
Lightspeed Commerce has unveiled its robust Q1 2024 financial performance.
Total revenue surged to $209.1 million, marking a substantial 20% YoY growth, surpassing the projected $195 – $200 million (£151.8 million – £156.4 million). Gross Payment Volume (GPV) also surged, soaring by 56% YoY to $5.1 billion, reflecting the Company’s robust operations. The Gross Transactional Value (GTV) reached $23.4 billion. Average Revenue Per User (ARPU) grew by 20%, reaching around $383.
A notable achievement was the significant reduction in Adjusted EBITDA loss, supporting the Company’s pursuit of reaching Adjusted EBITDA break-even or better by fiscal year-end.
Q1 2024 marked a pivotal period with the culmination of the One Lightspeed initiative, enhancing flagship platforms for effective execution.
CEO JP Chauvet highlighted the global rollout of the Unified Payments endeavor, streamlining operations and saving time and costs. Customer feedback has been positive, businesses recognizing advantages over legacy systems.
Melissa Joy Manning jewelry’s CEO, Melissa Joy Manning, noted operational benefits gained by switching to Lightspeed Payments, saving fees, increasing efficiency, and time.
CFO Asha Bakshani noted strong trends, praising Gross Payments Volume growth and customer acquisition cost alignment. The fiscal year outlook remains positive, aiming for Adjusted EBITDA break-even or better by fiscal year-end.
Lightspeed reports in US dollars and follows the International Financial Reporting Standards (IFRS).
The Montreal-based Company announced these achievements on 3 August 2023.
Financial highlights:
– Revenue: $209.1 million, up 20%.
– Transaction-based revenue: $121.0 million, up 32%.
– Subscription revenue: $78.7 million, up 7%.
– Combined subscription and transaction-based revenue: $199.7 million, up 21% YoY.
– Net loss improved to ($48.7) million.
– Adjusted EBITDA loss of ($7.0) million, improved from ($10.0) million.
Operational highlights:
– Introduction of Advanced Insights module in Europe.
– Lightspeed Capital expansion to Australia and Quebec.
– Released NuORDER Assortments for Brands.
– Unified Payments offers next-day payouts.
Customer base highlights:
– GTV exceeding $500,000/year increased 10% YoY.
– GTV surpassing $1 million/year increased 11% YoY.
– Quarter’s GTV: $23.4 billion, up 6% YoY.
– GPV increased 56% to $5.1 billion.
Global impact:
– Served over 1 billion meals.
– Facilitated over 300 million dining experiences.
Customer wins:
– UK-based luxury fragrance and skincare provider Bath House.
Financial outlook:
– Q2 2024 revenue: $210 million – $215 million.
– Q2 2024 Adjusted EBITDA loss: ~$4 million.
– Fiscal 2024 revenue: $875 million – $900 million.
– Focus on Adjusted EBITDA break-even or better.
