Lightspeed Commerce, a Canadian e-commerce and point-of-sale company, announced its financial results for the first fiscal quarter. The company reported a narrowed net loss of $48.7 million or 32 cents a share, compared to a loss of $100.8 million or 68 cents a share in the same period last year.
The adjusted loss for the quarter was 1 cent a share, exceeding analyst expectations which had predicted a loss of 4 cents a share. This improved performance was attributed to higher transaction volume and better-than-expected revenue growth.
Lightspeed's revenue for the quarter showed significant growth, reaching $209.1 million, a 20% increase from the previous year's $173.9 million. Analysts had estimated revenue to be $197.7 million for the period, making this a particularly positive outcome.
The company's adjusted loss before interest, taxes, depreciation, and amortization also showed improvement, decreasing from $15.6 million in the previous year to $7 million. Lightspeed expressed confidence in achieving its goal of breaking even or better on this metric by the end of the fiscal year.
In terms of transaction volume, Lightspeed processed $23.4 billion on its platform during the quarter, representing a 6% increase compared to the previous year.
The positive financial results reflect the company's strong performance and continued growth in the e-commerce and point-of-sale industry.
