Lightspeed POS sees 70% revenue jump in 4th quarter

Lightspeed POS Inc. says it lost $18.6 million US in its latest quarter and revenue increased 70 per cent compared with a year ago as demand for its e-commerce offerings soared in the wake of the pandemic.

However, the retail payment technology firm said it expects the total dollar volume of transactions by its customers and demand for its services will be impacted and business failures among its customers, which includes restaurants and retailers, will increase so long as physical distancing measures remain in place in the core markets it serves.

Montreal-based Lightspeed, which keeps its books in U.S. dollars, made the comments as it reported its loss amounted to 21 cents per diluted share for the quarter ended March 31.

That compared with a loss of $96.1 million US or $2.21 US per diluted share a year ago when the company saw a large one-time charge related to its preferred shares which converted into common shares prior to its initial public offering.

Revenue for what was the company’s fourth quarter totalled $36.3 million US, up from $21.3 million US a year earlier.

Lightspeed had 76,500 customer locations at the end of March, up from 49,000 at the same time last year.