The Oscars of the food world, otherwise known as the James Beard Awards, were handed out this past Monday night, with culinary masters across the US coming together to honor some of the most innovative chefs and cuisine of the year.

Of those nominated this year, Lightspeed is proud to partner with 30 incredible restaurants using Lightspeed’s technology in their establishments across the US.  This includes Clover Hill (Brooklyn, New York), which took home the award for Best Chef, New York State, celebrating Executive Chef Charlie Mitchell.

Other notable Lightspeed restaurants that were nominated for a James Beard Award include: Sofreh, a cozy, Iranian restaurant located in Brooklyn, NY; Kiln, a contemporary fine dining establishment in San Francisco, CA; and classic French bistro Le Bouchon in Chicago, IL.

“Reflecting on Lightspeed’s journey from its humble beginnings in Montreal, to becoming a global leader in innovative technology solutions embedded across all types of award-winning hospitality businesses, fills me with immense pride,” says Dax Dasilva, Founder and CEO of Lightspeed. “We’re committed to building reliable, flexible technology for restaurants with sophisticated operations—so they can focus on elevating their craft and setting new standards in the hospitality industry.”

Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

James Beard Awards Semifinalists, Nominees and Winners

The full list of Lightspeed customers who won or were nominated for a James Beard Award 2024 includes:

Total revenue of $230.2 million grew 25% year-over-year and annual revenue exceeded previously-established outlook

Net loss and Adjusted EBITDA¹ improved to ($32.5) million and $4.4 million, respectively

GPV as a percentage of GTV was 32% in the quarter, up from 19% in the prior year

ARPU² of ~$431 grew 29% year-over-year with Net Retention Rate of ~110%

Lightspeed reports in US dollars and in accordance with IFRS.

Lightspeed Commerce Inc., today announced financial results for the three months and fiscal year ended March 31, 2024. Additionally, the Lightspeed Board of Directors is pleased to announce that Dax Dasilva has been reappointed as Lightspeed’s permanent CEO, removing the interim tag from his title. Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

“On the back of a strong fourth quarter, Lightspeed is coming into the new fiscal year with a revitalized sense of energy and purpose,” said Dax Dasilva, Founder and CEO. “I am excited to be guiding the Company through the next phase of its evolution. With the strongest product offerings we have ever had and a renewed commitment towards product innovation, Lightspeed is continuing to accelerate its sustainable and profitable growth.”

“Fiscal 2024 was a milestone year for Lightspeed with the company exceeding our previously-established revenue outlook and achieving a full year of positive Adjusted EBITDA for the first time,” said Asha Bakshani, CFO. “With the Company focused on its two flagship offerings and payments penetration on a strong upward trajectory, Lightspeed is expected to exceed the $1 billion revenue mark³ in Fiscal 2025 by growing subscription revenue and increasing our high GTV customer base, resulting in expanding margins throughout Fiscal 2025.”

Fourth Quarter Financial Highlights

(All comparisons are relative to the three-month period ended March 31, 2023 unless otherwise stated):

• Total revenue of $230.2 million, an increase of 25% year-over-year.
• Transaction-based revenue of $139.0 million, an increase of 40% year-over-year.
• Subscription revenue of $81.3 million, an increase of 7% year-over-year.
• Net loss of ($32.5) million, or ($0.21) per share, as compared to a net loss of ($74.5) million, or ($0.49) per share. After adjusting the net loss by $41.1 million for certain items including share-based compensation, amortization of intangible assets, and restructuring, the Company delivered Adjusted Income¹ of $8.5 million, or $0.06 per share¹ as compared to an Adjusted Loss¹ of ($0.4) million, or ($0.00) per share¹.
• Adjusted EBITDA¹ of $4.4 million versus Adjusted EBITDA¹ of ($4.3) million.
• As at March 31, 2024, Lightspeed had $722.1 million in cash and cash equivalents.

Full Fiscal Year Financial Highlights 

(All comparisons are relative to the full fiscal year ended March 31, 2023 unless otherwise stated):

• Total revenue of $909.3 million, an increase of 24% year-over-year and ahead of previously established outlook.
• Transaction-based revenue of $545.5 million, an increase of 37% year-over-year.
• Subscription revenue of $322.0 million, an increase of 8% year-over-year.
• Net Loss of ($164.0) million, or ($1.07) per share, as compared to a net loss of ($1,070.0) million, or ($7.11) per share. After adjusting the net loss by $188.5 million for certain items including share-based compensation, amortization of intangible assets, and restructuring, the Company delivered Adjusted Income¹ $24.5 million, or $0.16 per share¹ as compared to an Adjusted Loss¹ of ($25.1) million, or ($0.17) per share¹. Net loss for the fiscal year ended March 31, 2023 includes a non-cash goodwill impairment charge of ($748.7) million.
• Adjusted EBITDA¹ of $1.3 million versus Adjusted EBITDA¹ of ($33.9) million in 2023.

Fourth Quarter Operational Highlights

• Lightspeed delivered several new product releases in the quarter including:
  • AI-powered configuration recommendations for Lightspeed Restaurant merchants to help maximize the power of the platform.
  • Margin-based pricing in Lightspeed Retail which automatically calculates the right mark-up and price based on the retailer’s desired margin.
  • Enhanced Order Tracking with Apple Wallet which enables Lightspeed e-commerce customers to track orders directly through Apple Wallet, eliminating the need to sift through emails or visit third-party sites.
  • Payment Links now allows customers to pay anywhere, anytime, with a link from the merchant.
  • Enhancements to Lightspeed Restaurant’s Order Anywhere platform including order history and account management, quick reordering, and new reporting features, all of which help improve repeat guest business.
• ARPU^2,4 increased 29% to approximately $431 from approximately $335 in the same quarter last year driven by our focus on our unified POS and payments offering and high GTV customer adoption.
• Overall gross margin came in at 43%, slightly up from the prior quarter. Subscription gross margins grew to 77% in the quarter from 75% in the same quarter last year driven by a dedicated effort to consolidate cloud vendor arrangements and improved overall efficiencies. Transaction-based gross margins were 29% versus 33% last year given the increase in customers moving over to Lightspeed Payments which generally results in higher gross profit dollar contributions but at lower gross margins than referral fees. This was partially offset by increased Lightspeed Capital revenue, which carries high gross margins, as well as an increasing portion of GPV coming from international markets where Lightspeed Payments carries a higher gross margin.
• In the quarter, GTV generated by Lightspeed’s flagship platforms increased by 29% compared to the same period last year, demonstrating that for its ideal customer profile and with its flagship products, Lightspeed continues to gain traction. Total GTV⁴ of $20.7 billion, was up 2% year-over-year.
• An increasing portion of GTV is being processed through the Company’s payments solutions. GPV⁴ increased 75% to $6.6 billion in the quarter from $3.8 billion in the same period last year, largely due to the Company’s unified POS and payments initiatives during Fiscal 2024.
• Customer Locations with GTV exceeding $500,000/year⁵ increased 5% year-over-year, and the number of Customer Locations with GTV exceeding $1 million/year⁵ increased 6% year-over-year.
• Lightspeed Capital showed strong growth with revenue increasing 135% year-over-year.

• Notable customer wins include:
  • Five-star hotel, Hôtel les Roches Blanches in Cassis on the Southern Coast of France, adopted Lightspeed Restaurant to operate their four beautiful restaurants and luxury villa;
  • Johnston Canyon Lodge & Bungalows in Banff National Park has chosen Lightspeed to power their restaurant and cafe;
  • NASA’s Langley Research Center selected Lightspeed Retail to operate their retail outlet and bar;
  • Honsberger Estate Winery, with a bottle shop and restaurant nestled in Ontario’s Niagara region, chose Lightspeed Restaurant to unify their tech stack;
  • 5 Star Nutrition, multi-location supplement, protein, and smoothies retailer selected Lightspeed Retail to power their complex national business;
  • Ester Restaurant and Bar in Sydney implemented Lightspeed Restaurant to run their highly-regarded restaurant;
  • Ontario’s Stratford Festival will be using Lightspeed Retail to power retail sales across their multiple theaters;
  • Dozens of new brands were added to our Supplier Network including ALDO Group, Saint Owen, and Seven ’til Midnight.
• After the quarter, Lightspeed authorized a share repurchase program to purchase for cancellation up to 9,722,677 shares over a twelve-month period representing approximately 10% of the Company’s public float. This is the maximum allowed per year under TSX rules. The Company plans to execute the program with the primary objective of delivering maximum value for shareholders.
• On April 3, 2024, the Company announced a reorganization of operations with a reduction in headcount-related expenses of approximately 10% and the elimination of approximately 280 roles. In addition, the Company expects to explore several other cost reduction initiatives during the course of the year.

Financial Outlook

The following outlook supersedes all prior statements made by the Company and is based on current expectations.

Lightspeed expects to meaningfully expand Adjusted EBITDA profitability in the coming year while growing our high GTV customer base and subscription revenues. The Company also expects to continue to increase the proportion of GTV that is processed through its payments platform. Lightspeed will continue to balance growth in both revenue and Adjusted EBITDA as it scales its business to beyond $1 billion in revenue.

The Company expects subscription revenue growth to be better in the second half of the year than the first half. In addition, owing to the steep climb in GPV as a percentage of GTV that occurred in Fiscal 2024, transaction-based revenue growth is expected to be stronger in the first half of the fiscal year than the second half. As a result, the Company’s outlook is as follows:

First Quarter 2025

• Revenue of approximately $255 million to $260 million, with subscription revenue growth for the quarter consistent with Q4 2024.
• Adjusted EBITDA¹ of approximately $7 million.

Fiscal 2025

• Revenue growth of at least 20%.
• Adjusted EBITDA¹ of a minimum of $40 million.

Conference Call and Webcast Information

Lightspeed will host a conference call and webcast to discuss the Company’s financial results at 8:00 am ET on Thursday, May 16, 2024. To access the telephonic version of the conference call, visit https://registrations.events/direct/Q4I7431649. After registering, instructions will be shared on how to join the call including dial-in information as well as a unique passcode and registrant ID. At the time of the call, registered participants will dial in using the numbers from the confirmation email, and upon entering their unique passcode and ID, will be entered directly into the conference. Alternatively, the webcast will be available live on the Investors section of the Company’s website at https://investors.lightspeedhq.com.

Among other things, Lightspeed will discuss quarterly results, financial outlook and trends in its customer base on the conference call and webcast, and related materials will be made available on the Company’s website at https://investors.lightspeedhq.com. Investors should carefully review the factors, assumptions and uncertainties included in such related materials.

An audio replay of the call will also be available to investors beginning at approximately 11:00 a.m. Eastern Time on May 16, 2024 until 11:59 p.m. Eastern Time on May 23, 2024, by dialing 800.770.2030 for the U.S. or Canada, or 647.362.9199 for international callers and providing conference ID 74316. In addition, an archived webcast will be available on the Investors section of the Company’s website at https://investors.lightspeedhq.com.

Lightspeed’s audited annual consolidated financial statements, management’s discussion and analysis and annual information form for the fiscal year ended March 31, 2024 are available on Lightspeed’s website at https://investors.lightspeedhq.com and will be filed on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov. Shareholders may, upon request, receive a hard copy of the complete audited financial statements free of charge.

Financial Outlook Assumptions

When calculating the Adjusted EBITDA included in our financial outlook for the quarter ending June 30, 2024 and full year ending March 31, 2025, we considered IFRS measures including revenues, direct cost of revenues, and operating expenses. Our financial outlook is based on a number of assumptions, including assumptions related to inflation, changes in interest rates, consumer spending, foreign exchange rates and other macroeconomic conditions; that the jurisdictions in which Lightspeed has significant operations do not impose strict measures like those put in place in response to pandemics like the COVID-19 pandemic; requests for subscription pauses and churn rates owing to business failures remain in line with planned levels; our Customer Location count remaining in line with our planned levels (particularly in higher GTV cohorts); quarterly subscription revenue growth gradually ramping up throughout the year to 10-15% growth; revenue streams resulting from certain partner referrals remaining in line with our expectations (particularly in light of our decision to unify our POS and payments solutions, which payments solutions have in the past and may in the future, in some instances, be perceived by certain referral partners to be competing with their own solutions); customers adopting our payments solutions having an average GTV at our planned levels; continued uptake of our payments solutions in line with our expectations in connection with our ongoing efforts to sell our POS and payments solutions as one unified platform; gross margins reflecting a trend towards more transaction-based revenue in our revenue mix; our ability to price our payments solutions in line with our expectations and to achieve suitable margins and to execute on more optimized pricing structures; our ability to achieve success in the continued expansion of our payments solutions, including as part of our initiative to sell our POS and payments solutions as one unified platform; our ability to manage default risks of our merchant cash advances in line with our expectations; seasonal trends of our key verticals being in line with our expectations and the resulting impact on our GTV and transaction-based revenues; continued success in module adoption expansion throughout our customer base; our ability to selectively pursue strategic opportunities and derive the benefits we expect from the acquisitions we have completed including expected synergies resulting from the prioritization of our flagship Lightspeed Retail and Lightspeed Restaurant offerings; market acceptance and adoption of our flagship offerings, including migration of existing customers to our flagship offerings; our ability to attract and retain key personnel required to achieve our plans; our ability to execute our succession planning; our expectations regarding the costs, timing and impact of our reorganization and other cost reduction initiatives; our ability to manage customer churn; and our ability to manage customer discount requests. Our financial outlook does not give effect to the potential impact of acquisitions that may be announced or closed after the date hereof. Our financial outlook, including the various underlying assumptions, constitutes forward-looking information and should be read in conjunction with the cautionary statement on forward-looking information below. Many factors may cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including the risks and uncertainties related to: macroeconomic factors affecting small and medium-sized businesses, including inflation, changes in interest rates and consumer spending trends; instability in the banking sector; exchange rate fluctuations; any pandemic or global health crisis; the Russian invasion of Ukraine and reactions thereto; the Israel-Hamas war and reactions thereto; our inability to attract and retain customers; our inability to increase customer sales; our inability to implement our growth strategy; our inability to continue to increase adoption of our payments solutions, including our initiative to sell our POS and payments solutions as one unified platform; risks relating to our merchant cash advance program; our ability to continue offering merchant cash advances and scaling our merchant cash advance program in line with our expectations; our reliance on a small number of cloud service suppliers and suppliers for parts of the technology in our payments solutions; our ability to maintain sufficient levels of hardware inventory; our inability to improve and enhance the functionality, performance, reliability, design, security and scalability of our platform; our ability to prevent and manage information security breaches or other cyber-security threats; our ability to compete against competitors; strategic relations with third parties; our reliance on integration of third-party payment processing solutions; compatibility of our solutions with third-party applications and systems; changes to technologies on which our platform is reliant; our ability to effectively incorporate artificial intelligence solutions into our business and operations; our ability to obtain, maintain and protect our intellectual property; risks relating to international operations, sales and use of our platform in various countries; our liquidity and capital resources; pending and threatened litigation and regulatory compliance; changes in tax laws and their application; our ability to expand our sales, marketing and support capability and capacity; our ability to execute on our reorganization and cost reduction initiatives; our ability to successfully make future investments in our business through capital expenditures; our ability to successfully execute our capital allocation strategies; and maintaining our customer service levels and reputation. The purpose of the forward-looking information is to provide the reader with a description of management’s expectations regarding our financial performance and may not be appropriate for other purposes.

For more information, please read the press release here.

Elimination of approximately 10% of Lightspeed’s headcount-related operating expenditures

Lightspeed’s board authorized a share repurchase program for up to 10% of its public float – the maximum allowed per year – representing approximately U.S. $140 million

Lightspeed reaffirms its outlook for fiscal 2024 revenue and Adjusted EBITDA

Lightspeed Commerce Inc. the unified POS and payments platform for ambitious entrepreneurs who wish to provide the best omnichannel customer experiences, today announced a reorganization and cost reduction initiatives to facilitate the next phase of its profitable growth strategy. These initiatives are designed to improve the Company’s financial performance while also allowing for greater investment in key product development and customer experiences.

The reorganization impacts approximately 280 roles representing about 10% of Lightspeed’s headcount-related operating expenditures. In addition, the Company has undertaken several other cost reduction initiatives in facilities and operations. Lightspeed expects that the majority of the restructuring charges will be incurred in the first quarter of fiscal 2025, and that the execution of the restructuring plan will be substantially complete by the end of the first quarter of fiscal 2025.   

“After successfully integrating our many acquisitions into our two flagship products and expanding adoption of our payments offering, Lightspeed is now entering a new phase, one focused on profitable growth to capture the opportunity in front of us,” said Lightspeed Founder and Chief Executive Officer Dax Dasilva. “This means making some hard decisions, like reducing spending in specific areas such as headcount, to allow for investments in others. As we navigate through this transition, we acknowledge the invaluable efforts of every team member who has played a role in our journey.”

“To optimize our capital allocation, our Board of Directors has also authorized the repurchase of up to ten percent of our public float, the maximum allowable under TSX rules, representing ~$140 million based on recent closing prices on the NYSE,” said Asha Bakshani, Chief Financial Officer of Lightspeed. “As we continue to drive profitable growth and execute on our long-term strategic plan, this authorization gives us the opportunity to create value for our shareholders through share repurchases and reduce dilution from employee equity grants.”

Lightspeed is reaffirming its previously-established revenue and Adjusted EBITDA outlooks as set out in its press release dated February 8, 2024².

Lightspeed will provide an update on its financial performance for both Q4 and the end of fiscal 2024 on its earnings call in May 2024. In addition, Lightspeed will provide its outlook for fiscal 2025, its 2025 strategic plan, and management’s planned approach to the share repurchase program.

Launch of Normal Course Issuer Bid

Lightspeed has authorized, and the Toronto Stock Exchange (the “TSX”) has approved, a normal course issuer bid (the “NCIB”) to purchase for cancellation up to 9,722,677 subordinate voting shares of Lightspeed over the twelve-month period commencing on April 5, 2024 and ending no later than April 4, 2025, representing approximately 10% of the “public float” (as defined in the TSX Company Manual) of the subordinate voting shares issued and outstanding as at March 22, 2024. As at March 22, 2024, there were 153,540,389 subordinate voting shares issued and outstanding. Subject to the required regulatory approvals, the NCIB will be conducted through the facilities of the TSX and the New York Stock Exchange (the “NYSE”) or alternative trading systems in Canada and the United States, if eligible, and will conform to their regulations. Subordinate voting shares will be acquired under the NCIB at the prevailing market price at the time of acquisition, except that any purchases made under an issuer bid exemption order will be at a discount to the prevailing market price as per the terms of the order. Any subordinate voting share purchased under the NCIB will be canceled.

Under the NCIB, other than purchases made under block purchase exemptions, Lightspeed will be allowed, subject to applicable securities laws, to purchase daily, through the facilities of the TSX, a maximum of 165,177 subordinate voting shares representing 25% of the average daily trading volume of 660,709 subordinate voting shares, as calculated per the TSX rules for the six-month period ended on February 29, 2024.

In connection with the NCIB, Lightspeed will also enter into an automatic share purchase plan (“ASPP”) on the date hereof with the designated broker responsible for the NCIB, allowing for the purchase of subordinate voting shares under the NCIB at times when Lightspeed would ordinarily not be permitted to purchase its securities due to regulatory restrictions and customary self-imposed blackout periods, and in any event only after Lightspeed releases financial results in respect of its fiscal year ended March 31, 2024. Pursuant to the ASPP, before entering into a blackout period, Lightspeed may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with certain purchasing parameters. Such purchases will be made by the designated broker based on such purchasing parameters, without further instructions by Lightspeed, in compliance with the rules of the TSX, applicable securities laws and the terms of the ASPP. 

Lightspeed believes that the purchase of its subordinate voting shares under the NCIB is an appropriate investment by it since, in its view, market prices from time to time may not reflect the underlying value of Lightspeed’s business. Furthermore, the purchases are expected to benefit all persons who continue to hold Lightspeed subordinate voting shares by increasing their equity interest in Lightspeed when such repurchased subordinate voting shares are canceled.

Actions in connection with the NCIB will be subject to various factors, including Lightspeed’s capital and liquidity positions, accounting and regulatory considerations, Lightspeed’s financial and operational performance, alternative uses of capital, the trading price of Lightspeed’s subordinate voting shares and general market conditions. The NCIB does not obligate Lightspeed to acquire a specific dollar amount or number of shares and may be modified or discontinued at any time. Lightspeed has not repurchased any of its outstanding subordinate voting shares under a normal course issuer bid in the past 12 months. For more information, please read the press release.

Lightspeed Commerce Inc. is proud to announce, for the second year in a row, the company has been named one of the best places to work in its hometown of Montréal. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

Mediacorp Canada Inc., organizers of the annual Montréal’s Top Employers project, announced results Tuesday, February 27th. This award recognizes organizations in the Greater Montréal area that offer exceptional workplaces. 

“In 2005, I made a deliberate decision to start a company in Montréal, believing that the city is an excellent hub of culture and innovation,” said Dax Dasilva, Lightspeed’s Founder and CEO. “To now be recognized as a recurring top employer in the city is a huge honor. Yes, we have amazing health and wellness benefits. Above all else, we have a fantastic culture—in large part because of the wonderful city we call home.” 

On top of an unlimited time off policy in North America and an equity incentive plan that provides wealth creation opportunities for its broader employee base, Lightspeed provides referral bonuses to encourage employees to recruit top talent from their network.

Shirvani Mudaly, Lightspeed’s Chief People Officer, notes that “we want every single one of Lightspeed’s employees to find meaning and purpose in the work they do. We’re a great place to work and we empower people to do great work.” 

Thinking of making a career change? Lightspeed is hiring for roles across Canada and around the world. 

For more information, please read the press release here.

Lightspeed Commerce Inc. announced today the reappointment of Founder Dax Dasilva as interim CEO. Dasilva most recently served as Lightspeed’s Executive Chair, and previous to this, served as the Company’s CEO from its inception in 2005 until February 2022. This appointment by Lightspeed’s Board, effective immediately, comes as JP Chauvet is stepping down. “I thank JP for his contributions, service and leadership at Lightspeed over the past eleven years,” said Dasilva.

“I founded this company, and am delighted to be named interim CEO to lead this next stage of profitable growth,” Dasilva continued. “The achievements of our last quarter serve as a testament to our potential, and we must continue to build upon this momentum. My vision is clear: cultivate a business model that fosters growth, prioritizes profitability and unlocks operational efficiencies to deliver ongoing value to our shareholders.”

Dasilva rejoins Lightspeed in the interim CEO role after the Company announced its third-quarter 2024 financial results last Thursday, February 8, 2024. Results for the quarter included total revenue of $239.7 million, which grew 27% year-over-year, and improved Net loss and Adjusted EBITDA¹ ($40.2) million and $3.6 million respectively,  surpassing previously established outlooks.

“On behalf of the Board, we welcome back Dax Dasilva as Lightspeed’s interim CEO,” said Patrick Pichette, Lead Independent Director of the Board. “His exceptional track record as the founder of this company speaks volumes about his visionary leadership and dedication to success over the years. Under his guidance, we have witnessed remarkable growth and innovation, propelling Lightspeed to the category leader it is today. I am confident that he will continue to steer Lightspeed towards new heights of success.”

Leadership Changes

Along with Dasilva’s appointment as interim CEO, Lightspeed announced several changes to the leadership team and the Board. John Shapiro, SVP of Retail Technology has been promoted to Chief Product and Technology Officer, replacing Ryan Tabone who will be departing the Company in April 2024. In addition, Patrick Pichette, currently the company’s Lead Independent Director, will move into the role of interim Chair of the Board. These leadership changes are a reflection  of the Company’s ongoing succession planning.

For more information, please read the press release here.

Here we are at the beginning of a new year and the end of our third quarter. We’re entering the final phase of our Year of Execution, pushing forward on multiple fronts to deliver on  our objectives. 

And deliver we have – in huge strides. In short, we beat our own expectations, surpassing our previously established revenue outlook of $232 to $237 million. Our move towards Unified Payments helped drive our revenue to reach $239.7 million – a 27% increase in revenue year-over-year. Net loss and Adjusted EBITDA improved to ($40.2) million and $3.6 million, respectively. 

In more good news, GPV2 as a percentage of GTV2 was 29% this quarter. We’ve reached other important benchmarks, as well. Transaction-based revenue grew 38% to $147.8 million. ARPU, is up to approximately $447, an increase of 28% year-over-year. We also saw a 69% increase in GPV year-over-year to $6.6 billion. 

Our sophisticated, high GTV customer base keeps growing. Customer Locations with GTV exceeding $500K/year increased 7% year-over-year, while those with GTV under $200K/year4 declined (as we had planned for). And Customer Locations with GTV exceeding $1M/year4 increased 7% year-over-year. 

This tells me that our customers see how our unified software and payments solution not only allows them to scale and innovate, it brings them value. They see that Lightspeed’s technology and insights equip them to take their business to the next level. 

You can find even more about these numbers in the press release.

Now, let me tell you about what we accomplished in the last quarter.

Market leadership through relentless innovation    

Our two flagship products are now available in almost all of our target markets around the world. These are best-in-class products, and ones that we believe are helping grow the competitive gap between us and our competitors.

To do that, we have to keep expanding and innovating our product offering. Our laser-focused innovation efforts have yielded a roster of new features. Let me highlight a few:

• In the US, we launched Lightspeed Tableside, our compact POS and payment processing device for restaurants. It allows servers to process orders instantaneously, right at the customer’s side. This improves speed and efficiency in the front of the house. This seamless process reduces wait times, increases table turnover, and improves customer satisfaction.
• Over in retail, we introduced the Lightspeed Retail and NuORDER Integration. This advanced technology was, until recently, only available to enterprise customers. Now, SMB retailers can order directly from thousands of brands through the NuORDER by Lightspeed platform, saving them hours per week. 
• We also launched enhancements to Advanced Insights in Lightspeed Retail. Now, Dusty Inventory and Sell Through reports give a clear view of what needs stocking or what should be discounted, while Individual Performance and Sales by Hour reports help identify team members who are performing well.
  
• There were also significant advancements in EMEA. We launched Lightspeed Capital in France, the Netherlands and Belgium this quarter—and Germany shortly after the quarter—expanding our global footprint. And we launched Tap to Pay on iPhone in the UK and the Netherlands, allowing customers in those regions to accept payments right on their iPhone. 

Sophisticated entrepreneurs choose Lightspeed

All around the world, the strength of our offering attracts established, savvy businesses with complex needs. Here are a few of the customers who chose Lightspeed last quarter, beginning with three new Michelin star restaurants:

Restaurant

• The River Café, an iconic UK restaurant overlooking the River Thames has selected Lightspeed to power their restaurant. Featuring Italian cuisine with one Michelin star, The River Café is known to have trained some of the greatest chefs, such as Jamie Oliver.
• In Germany, we signed the iconic Hæbel in downtown Hamburg—it has one Michelin star and a Michelin Green star for gastronomy and sustainability. In Berlin, we welcomed prism, a one Michelin star restaurant with elevated cuisine and an award-winning wine list. Hæbel and Prism have both selected Lightspeed Restaurant to power their restaurants.
• We are also pleased to say that Attica, a regular on the World’s 50 Best Restaurants list, has selected Lightspeed to operate their fine dining restaurant in Melbourne.

Retail

• Lolë Clothing, the Canadian athletic apparel designer, switched to Lightspeed from one of our cloud-based competitors to run a number of their locations across North America. 
• In the UK, the high-end bicycle brand Pinarello signed up two of its locations with Lightspeed. This is a family owned and operated company. It has a single goal: to make the world’s best bikes. 
• And in the US, we signed with Fit My Feet, a footwear retailer with six locations that moved from their on-premise legacy POS system to Lightspeed.

Supplier Network

• We welcomed several new brands to our Supplier Network. Some highlights include casual men’s companies Tommy Bahama, Baffin and UNTUCKit.

Five years ago, we began this journey 

Five years ago, we went public. We’ve  done incredible things together since then. We started with bold moves—we acquired and integrated nine companies, transforming them into two industry leading platforms. We rolled out Lightspeed Payments to our global customer base. We’ve made strategic moves to put us on the path to Adjusted EBITDA profitability. All the while, revenue grew over tenfold and GTV grew over fivefold. We maintained strong organic revenue growth and achieved Adjusted EBITDA profitability.

I’m proud of our team and of the company. I am confident that we’re in a strong position and can continue to build on the momentum from this last quarter to keep delivering sophisticated products and powerful financial services that help the world’s best businesses thrive.

1. This is a Non-IFRS measure. Refer to the section entitled “Non-IFRS Measures and Ratios and Reconciliation of Non-IFRS Measures and Ratios” within Management’s Discussion and Analysis of Financial Condition and Results of Operation for the Three and Nine Months Ended December 31, 2023 available on SEDAR at www.sedarplus.ca and on EDGAR at www.sec.gov for the definition and reconciliation of the Non-IFRS measure to net loss, which is incorporated by reference herein.

2. This is a Key Performance Indicator. Refer to the section entitled “Key Performance Indicators” within Management’s Discussion and Analysis of Financial Condition and Results of Operation for the Three and Nine Months Ended December 31, 2023  available on SEDAR at www.sedarplus.ca and on EDGAR at www.sec.gov for the definition.

3. As at December 31, 2023 vs as at December 31, 2022. Excluding Customer Locations attributable to the Ecwid eCommerce standalone product.

4. Excluding Customer Locations and GTV attributable to the Ecwid eCommerce standalone product, Lightspeed Golf and NuORDER by Lightspeed product. A Customer Location’s GTV per year is calculated by annualizing the GTV for the months in which the Customer Location is actively processing in the last twelve months.

Lightspeed Commerce Inc. announced today a combination of new product features and updates designed to help retail and restaurant customers across the globe to simplify and scale their operations. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

“With inflation remaining a chief concern amongst hospitality and retail providers, Lightspeed has focused on innovations that improve speed and efficiency, reducing the overall time and stress related to daily business management,” said JP Chauvet, CEO of Lightspeed. “We’re excited to roll out features like our new Tableside solution which provide a faster, more seamless order-taking experience, while Lightspeed Retail and NuORDER Order Integration simplifies the retail purchasing process. By simplifying their operations, we’re empowering entrepreneurs to elevate their business through exceptional customer service.” 

Newly launched for U.S. customers in January, Lightspeed Tableside is a compact, portable, and flexible POS and payment processing device for restaurants looking to expand their ability to take orders and payments and gain flexibility in service. 

With Lightspeed Tableside, servers can instantaneously process orders, improving the restaurant’s speed and efficiency and improving the overall dining experience. This seamless process reduces wait times, increases table turnover, and improves customer satisfaction.

Other ways Lightspeed is elevating the customer experience across Retail and Hospitality industries include: 

Retail

• Lightspeed Retail and NuORDER Order Integration save retailers hours per week 

Lightspeed Retail is optimizing the purchasing experience. Now, retailers can order from thousands of brands they stock and love through direct integration with NuORDER by Lightspeed. The integration also lets them import purchase orders placed into Lightspeed Retail, saving hours in product creation and inventory management for every order placed. This new integration is available to Lightspeed retailers in the U.S., Canada, UK, Australia and New Zealand.

• Advanced Insights additions to Lightspeed Retail save money and time

New reports released to Advanced Insights subscribers help retailers reduce inventory waste and create more efficiency in their business. Dusty Inventory and Sell Through reports give a clear view of what needs stocking or what should be discounted, while Individual Performance and Sales by Hour reports help identify who’s performing well, when. These reports quickly and easily provide retailers the insights they need to optimize every area of their business.

• Instant Payouts for Retailers

Cash flow is the most crucial part of running a business. With the launch of  Instant Payouts, eligible Lightspeed merchants will be able to access funds immediately after the transaction–even on weekends and holidays–and manage daily expenses, pay suppliers and invest in growth opportunities. Instant Payouts is available to Lightspeed Retail customers currently based in the U.S.

• Lightspeed Payments and accounting reconciliation on Lightspeed Retail

Embedded payments is a key value of Lightspeed Retail. This value now flows through to speed up and automate the reconciliation process through accounting connections with QuickBooks Online and Xero. By clearly recording deposits and transaction fees, reconciliation is done in a snap.

• Standalone Retail Payments

Available wherever Lightspeed Payments is offered, retailers now have the flexibility to process a payment without initiating the sale in their Lightspeed POS. Never miss a sale and reliably accept payments, whenever, wherever with standalone mode. 

Hospitality

• Self Delivery on Order Anywhere

With Self Delivery on Order Anywhere, restaurants with their own fleet of delivery drivers can now offer dishes directly to their customers. This provides an easy and flexible option for restaurants to add another revenue stream into their service model. The feature is commission free, and fully integrated with Lightspeed Restaurant.

• Tap to Pay on iPhone launches in the UK and the Netherlands

Merchants using Tap to Pay on iPhone present a consistent and trusted payment experience to customers. Lightspeed customers in the UK and the Netherlands can now accept contactless payments from contactless credit or debit cards, Apple Pay, Apple Watch, and smartphones with other digital wallets — right on iPhone and without any extra terminals or hardware. Tap to Pay on iPhone was previously launched successfully in the U.S. in March of 2023.

• Lightspeed Capital expands into new markets

Lightspeed Capital is an innovative solution that provides eligible Lightspeed merchants with quick and easy access to funding. Lightspeed Capital is superior to traditional lending options due to its flat-fee cost structure, simple application and two business day funding timeline. Successful market launches included four new markets: France, the Netherlands, Germany and Belgium.

Lightspeed powers the world’s best businesses, including: Boulud (New York), Alinea (Chicago), Recess (Chicago), Death & Co (Los Angeles), Mace (New York), Service Bar (Washington, DC), Collective Arts (Toronto), Joe Beef (Montreal), Cloakroom (Montreal), David Rocco Bar Aperitivo (Toronto), Cubitt House (London), Maybe Sammy (Sydney), Sunshine Brewery (Gisborne) and In den Ouden Vogelstruys (Maastricht).

Dive into the transformative  features of Lightspeed on our website.

About Lightspeed 

Powering the businesses that are the backbone of the global economy, Lightspeed’s one-stop commerce platform helps merchants innovate to simplify, scale and provide exceptional customer experiences. Our cloud commerce solution transforms and unifies online and physical operations, multichannel sales, expansion to new locations, global payments, financial solutions and connection to supplier networks.

Founded in Montréal, Canada in 2005, Lightspeed is dual-listed on the New York Stock Exchange and Toronto Stock Exchange (NYSE: LSPD) (TSX: LSPD). With teams across North America, Europe and Asia Pacific, the company serves retail, hospitality and golf businesses in over 100 countries.

For more information, see www.lightspeedhq.com.

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Lightspeed Commerce Inc. announced today a new partnership with GreatLIFE Golf, an industry-leading Multi-Course Operator (MCO). Through this partnership Lightspeed will provide courses in GreatLIFE’s portfolio with custom technology solutions that are tailored to their unique operational needs. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

The collaboration marks a milestone in the golf technology landscape and highlights Lightspeed’s continued commitment to providing cutting-edge solutions for the golf industry. 

“We are thrilled to welcome GreatLIFE Golf into the Lightspeed family,” said David Hope, General Manager, Lightspeed Golf. “Our two organizations share a commitment to providing flexible, innovative solutions to the golf industry that empower owners and operators. It’s through this commitment that we saw a natural alignment. With this partnership in place,  it marks a step forward in our shared vision for accessible, technology-driven golf experiences.”

GreatLIFE Golf manages an extensive portfolio of 56 locations across the United States. GreatLIFE is moving forward with Lightspeed at its 14 clubs in the Kansas City market, with plans for further implementation across additional sites. This partnership solidifies Lightspeed’s position as a technology partner of choice for renowned MCOs in the golf industry, adding GreatLIFE to an esteemed list of collaborators, including Landscapes Golf Management, Advance Golf Partners, Kapalua Golf & Tennis, Ron Jaworski Golf, OKI Golf, KemperSports, and MCG.

The partnership is especially noteworthy given Lightspeed’s commitment to public, accessible golf—a shared commitment with GreatLIFE, whose mission is to enrich the lives of families and communities through golf, fitness, and healthy lifestyles.

Unprecedented Flexibility with Open API

The standout feature that led GreatLIFE to choose Lightspeed was the platform’s flexibility enabled by its cloud-based, open API. GreatLIFE seamlessly integrated Lightspeed’s POS solutions for Retail and Restaurant with their preferred direct booking engine, GolfBack. This level of customization, combined with Lightspeed’s multi-location capabilities and best-in-breed partner ecosystem, makes it a powerful choice for complex MCOs looking to elevate their operations.

Also central to GreatLIFE’s decision was Lightspeed’s onboarding support, dedicated account management and product adoption specialist teams. Given GreatLIFE’s commitment to maintaining a high standard of customer service across its broad customer base, they required a partner who could deliver the same. From onboarding to post-launch services, Lightspeed’s team are industry experts who collaborate closely with customers to ensure their success.

“I appreciate Lightspeed’s commitment to helping not only GreatLIFE Golf operate at a high level, but our industry as a whole,” said John Brown, CEO, GreatLIFE Golf. “Lightspeed is a great partner to have in our portfolio and we also feel that Lightspeed will work to continue to push technology in golf further.”

Lightspeed powers the world’s best businesses, including Founders Group International, Landscapes Golf Management, KemperSports, TPC Myrtle Beach, Cape Kidnappers and Kapalua Golf & Tennis.

Read the full press release here.

Lightspeed Commerce Inc. is honored to be the winner of the Omnichannel Payment Platform of the Year as part of the 2023 edition of Juniper Research’s Future Digital Awards. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

Juniper Research’s Future Digital Awards, with a rich history dating back to 2008, spotlight organizations that have demonstrated outstanding contributions to their industries and are poised to make a significant impact in the future. These awards recognize tech companies at the forefront of their respective fields, acknowledging those that deliver imaginative, innovative products or services with the potential to disrupt ecosystems and provide substantial benefits to their target audience.

Lightspeed’s recognition as the Omnichannel Payment Platform of the Year underscores the company’s commitment to excellence and innovation. The award highlights Lightspeed’s dedication to powering the world’s best businesses and providing a unified POS and payments platform that enables ambitious entrepreneurs to accelerate growth, deliver unparalleled customer experiences, and become go-to destinations in their industries.

“We are honored to receive the Omnichannel Payment Platform of the Year award from Juniper Research’s Future Digital Awards. This recognition reflects our ongoing commitment to pushing the boundaries of technology and empowering entrepreneurs to thrive in a rapidly evolving digital landscape,” said JP Chauvet, CEO at Lightspeed.

The Future Digital Awards’ esteemed recognition places Lightspeed among the elite in the technology sector, solidifying its position as a leader in delivering innovative solutions that reshape the future of digital commerce.

Lightspeed powers the world’s best retailers, restaurants and bars, including Michel Brisson (Montreal), Joe Beef (Montreal), Melissa Joy Manning (New York), Boulud (New York), City Bird (Detroit), Alinea (Chicago), Zilte (Antwerp), Le Chalet de la Forêt (Brussels), In den Ouden Vogelstruys (Maastricht), Kei (Paris), Da Terra (London), Maybe Sammy (Sydney), Neal’s Yard Remedies (UK), Jurlique (Global) and Joel Robuchon Group (Global).

With this innovative partnership, inKind provides capital in exchange for food and beverage credits to participating Lightspeed restaurants

Lightspeed Commerce Inc. is pleased to announce that Lightspeed Restaurant now seamlessly integrates with inKind, a unique dining platform that helps restaurants across North America grow by providing them with unrestricted capital. 

Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space. 

inKind is a minority and LGBTQ2S+-owned small business. Founded in 2016, there are now 500,000 users on the inKind app. Its mission? To find a way to help restaurants become profitable and allow them to reach their full potential.

“We founded inKind to help restaurants succeed,” says inKind’s CEO and co-founder, Johann Moonesinghe. “Our new partnership with Lightspeed presents an unparalleled opportunity to maximize our impact by providing  operators with equitable financing solutions and best-in-class technology.” 

inKind’s mission is aligned with Lightspeed’s own history as an LGBTQ2S+-founded business that was built to help communities and small and medium businesses (SMBs) grow. “Lightspeed and inKind share a lot of the same values. At our core, we believe that a great dining scene brings so much to local communities—it feeds the culture and the economy. When local restaurants win, we all win,” says Peter Dougherty, General Manager of Hospitality at Lightspeed Commerce. 

inKind brings an alternative funding model to the table; no loan repayments or partial ownership are required. Instead, inKind provides restaurants with capital in exchange for food and beverage credits. Guests who use the inKind mobile app can purchase these credits, which they can redeem by paying for their meal with their phone thanks to the inKind app’s integration with Lightspeed.

• Guests win. At the end of their meal, guests visiting a participating restaurant input their check number into the inKind app, which charges them and closes the bill in Lightspeed. Waitstaff are free to focus on other patrons and guests can move on without having to wait for their server to return to the table.
  
• Restaurants win. inKind was founded by restaurant operators for restaurant operators. It provides operators with funding in the form of a lump sum of nonrestrictive cash.  In exchange, inKind receives food and beverage credits, which it then sells to guests. When guests redeem their credits at the restaurant, they’re also closing the loop. So when the restaurant succeeds, inKind does, too. 
• Everyone wins. Lightspeed and inKind believe that local businesses help communities flourish. And with restaurateurs facing greater challenges—from labor shortages to increasing interest rates and everything in between—easier access to capital can make all the difference. 

“This new partnership complements our Capital offering wonderfully,” continues Dougherty. “By choosing Lightspeed, restaurants now have that many more tools in their toolbelt to build out their vision. It’s not just about surviving, it’s about thriving.” 

He adds: “Their unique model combines POS data with consumer data to help inform their risk model. This is very much in line with our insights and how Lightspeed sets itself apart on the market.”

Ember Kitchen & Subterra Agave Bar, inKind’s own restaurant incubator based in Austin, TX, now uses Lightspeed Restaurant. “Lightspeed reduces headaches so that we can focus on the guest experience,” says Ember Kitchen’s Mychael Flores, Director of Restaurant Operations. On the partnership, Flores notes, “the integration with Lightspeed is seamless and operators across the country have a lot to look forward to.”

NuORDER Assortments will streamline buying plans across brands, departments and teams

Lightspeed Commerce Inc. has been selected by David Jones, Australia’s leading premium department store curating the most exclusive global and local brands, as part of its Vision 2025+ strategy to digitize its merchandising and buying process. Launching in January with the women’s international and designer ready-to-wear categories, David Jones will utilize NuORDER Assortments to digitally preview collections, curate assortments and complete orders in collaboration with their brands. 

This partnership will accelerate David Jones’ digital transformation efforts and replace manual, time consuming processes like data collection, sizing and order writing. Buyers will have more time to focus on creating a premium world-class shopping experience. David Jones will no longer need to rely on manual spreadsheets, instead the buying team will be able to utilize pre-populated data, automated roll-ups, and real-time collaboration tools to deliver a more sophisticated omnichannel assortment. 

NuORDER by Lightspeed’s innovative technology will give David Jones the ability to easily view and analyze their assortments across brands, categories, and attributes. Buyers will now be able to take a more customer-centric approach to the range planning process to ensure they are delivering a premium product offering both online and in-store. 

Using the platform’s robust tagging and rollup capabilities, David Jones buyers will be able to collaborate with leadership and teams across the organization to review investments in key initiatives, such as exclusives, enhancing their ability to create distinct assortments for their customers.

“David Jones is committed to delivering an unparalleled omnichannel shopping experience for customers,” said Bridget Veals, General Manager Womenswear, Footwear and Accessories for David Jones. “Adopting the NuORDER Assortments technology as our new digital buying process will ensure that our teams provide customers with access to a well-planned premium shopping experience online and in stores while also enhancing our collaboration with brands.”

“We are thrilled to partner with David Jones, a leading Australian retailer known for their premium customer experience, to digitally transform their merchandising process,” said Danielle Fairfield, Head of Retail for NuORDER by Lightspeed. “NuORDER will provide David Jones with the tools they need to advance their Vision 2025 strategy with a digital-first approach.”

NuORDER by Lightspeed powers the world’s best brands and retailers, including: Saks, Macy’s, Nordstrom, Brunello Cucinelli, Rag & Bone, Kendra Scott, Barbour, Tecnica, Arc’teryx and Shiseido.

Read the full press release here.

New video thought leadership series features insights from the world’s top retail and hospitality entrepreneurs

Lightspeed Commerce Inc. today announced the launch of its Luminaries thought leadership series. The first episode, shot in Miami, features Life House hotels’ Corporate Head of Food and Beverage, Peter Litvinenko. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

Illuminating conversations with the industry’s best

Lightspeed Luminaries is a video thought leadership series that celebrates the best of the best in business, examining what sets the individuals behind great brands apart from the pack. Covering hospitality, retail and golf, each episode features a visionary Lightspeed customer who’s making waves in their industry, with the aim of sharing their insights and experience with other business owners.

Episode 1: Connecting brand and operations with Life House’s Peter Litvinenko

In episode one of Luminaries, we travel to Little Havana in Miami, Florida to visit Lightspeed customer Life House, which specializes in contextually designed boutique hotels across the United States. Shot throughout their Little Havana location in Miami, Florida, the premier story sees Peter Litvinenko, Head of Food and Beverage, explaining the importance of a symbiotic relationship between operations and marketing. 

“Life House’s mission is to make travel accessible to a larger group of people,” notes Litvinenko. “Hotels can be expensive; they tend not to be approachable. People are drawn to Airbnbs or boutique hotels because they are a reflection of the neighborhood’s character. We target this style of property and work with them, adding a level of sophistication with technology. That’s our secret sauce.”

Founded by Rami Zeidan in 2017, Life House takes a personal approach to travel. Each location celebrates the neighbourhood it resides in through the smallest of details. From hiring locally to curating a scent for each location, Life House weaves its story throughout each of its spaces—giving guests a home away from home that makes a lasting impression.  

“What Life House has achieved is a model for modern brands,” notes Lightspeed CEO JP Chauvet. “They’re making travel accessible, creating spaces that are infused with local charm, and that don’t compromise on providing an elevated experience. Peter’s experience and attention to detail is an important part of that. Lightspeed is proud to be part of their strategy, supporting their impressive growth across the United States.”  

“We were looking for a POS partner that could grow with us,” explains Litvinenko. “We looked hard at who had the ability to take on different integrations, work with different partners in our ecosystem and also open up the API to work with  our PMS software. What sticks out for me is just how well we’ve grown together with Lightspeed.”

Lightspeed sets the spark 

Celebrating the insights and hard-earned experience of industry titans, Luminaries is a series that speaks its name—delivering inspiration, influence and insights. A resource to other industry leaders, these videos feature the best in the business exploring topics and themes relevant to the challenges facing business owners today. Look out for more from Lightspeed’s Luminaries series coming in 2024.  Episode one is now available on YouTube.

Read the full press release here.

Today Lightspeed Commerce Inc. is honoured as an Enterprise—Industry leaders award winner as part of the 2023 Deloitte Technology Fast 50 program. The company was ranked 8th on the list – up from its 12th spot ranking in 2022. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

Celebrating its 26th anniversary, the award recognizes fastest-growing enterprise-level technology, media, and telecommunications companies by revenue-growth percentage over their last four years of operation. This leadership category is open to companies that recorded a minimum revenue of $10 million in 2019 and $50 million in 2022.

“Lightspeed’s mission to build communities through commerce has never been more vital,” said JP Chauvet, Lightspeed’s CEO. “This mission is at the core of everything we do: empower restaurateurs and retailers with the tools that simplify how they operate, so they can focus on their customers. It is a privilege to help these entrepreneurs accelerate growth, provide the best customer experience and become a go-to destination in their space.” 

“This year’s Enterprise—Industry leaders winners represent a high level of excellence and success as members of Canada’s elite in the technology sector,” stated Anders McKenzie, partner and national leader for the Technology Fast 50 program at Deloitte Canada. “With their bold vision for the future, impactful technologies, competitive drive, and passion for pushing the boundaries, these winners catapult Canadian innovation forward nationally and on the global stage. No doubt their successes are a source of pride and inspiration for all tech entrepreneurs.”

Read the full press release here.

We’ve reached the halfway mark of our “Year of Execution,” and the momentum we’re seeing is a direct reflection of this year’s theme. 

Notably, we’ve reached some incredible milestones: in addition to delivering the lowest net loss in 10 quarters, for the first time since we became a publicly traded company, we delivered positive Adjusted EBITDA in the quarter – a significant achievement for Lightspeed. 

We’ve also hit significant financial markers in the past three months, registering $230.3 million in revenue (a 25% year-over-year growth that exceeds our previously-established outlook). ARPU increased 26% year-over-year. And we’ve seen a 59% increase in GPV2 ($5.9 billion) and GTV2 of $23.5 billion—thanks largely to the Unified Payments initiative. 

I encourage everyone to read the press release for the full story. But first, let me highlight some of the results that show why Lightspeed is the right commerce platform for ambitious entrepreneurs looking to innovate and scale.

Industry-leading products with global reach 

After completing nine acquisitions in three years, we’ve taken the strongest features of all these products and built two powerful flagships on the best modern code base we’ve ever delivered: Lightspeed Retail and Lightspeed Restaurant.  We simply could not have developed these features—or assembled such an enviable depth of talent—in such a short period of time without our acquisition strategy, and I am so proud of both the teams and the products we’ve built.

By the end of the quarter:

• Our new flagships accounted for approximately a third of our overall customer locations
• GTV from flagships grew 35% year-over-year
• Total revenue from flagships grew 124% year-over-year

Fewer products means faster, more focused innovation efforts, and we’re already delivering more speed, simplification and customization to our products:

• In Lightspeed Restaurant, we launched Smart Items: An AI-driven feature that lets you build menus in seconds (versus hours) by generating compelling product information and pictures, plus instant translation. We also expanded our Magic Menu Quadrant and Staff Performance insights tools globally, giving restaurants real-time insights that let them optimize menus and their front-of-house.
  
• In Lightspeed Retail, we delivered new Omni-Channel capabilities for multi location merchants that accommodate complex workflows around inventory management for physical and digital customers. And for NuORDER by Lightspeed, we enabled Vertical Assortments which allows brands with their own retail locations to merchandise, assort and visualize their own products.
  

With industry-leading products that have scale and global reach and our continuously improving financial performance, Lightspeed is in its strongest position ever.  

This is helping us attract more established, sophisticated retailers and restaurateurs, globally. We also welcomed some big names to Lightspeed, such as:

• Joël Robuchon International, a culinary legend with locations globally, selected Lightspeed Restaurant’s offering to manage their complex workflows and payment systems.
• Gustoso Group, a major player in Germany with over 100 restaurants, for which we started to rollout Lightspeed Restaurant to a number of their locations and Kensington Street in Sydney, Australia, for which 9 Asian-inspired food vendors, 2 bars, 2 event spaces and 6 full-service restaurants, are now operating on Lightspeed Restaurant.
• GetBoards in California (3 locations), Blue Star Eyewear in Australia (4 locations), and Les Jumelles (2 locations) in Belgium have all adopted Lightspeed Retail. 
• In Golf, GreatLIFE Golf (14 locations) and Blue Star Resort (15 locations) have selected Lightspeed for multiple offerings—covering their dining facilities, pro shops, and of course, Lightspeed Payments.
• We also extended our Supplier Network this quarter, welcoming new brands such as Jordache, Ashley Lauren, and Esprit.

Growing financial services to power efficiencies and scale   

Our efforts to onboard all eligible customers globally onto our unified POS and Payments offerings is making major strides: our close rates are stable, our teams are onboarding a record number of customers to payments and churn remains in line with historic levels. This strategy is also accelerating our revenue growth, with transaction-based revenue up by 36% year-over-year.

Best yet—we’re receiving feedback that shows the tangible benefits this offering brings to our customers’ businesses. For example, Tyan Parent from Le Brande Groupe in Montreal, Quebec, tells us that:

“From the time we decided to switch to Lightspeed Payments to the time we were set up and ready to sell, it was less than 24 hours. Since then, we’ve saved so much time at checkout thanks to the fully integrated system. It’s just so simple and user friendly. I can now travel and still be connected to our data, make better-informed decisions and correct mistakes from anywhere for all our three stores, directly on my phone. We switched for efficiency, and that’s been the biggest value, but as a bonus we’re now paying less in fees too.” 

This offering has been successfully rolled out in North America, and has started to launch in Europe and Australia. We’re excited to continue growing financial services —both through Lightspeed Payments and Lightspeed Capital—globally. 

I’m proud of what our team was able to achieve this quarter. And from delivering industry-leading products to solving the pain points of sophisticated businesses to building powerful, integrated financial services, I’m more confident than ever in Lightspeed’s ability to help the world’s best businesses thrive.

1. This is a Non-IFRS measure. Refer to the section entitled “Non-IFRS Measures and Ratios and Reconciliation of Non-IFRS Measures and Ratios” within Management’s Discussion and Analysis of Financial Condition and Results of Operation for the Three and Six Months Ended September 30, 2023 available on SEDAR at www.sedarplus.ca and on EDGAR at www.sec.gov. for the definition and reconciliation of the Non-IFRS measure to net loss, which is incorporated by reference herein.
2. This is a Key Performance Indicator. Refer to the section entitled “Key Performance Indicators” within Management’s Discussion and Analysis of Financial Condition and Results of Operation for the Three and Six Months Ended September 30, 2023 available on SEDAR at www.sedarplus.ca and on EDGAR at www.sec.gov for the definition. 
3. Excluding Customer Locations attributable to the Ecwid eCommerce standalone product.
4. Excluding Customer Locations attributable to the Ecwid eCommerce standalone product.

Over 300 partners, customers, industry leaders join Lightspeed’s executive team for three days of informative sessions, insightful panelists, exciting updates and more

Lightspeed Commerce Inc. plans to welcome over 300 independent business owners, partners and Lightspeed leaders from around the world to the Lightspeed Oxygen Summit, an invitation-only three-day conference in the heart of Montreal. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

“I’m a huge believer in the power of in-person gatherings to spark something great. That’s what the Lightspeed Oxygen Summit is all about: making connections, sharing insights and building ideas,” said JP Chauvet, Lightspeed’s CEO.  “This is the perfect moment to share our story: who we are, how we’re shaping the future of commerce, and how—with the help of our invaluable partners—this will help our customers scale their businesses.”

Over the course of the Summit, guests will hear from members of Lightspeed’s leadership team, who will share exclusive announcements, industry trends and Lightspeed insights, as well as provide updates on our product roadmap. JD St-Martin, Lightspeed’s President, will host a fireside chat with two customers: Melissa Joy Manning, the Founder and Creative Director of her eponymous ethical jewelry brand, and Peter Litvinenko, Head of Food & Beverage for Life House Hotels, a chain of luxurious hotels across the United States. Attendees will have more opportunities to connect during industry-specific breakout group sessions and celebrate their achievements at our Partner Awards ceremony. 

Lightspeed thanks its sponsors for their support: Omniboost, Star, Deliverect, eCard Systems, Plastic Printers, QuoteMachine, 7Shifts, Codat, Davo by Avalara, Discover Global Network, Ilglu, LINK, MarketMan, Mr. Yum and Otter.

The Lightspeed Oxygen Summit will take place from October 25-27, 2023, at the Marriott Château Champlain in Montreal, QC. Find out more about what’s in store—including an agenda and answers to frequently asked questions—on the Summit’s dedicated website.

Dive into Lightspeed’s transformative features at lightspeedhq.com or read the press release here for more. 

Accomplished technology CEO and board director returns to Lightspeed after two-year hiatus

Lightspeed Commerce Inc. is pleased to announce that Manon Brouillette has been re-appointed to its Board of Directors (the “Board”), effective October 1, 2023. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

This is Manon Brouillette’s second term as one of Lightspeed’s Board members. With over 20 years of experience as the head of global technology, media and telecommunications companies, she brings tremendous insight and business acumen to the role. Her appointment to Lightspeed’s Board also reflects Lightspeed’s continuing commitment to promote gender representation at all levels of its business, including achieving the Board’s target to maintain at least 37.5% of members who identify as women.

“Manon’s remarkable accomplishments, combined with her keen insights into customer needs, make her the ideal addition to our team,” said Dax Dasilva, Founder and Executive Chair of Lightspeed. “I look forward to working with her again and am excited for the role she will play with our company for years to come. Manon’s return reinforces our steadfast commitment to innovation and excellence.”

“I’m so excited to welcome Manon back to Lightspeed’s Board of Directors,” said JP Chauvet, CEO of Lightspeed. “Her deep understanding of the technology sector’s landscape and successful track record of leading highly complex organizations will provide valuable counsel and oversight to Lightspeed as it further cements itself as an industry leader. Her strategic vision and guidance will empower us to unlock new opportunities and fuel huge value for our customers around the world.”

Earlier this year, Manon Brouillette was appointed to serve as Chair of the board of directors of Hydro-Québec, the largest renewable energy company in Quebec. Prior to that, she spent two years with the US telecom leader Verizon, where she acted, among other positions, as Executive vice-president and CEO of the Consumer Group. From 2004 to 2019, she held various executive roles at Videotron and acted as President and CEO from 2013 to 2019. Under her leadership, the company became Canada’s most rapidly expanding telecommunications provider. 

“I’m excited to return to Lightspeed’s Board. This is a crucial moment for retailers and restaurateurs,” said Manon Brouillette. “Lightspeed’s focus on delivering innovative solutions to entrepreneurs—who are at the heart of its mission—aligns with my customer-first mindset., bringing the level of customer satisfaction that its solutions deliver to new heights.” 

Manon Brouillette brings unparalleled corporate governance experience to her role. She has served on the boards of private and public international companies, including the National Bank of Canada (TSX: NA), France-based SFR, U.S.-based Altice USA (NYSE: ATUS), Sonder Holdings (SOND.NA) and Beauty For All Industries (BFAI). She provides strategic advice to international private equity and venture capital funds. She holds a Bachelor’s degree from Université Laval and completed the Ivey Business School’s Executive Program. 

To read the press release, click here.

Leading retailers, restaurants and golf operators join Lightspeed to keep innovating and scaling their businesses in the face of difficult economic conditions

Lightspeed Commerce Inc. is honored to welcome new outstanding retail, hospitality and golf customers from all over the globe to its roster. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

We’re thrilled to welcome these businesses—among others—to Lightspeed, and proud of the tremendous positive impact they have on their communities. 

Retail Innovators 

• With six shops across the United Kingdom using Lightspeed Retail, Bath House are on a mission to make their artisan fragrances and natural skincare as sustainable as possible. 
• The Spice and Tea Exchange, a gourmet spice and herb retailer, is all about bringing elevated flavors to consumers. They’ve chosen Lightspeed’s flagship retail offering in over 80 locations across the United States. 
• Women’s designer clothing retailer Soleamour sources unique, difficult to find brands in their two locations in Maine. They recently adopted Lightspeed’s flagship omnichannel retail solution with e-commerce. 
• For three generations (since 1899, to be exact) Seroogy’s has helped make special occasions extra delicious with their homemade, hand-dipped chocolates. Based in Wisconsin, they’re now using Lightspeed’s flagship retail offering. 

Hospitality Heroes

• They have two locations in Victoria and four more in Queensland, but Australia’s Kickon Group is just getting started. Their goal? To “create an environment in which [their] people feel proud and inspired to deliver amazing experiences.” They recently signed up with Lightspeed Restaurant. 
• March First Brewing prefers to lead where others follow, making it “delightfully unpredictable.” All their ciders, beers and spirits are crafted in Cincinnati, Ohio. Cheers! 
• We’re proud to welcome Chef Teo Paul’s four businesses. Michelin-recommended Union restaurant and Côte de Bœuf are both located along Ossington Avenue in Toronto. They’re part of a broader group of high-end dining venues that includes Heart’s Tavern in Kimberley and the forthcoming Le Tambour Tavern in Hamilton. In all locations, Chef Paul chose Lightspeed Restaurant to support expansion plans throughout Ontario.

Golf Trendsetters

• In Clearwater, Florida, Cove Cay Golf Course is open every day of the week to offer a spectacular experience. And they’re now using Lightspeed Retail and Lightspeed Restaurant to run their golf academy, restaurant, pro shop and course. 
• Reef Capital owns and operates two luxurious golf courses: the Black Desert Resort in Utah and Cutalong at Lake Anna, in Virginia. Expect to see more of the Black Desert Resort in a new tournament, the Black Desert Championship, which is set to begin next year.

“Our customers are community champions and innovators,” says JP Chauvet, CEO at Lightspeed. “They’re incredible. They’re building successful businesses in challenging economic times – all this, in the wake of a global pandemic that shifted so many consumer habits. We’re honored to be part of their journey.”

Read the full press release here.

We’ve just closed the books on the first quarter of our “Year of Execution,” and I am thrilled to share some news. We’ve seen a solid 20% growth in total revenue, and our Gross Payment Volume (“GPV”) ¹  was up by 56% YoY. Plus, our Adjusted EBITDA loss was lower than our previously-established outlook. We’re not just ticking boxes here; we’re making real strides.

I encourage everyone to read the press release for the full story. But first, let me highlight some of the results that show just why Lightspeed is the right commerce platform for entrepreneurs looking to innovate and scale. 

First, we invest in innovation. 

We can increase our investment in innovation because our One Lightspeed goal has helped us hone our focus. 

With our flagship products—Lightspeed Retail and Lightspeed Restaurant, both of which include Lightspeed Payments—we can simplify our operations. We can reduce complexities across the organization.

And we can focus on making better products that help our merchants scale their businesses. In our first fiscal quarter of the year, our product team has been rolling out new features that are making a difference. We’ve introduced: 

• Advanced Insights in Europe.  This lets customers access real-time data. It suggests how to run their business more efficiently while respecting compliance with GDPR obligations.
• Expanded Lightspeed Capital to new regions, including Australia, plus a self-serve option now available to eligible users in Canada.
• Multi-layer pricing in Lightspeed Retail. It allows merchants to charge different prices per location/customer group. 
• NuORDER Assortments for Brands in North America and Europe. Now, brands can optimize inventory and identify merchandising gaps.

We’re not just solving problems; we’re anticipating them.

Second, we unlock added benefits for our customers’ business. Case in point, unifying our POS and Payments offerings into one platform. 

We’re asking all eligible customers to sign up for one cohesive and comprehensive product offering, where Lightspeed Payments is embedded directly into their POS.

We launched this initiative—known as Unified Payments—across NOAM this spring, and it’s going worldwide this year. 

It’s early, but we’re seeing encouraging results:

• Excluding the Ecwid eCommerce standalone product, ARPU ² is reaching all-time highs (up 20% YoY)
• Our close rates have remained relatively consistent 
• Our churn rate remains within historical ranges 

We’re also hearing from customers  who already adopted our unified platform, like Brooklyn jeweler Melissa Joy Manning, She points out that “we switched to Lightspeed Payments because with Lightspeed, we’re saving a lot of money in fees and it has made the business much faster, cheaper and easier to operate.”

This is not a one-and-done launch. We’re actively listening to feedback and continuing to improve as we go. For example, eligible customers switching to Lightspeed Payments will experience:

• Competitive, ‘meet or beat’ rates
• Free payments hardware and installation + 24/7 support
• Next-day payouts for most retail customers globally
• And more feature enhancements, coming soon!

Third, we’re built to simplify the complex—a tool best leveraged by high GTV customers. 

We saw a 10% YoY increase this quarter in high GTV Customer Locations ³(those with over $500K/year in GTV⁴). As high GTV customers scale, they expand their tech suite and invest more in our platforms to keep building on that momentum. This is reflected in the aforementioned increase of ARPU (up by 20% YoY). 

This tells me we’re on the right track in our efforts to welcome more established, sophisticated retailers and restaurateurs to the Lightspeed family. Customers like the ones who just joined Lightspeed this quarter:

• The Spice & Tea Exchange, a US-based fine spice and herb store which selected Lightspeed’s Retail offering for their over 80 franchises; 
• UK-based luxury fragrance and skin care provider, Bath House, with 6 locations has also signed up for Lightspeed Retail; 
• Chef Teo Paul’s restaurants, Côte de Boeuf, Hearts Tavern, Le Tambour Tavern and Michelin recommended Union, have chosen Lightspeed Restaurant to support their expansion; 
• March First, with 4 brewery and tasting room locations in Cincinnati, is adopting the Lightspeed Restaurant offering; 
• the six location Kickon Group from Australia has also joined with Lightspeed Restaurant
• and Cove Cay Golf Course in Florida has signed up for the Lightspeed Golf, Retail, and Restaurant trifecta. 

And finally, we’re built to help businesses scale.

Traditional POS systems manage a lot of scale, but they don’t innovate. They’re hard to update and super expensive. 

Lightspeed manages scale and drives innovation.  Our ability to service businesses at scale, with higher complexity, sets us apart. 

Here’s a perfect example:  in the last twelve months, restaurateurs have leveraged Lightspeed Restaurant to serve over 1 billion meals worldwide and facilitated over 300 million dining experiences. 

This highlights how Lightspeed Restaurant’s transaction volume has grown. And that’s just one of the ways we’re helping businesses speed up growth, provide the best customer experience and become a go-to destination in their space. 

There’s a reason why the world’s best restaurants and retailers run their business on Lightspeed. Keep watching this space to watch them grow.

¹Key performance indicator. Gross Payment Volume. “Gross Payment Volume” or “GPV” means the total dollar value of transactions processed, excluding amounts processed through the NuORDER solution, in the period through our payments solutions in respect of which we act as the principal in the arrangement with the customer, net of refunds, inclusive of shipping and handling, duty and value-added taxes. We use this measure as we believe that growth in our GPV demonstrates the extent to which we have scaled our payments solutions. We have excluded amounts processed through the NuORDER solution from our GPV because they represent business-to-business volume rather than business-to-consumer volume, and we do not currently have a robust payments solution for business-to-business volume. 

²Key performance indicator. Average Revenue Per User. “Average Revenue Per User” or “ARPU” represents the total subscription revenue and transaction-based revenue of the Company in the period divided by the number of Customer Locations of the Company in the period. We use this measure as we believe it provides a helpful supplemental indicator of our progress in growing the revenue that we derive from our customer base. For greater clarity, the number of Customer Locations of the Company in the period is calculated by taking the average number of Customer Locations throughout the period.

³Key performance indicator. Customer Locations. “Customer Location” means a billing merchant location for which the term of services have not ended, or with which we are negotiating a renewal contract, and, in the case of NuORDER, a brand with a direct or indirect paid subscription for which the terms of services have not ended or in respect of which we are negotiating a subscription renewal. A single unique customer can have multiple Customer Locations including physical and eCommerce sites and in the case of NuORDER, multiple subscriptions. We use this measure as we believe that our ability to increase the number of Customer Locations with a high GTV per year served by our platform is an indicator of our success in terms of market penetration and growth of our business. A Customer Location’s GTV per year is calculated by annualizing the GTV for the months in which the Customer Location was actively processing in the last twelve months.

⁴Excluding Customer Locations and GTV attributable to Ecwid eCommerce standalone product, Lightspeed Golf and NuORDER by Lightspeed product. A Customer Location’s GTV per year is calculated by annualizing the GTV for the months in which the Customer Location is actively processing in the last 12 months.

Lightspeed customers make up more than 30% of the list, with 6 courses inside the top 20. Merritt, British Columbia’s acclaimed Sagebrush Golf Club finished highest in the 6th spot

Lightspeed Commerce Inc., is proud to partner with 19 renowned public golf facilities which have been named to SCOREGolf’s 2023 list of the Top 59 Canadian Public Courses. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

Lightspeed courses feature prominently on the list, with 19 of the 59 leveraging the technology platform and 6 inside the top 20. Lightspeed’s customer success is particularly evident in Ontario, with Lightspeed software used at 8 of the 17 Ontario-based golf facilities on this year’s list.

Notable Lightspeed customers named to the list include: Tobiano, the Thomas McBroom masterpiece in Kamloops, BC that was recently listed in Golf Digest‘s World’s 100 Greatest Golf Courses; The Algonquin, a stunning layout set along the shores of New Brunswick’s Passamaquoddy Bay that was reworked in the 1920s by legendary architect Donald Ross and recently revitalized by noted Canadian designer Rod Whitman; and all three courses at TPC Toronto at Osprey Valley (Hoot, North and Heathlands), Canada’s only TPC Network facility, which offers an unparalleled variety of golf amid the rolling hills of Caledon, Ontario.

“To see TPC Toronto at Osprey Valley recognized as one of the top places to play golf in Canada and have all three courses ranked inside the Top 25 is a thrill for our entire team,” says Brian Decker, Director of Marketing and Communications, TPC Toronto. “It’s our mission to deliver memorable golf experiences with exceptional service and a modern approach, and we look forward to working with partners like Lightspeed to continue this mission into our exciting future ahead.”

“I’m thrilled about the number of Lightspeed customers named to SCOREGolf’s Top 59 Canadian Public Courses this year,” said David Hope, GM, Lightspeed Golf. “Supporting public, accessible golf is very important to us. This list shows that many of the best public facilities in Canada are using Lightspeed every day to help simplify their operations and deliver incredible customer experiences. I couldn’t be happier for our customers who have made this list and I look forward to seeing more and more on the list in the future.”

Golf’s surge in popularity seen during the pandemic is still holding strong. In June, US rounds played up year-over-year for the third straight month. Demand remains high and continues to trend above pre-pandemic levels. Pair this with the fact that participation is up among women, juniors and people of color, and it’s clear that access to public golf in North America is more important than ever. Public facilities that deliver rich, fulfilling golf experiences are well-positioned to succeed.

Lightspeed’s platform is the perfect choice for facilities looking to reach more golfers, drive revenue and deliver a great customer experience. Although many courses expected a contraction in the industry in 2022, Lightspeed customers future-proofed their businesses and experienced a sustained interest in the game with rounds played, GTV and transaction sizes up year-over-year between 2021 and 2022:

• Rounds played increased +9.5% YoY in North America (11.4% in the US, 7.5% in CA)
• Food and beverage sales rose +30% YOY and were a dominant contributor to this increase
• Average transaction size grew +4% YOY from $53 to $55

Top 59 Canadian Public Courses

The full list of Lightspeed customers named to this year’s list of top public golf facilities includes: 

Read the press release here.

Lightspeed publishes its Fiscal 2023 Sustainability Report and renews its commitment to building stronger and more inclusive communities around the world through accessible, industry-leading technology

Lightspeed Commerce Inc., is proud to announce its second annual Sustainability Report is now live. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

This latest Sustainability Report is a continuation of Lightspeed’s mission to strengthen communities and empower businesses around the world. The report outlines Lightspeed’s Environmental, Social and Governance (ESG) initiatives and highlights for the fiscal year ended March 31, 2023 (“Fiscal 2023”).

“When I founded Lightspeed in 2005, we were a small group of four employees. Now Lightspeed has teams in over 10 countries across three continents,” said Dax Dasilva, Founder and Executive Chair of Lightspeed. “While a lot has changed, our commitment to building strong, diverse and sustainable communities remains the same.” 

Some highlights of Lightspeed’s sustainability initiatives include:

• Lightspeed continues to partner with Sustainably Run to offer a Carbon Free Dining program. Through this partnership, Lightspeed customers can offset carbon emissions associated with their diners by planting trees. As a result of this partnership, over 1.4 million trees have been planted at the date of this publication. 
• Lightspeed is proud to support non-profit organizations like TupuToa, Fondation Émergence and Fondation KANPE, which empower underrepresented groups. 
• According to Lightspeed’s annual diversity, equity and inclusion and engagement survey, 86% of its employees feel that they can be their authentic self at work.
• Lightspeed’s employee base includes 10% LGBTQ2S+, 5% persons with disabilities and 30% BIPOC representation.

In addition to partnerships and internal initiatives, the report highlights businesses using Lightspeed to transform our world for the better and build vibrant, diverse communities. One such business is Electric Movement, a retailer that sells, rents and repairs electric bikes and scooters in Old Town Chicago. The shop and its staff are on a mission to reduce carbon emissions by enabling locals to use micro mobility vehicles. Atticus Conway, a Manager at Electric Movement, notes that Lightspeed’s embedded payments solution “makes stuff a lot easier on my end. With us only having to run one batch at the end of the day, it gives me more face-to-face interaction with our customers.” Those conversations with customers make all the difference as Electric Movement becomes the go-to space for electric micro mobility solutions in the city. 

“This second edition of our Sustainability Report showcases how amazing our customers are,” adds JP Chauvet, Lightspeed’s Chief Executive Officer. “They’re exceptional. They’re running stores and restaurants that make a huge difference in their communities. I’m incredibly proud of each and every one of them.” 

Find out more about our mission on our website: https://www.lightspeedhq.com/sustainability. 

Read the press release here.

Evolved features and real-world impact mark Lightspeed Restaurant as an indispensable partner in today’s hospitality landscape

 Lightspeed Commerce Inc., today marks a game-changing milestone: restaurateurs have leveraged Lightspeed Restaurant to serve over one billion meals worldwide and facilitate more than 300 million unique diner’s unforgettable experiences in the last 12 months through this powerful restaurant solution. This extraordinary feat highlights the increase in Lightspeed Restaurant’s transaction volume growth. 

Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer experiences and become a go-to destination in their space, including:  Daniel Boulud – Dinex Group (NYC), Alinea Group (Chicago), Duro (Dallas), Telerefic (Los Angeles), Californios (San Francisco), Vatican Gift Shop (Toronto), Joe Beef (Montreal), Big Mamma (Europe), Da Terra (London) , Arpège (Paris), De Librije (Amsterdam), Umami (Berlin), Chalet d’Adrien (Verbier), Mr Miyagi (Melbourne) and Maybe Sammy (Sydney).

“Reaching this milestone of serving over one billion diners and facilitating more than 300 million dining experiences over the last year, showcases the tremendous impact Lightspeed has on the global restaurant industry,” said Peter Dougherty, GM of Hospitality at Lightspeed. “Through advanced technology, data-driven insights, and continuous innovation, we are equipping restaurants to navigate ever-evolving challenges and redefine the dining landscape.”

Tackling Industry Challenges
In an industry rife with challenges and operational complexities, Lightspeed Restaurant continues to establish its position as a critical ally for modern restaurants. Lightspeed Restaurant empowers establishments to maintain efficiency and exemplary guest experiences, even amidst staff constraints. 

Streamline Ops to Serve Customers Faster
Lightspeed Restaurant helps business owners optimize their time so that they can spend more of it focused on their customers. 

• The speed of the Lightspeed Restaurant platform means orders from the server to the back of house staff are on average 40% faster than the competition.
• Improvements to how diners order and pay thanks to the seamless experiences offered with ‘Pay at Table’ , ‘Tap to Pay’, and ‘Scan and Pay’ means restaurant operators can  say goodbye to unnecessary waiting as guests  dine, order, and pay – all from their seat. 
• Tip Management means that operators can maximize server earnings with intelligent tip suggestion and reporting.
• Enhanced APIs means that external systems can easily integrate into the platform allowing  for real-time inventory management. 
• A strong offline mode ensures business continuity, even without internet connectivity. 

Real-World Impact
Testimonials from restaurant owners worldwide illustrate the transformative power of Lightspeed Restaurant. “Lightspeed gives us everything we need right at our fingertips,” said Andrew Ketcham, Associate Director of Operations at Atomic Hospitality in Chicago. “It allows us to get people in the door, give them a phenomenal experience, and get them on their way so that we’re ready for the next group.”

Read the full press release here.

Embedded financial services offering facilitates growth and innovation for ambitious retail and hospitality businesses

Lightspeed Commerce Inc. has expanded Lightspeed Capital, its merchant cash advance program, to the United Kingdom, Australia, New Zealand and Quebec. Bolstering Lightspeed’s embedded financial services offering, the launch aims to empower businesses with flexible funding in the face of rising inflation costs and turbulent economic conditions. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

“Businesses are the backbone of our communities, and Lightspeed’s goal is to make owning a successful business easier than ever,” said Asha Bakshani, Chief Financial Officer at Lightspeed. “We are thrilled to have expanded the Lightspeed Capital offering throughout the United Kingdom, Australia, New Zealand and Quebec. This expansion aims to empower merchants who want to invest in their business. Our goal is to help alleviate roadblocks that traditional funding channels may require so our merchants can continue to focus on what matters most: growing their business while providing the best customer experience.”

Retail and hospitality entrepreneurs in the United Kingdom, Australia, New Zealand and Quebec can welcome a new era of business funding with Lightspeed Capital’s merchant cash advance program. Lightspeed Capital empowers business owners with its unique approach to funding:

• Simple Application: A quick, seamless and stress-free application process for merchants with no personal credit checks
• Flexible Funding: Working capital is available in as few as 2 business days and can be used for any business need, from inventory and equipment through to staffing
• Transparency & Stability: Flat-fee pricing, and no high or shifting rates, allows business owners visibility and peace of mind
• Empowering Growth: Merchants have access to the cash flow they need to expand and take their business to the next level

Capital that can be trusted

On the heels of Lightspeed Capital’s successful launch in the United States, the Lightspeed Capital cash advance program for merchants has taken on new territories, heading to Australia, New Zealand, the United Kingdom and Quebec. The program is revolutionizing how traditional business funding works. Exclusively available to Lightspeed Retail and Lightspeed Restaurant users, it boasts the added benefit of personal insight into their specific business needs. Lightspeed’s existing relationship with merchants makes for easier eligibility, underwriting and risk mitigation.

How does Lightspeed Capital work?

• Cash Up-Front: The cash advance program provides working capital up-front to grow and support the merchant’s business
• Predictable Payments: Merchant payments are a percentage of their daily sales; they pay more when their business is doing well, and less if things are slow
• Secure Fees: Flat fees mean merchants don’t have to worry about fluctuating rates
• Clear Communication: Merchants receive notification, in app or by email, that outlines how much they’re eligible for as a cash advance and the flat fee
• No Deadline, No Interest: Merchants remit at the speed of their business. With no strict deadline, merchants can gradually pay the advance as a percentage of their daily transactions

“We had already taken out large loans to open a second store and we didn’t want to sign up for anything additional that might affect our business credit,” said Lightspeed customer Robert Stokes, Techzone Geelong. “The fact that Lightspeed Capital doesn’t count as a loan or impact our business credit reporting really helped take some weight off of our shoulders.”

For business owners, trying to secure funding can be stressful and time consuming. Lightspeed removes the roadblocks and frustrations that merchants face from traditional sources, making access to capital simple, secure and stress-free. The Lightspeed cash advance program is tailored to merchants to support and strengthen their operations and fuel their ambitions. Now with even more Lightspeed users in the United Kingdom, Australia, New Zealand and Quebec being eligible, more merchants will have the freedom to transform their businesses.

“We believe real-time access to capital is one of the largest challenges facing merchants today,” said JP Chauvet, Lightspeed CEO. “This expansion of Lightspeed Capital provides a simple, streamlined opportunity for our merchants to invest in their business. Our goal is to help turbocharge their operations … all through a single, integrated commerce solution.”

Lightspeed powers the world’s best businesses, including: Playbill, Arctic Spas, Ildico, Elite Supps, Leica Camera, Imagine Exhibitions, Dr. Barbara Sturm, Filson Canada, Melissa Joy Manning, Neal’s Yard Remedies, W Cosmetics, L’Osteria, Mamma, and Kei.

Read the full press release here.

New solution enables brands to upgrade assortment planning with an online platform built to help solve all merchandising needs in a visual, collaborative digital environment

Lightspeed Commerce Inc. launches NuORDER Assortments, a groundbreaking solution that revolutionizes the way brands plan assortments. The cutting-edge technology allows them to visualize, merchandise and plan their assortments—all in one collaborative online environment. NuORDER Assortments gives brands the capability to optimize their assortment to plan for the right mix of products in the right place at the right time. The ability to develop a more localized assortment ensures customers can find what they’re looking for, helping reduce markdowns and increase overall margins.

Traditionally, brands struggled to assort their own retail stores due to manual processes and disconnected data systems. These outdated practices result in continuous updates and errors, leading to inefficiencies and wasted resources. NuORDER Assortments allows brands to bid farewell to cumbersome procedures and embrace a streamlined, collaborative online environment that empowers them to visualize, merchandise, and plan assortments across multiple storefronts more effectively. 

“Our new assortment planning solution is a gamechanger for brands,” said Heath Wells, General Manager, B2B at Lightspeed. “Enabling them to visualize what each store assortment will look like, combined with the ability to slice and dice data  by any product attribute to make more informed decisions, is really something that’s never been done before. NuORDER Assortments empowers brands that own and operate multiple retail locations to optimize their inventory allocation, identify merchandising gaps, and make more informed decisions—all in one unified platform. This technology has been successfully utilized by our esteemed retail partners, including Nordstrom, Saks, and Macy’s, and we’re excited to bring its benefits directly to brands themselves.”

NuORDER Assortments offers tangible benefits to brands that own and operate their own retail locations, streamlining the pre-season assortment planning process and leading to significant time savings. Early adopters of the solution have reported a 55% reduction in time spent on fixing errors, a 40% reduction in time spent on sizing, and an impressive 60% reduction in time spent on manual data entry.

“Implementing NuORDER Assortments meant more accurate roll ups and a clear process to write smarter buys,” said Stephanie Gin, Director of Buying, Brunello Cucinelli. “We now get an immediate visual of the assortment thus making it much easier to analyze and review. The tool has improved collaboration between the merchandising and planning teams, they are now able to analyze and pull live data  throughout the writing process. The tool has replaced all manual processes and has become essential to our buying process.”

Key features will enable brands to:

• Identify & Fill Merchandising Gaps: Conduct visual style-outs with increased visibility. Roll-up and review plans by store or any product attribute.
• Improve Internal Collaboration: Buying, planning, and allocation teams can share and edit assortments in real-time. 
• Streamline Product Allocation: Use pre-set size curves and bulk distribution to more accurately allocate products across stores.
• Boost Productivity: Spend less time on manual data entry.  Robust ERP and backend integrations feed up-to-date product data into the platform.

“We are thrilled to introduce NuORDER Assortments to the market,” added Wells . “To date, the NuORDER by Lightspeed product offering has focused on developing innovative technology to streamline the wholesale buying and selling process. NuORDER Assortments is our first direct to consumer solution, expanding our product offering to revolutionize the way brands merchandise their own stores. Now, brands can transform their planning process, gain valuable insights, and drive more efficient and profitable assortments.”

Read the full press release here.

Lightspeed celebrates LGBTQ2S+-owned businesses and champions inclusive commerce by powering them with omnichannel retail technology

Lightspeed Commerce Inc. strengthens its commitment to diversity this Pride Month by donating software that will power a Bermuda pride pop-up shop by Surplus Trends, a Montreal-based  LGBTQ2S+-owned business. Thanks to the groundbreaking features of its flagship Lightspeed Retail platform, Lightspeed is helping sophisticated omnichannel merchants thrive during Pride festivities and beyond. 

Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

Lightspeed: Powering Innovation in Retail

Lightspeed Retail is key to streamlined processes and improved visibility. Its comprehensive solutions are designed for today’s fast-paced retail environment, providing seamless management of multilocation sales, real-time inventory updates, customer interactions, supplier liaison, payments, and reporting — so businesses like Surplus Trends can focus on what truly counts: customer engagement and community connection. 

“Lightspeed is not just a solution, it’s a partner for today’s ambitious retailers. Our omnichannel tools streamline operations, allowing entrepreneurs to focus their energy on community and engagement,” says JD St-Martin, President of Lightspeed and Executive Sponsor at Pride at Lightspeed. “As Pride Month progresses, we celebrate businesses like SurplusTrends, driving the conversation around diversity and inclusion. Our commitment is to continuously innovate our product, empowering all businesses, particularly those like Surplus Trends, to navigate the complexities of today’s retail landscape.”

Celebrate Pride Month with Lightspeed

Throughout Pride Month, Lightspeed proudly stands alongside sophisticated businesses like Surplus Trends. By sparking discussions around diversity, inclusion, and retail innovation, Lightspeed empowers businesses to reimagine retail experiences, elevate customer engagement, and create a more inclusive and vibrant shopping environment. Lightspeed is proud to power the world’s best LGBTQ2S+-owned retailers and remains committed to diversity and inclusive commerce.

“As a native of Bermuda and part of the organizing committee for this year’s Bermuda Pride, I naturally recommended Lightspeed Retail to power our event’s merchandising. Its unified platform, expert support, and simplicity have been key in streamlining my own business, Surplus Trends,” says James Brookes, Owner at Surplus Trends, a Montreal-based retailer offering a curated selection of luxury and footwear brands. “With Lightspeed, we can concentrate on what’s really important during Bermuda Pride: the celebration of our community and the promotion of inclusivity.”

The spotlight this year is on Surplus Trends, an edgy retail store nestled in the trendy Mile End neighborhood of Montreal. Behind Surplus Trends is James Brookes, an established artist, passionate LGBTQ2S+ advocate, and a member of the organizing committee for Bermuda Pride 2023. Brookes, who was formerly an employee at Lightspeed, and his business partner Maxime Noiseux, have become key figures in Montreal’s LGBTQ2S+ community, imbuing Surplus Trends with their unique vision and values. 

His journey in advocacy has been significantly influenced by the inclusive ethos fostered by Dax Dasilva, Founder and Executive Chair of Lightspeed. This transformative experience continues to guide Brookes in his advocacy for the LGBTQ2S+ community and his role as an entrepreneur. Stay connected as Lightspeed organizes a series of activities throughout Pride, further emphasizing their commitment to their core values of inclusivity and community.

Read the press release here.

This morning, Lightspeed reported its financial results for the three months and fiscal year ended March 31, 2023 (“Fiscal 2023”). For me, this reflects a strong end to a year of progress. Read the press release to learn more.

In particular, we’re pleased with our end results in a couple of areas. For the quarter, we hit a total revenue growth rate of 26%, and our gross payment volumes (“GPV”)  were up by 70% YoY. Adjusted EBITDA loss came in significantly better than expected. 

What’s more, our Customer Locations in the quarter processing more than $500,000/year in GTV grew by 13% YoY; and those processing more than $1 million/year2  in GTV grew by 16%. This, coupled with the retention rate we have with our customers tells me that customers aren’t just staying with us, they’re growing with us. And as they scale, they’re expanding their tech suite and investing more in our platforms to keep building on that momentum. This is further confirmation that we’re on the right track in our efforts to welcome more established, sophisticated retailers and restaurateurs to the Lightspeed family.

As we enter the fiscal year ending March 31, 2024 (“Fiscal 2024”), let me dig in to how we see the year unfolding. Over the past four years, we’ve laid the foundations for this formidable company to become the go-to global commerce platform. We called this One Lightspeed: our plan to take the best of all our acquired companies and build something better on a global scale.

I’m thrilled to share that by the end of Fiscal 2023, we accomplished this goal. We went from selling and supporting nine distinct products to leading predominantly with two flagships: Lightspeed Restaurant and Lightspeed Retail. These industry leading platforms are the best we’ve ever shipped, and our customers are experiencing their unique features that help simplify and scale their businesses. 

Other major Q4 milestones include:

• Launching new features like Tap to Pay in the US for restaurants, allowing them to serve their customers better and turn tables faster.
• Going upmarket with our new Service Module, where merchants can now create, schedule, track, and sell service offerings right within Lightspeed Retail. 
• Expanding Lightspeed Payments to all paid e-com stand alone customers in the US, with plans to expand into Canada in Q2.
• Launching our Lightspeed Capital offering in new geographies, including the UK and New Zealand, and making self-serve Lightspeed Capital advances available in our flagship products.
• And of course, welcoming a roster of new businesses to Lightspeed, like Eastern National, with locations that power America’s national parks, and two restaurants from the Joel Robuchon group (which maintains many Michelin star restaurants). Lightspeed also signed a four-year contract renewal for Lightspeed B2B with renowned retailer Saks Fifth Avenue.

Now, it’s time to build on this strong foundation. Fiscal 2024 is our year of execution. Here’s where our focus lies:

Capitalize on the power of our flagship products

We’re kicking off Fiscal 2024 with 70% of new customers using and the majority of our go-to-market team selling our two flagship products. We hope this focusing of resources – re-oriented from building and selling nine products to two – will give rise to higher ARPU and increased platform adoption among high GTV merchants.

Deliver innovative solutions to our customers

This focusing of resources also means we’re able to concentrate on more rapid innovation. By that, I mean continuing to build products that solve our customers’ problems and help grow their businesses  — particularly with Lightspeed’s Supplier Network.

Drive significant growth in our financial services revenue

Earlier this month, we launched Unified Payments and POS. Moving forward, all customers will be asked to sign up for one cohesive and comprehensive product offering, where Lightspeed Payments is embedded directly into their POS. For new customers globally this change is immediate! For existing customers this change will roll out gradually this year. This is one of the biggest moves we’re making in Fiscal 2024, and one we know delivers value to our customers. Today, merchants like Silo & Crate, which currently uses both platforms, have shared that it saves them time and money, eliminates the need to reconcile separate systems, improves accuracy, reduces manual tasks and gives them far better data insights into their business. 

But we aren’t stopping there. We’re expanding Lightspeed Capital to provide more financial services solutions to our customers. Because in a world where traditional financial institutions are pulling back and interest rates rising, this is a pain point Lightspeed is well-positioned to solve.

While we embark on Fiscal 2024, we do so with the same mission as Day One.

There’s a reason why the world’s best restaurants and retailers run their business on Lightspeed. We help ambitious entrepreneurs do what they do best: create exceptional customer experiences. 

And when I look to the future, we’ll keep doing what we do best: building the tools they need to grow their business. It’s about insights. Saving time. Using data. Providing exceptional experiences through one unified Payments and POS platform.  

I’m proud of our customers, and proud to play a part in their success story.

Read the full press release here.

1. Key performance indicator.Gross Payment Volume. “Gross Payment Volume” or “GPV” means the total dollar value of transactions processed, excluding amounts processed through the NuORDER solution, in the period through our payments solutions in respect of which we act as the principal in the arrangement with the customer, net of refunds, inclusive of shipping and handling, duty and value-added taxes. We use this measure as we believe that growth in our GPV demonstrates the extent to which we have scaled our payments solutions. We have excluded amounts processed through the NuORDER solution from our GPV because they represent business-to-business volume rather than business-to-consumer volume, and we do not currently have a robust payments solution for business-to-business volume.  Excluding Customer Locations and GTV attributable to the Ecwid eCommerce standalone product, Lightspeed Golf and NuORDER by Lightspeed product. A Customer Location’s GTV per year is calculated by annualizing the GTV for the months in which the Customer Location is actively processing in the last twelve months.

2.Excluding Customer Locations and GTV attributable to the Ecwid eCommerce standalone product, Lightspeed Golf and NuORDER by Lightspeed product. A Customer Location’s GTV per year is calculated by annualizing the GTV for the months in which the Customer Location is actively processing in the last twelve months.

3.Key performance indicator. Gross Transaction Volume. “Gross Transaction Volume” or “GTV” means the total dollar value of transactions processed through our cloud-based software-as-a-service platform, excluding amounts processed through the NuORDER solution, in the period, net of refunds, inclusive of shipping and handling, duty and value-added taxes. We use this measure as we believe GTV is an indicator of the success of our customers and the strength of our platform. GTV does not represent revenue earned by us. We have excluded amounts processed through the NuORDER solution from our GTV because they represent business-to-business volume rather than business-to-consumer volume and we do not currently have a robust payments solution for business-to-business volume.

To our customers,

I’m proud to share the next big announcement in our suite of product innovations. We are unifying Lightspeed Payments with our flagship POS products: Lightspeed Retail and Lightspeed Restaurant. We’ll reach out directly with more information when released to your region, but first let me walk you through the details.

Lightspeed has always been a disruptor in the industry. It’s in our mission statement: ignite businesses everywhere. From launching iPad checkout to investing in omnichannel to building our B2B supply chain integration, we pride ourselves on making products that solve your problems; evolving our platforms to simplify your tasks and scale with your growing business.

Today, we’ve reached another pivotal moment for big change. Since 2020, the world of payments and commerce have been colliding at an accelerated rate. Where we previously lived in a world of best-in-breed relying on integrations, we now see more and more one stop shops and end-to-end solutions with embedded financial services. 

To keep our platforms running smoothly while keeping pace with these changes, we’ve been splitting our resources to provide you with the best of both worlds. On one hand, we’ve been maintaining Lightspeed POS’s connection with other third-party payments providers. On the other, we’ve been developing Lightspeed Payments: our own, exceptional, global payments platform–now available across 3 continents. 

But offering both comes with costs and complexities. It’s holding us back from delivering a steady stream of product improvements–the ones that fundamentally transform the way you run your business. So we’re choosing to focus solely on Lightspeed Payments, because we believe the long term benefits we can bring to your business by embedding our payments service outweighs the short term inconvenience of switching providers. That’s why we are inviting you to be at the forefront of this new offer by adopting our unified Lightspeed Payments & POS platform. 

Here’s what it will mean for your business:

• Seamless and hassle-free migration. We know we’re the ones asking you to change payment processors. That’s why we’re here to make it as smooth as possible (and not impact your business’ bottom line) by:
  
  • Offering highly competitive processing rates. We beat the competitor’s rates 70% of the time*
  • Providing free payment terminals for each of your registers
  • Providing contract buyouts to help cover early termination fees from your existing processor
  • Providing free on-site installation to minimize disruption to your business
    
• Faster release of product launches that will help you scale. Instead of dividing our efforts, we’re investing them all into features, analytics and insights that will help you grow your business, save you time and give you peace of mind. Get ready for Tap to Pay on Apple, next day & instant payouts**, Pay at Table, easier daily reconciliation, and reliability you can count on with Offline Payments, to name a few coming soon.
• Streamlined bookkeeping and support. No more multiple bills and multiple numbers to call for help. With one dedicated account manager, you’ll benefit from streamlined operations and white glove support so your POS, hardware and payments needs are covered under one roof.
• Hassle-free reporting saves you time and reduces manual errors. Now, you’ll have one integrated reporting sheet in your hands, saving you hours of reconciliation per week. It’ll also reduce the risk of errors, giving you more precise reporting and your staff less manual tasks to complete (say goodbye to retyping the amount into your payments terminal).
• Ultimately, unified Payments & POS means more time for you to concentrate on your customers, which improves their experience too. 

We believe in the power that one platform for payments and POS provides. We know it brings value to entrepreneurs–both short and long term. We’ve seen how it can keep scaling your business. And we’re excited to bring you a better commerce experience, with Lightspeed Payments and POS working as one.

To learn more, we’ll be hosting webinars to walk through this new offer in more detail when we release this new offer in your region– look out for an invitation then. If you have any immediate payments-related questions, we’ve set up a direct hotline to address them at +1-844-799-5773. You will soon receive an invite to attend our webinar, where we will walk you through a market overview and this new offer in more detail.

Thank you,
JD St-Martin
President

*Comparison in each case based solely on processing rates of the prior provider of the potential customer from January 2021 to February 2023 in the United States and Canada. Comparisons were performed internally and are limited to certain products offered by Lightspeed and its affiliates and where comparison data is available. Rates can vary depending on the individual circumstances of a customer, geography and a variety of other factors, and past rates may not be indicative of future rates offered.

**Payout timing depends on business type (Retail or Restaurant)

Lightspeed Commerce is proud to be included in The Globe and Mail’s 2023 Report on Business magazine’s Women Lead Here rankings, which identifies leading Canadian businesses with the highest executive gender diversity. 

“When I joined Lightspeed 8 years ago, I was one of the few women in the company at the time,” says Asha Bakshani, CFO. “We’ve grown so much since then and have made significant progress on gender diversity as well. I’m proud to say that our policies today are designed to actively encourage and retain women and have helped to transform our culture to be more inclusive and accommodating to women.  Today, identifying-women make up 40% of our employee population and 43% of our C-suite. Although we still have lots of work to do in this area, we are definitely making meaningful progress.”

Bakshani emphasizes the importance of setting goals for gender diversity: “As a company, we firmly believe that setting clear objectives and tracking our progress against those objectives is critical to driving change. This belief holds especially true when it comes to promoting gender diversity, and we remain committed to prioritizing this issue within the company and to establishing ambitious targets annually.”

Lightspeed’s goal remains to be the tech company that drives the industry forward.

Here are some of our gender-based equity initiatives:

• We promote and champion women at all levels across the Company, including on our Board.
• Lightspeed offers a Parental Leave – Paid Benefit Top-Up program designed to complement regional  government benefits
  
• To challenge systemic inequities, our teams regularly audit pay practices, promotion decisions and succession planning. This gives us the data we need to make adjustments.

For the complete rankings, please visit tgam.ca/WomenLeadHere

And click here for Deborah Aarts’s report on gender diversity at the executive level in Canada.

For more information, please visit: lightspeedhq.com

On social media: LinkedIn, Facebook, Instagram, YouTube, and Twitter

Lightspeed Commerce Inc., the one-stop commerce platform for merchants around the world to simplify, scale and provide exceptional customer experiences, today announced that Brandon Nussey, Chief Operating Officer, will be stepping down from his position. Brandon Nussey will stay at Lightspeed until May to ensure a smooth transition, after which his responsibilities will be distributed among other executives.

“On behalf of Lightspeed, I would like to thank Brandon for his outstanding leadership, selfless partnership and financial and operational stewardship. Brandon helped lay the solid foundation that supports the Company’s continued innovation, global presence and profitable growth,” said JP Chauvet, Lightspeed’s Chief Executive Officer. “Brandon brought invaluable strategic insight and expertise to our business during his tenure with Lightspeed, including steering Lightspeed through its Toronto Stock Exchange and New York Stock Exchange IPOs and scaling its financial services offerings across the globe. We wish him much success in his future endeavors, and are grateful for his partnership in ensuring a smooth and orderly transition.”

“I am proud of our achievements since I joined Lightspeed five years ago,” said Nussey. “It has been an honor to work with JP, Asha, Dax and the Lightspeed leadership team and so many exceptionally talented individuals as we grew Lightspeed into the leader it is today. I leave knowing that Lightspeed is in good hands and well positioned for the future.”

Read the full press release here.

This morning Lightspeed reported its Q3 financial results for our fiscal 2023. Despite the weaker consumer spending trends our customers are experiencing, I am pleased with Lightspeed’s results. Revenue grew 24% year-over-year to $188.7M, coming in at the higher end of our outlook.  Our Gross Payments Volume grew 75% year-over-year to $3.9 billion and Adjusted EBITDA loss was significantly ahead of previously-established outlook. We remain committed to Adjusted EBITDA breakeven or better in fiscal 2024.

For more details on our quarterly results, read the press release here.

In the quarter, Lightspeed continued to hone in on its target customer profile. Back in November at our Capital Markets Day event, I outlined Lightspeed’s shift to focus on Small and Medium Businesses (SMBs) with an annual Gross Transaction Volume (GTV) of more than $500,000. Given that these SMBs are running much more complex operations, they are ideally suited to use all the offerings in our best-in-class solutions: Lightspeed Retail and Lightspeed Restaurant, our flagship commerce platforms now in market globally. The numbers show that this pivot is working. Our deliberate focus on this group is clearly reflected in our Q3 results: customer locations with an annual GTV in excess of $500,000 grew by 15%, and those over $1 million grew by 19% year-over-year. This is encouraging progress, and a crucial step in the right direction for Lightspeed.

Focus on profitability

Given the current macroeconomic uncertainty, we are also running the business with a greater focus on profitable growth. We are focused on attracting the right customers while ensuring that operating expenses are optimized to best serve this market.We now have a more agile, cost effective and accountable organizational structure than ever before. And with costs coming out and accountability increasing, I believe we are more prepared to address the long term opportunity ahead of us. 

Putting the customer first

Part of this shift also means we’re better positioned to be there for complex SMBs when they need us the most. There has never been a more challenging time for our customers – I hear their concern every day. For many it’s a question of how to survive staff shortages, supply chain delays and rising inflation. The answer to most of their problems is simple: technology. Lightspeed’s Cloud-based platforms can help SMBs better manage their inventory, operate with fewer employees, eliminate mundane tasks, deliver data-driven insights and give managers and owners more time to dedicate to their customers.

We have spent the last two years building the most compelling offering for exactly this moment–to help complex SMBs do more with less. In my view, we have never had a stronger product/market fit, and I have an exceptional team of Lightspeeders to thank for that. As I look ahead, I am excited for what’s next. We have a clear, strategic path in front of us. We have ambitious but achievable goals. And we have the powerful tools that enable customers to scale their business quickly–even in this moment of macroeconomic uncertainty. 

Read the full press release here.

I’m writing to you on what is the most challenging day we’ve ever had at Lightspeed. We are removing close to 300 roles, and parting ways with talented Lightspeeders across all regions and departments. 

To our departing team members: We’ll be sending through a calendar invite for a 1:1 conversation shortly, and will keep Slack, Zoom, Gmail and Google Calendar enabled for the rest of the day so that you can say goodbye to your teammates. We are so thankful for everything you have contributed to Lightspeed and have done everything possible to provide a soft landing (details outlined below). 

This is difficult news to those departing, and leaves those of us saying goodbye to good friends and colleagues feeling heartbroken. It is the people that make Lightspeed such a special place, and I know that today, we are putting our culture to the test.  

I always try to be as transparent as possible with you all, and that’s why I want to share why we made this decision, how we plan to support those who are leaving and where we go from here.

Why we made this decision

After years of rapid growth–both organic and through acquisitions–we know our organizational structure has become too complex, with overlapping roles and a top-heavy framework. This bogs us down, creates inefficiencies, distracts us from our mission and distances us from what matters most–our customers. I know, because you’ve told us: in one-on-ones, employee Q&As and engagement surveys. I feel it too. 

We worked hard during this acquisition period to find a role for everyone who joined Lightspeed and still be the same agile operation we were before. For some time now, this really did feel possible. We have done outstanding work to complete our One Lightspeed goals of integrating each brand and rolling out our flagship products to market–three years of hard, foundational work that is setting us up for long-term success. 

At the same time, the current economy has been a catalyst for us to streamline our business. As you know, an important objective of ours is to be profitable next year. With rising inflation and decreasing consumer spending affecting our customers, it’s imperative that we manage our own operating expenses efficiently during this time. 

Now, we have to get back to a more streamlined model with fewer people involved in making decisions. This does not mean these layoffs only impact Lightspeeders from acquired companies–it means reducing unnecessary layers of management and complexities agnostic of how or when someone joined us. To illustrate, half of the savings we anticipate from these actions come from management roles and we’ve reduced headcount at the VP-and-up level by more than 25%– the highest percentage of impacted roles per employee level.

How we plan to support those who are leaving

If you’re one of the people impacted today, please know that each of you has made an incredible impact to our success because of your talent and your passion. We know that nothing fully protects against the shock of losing your job, but we’re doing all that we can to provide a package of benefits that will take some of the worry off your shoulders so you can focus on what’s next. You’ll learn more details in your 1:1 today, but here is an outline:

• Severance pay. We’re offering a minimum of 12 weeks of severance (based on your salary and bonus, if applicable). This includes any statutory or contractual notice you’d be entitled to. 
• Healthcare. We’ll provide coverage consistent with your severance period and regional policy.  In some cases there may be a cash allowance to cover these costs (again, region dependent).
• Equity/RSU vesting. We’ll accelerate vesting through March 31, 2023 and pro-rate the first vesting cliff for employees who have not yet reached it so you’re compensated for your months of service at Lightspeed.
• IT equipment. We’re encouraging you to keep your company laptop, phone, monitor, etc. to help with landing your next opportunity.  
• Mental Health services. We’ll be extending access to our Employee Assistance Programs (Modern Health (EMEA/APAC), Dialogue (Canada), Cigna (USA) until February 27, 2023. 
• Career transition support. We’ll be offering customized outplacement services globally, and building a public Alumni Talent Directory. Click here to opt in to the link we’ll share online with our network of recruiters and companies to help find your next opportunity.
• Alumni Job Board. We’ve created a job board with all open roles at Lightspeed and encourage you to apply to those that fit your profile. The link will be provided in your Separation Package–please use it rather than lightspeedhq.com/careers so we can prioritize your application.

Where we go from here

I know this announcement may feel like it is in direct conflict with some of the statements you have heard from me around us growing, not shrinking. Despite eliminating certain roles, we haven’t strayed from our ambitions. We still need people in specific roles to propel that growth. While we’ve closed many “non-essential” open roles, we’re still hiring many positions so we can keep pace with our objectives. 

Within this leaner model, we aren’t going to simply tell you to do more with less. In our Town Hall tomorrow, I will map out how these organizational changes will make you more empowered, allow you to work more efficiently and focus on fewer, higher impact projects.

We’ve always had a passion for helping our customers, and doing what is right for them is at the heart of these changes. They need the best solutions to help them manage through their staffing shortages, to give them insights into their business and to simply work smarter. As tough  a decision this is, I know that moving to a leaner organization is the right move–for supporting our customers, for empowering our employees and for setting us up for future success. With this newly strengthened foundation,  we’re ready to meet our next phase of growth head on.  

But more on that tomorrow. For today, digest what has happened, take care of yourself and support each other. Once our departing Lightspeeders have had time to opt into our Alumni Talent Directory, we’ll be sharing the link with recruiters and on LinkedIn at the end of the week. I’d encourage you to share among your network to help them find their next opportunity–I will be doing the same.

Lightspeed’s journey has not always been smooth, but I am so proud of the passion and resilience you show no matter the challenge. I am thankful to all Lightspeeders for your contributions in making this the company it is today.

Read the full press release here.