Lightspeed sees $46.7M net loss in Q1 as it launched products in new markets

Lightspeed CEO optimistic on year ahead on new tech and more established customers JP Chauvet, chief executive officer of Lightspeed Commerce, joins BNN Bloomberg to discuss the company's latest results, which are dragging the stock. Chauvet says his team has been cautious amid macro challenges. However, he adds there are many reasons to be optimistic on the company's path to profitability.

Lightspeed Commerce Inc. reported a US$48.7 million net loss in its most recent quarter as it introduced several products to new markets.

The Montreal-based e-commerce software business says its first quarter net loss compared with a net loss of US$100.8 million a year ago.

The company, which keeps its books in U.S. dollars, says the net loss for the period ended June 30 amounted to 32 cents per basic and diluted share compared with 68 cents a year prior.

Analysts on average had expected an adjusted profit of 36 cents per share for the period ended June 30, according to estimates compiled by financial markets data firm Refinitiv.

Revenue totalled almost US$209.1 million, up from US$173.8 million last year.

The company says the quarter included a period where it launched a new analytics tool in Europe and brought its business funding offering called Lightspeed Capital to Australia and Quebec.

- This report by The Canadian Press was first published on Aug. 3, 2023