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Lightspeed POS Inc. (LSPD) Reports Q3 Loss of $0.06 on Revenues of $57.6M; Offers 4Q Revenue Guidance

February 4, 2021 7:01 AM EST

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Lightspeed POS Inc. (NYSE: LSPD) reported Q3 EPS of ($0.06), versus ($0.07) reported last year. Revenue for the quarter came in at $57.6 million, versus $32.28 million reported last year.

Third Quarter Financial Highlights(All comparisons are relative to the three-month period ended December 31, 2019 unless otherwise stated):

  • Total revenue of $57.6 million, an increase of 79%
  • Recurring software and payments revenue of $52.5 million, an increase of 85%
  • Net Loss of ($42.7) million as compared to a net loss of ($15.8) million
  • Adjusted Net Loss[1] of ($7.1) million as compared to an Adjusted Net Loss of ($5.9) million
  • Adjusted Net Loss per Share (EPS)[1] was ($0.06)
  • Adjusted EBITDA[1] of ($6.6) million, which improved to (11.4)% of sales from (16.3)%
  • At December 31, 2020, Lightspeed had $232.6 million in unrestricted cash and cash equivalents

"Independent merchants worldwide continue to turn to Lightspeed to provide them with the digital tools they need to survive the current environment and advance their omnichannel strategies." said Dax Dasilva, Founder and CEO of Lightspeed. "In addition to maintaining our strong execution we continue to deliver ground breaking innovations with the launch of the Supplier Network, demonstrating how Lightspeed remains deeply committed to democratizing access to the strategic capabilities our customers need to grow their businesses."

"Despite the challenges we continue to face as a result of the pandemic, Lightspeed was able to grow revenues, expand our customer base, deliver highly innovative new offerings and complete two transformational acquisitions," said Chief Financial Officer, Brandon Nussey. "The value of our cloud-based, multi-channel solution is becoming more apparent as a result of the pandemic, as are solutions such as Lightspeed Payments which had another record quarter."

GUIDANCE:

Lightspeed POS Inc. sees Q4 2021 revenue of $68-70 million.

Lightspeed's third quarter results were strong, but we remain cautious in the short-term given an increase in government-mandated lockdowns in several of our key geographies across North America and Europe. Prolonged lockdowns can increase churn, negatively impact GTV, delay purchase decisions and increase service suspension requests. In addition fiscal Q4 is traditionally a seasonally slow quarter for GTV, and the comparative periods have historically been slow GTV quarters for ShopKeep and Upserve as well. Given the increasing proportion of our revenue generated from Lightspeed Payments, we expect seasonal trends in GTV to have a greater influence on overall revenue. Reflecting this seasonality and our view of the risks and uncertainties related to COVID-19, Lightspeed anticipates revenue and adjusted EBITDA to be in the following ranges:

Fourth Quarter 2021

  • Revenues of $68 - $70 million.
  • Adjusted EBITDA loss of approximately $12 - $14 million.

For earnings history and earnings-related data on Lightspeed POS Inc. (LSPD) click here.



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