Lightspeed Commerce's Q1 Earnings Top Estimates On Substantial Gross Payments Volume Growth; Backs FY24 Forecast

Lightspeed Commerce Inc. LSPD reported first-quarter FY24 revenue growth of 20.2% year-over-year to $209.09 million, beating the consensus of $197.30 million.

The company registered an EPS loss of $(0.01), beating the analyst consensus of $(0.05) loss.

"Gross Payments Volume showed substantial growth while customer acquisition costs and churn remained in-line with previous quarters," said Asha Bakshani, CFO of Lightspeed.

Subscription revenue of $78.7 million increased by 7%, while transaction-based revenue jumped 32% to $121 million.

Gross profit rose 13.4% to $87.91 million, with a margin of 42%. 

Adjusted EBITDA loss in the quarter narrowed to $(7.01) million from $(15.60) million loss in the same quarter last year. As of June 30, 2023, Lightspeed had $780.3 million in cash and equivalents.

"Although it is still early days for Unified Payments, many customers who have adopted Lightspeed Payments are thrilled with the results, which is encouraging as we continue to roll out this initiative globally," said JP Chauvet, CEO of Lightspeed. 

Outlook: LSPD reiterated its FY24 revenue forecast of $875 million-$900 million versus the consensus of $890.37 million. 

Lightspeed said it remains on track for Adjusted EBITDA break even or better in fiscal 2024.

For 2Q24, revenue is expected to be $210 million-$215 million, versus the $212.69 million consensus. The company sees Adjusted EBITDA loss of approximately $(4) million.

Price Action: LSPD shares are trading higher by 4.87% at $17.01 on the last check Thursday.