The head of Lightspeed Commerce Inc. says the payments software provider’s focus on profitability helped it increase year-over-year revenue in the first quarter.
The Montreal-based company posted a net loss of US$35 million for the quarter ended June 30, up from a net loss of $48.7 million a year ago. On an adjusted basis, Lightspeed reported net income of $16.1 million, up from an adjusted loss of $2.2 million a year earlier.
First-quarter revenue came in at $266.1 million, up from $209.1 million last year and ahead of guidance.
“Lightspeed continues to deliver on our profitable growth goals,” Lightspeed founder and CEO Dax Dasilva told BNN Bloomberg in a Thursday interview.
He said the first quarter “was characterized by really strong payments adoption and that profitability focus.”
Dasilva explained that transaction-based revenue, which he said was up 44 per cent year-over-year, was the main driver of growth in the first quarter.
“Our revenue is split between software revenue and payments; payments now represent more than 60 per cent of our (total) revenue,” he said.
“If you rewind to the same quarter last year, we were about 22 per cent penetrated on our customers using our payment platform. Today we’re at 36 per cent and we were at 32 per cent last quarter, so we’re making great strides.”
Dasilva said this increase in payments adoption has allowed Lightspeed to participate in the success of their customers, which include restaurants and retailers.
“It’s been a big focus and a big area of execution for the company and I think this has been a huge success story,” he added.
With files from The Canadian Press