Lightspeed Achieves Significant Milestones in Q3 Fiscal Year 2024
On the pathway to enhancing global business operations, Lightspeed Commerce Inc. revealed its financial accomplishments for the third quarter ending December 31, 2023. Demonstrating an impressive stride, the company has shown a staunch commitment towards facilitating seamless POS and payment solutions for ambitious business owners worldwide, empowering them to optimize growth and offer unmatched customer experiences.
Lightspeed’s indicative financial metrics for the three and nine months underscore a promising future as the company aligns with its fiscal objectives for 2024. The expansion of its flagship products has painted a global footprint, promising a broader market reach in the coming months. A key highlight of the period was the Unified Payments initiative, which remarkably enhanced the Gross Payment Volume (GPV) as a percentage of Gross Transaction Volume (GTV) to 29%, marking the second consecutive quarter of positive Adjusted EBITDA for Lightspeed.
“We are tremendously proud of our performance this quarter, where we witnessed a 27% increase in top-line growth alongside a disciplined cost strategy, leading to positive Adjusted EBITDA,” articulated Asha Bakshani, CFO of Lightspeed. With a forward-looking approach to fiscal 2025, Lightspeed is committed to maintaining this momentum.
“The overwhelming adoption of Lightspeed Payments with minimal churn is a testament to the success of our Unified Payments initiative,” commented JP Chauvet, CEO. With an eye on future growth, Lightspeed is well-prepared to build upon its robust financial foundation and industry-leading platforms.
Reflecting on the performance, Lightspeed has fine-tuned its fiscal 2024 revenue outlook, instilling confidence despite uncertainties in the macroeconomic climate and adoption rates of Unified Payments in international markets. The company remains vigilant, especially considering the historical fourth-quarter performance trend.
