Lightspeed Commerce Inc. says it narrowed its net loss in its first quarter compared with last year as revenues rose.
The payments platform provider says it had a net loss of US$35 million for the quarter ending June 30 compared with a net loss of US$48.7 million for the same quarter last year.
On an adjusted basis, the company reported a net income of US$16.1 million for its first quarter, up from an adjusted loss of US$2.2 million last year.
Lightspeed says revenue totalled US$266.1 million for the quarter, up from US$209.1 million for the same quarter last year.
Founder Dax Dasilva says revenue exceeded the company’s outlook in his first quarter back as CEO of the company.
He says the company has been working to rightsize its cost structure, while looking ahead, the focus is on accelerating growth in its software business as it pursues a goal of profitable growth.
– This report by The Canadian Press was first published Aug. 1, 2024.