Lightspeed net loss widens despite 51% surge in Q2 revenue

MONTREAL — Lightspeed POS Inc. says its net loss increased in its second quarter despite a 51 per cent increase in revenue.

The Montreal-based payment software company, which reports in U.S. dollars, says it lost US$10.1 million in the period ended Sept. 30, compared with a loss of US$8.2 million a year earlier.

The loss amounted to 12 cents per share, compared with a loss of 27 cents per share in the 2018 quarter when the company had fewer shares outstanding.

Revenue surged to $28 million from $18.6 million a year ago.

Lightspeed was expected to lose $7.7 million or nine cents per share on $26.9 million of revenue, according to financial markets data firm Refinitiv.

The company increased its global footprint in the quarter with the acquisition of Swiss-company iKentoo and Kounta, a cloud-based hospitality POS platform in Australia and New Zealand.

"Our recent acquisitions not only fortify our leadership in geographic coverage, but we are thrilled that high-performing companies and their talented teams are eager to join forces with us as we tackle our massive market opportunity of building a truly global platform," stated CEO Dax Dasilva.