Revenue soared to a record high for Lightspeed POS Inc. in the second quarter, and the company’s top boss said he has the lifting of business restrictions to thank.

“The economies are roaring back, particularly in hospitality,” said Dax Dasilva, chief executive officer of Lightspeed, in an interview. “The strength of the economy’s reopening has been a great benefit to our customers.”

The Montreal-based e-commerce company reported revenue of US$115 million in the quarter ending June 30, an increase of 220 per cent from the same period one-year ago, when sales for many of its clients were hampered by COVID-19 related restrictions on retail and restaurants.

Despite the resurgence in activity, Lightspeed said Thursday it lost US$49.3 million in the quarter. Dasilva said much of that weakness stemmed from expenses tied to folding in recent acquisitions.

Those recent acquisitions include two American firms: Ecwid, an e-commerce company with 130,000 paying customers, as well as U.S. wholesale software company NuOrder, which works with thousands of retail brands.

Much like rival Shopify Inc., Lightspeed provides point-of-sale and e-commerce solutions that help small and medium-sized businesses build an online presence.

Dasilva said as restrictions around the world ease, the company is adding on new customers, but is also seeing increasing demand for services from existing customers.

“It’s very encouraging to see the resurgence in hospitality, particularly in Europe,” said Dasilva.

“The dining rooms reopening has been a major boon for them to really transact with customers in a more meaningful and scaled-up way.”

Lightspeed raised its revenue forecast for the fiscal year Thursday, but it also boosted its loss expectation, again tied to acquisition expenses. 

That said, Dasilva didn’t rule out the possibility that it could still be shopping for new businesses as it continues to seek new growth opportunities. 

“Tech valuations are high and frothy,” said Dasilva. “But how we get companies excited to join Lightspeed is just the trajectory, and the potential for value creation.”