An ongoing shift in its payments processing strategy helped Lightspeed Commerce Inc. record a 25 per cent increase in its second-quarter revenue.
Chief executive Jean Paul Chauvet said the company's biggest concern was that the new strategy to make Lightspeed's payments offering mandatory would trigger customer churn."On the contrary, our churn levels remain very much in line with our historical ranges." On Thursday, Lightspeed made US$242,000 in adjusted EBITDA. That total compared with an adjusted EBITDA loss of $8.5 million a year prior and will put Lightspeed in an"excellent position" to meet its goal of break-even or better for the fiscal year, Chauvet said.
The results pushed Lightspeed's stock price up by $2.80 or 16 per cent to $20.10 in mid-morning trading.