The point-of-sale technology company posted revenues of $24.1 million in its quarter ended June 30, a 38 per cent increase over the same period in 2018. That was greater than its own prediction of up to $23.5 million. Lightspeed’s losses also rose to $9.1 million, compared to $8.1 million in 2018. The Montreal-based firm increased its revenue forecast for its 2020 fiscal year to between $112 million and $115 million, up $5 million from the end of the last quarter. The stock was up 8.9 per cent in late afternoon trading. (The Logic)
Talking point: Lightspeed’s growth is the result of an expanding client base who are themselves selling more: its products are used in 51,000 customer locations, a 20 per cent jump from the same quarter in 2018, and the transactions they processed were worth $4.6 billion, up 30 per cent compared to the previous year. The tech firm, which primarily serves independent retailers and restaurants, is also picking up bigger clients, like backpack brand Herschel Supply Co.’s chain of stores and KemperSports, a golf course-operator with more than 100 properties.