LSPD

MKT CAP:$1B

Lightspeed Commerce Inc.

Market Cap

$1B

Technology·Software - Application·🇨🇦 Canada·NYSE

Technology·Software App·🇨🇦·NYSE

Stock Price

$9.93-$1.81 (-15.42%)

Apr 22, 2026

Company Details

Lightspeed Commerce Inc. provides commerce enabling Software as a Service (SaaS) platform for small and midsize businesses, retailers, restaurants, and golf course operators in Canada, the United States, Australia, the Netherlands, and inte...

CEO

Dax Dasilva

IPO Date

Sep 11, 2020

Website

www.lightspeedhq.com

Key Metrics TTM

Revenue

$1.1B

+16.9% YoY

Net Income

-$665M

EPS (Diluted)

-$4.37

Free Cash Flow

-$14M

Revenue / Share

$8.20

Gross Margin

42.2%

Operating Margin

-61.0%

Net Margin

-58.9%

FCF Margin

-1.2%

P/S

1.1x

P/E

—

Earnings Reports

Q2 2026

Nov 6, 2025

$319M+15.1%EPS -$0.24

FY 2025

May 22, 2025

$1.1B+18.4%EPS -$4.34

Q4 2025

May 22, 2025

$253M+10.1%EPS -$3.77

Q3 2025

Feb 6, 2025

$280M+16.9%EPS -$0.17

Q2 2025

Nov 7, 2024

$277M+20.4%EPS -$0.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$133M	$65M	-$75M
Q3 22	$153M	$79M	-$79M
Q4 22	$147M	$70M	-$114M
Q1 23	$174M	$78M	-$105M
Q2 23	$184M	$81M	-$87M
Q3 23	$189M	$86M	-$824M
Q4 23	$184M	$87M	-$83M
Q1 24	$209M	$88M	-$58M
Q2 24	$230M	$96M	-$52M
Q3 24	$240M	$101M	-$52M
Q4 24	$230M	$100M	-$41M
Q1 25	$266M	$108M	-$44M
Q2 25	$277M	$114M	-$38M
Q3 25	$280M	$116M	-$34M
Q4 25	$253M	$112M	-$580M
Q2 26	$319M	$135M	-$37M

Valuation

Quarter	P/S	P/E
Q2 22	42.2x	—
Q3 22	12.6x	—
Q4 22	7.9x	—
Q1 23	6.0x	—
Q2 23	4.2x	—
Q3 23	3.3x	—
Q4 23	3.1x	—
Q1 24	3.4x	—
Q2 24	2.6x	—
Q3 24	3.4x	—
Q4 24	2.4x	—
Q1 25	2.2x	—
Q2 25	2.5x	—
Q3 25	2.2x	—
Q4 25	1.3x	—
Q2 26	1.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	-$13M	-$15M
Q3 22	-$48M	-$53M
Q4 22	-$11M	-$13M
Q1 23	-$33M	-$37M
Q2 23	-$24M	-$27M
Q3 23	-$26M	-$29M
Q4 23	-$42M	-$45M
Q1 24	-$26M	-$29M
Q2 24	-$25M	-$29M
Q3 24	-$18M	-$23M
Q4 24	-$29M	-$35M
Q1 25	-$14M	-$18M
Q2 25	-$11M	-$17M
Q3 25	$3M	-$3M
Q4 25	-$10M	-$17M
Q2 26	$26M	$24M

Capital Expenditures

Quarter	CapEx
Q2 22	$2M
Q3 22	$5M
Q4 22	$2M
Q1 23	$4M
Q2 23	$3M
Q3 23	$3M
Q4 23	$4M
Q1 24	$3M
Q2 24	$4M
Q3 24	$5M
Q4 24	$6M
Q1 25	$4M
Q2 25	$6M
Q3 25	$6M
Q4 25	$7M
Q2 26	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+192.8%	+214.5%
Q3 22	+165.0%	+126.2%
Q4 22	+77.9%	+107.5%
Q1 23	+50.0%	+66.9%
Q2 23	+37.9%	+30.1%
Q3 23	+23.6%	+338.2%
Q4 23	+25.7%	+2.6%
Q1 24	+20.2%	-4.1%
Q2 24	+25.4%	+4.3%
Q3 24	+27.0%	-71.3%
Q4 24	+25.0%	+1.7%
Q1 25	+27.3%	+16.0%
Q2 25	+20.4%	+11.6%
Q3 25	+16.9%	+7.9%
Q4 25	+10.1%	+207.0%
Q2 26	+19.9%	+14.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$33M	24.8%
Q3 22	$47M	30.8%
Q4 22	$61M	41.5%
Q1 23	$54M	31.1%
Q2 23	$46M	25.2%
Q3 23	$39M	20.7%
Q4 23	$30M	16.3%
Q1 24	$20M	9.7%
Q2 24	$24M	10.3%
Q3 24	$21M	8.9%
Q4 24	$12M	5.4%
Q1 25	$11M	4.3%
Q2 25	$18M	6.6%
Q3 25	$13M	4.8%
Q4 25	$13M	5.0%
Q2 26	$17M	5.3%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 22	$30M	$23M	$52M
Q3 22	$32M	$22M	$55M
Q4 22	$37M	$28M	$67M
Q1 23	$36M	$30M	$69M
Q2 23	$37M	$25M	$64M
Q3 23	$37M	$28M	$61M
Q4 23	$31M	$22M	$57M
Q1 24	$34M	$25M	$55M
Q2 24	$33M	$26M	$60M
Q3 24	$35M	$30M	$61M
Q4 24	$28M	$23M	$58M
Q1 25	$27M	$32M	$57M
Q2 25	$31M	$31M	$66M
Q3 25	$32M	$29M	$54M
Q4 25	$30M	$23M	$58M
Q2 26	$33M	$28M	$70M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 22	192.8%	-35.7%	157.1
Q3 22	165.0%	-31.1%	133.9
Q4 22	77.9%	-56.1%	21.8
Q1 23	50.0%	-42.0%	8.0
Q2 23	37.9%	-28.6%	9.3
Q3 23	23.6%	-417.1%	-393.5
Q4 23	25.7%	-24.1%	1.6
Q1 24	20.2%	-9.2%	11.0
Q2 24	25.4%	-6.0%	19.4
Q3 24	27.0%	-5.5%	21.6
Q4 24	25.0%	-1.5%	23.5
Q1 25	27.3%	-2.7%	24.5
Q2 25	20.4%	-0.8%	19.6
Q3 25	16.9%	-0.0%	16.8
Q4 25	10.1%	-216.1%	-206.0
Q2 26	19.9%	1.5%	21.4

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$954M	$0	$954M
Q1 23	$918M	$0	$918M
Q2 23	$863M	$0	$863M
Q3 23	$838M	$0	$838M
Q4 23	$800M	$0	$800M
Q1 24	$780M	$0	$780M
Q2 24	$759M	$0	$759M
Q3 24	$747M	$0	$747M
Q4 24	$722M	$0	$722M
Q1 25	$674M	$0	$674M
Q2 25	$659M	$0	$659M
Q3 25	$662M	$0	$662M
Q4 25	$558M	$0	$558M
Q1 26	$448M	$0	$448M
Q2 26	$464M	$0	$464M
Q3 26	$479M	$0	$479M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	139M	+6.0%	+46.1%
Q3 22	148M	+6.8%	+35.2%
Q4 22	148M	+0.2%	+19.9%
Q1 23	149M	+0.3%	+13.8%
Q2 23	150M	+0.5%	+7.8%
Q3 23	151M	+1.0%	+2.0%
Q4 23	152M	+0.4%	+2.2%
Q1 24	153M	+0.5%	+2.4%
Q2 24	153M	+0.6%	+2.5%
Q3 24	154M	+0.5%	+2.0%
Q4 24	155M	+0.4%	+2.0%
Q1 25	155M	-0.1%	+1.5%
Q2 25	154M	-0.8%	+0.0%
Q3 25	154M	+0.5%	+0.1%
Q4 25	152M	-1.4%	-1.8%
Q2 26	138M	-9.5%	-11.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$67M	2
Q3 22	$76M	2
Q4 22	$73M	2
Q1 23	$87M	2
Q2 23	$92M	2
Q3 23	$94M	2
Q4 23	$92M	2
Q1 24	$105M	2
Q2 24	$115M	2
Q3 24	$120M	2
Q4 24	$115M	2
Q1 25	$133M	2
Q2 25	$139M	2
Q3 25	$140M	2
Q4 25	$127M	2
Q2 26	$159M	2

Revenue / Employee