Lightspeed POS shares hit new high as first quarter revenues surge 38%
The Montreal-based firm makes payment software
MONTREAL—Shares of Lightspeed POS Inc. climbed to a new high Thursday as revenues surged, despite losing more money than expected in the first quarter of its fiscal year.
On the Toronto Stock Exchange, Lightspeed shares hit a new high of $46.18 and closed at $45.89, up $3.99 or 9.5% in Thursday trading.
That’s well above the $16 per share pricing for its initial public offering in March.
The Montreal-based payment software company, which reports in U.S. dollars, says it lost $9.1 million or 11 cents per share for the three months ended June 30, compared with a loss of $8.1 million or 28 cents per share a year earlier.
Revenues increased 38% to $24.1 million from $17.5 million in the first quarter of the prior year.
Lightspeed was expected to lose $7.34 million or nine cents per share on $23.2 million of revenues, according to financial markets data firm Refinitiv.
Chief financial officer Brandon Nussey says he’s pleased with the company’s performance “which demonstrates continued progress across all of the important areas of the business.”
The company expects to end the 2020 fiscal year with revenues growing 45 to 48% to reach between $112 million and $115 million.
Founded in 2005, Lightspeed is a payment technology company for small and medium-sized retailers and restaurants.
The company has grown to more than 700 employees located in eight offices around the world.