MONTREAL, Feburary 5, 2026 — Leads & Copy — Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD) reported financial results for the three and nine months ended December 31, 2025, with revenue exceeding outlook and gross profit margins improving. The company also announced positive cash flow from operating activities.
Total revenue reached $312.3 million, surpassing expectations, while gross profit margins improved to 43%, with gross profit increasing 15% year-over-year. The company reported positive cash flow from operating activities of $28.9 million, and Adjusted Free Cash Flow of $14.9 million.
Lightspeed’s growth engines of retail in North America and hospitality in Europe saw revenue grow 21% year-over-year and GTV grow 16% year-over-year. Approximately 2,600 net Customer Locations were added in the quarter across these regions.
According to Founder and CEO Dax Dasilva, Lightspeed’s transformation continues to deliver results, with Customer Locations and GTV growing at an accelerated pace. He noted that the consistent delivery of new, highly innovative features such as Lightspeed AI, Marketplace within NuORDER by Lightspeed and Lightspeed Tempo, along with disciplined go-to-market execution, is driving momentum across the company’s growth engines.
CFO Asha Bakshani stated that the quarter demonstrates disciplined execution against the framework laid out at Capital Markets Day. She said the company delivered strong results, continued to improve its already healthy balance sheet, and expanded Adjusted EBITDA while investing behind its growth engines. She added that this is how Lightspeed intends to execute its transformation, with focus, predictability, and profitability.
The company reported a net loss of ($33.6) million, or ($0.24) per share, as compared to a net loss of ($26.6) million, or ($0.17) per share, for the prior year. After adjusting for certain items, the Company delivered Adjusted Income of $20.2 million, or $0.15 per share, as compared to Adjusted Income of $18.5 million, or $0.12 per share for the prior year.
Adjusted EBITDA was $20.2 million, up from $16.6 million for the prior year. Cash flows from operating activities were $28.9 million as compared to $2.7 million for the prior year, and Adjusted Free Cash Flow was $14.9 million as compared to Adjusted Free Cash Flow used of ($0.5) million for the prior year.
As at December 31, 2025, Lightspeed had $479.0 million in cash and cash equivalents.
Key product releases during the quarter included Lightspeed AI, an AI-powered intelligence layer within Lightspeed Retail and Lightspeed Restaurant, and a new Marketplace experience within Retail. Tap to Pay on Android on Lightspeed Scanner is now available for merchants who use Android. Smart terminals now offer customer facing display options for retailers. Within Hospitality, Lightspeed Tempo was released to flagship Lightspeed Restaurant merchants and Lightspeed Tasks helps restaurateurs create workflows. Lightspeed Reservations are available for independent restaurants. Mobile Tap expanded into three additional regions — France, Germany, and Switzerland.
Lightspeed’s growth engines of retail in North America and hospitality in Europe continued their performance with software revenue increasing 13% year-over-year, total revenue growing 21% year-over-year, and GTV up 16% year-over-year. Customer Locations within these growth engines increased by approximately 2,600 from the previous quarter, and were up 9% year-over-year to approximately 94,000. Lightspeed ended the quarter with total Customer Locations of approximately 148,000, up year-over-year.
Total ARPU increased 11% to ~$660 from ~$597 in the same quarter last year driven by expanding adoption of payments offering, innovative new software modules and signing more high-GTV customers. Subscription ARPU increased 4%.
Total GTV was $25.3 billion, up 8% year-over-year. GPV increased 19% to $10.5 billion from $8.8 billion in the same period last year. GPV as a percentage of GTV was 42%.
Gross profit of $133.6 million increased 15% year-over-year. Overall gross margin was 43%, compared to 41% in the same quarter last year. Subscription gross margin grew to 82% in the quarter from 79% in the same quarter last year. Transaction-based gross margin rose to 31% from 28% last year.
Notable customer wins in North America include Alberta based Irvine Tack & Western Wear and Value Zone in New Jersey. New brands across NuORDER by Lightspeed, included Balmain, Diane Von Furstenberg, and C-Life Group, the Dickies women’s licensee.
Among hospitality customers in Europe, the company welcomed Hôtel Belles Rives, Quai des Artistes, the Colicci in the UK, and Burger Vision in Germany.
The Company appointed Gabriel Benavides as Chief Revenue Officer.
Due to outperformance in the nine months ended December 31, 2025, Lightspeed is raising its full year revenue, gross profit and Adjusted EBITDA outlook. The Company’s outlook for Fiscal 2026 remains consistent with the Company’s three-year target gross profit CAGR of approximately 15-18% and three-year target Adjusted EBITDA CAGR of approximately 35% presented at our Capital Markets Day in March 2025. Lightspeed expects to generate positive Free Cash Flow in Fiscal 2026.
Lightspeed expects fourth quarter 2026 revenue of approximately $280 million to $284 million, gross profit of approximately $125 million to $127 million, and Adjusted EBITDA of approximately $15 million. For fiscal year 2026, the company anticipates revenue of approximately $1,216 million to $1,220 million, gross profit of approximately $523 to $525 million, and Adjusted EBITDA of approximately $72 million.
Lightspeed will host a conference call and webcast to discuss the Company’s financial results at 8:00 am ET on Thursday, February 5, 2026. An audio replay of the call will also be available to investors beginning at approximately 11:00 a.m. Eastern Time on February 5, 2026 until 11:59 p.m. Eastern Time on February 12, 2026, by dialing 800.770.2030 for the U.S. or Canada, or 647.362.9199 for international callers and providing conference ID 74316. An archived webcast will be available on the Investors section of the Company’s website.
Lightspeed’s unaudited condensed interim consolidated financial statements and management’s discussion and analysis for the three and nine months ended December 31, 2025 are available on Lightspeed’s website and will be filed on SEDAR+ and on EDGAR.
Lightspeed is the POS and payments platform powering businesses at the heart of communities in over 100 countries.
Founded in Montréal, Canada in 2005, Lightspeed is dual-listed on the New York Stock Exchange and Toronto Stock Exchange (NYSE: LSPD) (TSX: LSPD), with teams across North America, Europe, and Asia Pacific.
Source: Lightspeed Commerce Inc.
