Lightspeed Q3 revenue jumps 61%, partners with Stripe
E-commerce technology company Lightspeed Pos Inc. announced on Thursday a new partnership with global payments platform Stripe.
The partnership will bring Lightspeed Payments to hospitality merchants in the United States and retailers in Canada, which will eliminate the need for a separate payments provider.
The partnership will also enable Lightspeed Payments to offer a faster checkout experience, improved reporting, and new hardware that is well-suited for ambitious omnichannel merchants.
"Merchants are taking advantage of cloud technology to increasingly streamline operations and generate a tangible return on investment," explained Dax Dasilva, founder and CEO of Lightspeed, in a news statement.
"Lightspeed Payments provides customers the simplicity they desire to optimize their time and grow their business.”
On Thursday, Lightspeed also announced the financial results for its third quarter of 2020, ended December 31, 2019.
Total revenue climbed 61 percent reaching 32.3 million, ahead of the company’s guidance range of $31.5 to 32 million. Meanwhile, recurring software and payments revenue reached $28.4 million, an increase of 58 percent.
The company also reported net losses of $15.8 million, as compared to a net loss of $71.1 million, and as of December 31 holds $126.7 million in cash and cash equivalents.
Highlights from the quarter included Lightspeed’s acquisition of Gastrofix, a German point-of-sale company. It also grew its customer base to over 74,000 customer locations worldwide, an increase from 47,000 a year ago.
Lightspeed, which went public on the Toronto Stock Exchange last year, said it now has a merchant base that collectively processes approximately $20 billion in Gross Transaction Value, up 45 percent from $13.6 billion a year ago.
Looking ahead, Lightspeed expects revenues for the fourth quarter to be in the range of $35 to $35.7 million, representing year-over-year growth of 64 to 68 percent.
That would bring its full year revenue to approximately $120 million, which represents growth of about 55 percent.
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