What happened
Lightspeed Commerce (LSPD 0.22%), an ambitious company operating in the recently volatile fintech sector, reported its first quarter of fiscal 2023 results. Judging by the investor reaction to them, however, perhaps it wishes it hadn't. The company's share price subsequently plummeted to close 12% lower on the day.
So what
Despite that, Lightspeed actually showed some rather encouraging double-digit growth. Revenue grew 50% year over year during the period to land at just under $174 million. Of that, subscription revenue rose by 47% to hit almost $74 million. Transaction-based revenue, comprising most of the remainder, notched a 62% improvement.
That total was good enough to beat the average analyst estimate, which was slightly over $168 million.
As for the bottom line, Lightspeed booked a non-GAAP (adjusted) net loss of $17.6 million, or $0.12 per share. This was in line with prognosticator expectations.
Lightspeed offers two "flagship" products, Lightspeed Retail and Lightspeed Restaurant. Of these, the company quoted its CEO JP Chauvet as saying that, with the return of customers to restaurants, clients require the omnichannel experiences the company can deliver as a bundle in a single platform.
Now what
For the entirety of fiscal 2023, Lightspeed is guiding for revenue of $740 million to $760 million. The company said this tracks with its subscription and transaction-based revenue-growth target of 35% to 40%.
It's also expecting an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of around $35 million to $40 million for the fiscal year. No net profit forecast was provided.