2023-05-18 07:59:25 ET
Lightspeed Commerce ( NYSE: LSPD ) stock slid 11% in Thursday premarket trading after the payment systems firm issued softer than expected fiscal Q1 guidance, reflecting the ramping up of its unified payments and POS system amid an uncertain economic climate.
The company expects revenue growth to build as the year progresses as customers are added to Lightspeed Payments and as additional volume is processed through the embedded payments solution.
For Q1 2024, the company expects revenue of $195M-$200M , less than the $207.4M consensus estimate. It expects adjusted EBITDA of about -$10M, including costs for launching the unified POS and payments system as well as ~$4M in costs for its annual sales summit.
The company is withdrawing its previously issued target of 35%-40% annual organic subscription and transaction-based revenue growth.
For FY 2024, Lightspeed ( LSPD ) expects revenue of $875M-$900M (vs. $894.5M consensus), with growth stronger in H2 as unified payments rolls out and break-even or better adjusted EBITDA, including the costs for the unified payments product.
Reflected in the new guidance are incremental costs from the program launch in the first part of the year, which are expected to be ~$12M for the full year.
Adjusted EPS for the quarter ended March 31, 2023 was $0.00, better than the consensus of -$0.03, compared with -$0.15 in Q4 2022.
Q4 2023 total revenue of $184.2M, topping the $183.9M consensus, increased from $146.6M in the year-ago quarter.
Subscription revenue of $76.2M rose from $70.5M, and transaction-based revenue of $99.6M climbed from $66.7M.
Adjusted EBITDA was -$4.3M vs. -$19.74M a year ago; adjusted EBITDA as a percentage of revenue was -2.4% vs. -13.5%
Conference call at 8:00 AM ET.
Earlier, Lightspeed Commerce ( LSPD ) non-GAAP EPS of $0.00 beats by $0.03, revenue of $184.2M beats by $0.32
For further details see:
Lightpseed Commerce stock drops after soft guidance for Q1