Lightspeed

Shares of Lightspeed Commerce fell 8% Thursday after the Montreal fintech disclosed a US$556-million goodwill writedown. The non-cash charge reflects a decline in the company’s market value relative to its net assets as of March 31. CEO Dax Dasilva, who resumed leadership last year, is attempting to revive the stock through cost controls and a renewed focus on profitability.

However, weak U.S. consumer confidence and broader tech valuation declines have hampered progress. Lightspeed posted US$253.4 million in Q4 revenue, up 10% year-over-year, but cut its 2025 revenue forecast in March. Dasilva now aims to return to growth in 2026.

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Lightspeed Commerce has announced a reorganization impacting 200 employees as part of its strategy to prioritize resources for profitable growth. CEO Dax Dasilva emphasized the company’s focus on North American retail and EMEA hospitality, aiming to streamline operations and strengthen competitive positioning.

Cost savings from the layoffs will be reinvested in strategic areas, with restructuring charges expected in Q3 fiscal 2025. The move aligns with Lightspeed’s ongoing review of strategic alternatives, though no assurances have been given on the review’s outcome. Dasilva reaffirmed the company’s commitment to delivering value while reducing business complexity.

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Lightspeed, a leading payment technology company, is reportedly up for sale, with CEO Dax Dasilva open to relinquishing leadership as part of a deal. Sources told The Globe & Mail that Lightspeed has signed NDAs with several potential buyers, primarily fellow fintech firms like Clover, Intuit, Block, PayPal, and Shopify.

A sale isn’t confirmed, but Lightspeed has issued a statement about a strategic review aimed at maximizing its potential. The company’s stock price has surged since news of the potential sale emerged, and analysts believe a buyer could become a major player in the payments sector.

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Lightspeed Commerce has announced a strategic partnership with Uber, integrating Uber Direct and Uber Eats into its platform. This collaboration allows merchants to take orders directly from the Uber Eats marketplace. JD Saint-Martin, President of Lightspeed, highlighted the partnership’s potential to provide value for hospitality customers facing staffing challenges and narrow revenue margins.

The integration aims to offer restaurants a world-class delivery network and cost savings. Bernie Huddlestun of Uber Direct noted the increasing consumer expectation for fast delivery. The integration is available to Lightspeed Restaurant customers in North America, with plans to expand to additional markets.

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Montreal-based fintech Lightspeed is undergoing significant changes, including a 280-person job cut, representing a 10% reduction in staffing costs. This move coincides with their plan to repurchase up to 10% of public shares, aiming to boost the company’s share price.

Recently reinstated CEO Dax Dasilva is spearheading these cost-cutting efforts, amidst discussions with shareholders and a review of office space needs. Despite being one of Canada’s top tech firms, Lightspeed’s shares have remained stagnant since its IPO five years ago. Dasilva is open to privatization offers, aligning with industry trends as seen in Nuvei’s recent $6.3 billion acquisition by Advent.

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Dax Dasilva, CEO of Lightspeed, commented on the evolving landscape of the fintech sector, particularly in the context of the potential private acquisition of Montreal-based Nuvei. His remarks to La Presse reflect a growing interest in privatization, especially following KKR’s $255-million bid for MDF Commerce.

Despite his intrigue, Dasilva reaffirms his commitment to Lightspeed’s presence on the stock market and prioritizes streamlining and cost reduction. Lightspeed, with a significant investment from Investissement Québec, remains a key player in Quebec’s tech strategy to maintain its corporate roots within the province, as indicated by Innovation Minister Pierre Fitzgibbon.

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Montreal-based point-of-sale software company Lightspeed has undergone a significant leadership change, appointing founder Dax Dasilva as interim CEO, succeeding Jean Paul Chauvet.

The announcement came a week after Lightspeed reported third-quarter earnings that exceeded revenue and loss-reduction expectations but failed to impress investors, leading to a 24% drop in stock value. Despite revenue growth from US$77.5 million to an anticipated US$900 million this fiscal year, the company’s shares have remained stagnant since its IPO five years ago.

In a recent interview, Dasilva expressed his intent to focus on balancing growth with profitability and ruled out large-scale mergers and acquisitions. Following this leadership shakeup, Lightspeed’s stock closed over seven percent higher on Thursday.

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