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Lightspeed reappoints founder Dax Dasilva as CEO, reports Q4 revenue up 25%

Three months after stepping back as interim CEO, Dax Dasilva has been reappointed as the permanent chief executive of Lightspeed Commerce Inc., the Montreal-based payments technology company he founded. Dasilva returned to the top role in February after former CEO JP Chauvet departed. Chauvet, who joined Lightspeed in 2012, had replaced Dasilva as CEO in February 2022 when Dasilva took on the role of executive chair.

"We're in a new phase with new challenges," Dasilva said in an interview. "We're doing what shareholders want to see, including myself."

Dasilva outlined three main goals for the company: accelerating software revenue growth, increasing adoption of Lightspeed's financial services, and controlling costs. To boost software revenue, the company plans to innovate its products, redeploy account managers to upsell clients, and target customers more likely to adopt multiple software solutions.

On the financial services front, Lightspeed aims to encourage more clients to use its payment technology, capital, and instant deposit offerings. "The entrepreneurs we support are top-notch," Dasilva said, citing a music store that used Lightspeed to finance a record label.

Cost control is another priority for Dasilva. Last month, Lightspeed laid off 280 employees, a move expected to cut operational expenses by 10% in fiscal 2025. While more layoffs aren't ruled out, Dasilva believes there are other areas to find efficiencies, such as moving sales summits online and reducing office space.

Lightspeed reported a loss of $32.5 million USD, or 21 cents per share, for the quarter ending March 31, an improvement from the $74.5 million loss in the same period last year. However, Q4 revenue rose 25% to $230.2 million USD from $184.2 million USD.

On an adjusted basis, Lightspeed earned $8.5 million USD, or six cents per share, compared to an adjusted loss of $400,000 USD in the previous year. This positive outcome boosted Lightspeed's share price by 18.31% on Thursday, closing at $20.55 on the Toronto Stock Exchange.

"Lightspeed's first quarter under Dax Dasilva confirms the company's commitment to balancing growth with profitability," said Daniel Chan, a TD Securities analyst.

Looking ahead, Lightspeed expects to report between $255 million and $260 million USD in revenue for the first quarter of 2025, with adjusted earnings of about $7 million USD. For the full year, the company forecasts at least 20% revenue growth and an adjusted profit of at least $40 million USD.



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