Lightspeed confirms the permanent return of its founder Dax Dasilva

The return of Lightspeed Commerce founder Dax Dasilva to the helm of the company won’t just be temporary. The cloud commerce specialist announced Thursday that it was removing the “interim” designation from Mr. Dasilva’s title, who therefore becomes CEO again on a permanent basis.

Mr. Dasilva returned to the helm of the company on an interim basis in February, replacing Jean Paul Chauvet, who left the company. He previously served as CEO of the company he founded in 2005 until February 2022.

Upon his return, Mr. Dasilva expressed his desire to take over the reins of the company on a permanent basis. He stressed that even if the mention “interim” was attached to his title, he wanted to hold his position for the long term.

Lightspeed made its return permanent when it announced its fourth-quarter results Thursday morning.

The Montreal-based company reported a loss of US$32.5 million, or 21 US cents per share, for its quarter that ended March 31, compared to a net loss of US$74.5 million, or 49 US cents per share. , for the same period a year earlier.

Its revenues amounted to US$230.2 million, including US$139.0 million for transaction processing revenue, US$81.3 million for subscriptions and US$9.87 million for computer hardware.

Overall, this is a 25% increase in revenue from 184.2 million in the fourth quarter of 2023.

According to Mr. Dasilva, “following a strong fourth quarter, Lightspeed begins its new fiscal year with renewed energy and ambition.”

“I am excited to lead the company into its next phase. Building on the strongest product offering we have ever had and a renewed commitment to innovation, Lightspeed continues to accelerate its sustainable and profitable growth,” he said in a statement. .

For the full year 2024, Lightspeed reported a loss of US$164.0 million, or US$1.07 per share, compared to a loss of US$1.07 billion, or US$7.11 per share , during the 2023 financial year.

Its revenue came in at US$909.3 million, slightly higher than its most recent forecast, while its earnings before interest, taxes, depreciation and amortization came in at US$1.3 million.

At the beginning of April, Lightspeed announced a restructuring resulting in the elimination of nearly 280 jobs with the aim of moving towards a “phase focused on operational efficiency and profitable growth”.

“It is therefore necessary to make difficult decisions such as reducing expenditure on staffing levels in order to allow investments in other sectors,” Mr. Dasilva argued at the time.

For fiscal 2025, Lightspeed expects revenue growth of at least 20%, as well as earnings before interest, taxes, depreciation and amortization of at least US$40 million.

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