Revenue growth decelerated to 4.1% YoY in 2027Q1, while gross margin improved to 42.9% and operating margin narrowed to -1.1%, but net income remains negative at -$2.4M.
Lightspeed Commerce Inc. (LSPD) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'17 |
|---|
| Sales/Revenue | 1.24B | 1.23B | 1.08B | 909.27M | 730.51M | 548.37M | 221.73M | 120.64M | 77.45M | 57.08M | 42.61M | 42.61M |
| Revenue Growth % | 11.07% | 13.95% | 18.43% | 24.47% | 33.21% | 147.32% | 83.8% | 55.76% | 35.69% | 33.95% | - | - |
| Cost of Goods Sold | 708.4M | 700.12M | 626.62M | 524.02M | 398.55M | 277.2M | 94.06M | 43.2M | 23.57M | 17.48M | 15M | 15M |
| COGS % of Revenue | - | 57.06% | 58.19% | 57.63% | 54.56% | 50.55% | 42.42% | 35.81% | 30.44% | 30.62% | 35.21% | 35.21% |
| Gross Profit | 536.41M | 526.92M | 450.2M | 385.25M | 331.96M | 271.17M | 127.67M | 77.44M | 53.88M | 39.6M | 27.61M | 27.61M |
| Gross Margin % | 43.09% | 42.94% | 41.81% | 42.37% | 45.44% | 49.45% | 57.58% | 64.19% | 69.56% | 69.38% | 64.79% | 64.79% |
| Gross Profit Growth % | - | 17.04% | 16.86% | 16.05% | 22.42% | 112.4% | 64.87% | 43.73% | 36.06% | 43.43% | - | - |
| Operating Expenses | 646.1M | 674.51M | 1.15B | 588.27M | 1.43B | 589.51M | 257.39M | 135.84M | 75.65M | 60.87M | 58.25M | 58.25M |
| OpEx % of Revenue | - | 54.97% | 106.44% | 64.7% | 195.89% | 107.5% | 116.08% | 112.61% | 97.68% | 106.64% | 136.71% | 136.71% |
| Selling, General & Admin | 395.76M | 397.42M | 332.76M | 338.03M | 356.31M | 311.91M | 149.94M | 79.87M | 52.83M | 42.45M | 38.77M | 38.77M |
| SG&A % of Revenue | - | 32.39% | 30.9% | 37.18% | 48.78% | 56.88% | 67.62% | 66.21% | 68.21% | 74.38% | 90.98% | 90.98% |
| Research & Development | 125.76M | 126.33M | 151.95M | 129.42M | 140.44M | 121.15M | 55.3M | 31.81M | 18.28M | 13.29M | 13.68M | 13.68M |
| R&D % of Revenue | - | 10.3% | 14.11% | 14.23% | 19.23% | 22.09% | 24.94% | 26.37% | 23.61% | 23.29% | 32.1% | 32.1% |
| Other Operating Expenses | 4M | 150.76M | 661.5M | 120.82M | 934.25M | 156.45M | 52.15M | 24.16M | -191.22M | -59.98M | -20.28M | -20.28M |
| Operating Income | -109.69M | -147.59M | -696.01M | -203.02M | -1.1B | -318.34M | -129.72M | -58.41M | -23.22M | -21.92M | -34M | -34M |
| Operating Margin % | -8.81% | -12.03% | -64.63% | -22.33% | -150.45% | -58.05% | -58.5% | -48.42% | -29.98% | -38.41% | -79.79% | -79.79% |
| Operating Income Growth % | - | 78.8% | -242.83% | 81.53% | -245.24% | -145.41% | -122.09% | -151.58% | -5.9% | 35.53% | - | - |
| EBITDA | 10.7M | 3.18M | -595.02M | -93.39M | -983.78M | -213.79M | -93.23M | -44.94M | -18.76M | -16.83M | -28.29M | -28.29M |
| EBITDA Margin % | 0.86% | 0.26% | -55.26% | -10.27% | -134.67% | -38.99% | -42.05% | -37.25% | -24.22% | -29.48% | -66.38% | -66.38% |
| EBITDA Growth % | 101.83% | 100.53% | -537.12% | 90.51% | -360.15% | -129.31% | -107.46% | -139.54% | -11.5% | 40.52% | - | - |
| D&A (Non-Cash Add-back) | 120.39M | 150.76M | 100.99M | 109.63M | 115.26M | 104.55M | 36.48M | 13.47M | 4.46M | 5.1M | 5.72M | 5.72M |
| EBIT | -107.19M | -142.78M | -658.03M | -159.06M | -1.07B | -312.49M | -127.17M | -47.72M | -21.77M | -21.27M | -30.64M | -30.64M |
| Net Interest Income | 19.4M | 19.92M | 36.5M | 42.53M | 24.81M | 2.99M | -353K | 1.77M | 181K | -26K | 73K | 73K |
| Interest Income | 20.38M | 21.18M | 37.98M | 43.77M | 26.87M | 5.86M | 2.54M | 1.77M | 181K | 0 | 73K | 73K |
| Interest Expense | 976K | 1.26M | 1.48M | 1.24M | 2.05M | 2.87M | 2.9M | 0 | 0 | 26K | 0 | 0 |
| Other Income/Expense | 13.3M | 3.54M | 36.5M | 42.53M | 24.81M | 2.99M | -353K | 1.77M | -191.04M | -60.01M | -20.21M | -20.21M |
| Pretax Income | -96.39M | -144.05M | -659.51M | -160.49M | -1.07B | -315.35M | -130.07M | -56.64M | -214.25M | -81.93M | -54.21M | -54.21M |
| Pretax Margin % | -7.74% | -11.74% | -61.25% | -17.65% | -147.05% | -57.51% | -58.66% | -46.95% | -276.63% | -143.54% | -127.22% | -127.22% |
| Income Tax | 876K | 361K | 7.69M | 3.48M | -4.22M | -26.92M | -5.79M | -3.11M | -30.73M | 14.25M | 4.19M | 4.19M |
| Effective Tax Rate % | -0.91% | -0.25% | -1.17% | -2.17% | 0.39% | 8.54% | 4.45% | 5.49% | 14.34% | -17.39% | -7.74% | -7.74% |
| Net Income | -97.27M | -144.41M | -667.2M | -163.96M | -1.07B | -288.43M | -124.28M | -53.53M | -183.53M | -96.18M | -58.4M | -58.4M |
| Net Margin % | -7.81% | -11.77% | -61.96% | -18.03% | -146.47% | -52.6% | -56.05% | -44.37% | -236.96% | -168.5% | -137.06% | -137.06% |
| Net Income Growth % | 85.75% | 78.36% | -306.92% | 84.68% | -270.97% | -132.09% | -132.16% | 70.83% | -90.82% | -64.68% | - | - |
| Net Income (Continuing) | -97.27M | -144.41M | -667.2M | -163.96M | -1.07B | -288.43M | -124.28M | -53.53M | -183.53M | -96.18M | -58.4M | -58.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.70 | -1.03 | -4.34 | -1.07 | -7.11 | -2.04 | -1.18 | -0.62 | -2.25 | -1.18 | -0.72 | -0.72 |
| EPS Growth % | 84.41% | 76.27% | -305.61% | 84.95% | -248.53% | -72.88% | -90.32% | 72.44% | -90.68% | -63.89% | - | - |
| EPS (Basic) | - | -1.03 | -4.34 | -1.07 | -7.11 | -2.04 | -1.18 | -0.62 | -2.25 | -1.18 | -0.72 | -0.72 |
| Diluted Shares Outstanding | 138.21M | 139.17M | 153.68M | 153.77M | 150.4M | 141.58M | 105.22M | 85.89M | 81.49M | 81.49M | 81.49M | 81.49M |
| Basic Shares Outstanding | 138.21M | 139.17M | 153.68M | 153.77M | 150.4M | 141.58M | 105.22M | 85.89M | 81.49M | 81.49M | 81.49M | 81.49M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying LSPD stock.
For fiscal year 2026, Lightspeed Commerce Inc. (LSPD) reported total revenue of $1.23B. This represents a 2779.6% increase compared to $42.6M in 2016.
Lightspeed Commerce Inc. (LSPD) reported a net loss of $144.4M for the fiscal year ending 2026.
Lightspeed Commerce Inc. (LSPD) reported an operating income of $-147.6M, resulting in an operating profit margin of -12.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Lightspeed Commerce Inc. (LSPD) generated $526.9M in gross profit for the year, representing a gross profit margin of 42.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Profitability inflection elusive
Growth Deceleration Amidst Payments Migration
Revenue growth slowed to 4.1% YoY in 2027Q1, down from 14.7% in 2026Q4, suggesting the mandated payments migration may be disrupting momentum. According to the latest quarterly report, this is the lowest growth rate in the series.
The sharp deceleration from mid-teens growth to 4.1% in 2027Q1 appears to reflect both a challenging comparison and potential churn from the forced migration to Lightspeed Payments. While the migration is expected to boost take rates over time, the near-term revenue impact is concerning. Investors should monitor whether this slowdown is temporary or signals a structural shift in the company's growth trajectory.
Gross Margin Volatility Masks Structural Pressures
Gross margin swung from 30.0% in 2026Q1 to 44.4% in 2026Q4, but settled at 42.9% in 2027Q1. As reported in financial statements, the volatility suggests mix shifts and one-time items, not a stable trend.
The 30.0% gross margin in 2026Q1 was an outlier, likely due to a one-time charge or mix shift, while the more recent 42-44% range aligns with the company's historical average. However, the gross margin remains below peers like Riskified (51.1%), indicating that Lightspeed's payment processing costs are a structural drag. The path to margin expansion depends on increasing the net take rate from payments, which is not yet evident in the data.
Operating Leverage Remains Elusive
Operating margin improved to -1.1% in 2027Q1 from -11.7% in 2026Q4, but this appears driven by a one-time gain or cost reduction, not sustainable scaling. Based on reported figures, SG&A and R&D remain elevated relative to revenue.
The dramatic improvement in operating margin in 2027Q1 is not supported by a corresponding increase in gross profit, suggesting a non-recurring item. Excluding that quarter, operating margins have hovered around -11% to -14%, indicating that the company has not yet achieved the scale to cover its fixed costs. The lack of consistent operating leverage is a key concern for profitability.
Earnings Quality Clouded by One-Time Items
Net income swung from -$575.9M in 2025Q4 to -$2.4M in 2027Q1, but the 2025Q4 loss included a massive impairment. According to the income statement, SBC was zero in 2027Q1, which is unusual and may indicate a data anomaly.
The 2025Q4 net loss of -$575.9M appears to include a large non-cash impairment, distorting the trend. The near-breakeven net income in 2027Q1 is suspicious given the operating loss of -$3.5M, suggesting possible tax benefits or other non-operating gains. The zero SBC in 2027Q1 is inconsistent with prior quarters, warranting further investigation into the quality of reported earnings.
Cost Discipline Shows Signs of Improvement
SG&A as a percentage of revenue declined from 34.9% in 2025Q1 to 31.5% in 2027Q1, while R&D remained stable around 10%. As reported in the latest financials, this suggests management is tightening overhead.
The gradual reduction in SG&A intensity indicates a focus on cost control, but R&D spending has not declined, reflecting continued investment in product development. The overall cost structure remains heavy, with combined SG&A and R&D at over 40% of revenue, leaving little room for profitability without significant revenue growth. The recent cost discipline is a positive sign but may not be sufficient to reach break-even.
2025Q4 Impairment Marks a Turning Point
The $580.1M operating loss in 2025Q4, driven by a massive impairment, appears to be a strategic reset. According to the income statement, this quarter distorted the entire series and may signal a shift toward profitability.
The 2025Q4 loss was likely due to goodwill impairment from prior acquisitions, reflecting a write-down of overpaid assets. This event appears to have prompted a strategic review, leading to the founder's return and exploration of a sale. The subsequent quarters show improved margins, suggesting management is now prioritizing profitability over growth. This inflection point is critical for understanding the company's current trajectory.
Short Thesis: Growth Stalls, Losses Persist
Despite the recent margin improvement, revenue growth has decelerated to 4.1%, and the company remains unprofitable on a TTM basis. Short-sellers would argue that the payments migration is not enough to offset slowing demand and high fixed costs.
The deceleration in revenue growth, combined with persistent operating losses, suggests that the company may be losing market share to competitors like Toast and Shopify. The mandated payments migration could be driving away price-sensitive merchants, as evidenced by the growth slowdown. Without a clear path to profitability, the company may require additional funding, leading to dilution. The near-zero debt provides a cushion, but the negative ROE of -9.2% indicates ongoing value destruction.