Lightspeed Commerce Inc.
LSPD · Services-Prepackaged Software · EDGAR filings ↗
Grade
D50Well-capitalized but deeply unprofitable POS/payments software company with bottom-decile returns and margins.
Strengths
- Very strong liquidity (5.4x current ratio, ~61-quarter runway) and effective internal controls
- Double-digit revenue growth (18%, 64th pct) with losses narrowing sharply (+307% net income)
Risks
- Bottom-decile profitability: operating margin -65%, net margin -62%, ROE -40% (10th pct), ROA -37% (8th pct)
- Negative FCF and operating cash; low gross margin (42%, 10th pct) for software
Notable findings
- No interest coverageInterest coverage -469.96 (cannot cover interest)
- Net lossNet loss (net margin -62.0%)
- Cash burnNegative free cash flow (-36.5M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $558M cash & investments, ~61 quarters of runway
- Notable holderHeld by 5 notable fund(s): CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
Key metrics
Gross margin
41.8%
Operating margin
-64.6%
Net margin
-62.0%
Return on equity
-40.1%
Return on assets
-36.5%
Revenue growth (QoQ)
18.4%
Interest coverage
-470.0×
Current ratio
5.4×
Free cash flow
-$37M
Tangible book value
$866M
Cash & investments
$558M
Cash runway
61q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 40-F | 2026-05-21 | 2026-03-31 | 0001823306-26-000025 ↗ |
| 40-F | 2025-05-22 | 2025-03-31 | 0001823306-25-000030 ↗ |
| 40-F | 2024-05-16 | 2024-03-31 | 0001823306-24-000025 ↗ |
| 40-F | 2023-05-18 | 2023-03-31 | 0001823306-23-000024 ↗ |
| 40-F | 2022-05-19 | 2022-03-31 | 0001823306-22-000032 ↗ |
| 40-F | 2021-05-20 | 2021-03-31 | 0001823306-21-000036 ↗ |