Canadian e-commerce company Lightspeed POS (TSX:LSPD) said its revenue soared to a record high in the second quarter as demand for its services skyrocketed with the economic reopening.
The Montreal-based e-commerce company reported revenue of $115 million U.S. in the quarter ending June 30, an increase of 220% from the same period a year ago, when sales for many of its clients were hampered by COVID-19 related restrictions placed on retailers and restaurants.
Despite the resurgence in activity, Lightspeed said it lost $49.3 million U.S. in the quarter, with much of that weakness coming from expenses tied to integrating recent acquisitions.
Those recent acquisitions include two American firms: Ecwid, an e-commerce company with 130,000 paying customers, and U.S. wholesale software company NuOrder, which works with thousands of retail brands.
Like rival Shopify (TSX:SHOP), Lightspeed provides point-of-sale and e-commerce solutions that help small and medium-sized businesses build an online presence. Lightspeed said that, as restrictions around the world ease, the company is adding new customers and seeing increasing demand for its services from existing customers.
In terms of forward guidance, Lightspeed raised its revenue forecast for the fiscal year but also boosted its loss expectation tied to additional acquisition expenses. Lightspeed management said it could still acquire new businesses as it continues to seek growth opportunities.
Shares of Lightspeed POS have risen 40% year-to-date and currently trade at $119.89 a share.
