May 19th, 2024

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

By The Canadian Press on May 16, 2024.

Lightspeed Commerce Inc. CEO Dax Dasilva poses in the company's offices in Montreal, Wednesday, May 8, 2024. THE CANADIAN PRESS/Christinne Muschi

MONTREAL – Lightspeed Commerce Inc. says founder Dax Dasilva has been reappointed as chief executive, dropping the interim tag from the title.

Dasilva had returned to the top job on an interim basis earlier this year, replacing JP Chauvet.

Chauvet joined Lightspeed as chief revenue officer in October 2012 and replaced Dasilva in the top job in February 2022, when the founder became executive chairman.

The move came as the Montreal-based payment technology company, which keeps its books in U.S. dollars, reported a loss of US$32.5 million or 21 cents US per share for the quarter ended March 31. The result compared with a loss of US$74.5 million or 49 cents US per share in the same quarter last year.

Revenue for the quarter totalled US$230.2 million, up from US$184.2 million a year earlier.

On an adjusted basis, Lightspeed says it earned US$8.5 million or six cents per share in its latest quarter compared with an adjusted loss of US$400,000 or zero cents per share in the same quarter last year.

This report by The Canadian Press was first published May 16, 2024.

Companies in this story: (TSX:LSPD)

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