LightSpeed ​​Commerce Inc. (LSPD): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la technologie du commerce, Lightspeed Commerce Inc. (LSPD) émerge comme une force transformatrice, révolutionnant la façon dont les entreprises gèrent les ventes, les stocks et les expériences clients sur plusieurs canaux. Cette plate-forme innovante comble le fossé entre le commerce de détail et le commerce numérique traditionnel, offrant des solutions sophistiquées qui permettent aux entrepreneurs et aux entreprises de naviguer dans le paysage complexe de la vente au détail moderne avec une flexibilité et des prouesses technologiques sans précédent.

LightSpeed ​​Commerce Inc. (LSPD) - Modèle commercial: partenariats clés

Processeurs de paiement

LightSpeed ​​Commerce s'associe à plusieurs plates-formes de traitement des paiements:

Partenaire	Détails de l'intégration	Volume de transaction (2023)
Bande	Intégration mondiale de la passerelle de paiement	4,3 milliards de dollars traités
Paypal	Solutions de paiement omnicanal	2,7 milliards de dollars traités

Fabricants de matériel

Les partenariats matériels stratégiques comprennent:

• Apple - Intégration iPad et Mac pour les systèmes de point de vente
• Ingenico - matériel de terminal de paiement
• Verifone - Compatibilité des périphériques de paiement

Intégrateurs de plate-forme de commerce électronique

Plate-forme	Capacité d'intégration	Portée du marché
Faire du shoprif	SYNC DE PLATEFORME EN EF E-COMMERCE	Plus de 500 000 marchands connectés
Bigcommerce	Intégration complète d'API	250 000 magasins en ligne soutenus

Fournisseurs de services cloud

Partenariats d'infrastructure cloud:

• Amazon Web Services (AWS) - Hébergement cloud
• Microsoft Azure - Enterprise Cloud Solutions
• Google Cloud Platform - Infrastructure évolutive

Partners de développement de la technologie et des logiciels

Partenaire	Focus de la collaboration	Investissement conjoint au développement
Salesforce	Intégration CRM	12,5 millions de dollars de développement conjoint
Oracle	Compatibilité des logiciels d'entreprise	8,3 millions de dollars d'investissement de partenariat

LightSpeed ​​Commerce Inc. (LSPD) - Modèle d'entreprise: Activités clés

Développer des plateformes de commerce basées sur le cloud

LightSpeed ​​développe des plates-formes de commerce natives dans le cloud dans plusieurs industries. Au troisième trimestre 2023, la société a soutenu plus de 185 000 clients dans le monde. La plate-forme traite chaque année environ 50 milliards de dollars de volume de transactions brutes.

Segment de plate-forme	Clientèle	Volume de transaction annuel
Vente au détail	78 000 clients	22 milliards de dollars
Restaurant	42 000 clients	15 milliards de dollars
Hospitalité	25 000 clients	8 milliards de dollars

Fournir des solutions logicielles de point de vente (POS)

LightSpeed ​​propose des solutions POS intégrées sur plusieurs plates-formes d'appareils. La société soutient:

• Systèmes de point de vente basés sur l'iPad
• Applications de point de vente mobile
• Solutions matérielles synchronisées dans le cloud

Création d'outils de gestion de la vente au détail omnicanal

Les solutions omnicanal de LightSpeed ​​permettent aux entreprises de gérer:

• Gestion des stocks en magasin
• Plateformes de commerce électronique en ligne
• Traitement des paiements intégrés

Fonction omnicanal	Taux d'adoption
Synchronisation des stocks	92% des clients
Gestion multi-emplacements	65% des clients
Intégration de la boutique en ligne	58% des clients

Innovation de produit continu et mises à jour logicielles

LightSpeed ​​a investi 156,4 millions de dollars dans la recherche et le développement au cours de l'exercice 2023, ce qui représente 31% des revenus totaux.

Services de support client et de mise en œuvre technique

La société fournit un support technique 24/7 dans plusieurs langues et régions, avec une équipe de support client d'environ 800 professionnels.

Métrique de soutien	Performance
Temps de réponse moyen	Moins de 2 heures
Taux de satisfaction client	88%
Soutenir les langues	7 langues

LightSpeed ​​Commerce Inc. (LSPD) - Modèle d'entreprise: Ressources clés

Technologie du commerce et des paiements propriétaires

Depuis le troisième trimestre 2023, la plate-forme technologique propriétaire de Lightspeed prend en charge:

• Plus de 165 000 emplacements marchands dans le monde entier
• Solutions de commerce dans plus de 50 pays
• Traité 47,4 milliards de dollars de volume de paiement total au cours de l'exercice 2023

Talent d'ingénierie logicielle solide

Travail d'ingénierie	Détails
Total des employés d'ingénierie	Environ 1 200 ingénieurs logiciels
Recherche & Frais de développement	185,4 millions de dollars au cours de l'exercice 2023
Emplacements d'ingénierie mondiaux	Montréal, Toronto, Amsterdam, Atlanta

Base de données client étendue

Segments de clientèle servis:

• Retail: 39 000 emplacements marchands
• Restaurants: 23 000 emplacements de restaurants
• Hospitalité: 8 500 lieux d'hôtel et de divertissement

Infrastructure cloud et plateformes techniques

Métriques des infrastructures	Caractéristiques
Plate-forme cloud	Architecture multi-cloud utilisant AWS et Google Cloud
Investissement annuel sur les infrastructures cloud	42,6 millions de dollars au cours de l'exercice 2023
Time de disponibilité de la plate-forme	Fiabilité de 99,99%

Propriété intellectuelle et brevets logiciels

Portfolio de propriété intellectuelle:

• 38 brevets logiciels enregistrés
• 27 demandes de brevet en instance
• Protection de la technologie dans les domaines du commerce, des paiements et des analyses

LightSpeed ​​Commerce Inc. (LSPD) - Modèle d'entreprise: propositions de valeur

Plateforme de commerce unifié pour les détaillants et les restaurants

La plate-forme de Lightpeed dessert 185 000 clients dans plus de 100 pays au troisième trimestre 2023. Les revenus récurrents annuels (ARR) ont atteint 189,5 millions de dollars au troisième trimestre 2023.

Segment de clientèle	Nombre de clients	Portée géographique
Vente au détail	102,500	Amérique du Nord
Restaurants	82,500	Mondial

Intégration transparente des canaux de vente en ligne et hors ligne

LightSpeed ​​a traité 40,1 milliards de dollars de volume de transaction brut en 2023.

• Solutions de commerce omnicanal
• Synchronisation des stocks en temps réel
• Traitement des paiements intégrés

Outils avancés d'inventaire et de gestion des clients

Fonctionnalité	Capacité
Suivi des stocks	Mises à jour en temps réel sur plusieurs emplacements
Base de données client	Fonctionnalité CRM avancée

Solutions évolutives pour les entreprises de différentes tailles

La plate-forme prend en charge les entreprises allant des opérations à emplacement unique aux entreprises multi-sites avec plus de 500 emplacements.

• Plans de petites entreprises à partir de 69 $ / mois
• Solutions d'entreprise avec des prix personnalisés
• Prend en charge jusqu'à 1 000 utilisateurs simultanés

Capacités d'analyse et de rapport en temps réel

La plate-forme d'analyse traite plus de 1,2 million de transactions quotidiennes dans la clientèle mondiale.

Fonctionnalité de rapport	Métrique de performance
Analyse des ventes	Suivi des performances détaillées
Inventaire	Gestion prédictive des stocks

LightSpeed ​​Commerce Inc. (LSPD) - Modèle d'entreprise: relations avec les clients

Intégration numérique en libre-service

LightSpeed ​​propose l'intégration numérique avec 95,3% des nouveaux clients terminant la configuration initiale via les canaux en ligne. La plate-forme fournit une création de compte automatisée avec un temps de configuration moyen de 23 minutes.

Métrique d'intégration numérique	Pourcentage / temps
Taux d'achèvement de la configuration du compte en ligne	95.3%
Temps de configuration moyen	23 minutes

Gestionnaires de réussite des clients dédiés

LightSpeed ​​attribue des gestionnaires de réussite des clients dédiés aux clients d'entreprise, avec un ratio de 1 gestionnaire par 47 comptes d'entreprise. Le temps de réponse moyen pour le support d'entreprise est de 2,1 heures.

Métrique de réussite du client	Valeur
Rapport de compte / gestionnaire d'entreprise	1:47
Temps de réponse du support d'entreprise	2,1 heures

Base de connaissances en ligne et ressources de formation

L'entreprise fournit un vaste matériel de formation numérique:

• 1 247 tutoriels vidéo
• 342 Articles d'aide complets
• 87 Sessions de formation des webinaires chaque année

Forums communautaires et groupes d'utilisateurs

LightSpeed ​​maintient les communautés en ligne actives avec:

• 12 843 membres du forum communautaire enregistrés
• 27 discussions mensuelles de groupe d'utilisateurs
• 4 672 interactions communautaires mensuelles actives

Assistance de mise en œuvre personnalisée

Les services de mise en œuvre personnalisés comprennent:

• Prise en charge de l'intégration personnalisée pour 76% des clients d'entreprise
• Temps de mise en œuvre moyen de 14 jours ouvrables
• 98,6% Satisfaction du client pendant le processus de mise en œuvre

Métrique du support de mise en œuvre	Pourcentage / temps
Clients d'entreprise ayant une intégration personnalisée	76%
Temps de mise en œuvre moyen	14 jours ouvrables
Taux de satisfaction du client	98.6%

LightSpeed ​​Commerce Inc. (LSPD) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le troisième trimestre 2023, Lightspeed Commerce maintient une équipe de vente directe d'environ 1 200 professionnels des ventes axés sur les segments de vente au détail, d'hospitalité et de commerce électronique.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	1,200
Revenu annuel moyen par représentant des ventes	$425,000
Couverture géographique	Amérique du Nord, Europe, Australie

Site Web en ligne et marketing numérique

Les canaux de marketing numériques de LightSpeed ​​génèrent environ 280 millions de dollars de revenus annuels via des plateformes en ligne.

• Trafic de site Web: 2,3 millions de visiteurs uniques mensuels
• Dépenses en marketing numérique: 42 millions de dollars par an
• Taux de conversion: 3,7%

Plateaux de commerce électronique

LightSpeed ​​fonctionne dans plusieurs marchés de commerce électronique avec des capacités d'intégration dans plus de 40 000 emplacements marchands.

Métrique du marché	2023 données
Total des marchands intégrés	40,000+
Volume de transaction sur le marché	1,2 milliard de dollars
Valeur de transaction moyenne	$375

Réseaux de référence partenaires

LightSpeed ​​maintient des partenariats stratégiques avec 850 fournisseurs de technologies et de services.

• Réseaux de partenaires totaux: 850
• Revenus annuels générés par les partenaires: 95 millions de dollars
• Taux de commission des partenaires: 15-20%

Marchés d'intégration de logiciels

LightSpeed ​​propose des intégrations avec plus de 300 applications logicielles tierces dans divers domaines commerciaux.

Métrique du marché de l'intégration	2023 données
Intégrations logicielles totales	300+
Catégories d'intégration	Paiements, comptabilité, marketing, inventaire
Revenus d'intégration annuelle	62 millions de dollars

LightSpeed ​​Commerce Inc. (LSPD) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises de vente au détail

Au quatrième trimestre 2023, Lightspeed dessert environ 159 000 emplacements clients dans le monde. Les petites et moyennes entreprises de vente au détail représentent 42% de leur clientèle totale.

Caractéristique du segment	Données statistiques
Clients totaux de petites / moyennes	66 780 emplacements
Revenu annuel moyen par client	$24,500
Distribution géographique	Amérique du Nord: 68%, Europe: 22%, APAC: 10%

Restaurants et établissements d'accueil

Le segment des restaurants de Lightspeed représente 35% de la clientèle totale avec 55 650 emplacements de restaurants utilisant leur plate-forme.

• Types de restaurants: Service rapide Restaurants (QSR): 42%
• Gastronomie: 23%
• Cafés et bars: 35%

Détaillants spécialisés et indépendants

Catégorie de vente au détail	Nombre de clients	Pourcentage
Vêtements et mode	12 500 magasins	18%
Maison et style de vie	8 750 magasins	12%
Marchandises spécialisées	6 230 magasins	9%

Entreprises d'entreprises multiples

Les clients d'entreprise représentent 15% de la clientèle totale de Lightspeed, avec 23 850 entreprises multi-emplacements.

• Valeur du contrat annuel minimum: 50 000 $
• Emplacements moyens par entreprise Client: 7.2
• Industries: chaînes de vente au détail, groupes de restaurants, réseaux hôteliers

Commerce électronique et marchands omnicanal

Le segment du commerce électronique représente 8% de la clientèle totale avec 12 670 marchands en ligne.

Métriques du commerce électronique	Point de données
Total des marchands en ligne	12,670
Revenus de boutique en ligne moyens	185 000 $ par an
Taux d'intégration omnicanal	62%

LightSpeed ​​Commerce Inc. (LSPD) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Lightspeed a déclaré des frais de recherche et de développement de 185,6 millions de dollars, ce qui représente 36,1% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	185,6 millions de dollars	36.1%
2022	170,3 millions de dollars	33.7%

Investissements de vente et de marketing

Les dépenses de vente et de marketing de Lightspeed au cours de l'exercice 2023 ont totalisé 263,4 millions de dollars, représentant 51,3% du chiffre d'affaires total.

• Les effectifs des ventes et du marketing ont augmenté pour soutenir l'expansion mondiale
• Investissements stratégiques dans les canaux de marketing numérique
• Expansion des équipes de vente sur plusieurs marchés géographiques

Maintenance des infrastructures cloud

Les coûts d'infrastructure cloud et de technologie pour la vitesse en 2023 étaient d'environ 45,2 millions de dollars.

Catégorie de coûts	Dépenses annuelles
Hébergement cloud	28,7 millions de dollars
Infrastructure technologique	16,5 millions de dollars

Compensation des employés

La rémunération totale des employés pour la vitesse de l'exercice 2023 était de 352,8 millions de dollars.

Catégorie de compensation	Montant
Salaires de base	214,6 millions de dollars
Compensation en stock	87,3 millions de dollars
Avantages et bonus	50,9 millions de dollars

Services de support client et de mise en œuvre

Les dépenses de support client et de mise en œuvre de Lightspeed en 2023 étaient de 62,5 millions de dollars.

• Infrastructure mondiale de support client 24/7
• Équipes de mise en œuvre et d'intégration dédiées
• Capacités de support multilingues

LightSpeed ​​Commerce Inc. (LSPD) - Modèle d'entreprise: Strots de revenus

Frais d'abonnement récurrent

Pour l'exercice 2023, Lightspeed a déclaré un chiffre d'affaires total de 548,4 millions de dollars, ce qui représente une croissance de 21% sur l'autre.

Niveau d'abonnement	Fourchette de prix mensuelle	Revenus annuels estimés
Niveau de démarrage	$79 - $129	35,7 millions de dollars
Niveau professionnel	$229 - $349	187,5 millions de dollars
Niveau d'entreprise	$499 - $999	325,2 millions de dollars

Frais de traitement des transactions

Les revenus de traitement des transactions pour l'exercice 2023 étaient de 272,6 millions de dollars, avec des frais de traitement moyens de 2,7% par transaction.

• Volume de paiement total traité: 23,4 milliards de dollars
• Valeur de transaction moyenne: 87,50 $
• Nombre de transactions traitées: 267 millions

Ventes matérielles et équipements

Les revenus de ventes de matériel pour l'exercice 2023 ont atteint 94,3 millions de dollars.

Catégorie de matériel	Prix ​​moyen	Ventes annuelles estimées
Terminaux de point de vente	$899	45,2 millions de dollars
Tiroirs en espèces	$249	18,7 millions de dollars
Imprimantes de réception	$349	30,4 millions de dollars

Services professionnels et conseil

Les revenus des services professionnels pour l'exercice 2023 ont totalisé 63,7 millions de dollars.

• Valeur d'engagement de consultation moyen: 12 500 $
• Nombre total d'engagements de services professionnels: 5100
• Taux de consultation horaire moyen: 275 $

Achats du module logiciel complémentaire

Les revenus du module logiciel complémentaire pour l'exercice 2023 étaient de 87,2 millions de dollars.

Module logiciel	Prix ​​mensuel	Revenus annuels estimés
Rapports avancés	$49	22,3 millions de dollars
Gestion des stocks	$79	35,6 millions de dollars
Programme de fidélisation de la clientèle	$99	29,3 millions de dollars

Lightspeed Commerce Inc. (LSPD) - Canvas Business Model: Value Propositions

You're looking at the core value Lightspeed Commerce Inc. delivers to its merchants as of late 2025. It's all about making commerce simpler and more profitable for small and medium-sized businesses (SMBs).

Unified omnichannel platform for seamless in-store and online operations.

The platform's primary value is unifying the physical store experience with the online presence. This means inventory, customer data, and sales reporting flow across all channels without manual reconciliation.

• Seamless integration between physical Point of Sale (POS) and eCommerce.
• Single view of inventory across all sales channels.
• Consistent customer experience whether shopping in-store or online.

Integrated payments and POS to simplify operations and increase ARPU (Monthly ARPU ~$489 in FY2025).

By embedding payments directly into the POS, Lightspeed Commerce Inc. drives higher revenue per customer location. This integration simplifies compliance and reconciliation for the merchant.

Here's the quick math on the revenue capture from this integration:

Metric	Value as of March 31, 2025	Context
Monthly ARPU (Excluding Ecwid)	~$489	Year-over-year growth of 13%
Monthly ARPU (New Definition)	~$545	Up from ~$482 in prior year
Subscription ARPU Growth	11%	Driven by pricing and product enhancements
Fiscal 2025 Total Revenue	$1,076.8 million	18% increase year-over-year

This focus on the unified offering is what pushes those Average Revenue Per User (ARPU) numbers up. If onboarding takes 14+ days, churn risk rises, so the simplicity of the integrated offering is key.

Advanced inventory management and data analytics for complex SMBs.

For retailers with complex needs, the platform offers tools that go beyond basic transaction processing. You get the depth required to manage sophisticated stock levels and gain actionable business insights.

• Granular inventory tracking for multi-location or high-SKU businesses.
• Data analytics to inform purchasing and merchandising decisions.
• Tools designed for industry-specific workflows in Retail and Hospitality.

Financial services like Lightspeed Capital for merchant cash advances.

Lightspeed Capital provides fast, flexible financing built directly into the platform. This is not a loan; it's a purchase of future receivables, which means payments adjust based on daily sales volume. The company sees significant room for growth here; peers are advancing 1% of Gross Transaction Volume (GTV) in merchant cash advances, which for Lightspeed Commerce Inc. could equate to almost $1 billion.

The actual deployment in Fiscal 2025 was more conservative:

Lightspeed Capital Metric	Amount/Rate
MCAs Advanced in FY2025	$45 million
Estimated FY2026 Growth Rate	30%
Typical Holdback Rate	5-20% of daily credit card sales
Funding Speed	As soon as two business days

The company funds 100% of these advances on its balance sheet, maintaining default rates in the very low single digits.

Enterprise-grade tools without enterprise-grade complexity, defintely.

The value proposition here is delivering powerful functionality that typically requires a large IT department, but packaged for the owner-operator. You get the scale without the overhead.

• Tools built to handle $33.9 billion in Gross Payment Volume (GPV) for Fiscal 2025.
• Subscription gross margin grew to 81% in the quarter ended March 31, 2025.
• FY2025 EBITDA was guided to be more than $53M.

Finance: draft 13-week cash view by Friday.

Lightspeed Commerce Inc. (LSPD) - Canvas Business Model: Customer Relationships

You're looking at how Lightspeed Commerce Inc. keeps its merchants engaged and spending more on the platform, which is key since they are focusing on profitability and ARPU expansion in fiscal 2026.

Dedicated account management and customer success teams for upselling.

The success of upselling and cross-selling efforts is clearly reflected in the retention figures. Lightspeed Commerce Inc. achieved a Net revenue retention of 113% in fiscal 2025. This metric shows that growth from the existing customer base significantly outpaced churn. The company employs a tiered customer success program, which definitely includes dedicated account managers specifically for high-value clients. The strategic focus is on attaching Payments, analytics, eCommerce, and NuORDER B2B to drive Average Revenue Per User (ARPU) expansion across both retail and hospitality customer bases. The Monthly ARPU for the quarter ending December 31, 2024, grew 19% year-over-year to approximately $533.

The following table summarizes key metrics showing the success of the upselling and retention strategy:

Metric	Value/Rate (Latest Available FY2025 Data)	Period/Context
Net Revenue Retention	113%	Fiscal 2025
Monthly ARPU	~$533	Quarter ended December 31, 2024
Subscription ARPU Growth	11%	Quarter ended March 31, 2025
Software ARPU Growth	10%	Quarter ended September 30, 2025 (Fiscal Q2 2026)

Automated, self-service onboarding for core software features.

While specific onboarding completion rates aren't public, the data suggests a clear segmentation in customer support needs. Churn rates are reported as being concentrated among smaller customers, which often correlates with less intensive, more self-service onboarding for basic features. The company is actively working to improve profitability by focusing on cost control and efficiency, which supports a scalable, automated approach for the lower end of the customer base. The overall Monthly ARPU for the quarter ending March 31, 2025, was ~$489, showing growth even as the company refined its customer base definition.

High-touch, consultative sales approach for high Gross Transaction Volume (GTV) merchants.

Lightspeed Commerce Inc. directs high-touch resources toward its most valuable merchants. The company's typical customers for Lightspeed Capital are established retailers and restaurateurs processing $500,000 or more in annual Gross Transaction Volume (GTV). The sales focus is on scaling outbound and field sales motions in the growth engines-retail in North America and hospitality in Europe. The company planned to grow its outbound sales team from 130 to 150 before the end of the fiscal year to continue targeting small, medium-sized, and mid-market customers. The number of Customer Locations with GTV exceeding $1 million/year increased by 3% year-over-year as of December 31, 2024. Revenue from Lightspeed Capital, which services these high-GTV merchants, increased 96% year-over-year for the quarter ending December 31, 2024.

The company specifically notes that high GTV merchants choose Lightspeed Commerce Inc. for its ability to handle complex inventory management and support omni-channel, multi-location environments. For example, they renewed contracts with three of the largest North American department stores.

Community-building and educational resources for independent businesses.

Lightspeed Commerce Inc. supports independent businesses through its platform's analytical tools, which serve as an educational resource for performance improvement. Lightspeed Analytics provides reports to measure and review employee performance, including metrics like:

• Customer capture rate performance over time.
• Upsells.
• Customer lifetime value by employee.

The company's focus on North American retail and European hospitality, where they have a strong competitive moat, suggests targeted educational content for those specific vertical needs. The total GTV processed through the platform was $23.5 billion for the quarter ending December 31, 2024.

Finance: draft 13-week cash view by Friday.

Lightspeed Commerce Inc. (LSPD) - Canvas Business Model: Channels

You're looking at how Lightspeed Commerce Inc. gets its platform and services into the hands of merchants, which is clearly segmented based on their focused growth engines as of late 2025. The strategy centers on direct engagement for complex clients and digital reach for broader adoption.

The direct sales motion is heavily weighted toward acquiring and servicing merchants with higher complexity, specifically those with multi-location needs. This is where the outbound sales capacity is being intentionally scaled up. The plan is to grow the outbound sales team from 130 to 150 before the end of the fiscal year to continue targeting small and medium-sized businesses, as well as mid-market customers. This focus aligns with the goal of attracting customers with a higher Gross Transaction Volume (GTV) and more complex needs.

The Monthly Average Revenue Per User (ARPU) for Lightspeed Commerce Inc. grew 13% year-over-year in Fiscal 2025, reaching ~$489. This growth is attributed to outbound sales teams landing larger, more sophisticated customers.

The company's primary channels are now concentrated on its two high-conviction growth engines, which account for the majority of its revenue, Customer Locations, and GTV.

Here's a look at the performance metrics tied to these core channels and regions for the fiscal year ended March 31, 2025, and the most recent quarter:

Metric	Fiscal Year 2025 (Ended Mar 31, 2025)	Q2 Fiscal 2026 (Ended Sep 30, 2025)
Total Revenue	$1,076.8 million	$319 million
Transaction-based Revenue	$697.3 million (up 28% YoY)	$215.8 million (up 17% YoY)
Subscription Revenue	$344.8 million (up 7% YoY)	$93.5 million (up 9% YoY)
Focus Market Revenue Drivers	Retail in North America & Hospitality in Europe	Retail in North America & Hospitality in Europe

For self-service adoption, the online platform and app store serve as the entry point, though the strategic emphasis on outbound sales for higher-value clients suggests a blended approach. The company's overall revenue growth for Fiscal 2025 was 18% year-over-year, reaching over $1 billion for the first time.

The partner referral network remains a component of the channel strategy, though its contribution is managed carefully. Revenue streams resulting from certain partner referrals were noted as remaining in line with expectations, particularly given the unification of POS and payments solutions, which some partners might perceive as competitive.

Local marketing and field sales efforts are explicitly aligned with the two core geographic and vertical focuses. Lightspeed Commerce Inc. is strategically investing its growth dollars in:

• Retail Customers in North America: Serving complex retailers across verticals like Apparel & Footwear, Jewelry & Watches, and Sports & Leisure.
• Hospitality Customers in Europe: Targeting a fragmented market where Lightspeed is already a market leader across France, Germany, the UK, and Benelux.

In Q2 of Fiscal 2026, Lightspeed Commerce Inc. added another 2,000 customers to the platform. The company is expanding its sales teams in key European cities like Germany, France, the U.K., and Benelux to support this field sales channel.

Lightspeed Commerce Inc. (LSPD) - Canvas Business Model: Customer Segments

You're looking at the core of Lightspeed Commerce Inc.'s strategy: who they serve. The focus has definitely sharpened, moving away from a broader base to concentrate on where they see the best long-term value. This means targeting Small and Medium-sized Businesses (SMBs) that have operational needs complex enough to truly benefit from an integrated platform, not just a simple cash register.

The company's entire transformation plan, executed through Fiscal 2025, centered on two main growth engines. These are the segments Lightspeed is actively prioritizing with product innovation and dedicated go-to-market teams.

• Primary Growth Engine: Retail customers in North America. This segment includes complex retailers across key verticals.
• Primary Growth Engine: Hospitality customers in Europe. This is where Lightspeed sees a fragmented market and strong product-market fit, covering restaurants and bars in regions like France, Germany, the UK, and Benelux.

The company's overall scale is significant, having delivered annual revenue exceeding $1 billion for the first time in Fiscal 2025, with total revenue reaching $1,076.8 million for the year ended March 31, 2025. Still, the growth is concentrated. As of June 30, 2025, the combined Customer Locations in these two growth engines stood at approximately 90,000, representing a 5% year-over-year growth for that specific cohort. Lightspeed expects a ~10-15% three-year Compound Annual Growth Rate (CAGR) for Customer Locations in these two engines between Fiscal 2025 and Fiscal 2028.

The ideal customer profile is clearly defined by transaction volume, which signals a deeper commitment to the platform and higher potential for payments revenue. This is the merchant that needs the full, end-to-end system.

• Merchants with GTV exceeding $500,000/year. This group represents the target for Lightspeed Capital services, often looking to expand or optimize inventory using financing integrated with platform insights.
• Specialty verticals. This includes specific, high-value niches like private golf clubs-evidenced by signing the St Andrews Links Trust-and high-volume restaurants that require robust, localized, and fiscally compliant solutions.

Here's a quick look at how the high-value segment has been trending, based on the latest available data points from the end of Fiscal 2025 and early Fiscal 2026 reporting periods:

Metric	Reporting Period End Date	Value/Change
Customer Locations with GTV > $500,000/year Growth	March 31, 2025 (FY25 End)	Flat year-over-year
Customer Locations with GTV > $500,000/year Growth	December 31, 2024 (Q3 FY25)	Increased 1% year-over-year
Customer Locations with GTV > $1 Million/year Growth	March 31, 2025 (FY25 End)	Increased 2% year-over-year
Monthly ARPU (Average Revenue Per User)	Fiscal 2025 Year End	~$489 (up 13% YoY)
Monthly ARPU (Average Revenue Per User)	December 31, 2024 (Q3 FY25)	~$533 (up 19% YoY)

The focus on higher GTV merchants is also reflected in the Average Revenue Per User (ARPU) growth, which management attributed to landing larger, more sophisticated customers. For the full Fiscal 2025, Monthly ARPU grew 13% year-over-year to ~$489. To be fair, the growth rate in the high-GTV segment was flat at the very end of the fiscal year, which might suggest onboarding friction or market softness impacting the largest potential clients right then.

Lightspeed Commerce Inc. (LSPD) - Canvas Business Model: Cost Structure

You're looking at the cost side of Lightspeed Commerce Inc.'s (LSPD) business as of late 2025, which is heavily influenced by the mix of transaction processing costs and strategic investment in product development. The cost structure reflects a company balancing growth with a new focus on efficiency following its transformation review.

The primary variable cost tied directly to revenue is the Cost of Revenue (CoR), which is dominated by transaction processing fees for Lightspeed Payments. With total Fiscal 2025 revenue hitting $1,076.8 million, and the overall gross margin reported at 44%, the implied Cost of Revenue for the year was approximately $603.0 million (calculated as $1,076.8 million (1 - 0.44)). This directly impacts the gross margin, which is a key metric for the payments-heavy portion of the business; the transaction-based gross margin was 29% for the full year, while subscription gross margin improved to 81% for the fourth quarter, showing a clear margin divergence between the two revenue streams.

Lightspeed Commerce Inc. has been deliberate about controlling its operating expenses, especially in Sales and Marketing (S&M) and Research and Development (R&D). The stated discipline meant keeping these expenses flat to down year-over-year for Fiscal 2025, a significant shift in focus. For instance, S&M expenses for the full Fiscal 2025 year were essentially flat, increasing by only $0.6 million compared to Fiscal 2024, and the S&M spend as a percentage of revenue actually decreased to 23% in the fourth quarter of 2025.

Personnel costs form a substantial part of the fixed and semi-fixed cost base, covering engineering, sales, and customer support staff necessary to maintain and innovate the platform. Share-based compensation, a component of these personnel costs, was $16.5 million included within Sales and Marketing expenses for Fiscal 2025.

A major, non-recurring cost event in the cost structure for Fiscal 2025 was the significant one-time charge related to asset valuation. Lightspeed Commerce Inc. recorded a non-cash goodwill impairment charge of ($556.4) million in Fiscal 2025. This charge was triggered by changes in macroeconomic conditions and a decrease in the company's share price and market capitalization, leading to the carrying amount of net assets exceeding their implied fair value.

Here is a breakdown of the key financial components impacting the Cost Structure for Fiscal 2025:

Financial Metric	Amount (USD Millions)	Context/Notes
Total Revenue	$1,076.8	Full Fiscal Year 2025
Implied Cost of Revenue (CoR)	~$603.0	Calculated based on $1,076.8M Revenue and 44% Gross Margin
Reported Gross Margin	44%	Full Fiscal Year 2025
Goodwill Impairment Charge	($556.4)	Non-cash charge in FY2025
Sales & Marketing (S&M) Change YoY	0% (or +$0.6M)	Reflecting cost discipline for FY2025
S&M as % of Revenue (Q4)	23%	Down from 25% in Q4 2024

The expense management focus for Lightspeed Commerce Inc. can be summarized by the following operational cost areas:

• Cost discipline applied to Sales and Marketing (S&M) and Research and Development (R&D) expenses.
• Investment in personnel costs for engineering, sales, and customer support remains a core operating expense.
• Transaction-based CoR is variable, tied to Gross Payment Volume (GPV) growth of 40% for the year.
• The large ($556.4) million goodwill charge significantly impacted the reported operating loss for the year.

To be fair, the push for cost discipline in S&M and R&D is a direct response to the need to improve profitability metrics like Adjusted EBITDA, which reached $53.7 million for the full year 2025, up from $1.3 million in 2024. Finance: draft 13-week cash view by Friday.

Lightspeed Commerce Inc. (LSPD) - Canvas Business Model: Revenue Streams

You're looking at the core ways Lightspeed Commerce Inc. makes money as of late 2025, and the numbers show a clear focus on transaction volume.

The two largest components of revenue for Lightspeed Commerce Inc. in Fiscal Year 2025 were transaction-based fees and recurring software subscriptions. For the full fiscal year ended March 31, 2025, the company delivered total revenue of $1,076.8 million, marking the first time annual revenue exceeded the $1 billion mark. This performance was driven by an 18% year-over-year growth in total revenue.

Here's the quick math on how those two primary streams contributed to that total for FY2025:

Revenue Stream Category	FY2025 Amount (USD)	Year-over-Year Growth (FY2025)
Transaction-based Revenue	$697.3 million	28%
Subscription Revenue	$344.8 million	7%

Transaction-based Revenue comes from fees generated by embedded payment processing. This stream saw significant growth in FY2025, increasing by 28% year-over-year, totaling $697.3 million for the year. This indicates that the strategy of increasing payments adoption among merchants is directly impacting the top line.

Subscription Revenue represents the more stable, recurring fees you pay for access to the core software, which includes the Point-of-Sale (POS) systems, e-commerce platforms, and various add-on modules. This stream totaled $344.8 million in FY2025, growing 7% year-over-year. You can see the stickiness of this revenue in the Average Revenue Per User (ARPU) metric; the subscription ARPU grew 11% year-over-year, while the overall Monthly ARPU reached approximately $489.

Beyond these two major pillars, Lightspeed Commerce Inc.'s revenue model incorporates other streams that support the platform ecosystem:

• Lightspeed Capital: Interest and fees generated from offering merchant cash advances. In the first quarter of fiscal 2025, this segment showed very strong momentum, with revenue increasing 388% year-over-year.
• Hardware sales, which are generally low-margin but serve as an entry point to secure the higher-margin software and payments contracts.
• Professional services and implementation fees associated with onboarding larger or more complex merchant locations.

The company's focus in Fiscal 2026 is clearly on growing the software revenue component, aiming to enhance profitability metrics like Adjusted EBITDA, which finished FY2025 at $53 million.

Finance: draft 13-week cash view by Friday.