LightSpeed ​​Commerce Inc. (LSPD): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da tecnologia de comércio, a LightSpeed ​​Commerce Inc. (LSPD) surge como uma força transformadora, revolucionando como as empresas gerenciam vendas, inventário e experiências de clientes em vários canais. Essa plataforma inovadora preenche perfeitamente a lacuna entre o varejo tradicional e o comércio digital, oferecendo soluções sofisticadas que capacitam empreendedores e empresas para navegar no cenário complexo do varejo moderno com flexibilidade sem precedentes e proezas tecnológicas.

LightSpeed ​​Commerce Inc. (LSPD) - Modelo de negócios: Parcerias -chave

Processadores de pagamento

A LightSpeed ​​Commerce faz parceria com várias plataformas de processamento de pagamentos:

Parceiro	Detalhes da integração	Volume da transação (2023)
Listra	Integração de gateway de pagamento global	US $ 4,3 bilhões processados
PayPal	Soluções de pagamento omnichannel	US $ 2,7 bilhões processados

Fabricantes de hardware

As parcerias estratégicas de hardware incluem:

• Apple-IPAD e integração de Mac para sistemas de ponto de venda
• Ingenico - hardware do terminal de pagamento
• Verifone - compatibilidade do dispositivo de pagamento

Integradores de plataforma de comércio eletrônico

Plataforma	Capacidade de integração	Alcance do mercado
Shopify	Sincronização completa da plataforma de comércio eletrônico	Mais de 500.000 comerciantes conectados
BigCommerce	Integração abrangente da API	250.000 lojas online suportadas

Provedores de serviços em nuvem

Parcerias de infraestrutura em nuvem:

• Amazon Web Services (AWS) - Hosting em nuvem
• Microsoft Azure - Enterprise Cloud Solutions
• Plataforma do Google Cloud - Infraestrutura escalável

Parceiros de tecnologia e desenvolvimento de software

Parceiro	Foco de colaboração	Investimento de desenvolvimento conjunto
Salesforce	Integração do CRM	Desenvolvimento conjunto de US $ 12,5 milhões
Oráculo	Compatibilidade do software corporativo	US $ 8,3 milhões de investimentos em parceria

LightSpeed ​​Commerce Inc. (LSPD) - Modelo de negócios: Atividades -chave

Desenvolvendo plataformas de comércio baseadas em nuvem

A LightSpeed ​​desenvolve plataformas de comércio nativo em nuvem em vários setores. No terceiro trimestre de 2023, a empresa apoiou mais de 185.000 clientes em todo o mundo. A plataforma processa aproximadamente US $ 50 bilhões em volume bruto de transação anualmente.

Segmento da plataforma	Base de clientes	Volume anual de transações
Varejo	78.000 clientes	US $ 22 bilhões
Restaurante	42.000 clientes	US $ 15 bilhões
Hospitalidade	25.000 clientes	US $ 8 bilhões

Fornecendo soluções de software de ponto de venda (POS)

A LightSpeed ​​oferece soluções POS integradas em várias plataformas de dispositivos. A empresa suporta:

• Sistemas de POS baseados em iPad
• Aplicativos POS móveis
• Soluções de hardware sincronizadas em nuvem

Criando ferramentas de gerenciamento de varejo omnichannel

As soluções omnichannel da LightSpeed ​​permitem que as empresas gerenciem:

• Gerenciamento de inventário na loja
• Plataformas online de comércio eletrônico
• Processamento de pagamento integrado

Recurso omnichannel	Taxa de adoção
Sincronização de inventário	92% dos clientes
Gerenciamento de multi-localização	65% dos clientes
Integração da loja online	58% dos clientes

Inovação contínua de produtos e atualizações de software

A LightSpeed ​​investiu US $ 156,4 milhões em pesquisa e desenvolvimento no ano fiscal de 2023, representando 31% da receita total.

Serviços de suporte ao cliente e implementação técnica

A empresa fornece suporte técnico 24/7 em vários idiomas e regiões, com uma equipe de suporte ao cliente de aproximadamente 800 profissionais.

Métrica de suporte	Desempenho
Tempo médio de resposta	Menos de 2 horas
Taxa de satisfação do cliente	88%
Suportar idiomas	7 idiomas

LightSpeed ​​Commerce Inc. (LSPD) - Modelo de negócios: Recursos -chave

Tecnologia de comércio e pagamentos proprietários

A partir do terceiro trimestre de 2023, a plataforma de tecnologia proprietária da LightSpeed ​​suporta:

• Mais de 165.000 locais comerciais globalmente
• Soluções de comércio em mais de 50 países
• Processado US $ 47,4 bilhões em volume total de pagamento no ano fiscal de 2023

Forte talento de engenharia de software

Força de trabalho de engenharia	Detalhes
Total de funcionários de engenharia	Aproximadamente 1.200 engenheiros de software
Pesquisar & Despesas de desenvolvimento	US $ 185,4 milhões no ano fiscal de 2023
Locais globais de engenharia	Montreal, Toronto, Amsterdã, Atlanta

Extenso banco de dados de clientes

Segmentos de clientes servidos:

• Varejo: 39.000 locais de comerciantes
• Restaurantes: 23.000 locais de restaurantes
• Hospitalidade: 8.500 locais de hotel e entretenimento

Infraestrutura em nuvem e plataformas técnicas

Métricas de infraestrutura	Especificações
Plataforma em nuvem	Arquitetura de várias nuvens usando AWS e Google Cloud
Investimento anual de infraestrutura em nuvem	US $ 42,6 milhões no ano fiscal de 2023
Tempo de atividade da plataforma	99,99% de confiabilidade

Propriedade intelectual e patentes de software

Portfólio de propriedade intelectual:

• 38 patentes de software registradas
• 27 pedidos de patente pendente
• Proteção de tecnologia nos domínios de comércio, pagamentos e análises

LightSpeed ​​Commerce Inc. (LSPD) - Modelo de Negócios: Proposições de Valor

Plataforma de comércio unificado para varejistas e restaurantes

A plataforma da LightSpeed ​​atende 185.000 clientes em mais de 100 países a partir do terceiro trimestre de 2023. A receita recorrente anual (ARR) atingiu US $ 189,5 milhões no terceiro trimestre de 2023.

Segmento de clientes	Número de clientes	Alcance geográfico
Varejo	102,500	América do Norte
Restaurantes	82,500	Global

Integração perfeita de canais de vendas online e offline

A LightSpeed ​​processou US $ 40,1 bilhões em volume bruto de transação em 2023.

• Soluções de Comércio Omnichannel
• Sincronização de inventário em tempo real
• Processamento de pagamento integrado

Ferramentas avançadas de inventário e gerenciamento de clientes

Recurso	Capacidade
Rastreamento de inventário	Atualizações em tempo real em vários locais
Banco de dados do cliente	Funcionalidade avançada de CRM

Soluções escaláveis ​​para empresas de vários tamanhos

A plataforma suporta empresas que variam de operações de localização única a empresas de vários sites com mais de 500 locais.

• Pequenos planos de negócios a partir de US $ 69/mês
• Soluções corporativas com preços personalizados
• Suporta até 1.000 usuários simultâneos

Recursos de análise e relatórios em tempo real

A plataforma de análise processa mais de 1,2 milhão de transações diárias em toda a base de clientes globais.

Recurso de relatório	Métrica de desempenho
Análise de vendas	Rastreamento detalhado de desempenho
Insights de inventário	Gerenciamento de ações preditivas

LightSpeed ​​Commerce Inc. (LSPD) - Modelo de Negócios: Relacionamentos do Cliente

Auto-serviço digital a integração

A LightSpeed ​​oferece integração digital com 95,3% dos novos clientes preenchendo a configuração inicial por meio de canais on -line. A plataforma fornece criação de conta automatizada com um tempo médio de configuração de 23 minutos.

Métrica de integração digital	Porcentagem/tempo
Taxa de conclusão de configuração de conta on -line	95.3%
Tempo médio de configuração	23 minutos

Gerentes de sucesso de clientes dedicados

A LightSpeed ​​atribui gerentes dedicados de sucesso do cliente a clientes corporativos, com uma proporção de 1 gerente por 47 contas corporativas. O tempo médio de resposta para o suporte corporativo é de 2,1 horas.

Métrica de sucesso do cliente	Valor
Razão da conta corporativa / gerente	1:47
Tempo de resposta de suporte corporativo	2,1 horas

Base de conhecimento on -line e recursos de treinamento

A empresa fornece extensos materiais de treinamento digital com:

• 1.247 tutoriais em vídeo
• 342 artigos de ajuda abrangente
• 87 sessões de treinamento de webinar anualmente

Fóruns da comunidade e grupos de usuários

A LightSpeed ​​mantém comunidades online ativas com:

• 12.843 membros do Fórum Comunitário Registrado
• 27 discussões mensais em grupo de usuários
• 4.672 interações mensais ativas da comunidade

Suporte personalizado de implementação

Os serviços de implementação personalizados incluem:

• Suporte de integração personalizada para 76% dos clientes corporativos
• Tempo médio de implementação de 14 dias úteis
• 98,6% de satisfação do cliente durante o processo de implementação

Métrica de suporte à implementação	Porcentagem/tempo
Clientes corporativos com integração personalizada	76%
Tempo médio de implementação	14 dias úteis
Taxa de satisfação do cliente	98.6%

LightSpeed ​​Commerce Inc. (LSPD) - Modelo de Negócios: Canais

Equipe de vendas diretas

No terceiro trimestre de 2023, o LightSpeed ​​Commerce mantém uma equipe de vendas direta de aproximadamente 1.200 profissionais de vendas focados em segmentos de varejo, hospitalidade e comércio eletrônico.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	1,200
Receita anual média por representante de vendas	$425,000
Cobertura geográfica	América do Norte, Europa, Austrália

Site online e marketing digital

Os canais de marketing digital da LightSpeed ​​geram aproximadamente US $ 280 milhões em receita anual por meio de plataformas on -line.

• Tráfego do site: 2,3 milhões de visitantes únicos mensais
• Gastes de marketing digital: US $ 42 milhões anualmente
• Taxa de conversão: 3,7%

Mercados da plataforma de comércio eletrônico

A LightSpeed ​​opera em vários mercados de comércio eletrônico com recursos de integração em mais de 40.000 locais comerciais.

Marketplace Metric	2023 dados
Total de comerciantes integrados	40,000+
Volume de transações do mercado	US $ 1,2 bilhão
Valor médio da transação	$375

Redes de referência de parceiros

A LightSpeed ​​mantém parcerias estratégicas com 850 provedores de tecnologia e serviços.

• Redes de parceiros totais: 850
• Receita anual gerada por parceiro: US $ 95 milhões
• Taxa de comissão de parceiros: 15-20%

Mercados de integração de software

A LightSpeed ​​oferece integrações com mais de 300 aplicativos de software de terceiros em vários domínios de negócios.

Métrica de Integration Marketplace	2023 dados
Total de integrações de software	300+
Categorias de integração	Pagamentos, contabilidade, marketing, inventário
Receita anual de integração	US $ 62 milhões

LightSpeed ​​Commerce Inc. (LSPD) - Modelo de negócios: segmentos de clientes

Pequenas e médias empresas de varejo

A partir do quarto trimestre 2023, a LightSpeed ​​atende a aproximadamente 159.000 locais de clientes globalmente. As pequenas e médias empresas de varejo representam 42% de sua base total de clientes.

Característica do segmento	Dados estatísticos
Total de clientes pequenos/médios de negócios	66.780 locais
Receita média anual por cliente	$24,500
Distribuição geográfica	América do Norte: 68%, Europa: 22%, APAC: 10%

Restaurantes e estabelecimentos de hospitalidade

O segmento de restaurantes da LightSpeed ​​é responsável por 35% da base total de clientes, com 55.650 locais de restaurantes usando sua plataforma.

• Tipos de restaurantes: Restaurantes de serviço rápido (QSR): 42%
• Refeições requintadas: 23%
• Cafés e bares: 35%

Varejistas especializados e independentes

Categoria de varejo	Contagem de clientes	Percentagem
Vestuário e moda	12.500 lojas	18%
Casa e estilo de vida	8.750 lojas	12%
Bens especializados	6.230 lojas	9%

Empresas empresariais de várias localizações

Os clientes corporativos representam 15% da base total de clientes da LightSpeed, com 23.850 negócios de multi-localização.

• Valor anual mínimo do contrato: US $ 50.000
• Locais médios por cliente da empresa: 7.2
• Indústrias: redes de varejo, grupos de restaurantes, redes de hospitalidade

Comerciantes de comércio eletrônico e omnichannel

O segmento de comércio eletrônico representa 8% da base total de clientes com 12.670 comerciantes on-line.

Métricas de comércio eletrônico	Data Point
Total de comerciantes online	12,670
Receita média da loja online	US $ 185.000 anualmente
Taxa de integração omnichannel	62%

LightSpeed ​​Commerce Inc. (LSPD) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a LightSpeed ​​relatou despesas de pesquisa e desenvolvimento de US $ 185,6 milhões, representando 36,1% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 185,6 milhões	36.1%
2022	US $ 170,3 milhões	33.7%

Investimentos de vendas e marketing

As despesas de vendas e marketing da LightSpeed ​​no ano fiscal de 2023 totalizaram US $ 263,4 milhões, representando 51,3% da receita total.

• O número de funcionários de vendas e marketing aumentou para apoiar a expansão global
• Investimentos estratégicos em canais de marketing digital
• Expansão de equipes de vendas em vários mercados geográficos

Manutenção da infraestrutura em nuvem

Os custos de infraestrutura e tecnologia em nuvem para a LightSpeed ​​em 2023 foram de aproximadamente US $ 45,2 milhões.

Categoria de custo	Despesa anual
Hospedagem em nuvem	US $ 28,7 milhões
Infraestrutura de tecnologia	US $ 16,5 milhões

Compensação dos funcionários

A compensação total dos funcionários pela LightSpeed ​​no ano fiscal de 2023 foi de US $ 352,8 milhões.

Categoria de compensação	Quantia
Salários da base	US $ 214,6 milhões
Remuneração baseada em ações	US $ 87,3 milhões
Benefícios e bônus	US $ 50,9 milhões

Serviços de suporte e implementação do cliente

As despesas de suporte e implementação de suporte ao cliente para LightSpeed ​​em 2023 foram de US $ 62,5 milhões.

• 24/7 de infraestrutura global de suporte ao cliente
• Equipes de implementação e integração dedicadas
• Recursos de suporte multilíngue

LightSpeed ​​Commerce Inc. (LSPD) - Modelo de negócios: fluxos de receita

Taxas de assinatura recorrentes

Para o ano fiscal de 2023, a LightSpeed ​​registrou uma receita total de assinatura de US $ 548,4 milhões, representando um crescimento de 21% ano a ano.

Camada de assinatura	Faixa de preço mensal	Receita anual estimada
Camada inicial	$79 - $129	US $ 35,7 milhões
Nível Profissional	$229 - $349	US $ 187,5 milhões
Enterprise Nível	$499 - $999	US $ 325,2 milhões

Taxas de processamento de transações

A receita de processamento de transações para o ano fiscal de 2023 foi de US $ 272,6 milhões, com uma taxa média de processamento de 2,7% por transação.

• Volume total de pagamento processado: US $ 23,4 bilhões
• Valor médio da transação: US $ 87,50
• Número de transações processadas: 267 milhões

Vendas de hardware e equipamentos

A receita de vendas de hardware para o ano fiscal de 2023 atingiu US $ 94,3 milhões.

Categoria de hardware	Preço médio	Vendas anuais estimadas
Terminais POS	$899	US $ 45,2 milhões
Gavetas em dinheiro	$249	US $ 18,7 milhões
Impressoras de recebimento	$349	US $ 30,4 milhões

Serviços profissionais e consultoria

A receita de serviços profissionais para o ano fiscal de 2023 totalizou US $ 63,7 milhões.

• Valor médio de engajamento de consultoria: US $ 12.500
• Número total de compromissos de serviço profissional: 5.100
• Taxa média de consultoria por hora: US $ 275

Compras de módulo de software complementares

A receita do módulo de software complementar para o ano fiscal de 2023 foi de US $ 87,2 milhões.

Módulo de software	Preço mensal	Receita anual estimada
Relatórios avançados	$49	US $ 22,3 milhões
Gerenciamento de inventário	$79	US $ 35,6 milhões
Programa de fidelidade do cliente	$99	US $ 29,3 milhões

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.