Lightspeed Commerce Inc.

Q4 total revenue was $290.8 million, up 15% year over year; gross profit was $129 million, up 15%; and adjusted EBITDA was $15.1 million, up 17% versus $12.9 million in Q4 last year. Full-year fiscal 2026 adjusted EBITDA was $72.5 million, gross margin was 43% (up more than 100 basis points from fiscal 2025), and adjusted free cash flow was $18.2 million. In the growth engines, Q4 revenue rose 24%, GTV rose 19%, and locations rose 11%; total customer locations reached 150,000, and quarterly net adds were about 3,200. For fiscal 2027, Lightspeed guided to revenue of $1.225 billion to $1.265 billion, gross profit of $565 million to $585 million, and adjusted EBITDA of $75 million to $95 million. For Q1 fiscal 2027, it guided to revenue of $305 million to $350 million, gross profit of $136 million to $141 million, and adjusted EBITDA of $15 million to $20 million.

Dax Dasilva framed fiscal 2026 as proof that Lightspeed’s focus on North America retail and European hospitality is working. He highlighted accelerating location growth, product innovation around AI, and a shift toward higher-quality revenue through annual contracts and stronger monetization. His tone was confident and strategic, emphasizing that the business is becoming more differentiated and that AI can create advantage because Lightspeed has proprietary transactional and workflow data.

Asha Bakshani emphasized that the company is now more focused and scalable after divesting Upserve, with growth engines now about 75% of total revenue versus about 67% in fiscal 2026. She cited full-year metrics including 43% gross margin, $72.5 million of adjusted EBITDA, $18.2 million of adjusted free cash flow, and payments penetration of 42% for the year (46% in growth engines). She also noted Q4 free cash flow was negative $13 million due mainly to working-capital timing, cash was about $454 million, and roughly $200 million remained under the share repurchase authorization; the board also renewed a buyback for up to 8.5 million shares.

Analysts pressed on the cadence of growth, software revenue slowing versus prior quarters, Capital growth, headcount and ROI in outbound sales, payments penetration, and the hardware margin decline. Management said revenue should accelerate through fiscal 2027 as product launches, payments penetration, and growth-engine execution build through the year, and that Capital can still grow 35% plus on a pro forma basis while keeping defaults in the low single digits. On software, management said growth was moderated by lapping price increases and a deliberate shift to annual contracts, while on hardware it said weaker margins were due to discounts and incentives rather than tariffs, and that margin actions are already being implemented for fiscal 2027.