Lightspeed Commerce reported adjusted earnings of US$0.17 per share, exactly matching the calendar estimate. The result was in line with expectations, but the quarter brought a mixed picture: stronger organic growth and weaker cash flow.
Lightspeed Commerce Inc. (TSX: LSPD) reported results for the second quarter of fiscal 2027, covering the three months ended September 30, 2026. Revenue was US$323.8 million, up 2% as reported and 15% organically from a year earlier. The company said the Upserve divestiture affected reported comparisons. Its net loss narrowed to US$4.2 million from US$32.7 million, but operating cash flow turned negative.
Recent earnings trend
Lightspeed Commerce Inc
LSPD.TO
LSPD.TO
Lightspeed Commerce Inc
WealthAwesomeMarket cap
$1.87B
52W high
$18.93
52W low
$10.80
1W change
-4.28%
Beta
1.65
Analyst Price Targets
Based on analyst covering LSPD · as of Nov 9, 2026
Wall Street analysts forecast LSPD stock price to rise 22.8% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$17.83
+22.8% Upside
Previously C$17.72 on Nov 6, 2026
Current Price
C$14.52
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on LSPD's historical volatility
30-Day Vol
46.1%
Annualized
90-Day Vol
46.0%
Annualized
Trend (90d)
-1.2%
Annualized drift
90d Mean
C$14.46
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$14.50 | C$12.37 – C$17.00 |
| 60 trading days | C$14.48 | C$11.56 – C$18.13 |
| 90 trading days | C$14.46 | C$10.98 – C$19.05 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 11 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 1 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-04 | — | 0.1900 | — |
| 2026-09-30 | 2026-11-05 | 0.1700 | 0.1700 | +0.0% |
| 2026-06-30 | 2026-07-30 | 0.1300 | 0.1200 | +8.3% |
| 2026-03-31 | 2026-05-21 | 0.0800 | 0.1200 | -33.3% |
| 2025-12-31 | 2026-02-05 | 0.1500 | 0.1500 | +0.0% |
| 2025-09-30 | 2025-11-06 | 0.1600 | 0.1200 | +33.3% |
For Canadian investors, the results point to growth in key markets and better operating performance. But the company still needs to show it can generate cash consistently.
Investor takeaway: Adjusted EPS matched the calendar estimate, revenue and adjusted EBITDA rose, and the net loss narrowed. Organic revenue grew 15%. However, operating cash flow was negative US$7.5 million, compared with positive US$25.5 million a year earlier. Lightspeed said the decline was mainly due to a US$26 million increase in outstanding merchant cash advances. The quarter supports the case for improving operations, but sustained cash generation remains an open question. See the LSPD.TO stock page for more company and share information.
US$0.17 adjusted EPS: exactly in line with the calendar estimate
Lightspeed’s adjusted EPS was US$0.17, matching the US$0.17 calendar estimate. That means the reported surprise was 0.0%. Adjusted income was US$22.6 million, up from US$22.2 million a year earlier.
Revenue came in at US$323.8 million. A separate estimate cited in company coverage put revenue at US$320.75 million, which would mean a 0.95% beat. Because that estimate differs from the calendar figure, the EPS comparison here uses the supplied calendar estimate.
Bull case
Revenue grew 17% year over year in North American retail and European hospitality, which Lightspeed identifies as its main growth markets. Gross payment volume (GPV) rose 14%, and GPV reached 50% of gross transaction volume (GTV) in those markets. Overall software gross margin improved to 84%.
Adjusted EBITDA increased to US$22.7 million from US$21.3 million, and the net loss narrowed substantially. Together, these results suggest Lightspeed is growing in its target markets while improving its operating performance.
Bear case
Reported revenue grew just 2%, while transaction-based revenue fell 1% year over year. Those figures are reported results; organic growth gives a more comparable view after the Upserve divestiture.
Operating cash flow was negative US$7.5 million, and adjusted free cash flow fell to US$4.0 million from US$18.0 million. Lightspeed’s fundamentals snapshot also shows trailing-twelve-month EPS of negative US$0.69 and a profit margin of negative 5.51%. The company still needs to show it can turn growth and adjusted earnings into lasting cash generation.
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