Review of Lightspeed Commerce Inc.

JUL 17, 2025 - The company’s growth also slowed down while still generating negative free cash flow and profitability. In addition, valuation for Fintech companies declined meaningfully, making the share price today still much lower than its IPO price in 2019. The company has been acquisitive in the past, but we think the track record of M&A is quite poor, given a meaningful goodwill write-off LSPD recently reported in the most recent quarter. It has a strong balance sheet with almost a quarter of the company’s market capitalization in cash. We see potential for LSPD to be acquired by other large Fintech companies. That being said, that catalyst alone can’t be a worthwhile investment thesis for LSPD. To be conservative, we are downgrading our rating by one notch to a ‘C+‘.

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