Lightspeed Commerce Inc. F4Q26 First Look: Modest Beat, FY27 Guide Aligned with Expectations Post-Divestiture

研报英文原文证据摘录

Lightspeed Commerce Inc. F4Q26 First Look: Modest Beat, FY27 Guide Aligned with Expectations Post-Divestiture

J P M O R G A N North America Equity Research

21 May 2026

Lightspeed Commerce Inc. Underweight

LSPD, LSPD US

F4Q26 First Look: Modest Beat, FY27 Guide Aligned Price (19 May 26):$8.67

with Expectations Post-Divestiture

F4Q26 results were generally ahead of expectations, and FY27 guidance was in Underweight

line to slightly ahead of our estimates (note Street estimates likely do not

LSPD.TO, LSPD CN

incorporate the previously announced divesture of Upserve). F4Q26 upside was Price (19 May 26):C$11.90

driven by a modest GTV/revenue beat, while EBITDA margin on GP was generally

aligned with JPMe/Street. GPV penetration was flat q/q at 42% and growth engine

locations continued to accelerate to 11% y/y growth (up from 9% last Q), which

we applaud as the company continues to invest in and prioritize high performing Payments, Processors & IT Services

assets. Mgmt also revised FY28 guidance to reflect the divestiture (generally ahead Tien-tsin Huang, CFA AC

of JPMe/Street), reiterating 10-15% ‘25-’28E growth in net locations and 20% (1-212) 622-6632

Adj. EBITDA margin (on gross profit). Expected stock reaction: lean neutral as tien-tsin.huang@jpmorgan.com

FY27 outlook is below Street estimates, which we believe do not incorporate the Charles Pearce, CFA

recent divesture, balanced by solid F4Q results and the $400M repurchase (1-212) 622-4368

authorization. charles.pearce@jpmchase.com

Abbey Hochreiner

• Outlook Summary. As initially provided with the Upserve divestiture (1-212) 270-5798

announcement in late April, Mgmt sees FY27 Adj. EBITDA of $75-$95M (vs abbey.hochreiner@jpmchase.com

J.P. Morgan Securities LLC

JPMe/Street $82/$92).