from $6.6 billion in the same period last year, largely due to the 
      Company's unified POS and payments initiative. 
 
   -- Customer Locations with GTV exceeding $500,000/year5 and $1 million/year5 
      increased 1% and 3% year-over-year, respectively. 
 
   -- Lightspeed Capital showed strong growth with revenue increasing 96% 
      year-over-year. 
 
   -- Notable customer wins for retail in North America include: 
 
          -- Soccer Master and Epoxy Depot; both of which are multi-location 
             merchants with a need for omni-channel capabilities. High GTV 
             merchants continue to choose Lightspeed over other solutions given 
             our differentiated ability to handle complex inventory management 
             needs, and our ability to support omni-channel in a multi-location 
             environment; 
 
          -- In our Supplier Network, we renewed contracts with three of the 
             largest North American department stores. We also signed multiple 
             new brands including Caspari, Anine Bing and ASW Group which is a 
             distributor for Tommy Hilfiger and Calvin Klein. 
 
   -- In golf, we signed the legendary St Andrews Links Trust -- the home of 
      The Open. 
 
   -- Notable customer wins for hospitality in Europe include: 
 
          -- Three Michelin star restaurant AM par Alexandre Mazzia in 
             Marseille, and Chefdag, a chain of Belgium-based restaurants with 
             seven locations; 
 
          -- In the hotel-adjacent restaurant space, we signed Hôtel de 
             Beaune, a five star luxury hotel in the heart of Burgundy due to 
             Lightspeed's product market fit for full-service restaurants. 
 
   -- During the quarter, Lightspeed announced a strategic reorganization 
      impacting approximately 200 positions. This effort is a result of the 
      Company's renewed strategy to focus its efforts on retail in North 
      America and hospitality in Europe. 
 
_______________________________________________ 
(4) Key Performance Indicator. See the section entitled 
 "Key Performance Indicators." 
 

Financial Outlook(6)

The following outlook supersedes all prior statements made by the Company and is based on current expectations.

Lightspeed is encouraged by its results to date with strong revenue growth and an Adjusted EBITDA performance that is on track to surpass our most recent outlook for Fiscal 2025. There are two short-term headwinds on revenue, including the surging US dollar which is putting pressure on non-US dollar revenue and the meaningful reduction of go-to-market positions in the restructuring last quarter. The Company plans to use these savings from the restructuring to hire in its growth markets and fully expects to see a positive return on these efforts in Fiscal 2026. Partially offsetting these negative influences are recent software price increases and a series of popular software modules that have recently been released. Finally, the Company's fiscal fourth quarter is seasonally the weakest for GTV performance.

 
___________________________________________ 
(5) Excluding Customer Locations and GTV attributable 
 to the Ecwid eCommerce standalone product, Lightspeed 
 Golf and NuORDER by Lightspeed product. A Customer 
 Location's GTV per year is calculated by annualizing 
 the GTV for the months in which the Customer Location 
 is actively processing in the last twelve months. 
(6) The financial outlook is fully qualified and based 
 on a number of assumptions and subject to a number 
 of risks described under the heading "Forward-Looking 
 Statements" and "Financial Outlook Assumptions" of 
 this press release. 
 

The Company's outlook has been updated as follows:

Fiscal 2025

   -- Revenue growth of approximately 20%. 
 
   -- Adjusted EBITDA1 of over $53 million. 

Conference Call and Webcast Information

Lightspeed will host a conference call and webcast to discuss the Company's financial results at 8:00 am ET on Thursday, February 6, 2025. To access the telephonic version of the conference call, visit https://registrations.events/direct/Q4I743165278. After registering, instructions will be shared on how to join the call including dial-in information as well as a unique passcode and registrant ID. At the time of the call, registered participants will dial in using the numbers from the confirmation email, and upon entering their unique passcode and ID, will be entered directly into the conference. Alternatively, the webcast will be available live in the Events section of the Company's Investor Relations website, https://investors.lightspeedhq.com/English/events-and-presentations/upcoming-events/.

Among other things, Lightspeed will discuss quarterly results, financial outlook and trends in its customer base on the conference call and webcast, and related materials will be made available on the Company's website at https://investors.lightspeedhq.com. Investors should carefully review the factors, assumptions and uncertainties included in such related materials.

An audio replay of the call will also be available to investors beginning at approximately 11:00 a.m. Eastern Time on February 6, 2025 until 11:59 p.m. Eastern Time on February 13, 2025, by dialing 800.770.2030 for the U.S. or Canada, or 647.362.9199 for international callers and providing conference ID 74316. In addition, an archived webcast will be available on the Investors section of the Company's website at https://investors.lightspeedhq.com.

Lightspeed's unaudited condensed interim consolidated financial statements and management's discussion and analysis for the three and nine months ended December 31, 2024 are available on Lightspeed's website at https://investors.lightspeedhq.com and will be filed on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.

Financial Outlook Assumptions

When calculating the Adjusted EBITDA included in our financial outlook for the full year ending March 31, 2025, we considered IFRS measures including revenues, direct cost of revenues, and operating expenses. Our financial outlook is based on a number of assumptions, including assumptions related to inflation, changes in interest rates, consumer spending, foreign exchange rates and other macroeconomic conditions; that the jurisdictions in which Lightspeed has significant operations do not impose strict measures like those put in place in response to pandemics like the COVID-19 pandemic; requests for subscription pauses and churn rates owing to business failures remain in line with planned levels; our Customer Location count remaining in line with our planned levels (particularly in higher GTV cohorts); quarterly subscription revenue growth gradually ramping up throughout the year towards 10% growth; revenue streams resulting from certain partner referrals remaining in line with our expectations (particularly in light of our decision to unify our POS and payments solutions, which payments solutions have in the past and may in the future, in some instances, be perceived by certain referral partners to be competing with their own solutions); customers adopting our payments solutions having an average GTV at our planned levels; continued uptake of our payments solutions in line with our expectations in connection with our ongoing efforts to sell our POS and payments solutions as one unified platform; our ability to price our payments solutions in line with our expectations and to achieve suitable margins and to execute on more optimized pricing structures; our ability to manage default risks of our merchant cash advances in line with our expectations; seasonal trends of our key verticals being in line with our expectations and the resulting impact on our GTV and transaction-based revenues; continued success in module adoption expansion throughout our customer base; our ability to selectively pursue strategic opportunities and derive the benefits we expect from the acquisitions we have completed including expected synergies resulting from the prioritization of our flagship Lightspeed Retail and Lightspeed Restaurant offerings; market acceptance and adoption of our flagship offerings; our ability to attract and retain key personnel required to achieve our plans, including outbound and field sales personnel in our key markets; our ability to execute our succession planning; our expectations regarding the costs, timing and impact of our reorganizations and other cost reduction initiatives; our expectations regarding our growth strategy for retail in North America and hospitality in Europe and our strategies for other geographies and verticals; our ability to manage customer churn; and our ability to manage customer discount requests. Our financial outlook does not give effect to the potential impact of acquisitions, divestitures or other strategic transactions that may be announced or closed after the date hereof. Our financial outlook, including the various underlying assumptions, constitutes forward-looking information and should be read in conjunction with the cautionary statement on forward-looking information below. Many factors may cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including the risks and uncertainties related to: macroeconomic factors affecting small and medium-sized businesses, including inflation, changes in interest rates and consumer spending trends; instability in the banking sector; exchange rate fluctuations and the use of hedging; any pandemic or global health crisis; the Russian invasion of Ukraine and reactions thereto; the Israel-Hamas war and reactions thereto; uncertainty and changes as a result of elections and changes in administrations in the U.S., Canada and Europe (including the potential impacts of tariffs, other trade conditions or protective government actions); certain natural disasters (including wildfires in California); our inability to attract and retain customers, including among high GTV

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