08:29 AM EDT, 08/01/2024 (MT Newswires) -- Lightspeed Commerce ( LSPD ) was last seen up 6.1% in premarket New York trading after the company on Thursday said it swung to an adjusted profit in its fiscal first-quarter on rising revenue.

The electronic-payments company reported an adjusted profit, excluding most one-time items, of US$16.1 million, or US$0.10 per share, in the quarter ended June 30, compared to an adjusted loss of US$2.2 million, or $0.01, in the year-prior quarter.

The company said its adjusted EBITDA swung to a profit of US$16.1 million, or US$0.10, from a year-prior loss of US$2.2 million, or US$0.01

Revenue rose 27% to US$266.09 million from US$209.09 million.

"Fiscal 2025 is off to a great start with first quarter revenues and Adjusted EBITDA exceeding outlook. We have spent the last year expanding payments adoption and right-sizing our cost structure and that is reflected in our results today. We are now turning our focus to accelerating growth in our software business so that we can continue to pursue our goal of profitable growth," chief financial officer Asha Bakshani said in a release.

The company reiterated its expectations for revenue growth of at least 20% for the fiscal year, while raising its guidance for adjusted EBITDA for the year to US$45 million from US$40 million. It expects fiscal second-quarter revenue to run between US$270 million and US$275 million and adjusted EBITDA of about US$12 million.

Lightspeed shares were last seen up US$0.81 to US$14.20 in premarket trading. They closed down $0.10 to $18.49 Wednesday on the Toronto Stock Exchange.