Mr. Dax Dasilva reports

LIGHTSPEED ANNOUNCES THE RETURN OF DAX DASILVA AS CEO

Lightspeed Commerce Inc. has reappointed founder Dax Dasilva as interim chief executive officer. Mr. Dasilva most recently served as Lightspeed's executive chair, and previous to this, served as the company's CEO from its inception in 2005 until February, 2022. This appointment by Lightspeed's board, effective immediately, comes as J.P. Chauvet is stepping down. "I thank JP for his contributions, service and leadership at Lightspeed over the past eleven years," said Mr. Dasilva.

"I founded this company, and am delighted to be named interim CEO to lead this next stage of profitable growth," Mr. Dasilva continued. "The achievements of our last quarter serve as a testament to our potential, and we must continue to build upon this momentum. My vision is clear: cultivate a business model that fosters growth, prioritizes profitability and unlocks operational efficiencies to deliver ongoing value to our shareholders."

Mr. Dasilva rejoins Lightspeed in the interim CEO role after the company announced its third quarter 2024 financial results last Thursday, Feb. 8, 2024. Results for the quarter included total revenue of $239.7-million, which grew 27 per cent year-over-year, and improved net loss and adjusted earnings before interest, taxes, depreciation and amortization ($40.2-million) and $3.6-million, respectively, surpassing previously established outlooks.

"On behalf of the board, we welcome back Dax Dasilva as Lightspeed's interim CEO," said Patrick Pichette, lead independent director of the board. "His exceptional track record as the founder of this company speaks volumes about his visionary leadership and dedication to success over the years. Under his guidance, we have witnessed remarkable growth and innovation, propelling Lightspeed to the category leader it is today. I am confident that he will continue to steer Lightspeed towards new heights of success."

Leadership changes

Along with Mr. Dasilva's appointment as interim CEO, Lightspeed announced several changes to the leadership team and the board. John Shapiro, senior vice-president of retail technology, has been promoted to chief product and technology officer, replacing Ryan Tabone, who will be departing the company in April, 2024. In addition, Mr. Pichette, currently the company's lead independent director, will move into the role of interim chair of the board. These leadership changes are a reflection of the company's continuing succession planning.

About Lightspeed Commerce Inc.

Powering the businesses that are the backbone of the global economy, Lightspeed's one-stop commerce platform helps merchants innovate to simplify, scale and provide exceptional customer experiences. Its cloud commerce solution transforms and unifies on-line and physical operations, multichannel sales, expansion to new locations, global payments, financial solutions, and connection to supplier networks.

Founded in Montreal, Canada, in 2005, Lightspeed is dual-listed on the New York Stock Exchange and Toronto Stock Exchange. With teams across North America, Europe and Asia Pacific, the company serves retail, hospitality and golf businesses in over 100 countries.

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