Lightspeed (LSPD) was down 7% on its Q4 print, which beat on revenue but came with a weaker-than-expected Q1 guide for 12% organic growth…

… and a pretty wide range on full-year EBITDA ($75-95M). At the midpoint, management expects to see margin improvement through the year…

… as investments in sales and marketing (up 22% Y/Y) translate to operating leverage in fiscal 2027, which investors will need to see evidence of before LSPD can catch a real bid.

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