Lightspeed Restaurant
Lightspeed Restaurant is a cloud-based point-of-sale and restaurant management platform offering table management, menu customization, online ordering, inventory tracking, and integrated payment processing. Part of Lightspeed Commerce Inc. (NYSE/TSX: LSPD), the platform operates on iPad hardware and serves restaurants internationally with plans ranging from $69 to $399 per month.
Score generated by AI agents based on publicly cited evidence and reviewed by the project maintainer. Not independently validated. Last assessed 2026-10-01. Score revised 2026-10-01: 50 → 47.
Score History
Timeline events are AI-curated from public reporting. Score trajectory is derived from documented events.
Lightspeed, a Montreal retail POS maker founded in 2005 and backed by venture investors, entered hospitality by acquiring Belgian startup POSIOS in October 2014, creating Lightspeed Restaurant. Merchants paid a subscription for iPad-based software, with no payments bundling. The main blemish was a 2016 breach of Lightspeed's retail system.
Lightspeed listed on the TSX at C$16 a share in March 2019, weeks after launching its own integrated payments for US retailers, still optional. It bought regional hospitality POS firms iKentoo (Switzerland), Kounta (Australia) and Gastrofix (Germany, C$131M) to widen Lightspeed Restaurant's reach. Merchant terms stayed conventional.
After its NYSE listing, Lightspeed spent over $2 billion, largely in stock, on POS rivals ShopKeep and Upserve (for US restaurants), then Vend, Ecwid and NuORDER. The stock peaked at $124.41 in September 2021 before Spruce Point alleged inflated customer counts, triggering a share plunge and securities class actions. Dax Dasilva handed the CEO job to JP Chauvet in February 2022, and the period closed with about 300 layoffs and a $748.7M goodwill impairment in early 2023.
Lightspeed began requiring merchants to move processing to Lightspeed Payments or pay a monthly penalty, reported at $200 a month by Quebec restaurant owners; bike retailers called it blackmail and the Quebec Restaurant Association called it unethical. A 'Meet or Beat' rate promise followed in October 2023. In Australia, a court found subsidiary Kounta breached its agent contract with Tyro by poaching merchants for Lightspeed Payments. Founder Dax Dasilva returned as CEO in February 2024.
Weeks after his return, Dasilva cut about 280 roles and authorized a buyback of up to 10% of the public float (~$140M), followed by 200 more layoffs in December. Card-present processing rates rose to 2.4% + $0.10 in August 2024, and merchants reported broken 'lifetime rate' promises. A strategic review explored a sale of the company.
Lightspeed ended its strategic review by staying public, authorizing up to $400M in buybacks and focusing growth on North American retail and European hospitality, with other markets such as US hospitality run for efficiency. A $400/month outside-processor fee was being reported by March 2025, while the securities litigation wound down. AI took over most support chats as support headcount fell, buybacks continued through net losses, and the US Upserve restaurant line was sold in April 2026 for a fraction of its 2020 price.
Alternatives
Restaurant POS from Block (formerly Square) with no long-term contracts: a $0 Free plan, or $49/month per location for Plus. Square processes all payments itself (no third-party processor option) but charges no penalty fees, and runs on iPads or Square's own terminals. In-person processing is 2.6% + 15 cents on the Free plan. Less feature-deep than Lightspeed for complex full-service restaurants, but far easier to leave. Easy to moderate switch.
The largest restaurant-specific POS platform in the US. Strong restaurant-specific features including kitchen display systems, online ordering, and delivery management. More enshittified than Lightspeed in some respects: mandatory Toast payment processing, proprietary hardware lock-in, and a 2024 $0.99 online-order fee it later dropped. Moderate switch: requires hardware investment and staff retraining.
Dimensional Breakdown
Summaries below were written by AI agents based on the cited evidence. They are editorial interpretations, not independent research findings.
Dimension History
Timeline (56 events)
Dax Dasilva Founds Lightspeed in Montreal
Dax Dasilva founded Lightspeed (initially LightSpeed Retail) in Montreal in 2005 to address gaps in point-of-sale technology for small retailers. The company bootstrapped for its first seven years, developing Mac-based POS software for independent merchants.
Lightspeed Raises $30M Series A from Accel
Lightspeed raised a $30 million Series A round from Accel Partners, its first institutional funding after about seven years of bootstrapping. At the time its software was used by almost 10,000 retailers, and Accel partner Ryan Sweeney joined the board.
Lightspeed Raises $35M Series B Led by iNovia
Lightspeed closed a $35 million Series B round led by iNovia Capital with participation from Accel Partners. At the time, the company had about 20,000 retailers signed up and processed about $7.5 billion in annual transactions for them. It also announced flat-rate payment processing through a Vantiv partnership, and a month later moved into hospitality.
Lightspeed Acquires Belgium-Based POSIOS to Enter Restaurant Market
Lightspeed acquired Belgian startup POSIOS, launching Lightspeed Restaurant. POSIOS provided iPad-based POS solutions for restaurants and hospitality. The acquisition established Lightspeed's European development headquarters in Ghent, Belgium, and marked the company's entry into the hospitality vertical.
Lightspeed Closes $61M Series C Led by CDPQ
Lightspeed closed a $61 million Series C round co-led by Caisse de depot et placement du Quebec (CDPQ) and Investissement Quebec, with participation from Accel and iNovia, bringing total funding to $126 million. Dasilva said the money would fund international expansion and further acquisitions.
Lightspeed Acquires SEOshop for European E-Commerce Expansion
Lightspeed acquired Amsterdam-based e-commerce developer SEOshop, rebranding its product as Lightspeed eCom and offering products for online-only businesses for the first time. Dasilva called it Lightspeed's biggest acquisition so far; the company then had 34,000 customers.
Lightspeed Retail System Breached by Hackers
Lightspeed notified customers that an unauthorized party had accessed its Lightspeed Retail system, including a database of sales, product and customer information, encrypted passwords, API keys and consumers' electronic signatures. The company, which counted more than 38,000 customers, said no credit card data was stored in the product, hired third-party security experts for a forensic investigation, and urged customers to change passwords.
Lightspeed Raises $166M Series D from CDPQ
Lightspeed closed a $166 million Series D round led by CDPQ with a $136 million investment, alongside iNovia Capital and Silicon Valley Bank, bringing total funding to $292 million. Dasilva said it would be the last round before an IPO targeted for mid-2019 and that the money would go toward building Lightspeed's own payment processing.
Lightspeed Launches Integrated Payment Processing for US Retailers
Lightspeed Payments launched for U.S.-based retailers, adding payment processing to its POS software platform. This marked the beginning of Lightspeed's strategy to bundle payments with its POS software, which would later become the forced bundling that drew merchant backlash.
Lightspeed IPO on Toronto Stock Exchange at C$16 Per Share
Lightspeed POS Inc. completed its IPO on the TSX under ticker LSPD, selling 15 million subordinate voting shares at C$16 each to raise C$240 million. Shares rose 18% on the first day to close at C$18.90, valuing the company at about C$1.7 billion.
Lightspeed Acquires Chronogolf for $13.6M
Lightspeed acquired Montreal-based Chronogolf, entering the golf course management vertical. The acquisition closed May 9, 2019 for consideration valued at about $13.5 million ($9.1 million cash, net of cash acquired, plus 50,199 shares), with further milestone payments. Chronogolf's cloud-based booking and management software already ran on Lightspeed's POS platform.
Lightspeed Acquires Switzerland-Based iKentoo for Hospitality Expansion
Lightspeed acquired iKentoo SA, a Switzerland-based iPad POS solutions provider serving 3,800+ hospitality customer locations across 14 countries including Switzerland, South Africa, and France. The acquisition solidified Lightspeed's European hospitality presence.
Lightspeed Acquires Australia-Based Kounta for $46.2M CAD
Lightspeed acquired Kounta Holdings for approximately $46.2 million CAD ($35.3 million USD), gaining 7,000+ hospitality customer locations across Australia and New Zealand. This was Lightspeed's third acquisition in 2019, expanding its Asia-Pacific hospitality footprint.
Lightspeed Acquires Gastrofix for C$131M to Enter German Market
Lightspeed acquired German hospitality POS provider Gastrofix for C$131 million ($61M USD cash and $40M USD in shares), gaining 8,000+ customer locations including Michelin-starred restaurants and Steigenberger Hotels. This was Lightspeed's largest acquisition to date, establishing presence in Germany, Austria, and Norway.
Lightspeed Lists on NYSE for US Market Access
Lightspeed priced a US public offering at $30.50 per share and began trading on the New York Stock Exchange under ticker LSPD, alongside its TSX listing. Lightspeed sold 10 million new shares for about $305 million and CDPQ sold 1.65 million, giving it access to American institutional investors ahead of a major acquisition spree.
Lightspeed Acquires ShopKeep for $440M-$565M
Lightspeed closed its acquisition of ShopKeep, a New York-based POS platform serving 20,000+ retail and restaurant locations with about $7 billion in annual GTV. The deal was announced at about $440 million, but total consideration ($145.2 million cash plus 7,437,397 shares) was valued at about $565 million at Lightspeed's November 23, 2020 share price. The combined company served 100,000+ locations.
Lightspeed Acquires Upserve for $430M to Dominate US Restaurant POS
Lightspeed acquired Upserve, a restaurant management cloud software company and Vista Equity Partners portfolio company, for $430 million ($123M cash plus shares). The acquisition added 7,000 restaurant locations and $6 billion in GTV, significantly strengthening Lightspeed's US hospitality presence.
Lightspeed Acquires New Zealand-Based Vend for $350M
Lightspeed acquired Vend Limited, a New Zealand cloud-based retail software company, for $350 million ($192.5M cash and $157.5M shares). The deal expanded Lightspeed Retail's Asia-Pacific presence and was its third major POS acquisition in about four months, after ShopKeep and Upserve.
Lightspeed Acquires Ecwid ($500M) and NuORDER ($425M)
Lightspeed announced acquisitions of e-commerce platform Ecwid for $500 million and B2B ordering platform NuORDER for $425 million, bringing the total 2020-2021 acquisition spend above $2 billion. Ecwid served 130,000+ paying customers; NuORDER processed $11.5 billion in orders. Both were funded through a mix of cash and equity.
Company Rebrands from Lightspeed POS to Lightspeed Commerce
Lightspeed POS Inc. changed its name to Lightspeed Commerce Inc. to reflect its expanded offering beyond point-of-sale. CEO Dasilva stated the company had 'outgrown Lightspeed POS Inc.' The rebrand signaled the company's ambition to become a comprehensive commerce platform, not just a POS vendor.
Lightspeed Stock Hits All-Time High of $124.41
Lightspeed Commerce shares reached an all-time closing high of $124.41 (split/dividend-adjusted) on the NYSE on September 22, 2021, driven by pandemic-era e-commerce acceleration and the company's acquisition strategy. A week later the Spruce Point short report started a decline that would reach roughly 90%.
Spruce Point Short Report Alleges 85% Customer Count Inflation
Short-seller Spruce Point Capital Management published a 'Strong Sell' report alleging Lightspeed had inflated its pre-IPO customer count by 85% and GTV by 10%. A former payments employee described the GTV metric as 'smoke and mirrors.' Spruce Point estimated 60-80% downside risk. Lightspeed's stock fell sharply, beginning a prolonged decline.
Lightspeed Stock Plunges $2 Billion After Short Seller Report
Following the Spruce Point report, Lightspeed shares fell 11% in a day, wiping about $2 billion off the company's value. Lightspeed pushed back, saying the report contained numerous inaccuracies and mischaracterizations.
Lightspeed Launches Unified Restaurant Platform in North America
Lightspeed launched its all-new unified Lightspeed Restaurant platform in North America, combining POS, contactless payments, online ordering, advanced inventory, and analytics. The platform integrated technology from acquired companies Upserve, Gastrofix, Kounta, and iKentoo into a single hospitality solution.
Dax Dasilva Launches $40M Age of Union Conservation Nonprofit
Lightspeed founder Dax Dasilva launched the Age of Union environmental nonprofit with a personal $40 million pledge and debut projects in five countries, including Canada, Peru, Indonesia and the Democratic Republic of Congo. Dasilva was still Lightspeed's CEO, weeks after the Spruce Point report.
Securities Class Action Filed Against Lightspeed Commerce
A securities class action was filed against Lightspeed Commerce and certain officers in the U.S. District Court for the Eastern District of New York (21-cv-06365), on behalf of investors who bought shares between September 11, 2020 and September 28, 2021. It alleged Exchange Act violations based on the Spruce Point report's allegations of inflated pre-IPO metrics; later complaints extended the class period to November 3, 2021.
Dax Dasilva Steps Down as CEO; JP Chauvet Takes Over
Founder Dax Dasilva stepped down as CEO to become executive chair, focusing on sustainability, social responsibility and diversity initiatives. JP Chauvet, who joined in 2012 and had been president since 2016, became CEO. The shares had fallen more than 75% from their September 2021 peak amid the Spruce Point fallout.
Lightspeed Cuts About 300 Jobs Under CEO JP Chauvet
Lightspeed announced about 300 layoffs, around 10% of its 3,000-person team and of headcount-related operating spending, half from management layers. CEO JP Chauvet framed the cut as a step to unify acquired companies and products as the company targeted break-even Adjusted EBITDA.
Lightspeed Reports $748.7M Goodwill Impairment Charge
Lightspeed reported a non-cash goodwill impairment charge of $748.7 million for Q3 FY2023, resulting in a quarterly net loss of $814.8 million. The impairment was triggered when the company's net assets exceeded its market capitalization. The charge represented a write-down on the value of the $2B+ acquisition spree of 2020-2021.
Lightspeed Launches Unified Payments and POS Platform
In April 2023 Lightspeed introduced its unified Lightspeed Payments & POS platform, asking all eligible customers to adopt the combined offering with Lightspeed Payments embedded in the POS. Merchants who kept a third-party processor were charged a monthly transaction fee; amounts reported in 2023 varied ($200-$300/month in Quebec, up to $400 for one US bike retailer).
Bicycle Retailers Publicly Denounce Forced Payment Bundling
Multiple bike retailers expressed displeasure with Lightspeed's forced payment bundling. Bike Attack co-owner Kitty Monsalud called the policy 'blackmail,' describing a June 1 deadline to switch to unified Lightspeed Payments ($69/month) or continue with her existing processor at a higher POS fee. Lightspeed offered free terminals and contract buyouts to ease the transition.
Merchant Reports Undisclosed Rate Increase from 1.45% to 2.75%
A BBB complainant reported that after signing up for Lightspeed Payments at a negotiated 1.45% card-present processing rate in March 2023, the rate was quietly increased to 2.75% in October 2023 without prior notification. The merchant only discovered the increase when reviewing a May 2025 general rate increase email.
Lightspeed Rolls Out Global 'Meet or Beat Promise' for Payments
Lightspeed announced a global rollout of its 'Meet or Beat Promise,' pledging to match or beat customers' existing third-party payment processing rates when switching to the unified platform, or exempt customers from mandatory adoption and corresponding penalty fees. The program had initially launched in North America and was now expanding to Europe, Australia, and New Zealand.
Quebec Restaurant Association Calls Forced Payments 'Unethical'
CBC News reported that the Quebec Restaurant Association had heard similar complaints from restaurant owners about Lightspeed's fees for using a competitor's payment terminal. Montreal restaurateur David Ferguson called a $200 charge a 'shakedown'; the association said restaurants it heard from were charged $300. Spokesperson Martin Vezina said the practice was 'not illegal, but unethical' and limited owners' ability to choose what is best for them.
Lightspeed Reaches First Positive Adjusted EBITDA Quarter
For Q2 FY2024 (quarter ending September 30, 2023), Lightspeed reported positive Adjusted EBITDA of $0.2 million, marking the company's first profitable quarter on this metric. The achievement came through cost-cutting alongside the forced payments bundling strategy, which was driving transaction-based revenue growth.
Australian Court Rules Kounta (Lightspeed) Breached Contract with Tyro Payments
The Supreme Court of NSW found that Kounta, acquired by Lightspeed in 2019, had breached its contractual and fiduciary obligations to Tyro Payments by marketing Lightspeed Payments to Tyro's existing merchant customers while still acting as Tyro's agent. The court placed a restraint on Kounta from marketing Lightspeed Payments to Tyro merchants until September 2024.
Dax Dasilva Returns as Interim CEO; JP Chauvet Departs
Founder Dax Dasilva returned as interim CEO, replacing JP Chauvet who stepped down. Dasilva called it a 'mutual decision' recognizing the company's new phase of 'long-term profitable growth' requiring 'different leadership.' The stock had fallen more than 85% from its 2021 peak, and Dasilva said he would prioritize cost savings and profitability.
Kounta Settles Tyro Payments Lawsuit for $10M in Damages
Lightspeed subsidiary Kounta agreed to pay Tyro Payments $10 million in damages to settle the merchant poaching lawsuit. The settlement dropped Kounta's appeal of the November 2023 court ruling, and the restriction preventing Lightspeed from marketing its payments service to Tyro's merchants remained in place through September 2024.
Lightspeed Lays Off 280 Employees and Authorizes ~$140M Buyback
Lightspeed eliminated approximately 280 roles (about 10% of staff-related operating spending) and authorized a buyback of up to 10% of its public float (about $140 million). CEO Dax Dasilva said profitable growth meant 'making some hard decisions, like reducing spending in specific areas such as headcount.'
Dasilva Named Permanent CEO as Strategic Focus Shifts
Alongside its fiscal 2024 results, Lightspeed's board reappointed Dax Dasilva as permanent CEO, removing the 'interim' title he had held since February. Bloomberg reported the decision as part of a push to boost growth.
Lightspeed Reports First Full Year of Positive Adjusted EBITDA
Lightspeed announced fiscal 2024 results with revenue of $909.3 million (up 24% YoY) and full-year positive Adjusted EBITDA of $1.3 million for the first time ($4.4 million in the fourth quarter). The company still reported a net loss of $164 million. CFO Asha Bakshani called fiscal 2024 a 'milestone year.'
BBB Complaint Documents 'Lifetime Rate' Promise Broken by Lightspeed
A restaurant owner filed a BBB complaint reporting that a June 2023 contract offered a 'LIFETIME RATE' for POS services at no charge as long as they used Lightspeed Payments. Lightspeed subsequently refused to honor the deal, stating the employee who offered it had left the company. The merchant reported Lightspeed ignored follow-up communications.
Lightspeed Increases Processing Rates to 2.4% + $0.10
Effective August 30, 2024, Lightspeed raised payment processing rates to 2.4% + $0.10 for card-present transactions and 2.9% + $0.30 for card-not-present transactions, saying the increase would help it maintain service quality and keep up with rising costs.
Lightspeed Confirms Strategic Review Amid Sale Rumors
Following media reports that Lightspeed was exploring a potential sale, the company confirmed it was conducting a strategic review of 'a range of potential strategic alternatives.' The review drew interest from multiple potential acquirers but ultimately resulted in Lightspeed remaining public.
Lightspeed Lays Off 200 More Employees in Second Restructuring
Lightspeed eliminated approximately 200 positions (7% of its ~3,000 workforce), marking the second round of layoffs in 2024. The affected roles were outside the company's focus areas of North American retail and European hospitality. Combined with the April layoffs, approximately 480 jobs were cut in 2024.
Lightspeed Stays Public After Strategic Review, Authorizes $400M Buyback
Lightspeed's board unanimously determined that remaining a public company was the best path to maximizing value. Despite 'a high level of interest' from potential acquirers, the company authorized a $400 million share repurchase program, with an initial $100 million for immediate execution. Q3 FY2025 revenue was $280.1 million (up 17% YoY).
US Securities Class Action Fully Dismissed
The Eastern District of New York dismissed in full the securities class action lawsuit against Lightspeed Commerce and its executives, finding no actionable claims. The lawsuit had been filed in November 2021 based on Spruce Point Capital's allegations of inflated pre-IPO metrics. Lightspeed was represented by Skadden Arps.
Lightspeed Notifies Merchants of $400/Month Third-Party Processing Fee
By early 2025, Lightspeed was notifying merchants that it would charge $400 per month for using a non-Lightspeed payment solution, giving them 30 days from the notice to switch to Lightspeed Payments to avoid the fee. It offered contract buyouts, free replacement hardware and on-site support to encourage switching. Fees reported in 2023 ranged from $200 to $300 a month in Quebec, though one US bike retailer was quoted $400.
Lightspeed Surpasses $1 Billion Revenue with Second Goodwill Impairment
Lightspeed reported fiscal 2025 revenue of $1.077 billion (up 18% YoY), crossing the $1 billion threshold for the first time. However, the results included a second goodwill impairment charge of $556.4 million, bringing the total net loss to $667.2 million. Adjusted EBITDA was $53.7 million, up from $1.3 million in fiscal 2024.
BBB Complaint Documents $15,000 Early Termination Fee
A BBB complaint documented a Lightspeed customer being assessed a $15,000 early termination fee when attempting to cancel their contract. The customer reported that Lightspeed refused to provide an itemized breakdown of the charges and would not answer questions about them. Lightspeed's BBB profile showed multiple unresolved complaints and an F rating.
CFO Says AI Resolves Over 80% of Support Chats as Support Headcount Is Cut
On Lightspeed's November 6, 2025 investor call, CFO Asha Bakshani said the company had 'significantly reduced headcount' in customer support because AI resolved over 80% of inbound chat interactions with flagship customers, helping lift gross margins. She later told The Globe and Mail she was cautious about tying staffing decisions to a single technology.
Quebec Class Action Settled for $11 Million CAD
A Quebec Superior Court judge approved an $11 million CAD settlement of the Canadian class action lawsuit against Lightspeed. The suit had been filed in October 2021 following the Spruce Point short report, alleging misrepresentation of financial metrics. Lightspeed admitted no wrongdoing. Eligible class members purchased shares between March 2019 and November 2021.
Lightspeed Capital Reaches $257M in Merchant Cash Advances
Lightspeed Capital originated $257 million in merchant cash advances in the first nine months of fiscal 2026, up from $207 million in the same period the prior year. CFO Asha Bakshani stated the company's 'largest use of cash will be growing our merchant cash advance business,' deepening financial ties between Lightspeed and its merchants.
Lightspeed Sells US Upserve Restaurant Line to Skyview Equity for Up to $81M
Lightspeed sold its Upserve US hospitality product line, described as a non-core asset in its 'efficiency markets', to private equity firm Skyview Equity for up to $81 million ($44 million fixed, $37 million earnout), against the $430 million it paid in 2020. About 3,200 US restaurant locations and 70 employees moved to Skyview; Lightspeed kept Upserve's analytics technology for its flagship Lightspeed Restaurant and said the sale gave it more room for share repurchases.
Lightspeed Completes 9M-Share Buyback Despite $144M Net Loss and Renews Program
Fiscal 2026 results showed revenue of $1,227.0 million and a net loss of $144.4 million. Lightspeed had repurchased the full 9,013,953 shares authorized under its April 2025-April 2026 issuer bid at an average of C$12.86, and its board renewed the bid for up to about 10% of the public float within the $400 million repurchase authorization.
Lightspeed Repurchases About $86M of Shares in One Quarter
For the quarter ended June 30, 2026, Lightspeed reported about $86 million of share repurchases, including about 7 million shares cancelled, against Adjusted EBITDA of $17.5 million and a net loss of $2.4 million.
Evidence (47 citations)
D1: User Value Erosion
D2: Business Customer Exploitation
D3: Shareholder Extraction
D4: Lock-in & Switching Costs
D5: Twiddling & Algorithmic Opacity
D6: Dark Patterns
D7: Advertising & Monetization Pressure
D8: Competitive Conduct
D9: Labor & Governance
D10: Regulatory & Legal Posture
Scoring Log (6 entries)
Checked 102 items (51 timeline, 41 evidence, 8 milestones, 2 alternatives) + prose. 54 verified, 20 corrected (8 date-only), 26 re-sourced, 2 removed (1 duplicate, 1 junk competitor page). Invented (contradicted): Series D made CDPQ 'third-largest shareholder behind Dasilva and Accel' (Globe and Mail: deal bought out Accel); '$1.5B on acquisitions in under six months' (deals sum ~$1.22B); FY2024 Adjusted EBITDA '$4.4M' (release: $1.3M; $4.4M was Q4); penalty 'doubled to $400 in late 2025' (archived March 2025 Merchant Cost Consulting page already reports $400); Robbins LLP title 'Unfair and Predatory Business Practices' (page is a securities-fraud investigation). Also fixed: BBB D->F, 2024 layoffs 300->280, Quebec settlement approval, dead product URL, Square pricing, many dates and wrong-URL citations.
50→47. D1 5→4 (recalibration: software well rated, Capterra 4.4/214; erosion is in merchant terms, scored in D2/D4/D6), D3 5→6 (event: FY26 full 9.0M-share buyback despite $144.4M net loss, ~$86M repurchased in Q1 FY27, AI support cuts; plus recalibration: April 2024 layoffs announced with ~$140M buyback), D4 7→6 (recalibration: strong contractual/payments lock-in but no network effects and many alternatives), D8 5→4 (event: no acquisitions since 2021, Upserve divested Apr 2026; tying persists), D10 4→3 (recalibration: securities cases dismissed/settled, no regulatory action; ToS waiver and BBB F keep it above 2). Eras: 'Bootstrap Origins' re-dated 2014-10-01→2014-10-22 and relabeled 'POSIOS Restaurant Debut'; 'IPO and Global Expansion' re-dated 2019-03-01→2019-03-08, relabeled 'TSX IPO Expansion'; '$2B Acquisition Spree' re-dated 2021-09-01→2020-11-25 (ShopKeep), relabeled 'US Rollup, Short Attack'; 'Forced Payments Bundling' kept (summary fixed: CEO change was 2022); 'Profitability via Extraction' re-dated 2024-04-01→2024-04-03, relabeled 'Cuts and Buybacks'; current era re-dated 2026-02-20 (assessment date)→2025-02-06 (strategic review result, $400M buyback, transformation plan), relabeled 'Efficiency-Market Transformation'. All eras re-scored. Since Feb 2026: Upserve sold to Skyview Equity (Apr 2026, up to $81M vs $430M), FY26 net loss $144.4M with full NCIB executed and renewed, ~$86M buyback in Q1 FY27, AI-driven support headcount cuts disclosed (Nov 2025 call, reported Mar 2026), new AI/Tempo restaurant features; no new fee changes verified. Trajectory worsening→stable. Note: third-party processor fee now volume-tiered per service agreement s.5.4.
Removed typed-in site scores from alternatives text (they go stale on re-score; the page shows live scores). No other changes.