TSX Shariah screener · September 2026

Is Lightspeed Commerce (LSPD) Halal?

PASS

Lightspeed Commerce Inc. · TSX: LSPD · Technology

The short answer

Lightspeed Commerce (LSPD) is a PASS. The business gate passes: it is a Montreal commerce-SaaS platform (point of sale, payments, ~146,000 customer locations) with no gambling, alcohol, adult-entertainment or banking lines. One nuance is disclosed, not hidden: Lightspeed Capital is a merchant cash advance program - structured as a purchase of future receivables with a flat fee, explicitly "No Deadline, No Interest" per the company, not a loan - and its revenue was about US$14.5M in the quarter, roughly 4.5% of total revenue, under the ~5% threshold even on a strict reading (scholars differ on MCA factor fees). The debt gate passes: the only interest-bearing debt is lease liabilities of US$19.946M (US$5.292M current + US$14.654M non-current) at June 30, 2026 - no bank debt, no bonds; the company is net-cash (US$372.1M cash) - roughly 1.5% of the ~US$1.34B market cap (C$13.88, September 29, 2026, ~137M shares), against a ~33% ceiling. The income gate passes: the cash-flow statement separately discloses "Interest income" of US$4.967M for FQ1 2027 against revenue of US$322.704M - about 1.54% - under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating for LSPD was found as of September 2026. As with every screener here, this is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.

Gate 1 — Business activity: PASS (with disclosed nuance)

Lightspeed Commerce Inc. provides commerce software - point of sale, payments and related tools - to about 146,000 customer locations. No filing, release or company description discloses gambling, alcohol, tobacco, adult-entertainment or conventional banking operations. The nuance is Lightspeed Capital, a merchant cash advance program: the company structures it as a purchase of future receivables with a flat fee, explicitly "No Deadline, No Interest" - not a loan - and its revenue was about US$14.5M in FQ1 2027, roughly 4.5% of total revenue, under the ~5% threshold even on a strict reading. Payment processing is standard transaction-fee fintech. Scholars differ on merchant cash advance factor fees, so the program is disclosed here rather than hidden. The business-activity gate passes. Facts only, no fatwa.

Gate 2 — Debt: PASS

The FQ1 2027 balance sheet (quarter ended June 30, 2026) shows the only interest-bearing debt is lease liabilities: US$5.292M current plus US$14.654M non-current, totalling US$19.946M. There is no bank debt and no bonds; the company holds US$372.1M of cash - it is net-cash. Against a market capitalization of about US$1.34B (~C$1.90B at C$13.88, September 29, 2026, on ~137M shares), the debt-to-market-cap ratio is roughly 1.5% - against a ~33% ceiling.

Gate 3 — Non-compliant income: PASS

The FQ1 2027 cash-flow statement separately discloses "Interest income" of US$4.967M (the income statement shows "Net interest income" of US$4.940M) against revenue of US$322.704M - about 1.54% - under the ~5% ceiling. The figure is verifiable from the filing, not estimated. The income gate passes.

Key figures used

Business: commerce-SaaS platform (POS, payments, ~146k customer locations) — no prohibited lines — PASS (nuance: Lightspeed Capital flat-fee merchant cash advance ≈ US$14.5M/qtr ≈ 4.5% of revenue, "No Deadline, No Interest" — disclosed)
Total debt: ~US$19.9M at June 30, 2026 (lease liabilities only: US$5.292M current + US$14.654M non-current; no bank debt, no bonds; US$372.1M cash)
Market cap: ~US$1.34B (C$13.88, September 29, 2026, on ~137M shares)
Debt ÷ market cap: ~1.5% vs ~33% ceiling — PASS
Interest income ÷ revenue: US$4.967M ÷ US$322.704M ≈ 1.54% (FQ1 2027) vs ~5% ceiling — PASS
Material context: Upserve divested Apr 28, 2026 (up to US$81M); ~US$86M share buybacks in the quarter; Bhawna Singh appointed CTO (May 2026); TSX: LSPD; no public Zoya, Musaffa or ShariaPortfolio rating found

Frequently asked questions

Is Lightspeed Commerce (LSPD) halal?

Our September 2026 screen gives Lightspeed Commerce Inc. (TSX: LSPD) a PASS. The business gate passes: it is a Montreal commerce-SaaS platform (point of sale, payments, ~146,000 customer locations) with no gambling, alcohol, adult-entertainment or banking lines - the Lightspeed Capital merchant cash advance program (flat fee, "No Deadline, No Interest", ~4.5% of revenue) is disclosed as a nuance. The debt gate passes: only ~US$19.9M of lease debt at June 30, 2026 - no bank debt, no bonds - is roughly 1.5% of the ~US$1.34B market cap (C$13.88, September 29, 2026), against a ~33% ceiling. The income gate passes: US$4.967M of interest income against US$322.704M of FQ1 2027 revenue - about 1.54% - under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating for LSPD was found as of September 2026. This is a rules-based screening of published figures, not a religious ruling.

What business is Lightspeed Commerce in?

Lightspeed Commerce Inc. provides commerce software - point of sale, payments and related tools - to about 146,000 customer locations. No filing, release or company description discloses gambling, alcohol, tobacco, adult-entertainment or conventional banking operations. Its Lightspeed Capital program is a merchant cash advance structured as a purchase of future receivables with a flat fee - explicitly "No Deadline, No Interest" per the company, not a loan - and its revenue was about US$14.5M in FQ1 2027, roughly 4.5% of total revenue. Payment processing is standard transaction-fee fintech.

How leveraged is Lightspeed Commerce on the debt gate?

Barely. The FQ1 2027 balance sheet (June 30, 2026) shows the only interest-bearing debt is lease liabilities: US$5.292M current plus US$14.654M non-current, totalling US$19.946M. There is no bank debt and no bonds; the company holds US$372.1M of cash. Against a market cap of about US$1.34B (C$13.88, September 29, 2026, on ~137M shares), the debt-to-market-cap ratio is roughly 1.5% versus a ~33% ceiling.

How much interest income does Lightspeed Commerce earn?

About 1.54% of revenue. The FQ1 2027 cash-flow statement separately discloses "Interest income" of US$4.967M (the income statement shows "Net interest income" of US$4.940M) against revenue of US$322.704M - under the ~5% ceiling. The figure is verifiable from the filing, not estimated.

What do Zoya, Musaffa or ShariaPortfolio say about LSPD?

No public Zoya, Musaffa or ShariaPortfolio rating for Lightspeed Commerce (LSPD) was found as of September 2026, so this screen relies entirely on the company's published financial statements and disclosures. Other Canadian technology names on this site - Constellation Software, Shopify, Kinaxis, CGI, BlackBerry and others - are screened on the same business, debt and income basis.

Sources

Screened 2026-09-30 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.