By Kelly Cloonan
Shares of Lesaka Technologies declined after the company said it needs to restate some of its quarterly results from its previous fiscal year.
The stock fell 10% to $4.25 Thursday, on track for its largest percent decrease in more than two years. Shares are down 22% this year.
The Johannesburg-based company said after market close Wednesday that its board has determined reports for the quarters ended Sept. 30 and Dec. 31 of last year, as well as March 31 of this year, should be restated and can no longer be relied upon.
The decision was based on the board's re-evaluation of how it classified certain revenue and related cost of goods sold. The board consulted with management and accounting firm KPMG, the company said.
The restatement is expected to result in an increase in revenue offset by an increase in cost of goods sold, IT processing, servicing and support, Lesaka said.
The company is in the process of finalizing its financial statements for fiscal 2025. Its preliminary estimates show a loss of $87.5 million and revenue of $328.7 million for fiscal 2025.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
September 11, 2025 13:23 ET (17:23 GMT)
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