JOHANNESBURG, Sept. 10, 2025 (GLOBE NEWSWIRE) -- Lesaka Technologies, Inc. (Nasdaq: LSAK; JSE: LSK) today released preliminary unaudited results for the fourth quarter ("Q4 2025") and full year of fiscal 2025 ("FY2025").
FY2025 performance:
All growth rates are year-on-year between FY2025 and FY2024.
-- Net Revenue (a non-GAAP measure) of $328.7 million (ZAR 5.3 billion), up
38% in ZAR.
-- Net Loss of $87.5 million (ZAR 1.6 billion), up 386% in ZAR largely due
to inclusion of a tax adjusted $49.3 million (ZAR 897.6 million)
non-operating, non-cash charge relating to a change in fair value and
sale of MobiKwik (a non-core asset), a tax adjusted non-cash charge from
impairment losses of $18.4 million (ZAR 326.2 million) and once-off
transaction costs of $17.8 million (ZAR 321.9 million).
-- Group Adjusted EBITDA (a non-GAAP measure) of $50.7 million (ZAR 922.2
million), up 33% in ZAR, achieving guidance provided.
-- Basic loss per share of $1.14 (ZAR 19.49), up 284% in ZAR.
-- Adjusted earnings (a non-GAAP measure) of $10.4 million (ZAR 186.2
million), up 263% in ZAR.
-- Adjusted earnings per share (a non-GAAP measure) of $0.13 (ZAR 2.29), up
187% in ZAR.
Q4 2025 performance:
All growth rates are year-on-year between Q4 2025 and Q4 2024.
-- Net Revenue of $82.0 million (ZAR 1.5 billion), up 47% in ZAR.
-- Net Loss of $28.8 million (ZAR 515 million), up 452% in ZAR, largely due
to inclusion of a tax adjusted $5.7 million (ZAR 101.4 million)
non-operating, non-cash charge relating to a change in fair value and
sale of MobiKwik (a non-core asset), a tax adjusted non-cash charge from
impairment losses of $18.4 million (ZAR 326.2 million) and once-off
transaction costs of $13.2 million (ZAR 237.5 million).
-- Group Adjusted EBITDA of $16.7 million (ZAR 305.6 million), up 61% in
ZAR.
-- Basic loss per share of $0.35 (ZAR 6.33), up 338% in ZAR.
-- Adjusted earnings (a non-GAAP measure) of $4.4 million (ZAR 80.4 million),
up 292% in ZAR.
-- Adjusted earnings per share (a non-GAAP measure) of $0.05 (ZAR 0.99), up
211% in ZAR.
(1) Average exchange rates applicable for the purpose of translating our results of operations: ZAR 17.90 to $1 for FY2025, ZAR 18.68 for FY2024, ZAR 17.87 to $1 for Q4 2025, ZAR 18.47 to $1 for Q4 2024.
Commenting on the results, Lesaka Chairman Ali Mazanderani said, "FY2025 was a strong year for the Group, delivering on our profitability guidance and advancing key strategic priorities. We expect to maintain this momentum into FY2026, and are guiding for adjusted EBITDA growth of at least 35%. We have also introduced an adjusted earnings per share guidance, expecting this to more than double in FY2026 to at least ZAR 4.60, from ZAR 2.29 per share this year."
Outlook: First Quarter 2026 ("Q1 2026") and Full Fiscal Year 2026 ("FY 2026") guidance
While we report our financial results in USD, we measure our operating performance in ZAR, and as such we provide our guidance accordingly.
For Q1 FY2026, the quarter ending September 30, 2025, we expect:
-- Net Revenue between ZAR 1.50 billion and ZAR 1.65 billion. -- Group Adjusted EBITDA between ZAR 260 million and ZAR 300 million
For FY2026, the year ending June 30, 2026, we expect:
-- Net Revenue between ZAR 6.4 billion and ZAR 6.9 billion
-- Group Adjusted EBITDA between ZAR 1.25 billion and ZAR 1.45 billion
-- Net Income Attributable to Lesaka to be positive.
-- Adjusted earnings per share of at least ZAR 4.60, implying a year-on-year
growth of greater than 100%.
Our FY2026 guidance excludes the impact of the Bank Zero acquisition announced (subject to regulatory approval by the Prudential Authority and the South African Reserve Bank and other customary closing conditions) and any unannounced mergers and acquisitions that we may conclude.
Management has provided its outlook regarding Net Revenue, Group Adjusted EBITDA and Adjusted earnings per share, which are non-GAAP financial measures and excludes certain revenue and charges. Management has not reconciled these non-GAAP financial measures to the corresponding GAAP financial measures because guidance for the various reconciling items is not provided. Management is unable to provide guidance for these reconciling items because they cannot determine their probable significance, as certain items are outside of the control of Lesaka and cannot be reasonably predicted since these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measure are not available without unreasonable effort.
Restatement of Interim Fiscal 2025 Financial Results
As disclosed in the Current Report on Form 8-K filed by us today, the Audit Committee of our Board of Directors (the "Audit Committee"), following consultation with our management and KPMG Inc, our independent registered public accounting firm, concluded that our unaudited condensed consolidated financial statements for the quarters then ended, respectively, included in our Quarterly Reports on Form 10-Q for the quarters ended September 30, 2024, December 31, 2024, and March 31, 2025, respectively (the "Quarterly Reports"), should be restated, and that such unaudited condensed financial statements should no longer be relied upon, due to our re-evaluation of the classification of certain revenue that has been reported as an agent rather than as principal, and related cost of goods sold. We anticipate that the restatement will have no impact on its reported operating income (loss), net loss or loss per share or our net cash flows or liquidity. The restatement is expected to result in an increase in our revenue, with the increase in revenue expected to be offset by a corresponding increase in our cost of goods sold, IT processing, servicing and support. The financial information presented in this press release has been prepared on a basis consistent with our restated results.
We withdraw our previously provided FY2026 revenue guidance, which has been withdrawn in light of the restatement.
Important Note Regarding Preliminary, Unaudited Financial Results
The financial results in this press release are preliminary estimates. We are in the process of finalizing our financial statements for the fiscal year ended June 30, 2025, and our actual results remain subject to completion of those financial statements and their audit by our independent registered public accounting firm. These preliminary estimates are based on information available to management as of the date of this press release and certain related assumptions, which could prove incorrect. Our actual, reported results of operations could differ based on completion of our year end closing procedures, final adjustments and developments that may arise prior to completion of our annual financial statements, and adjustments arising from the audit by our independent registered public accounting firm. You should carefully review our audited, consolidated financial statements for the fiscal year ended June 30, 2025 when they become available.
Audited results will be included in our filing on Form 10-K for the year ended June 30, 2025.
Earnings Presentation for Q4 2025 Results
Our earnings presentation will be posted to the Investor Relations page of our website prior to our earnings call.
Webcast Registration
Link to access the results webcast: https://www.corpcam.com/Lesaka11092025
Participants using the webcast will be able to submit questions during the live Question and Answer session.
Conference call dial-in via Chorus Call:
Link to register: https://services.choruscall.eu/DiamondPassRegistration/register?confirmationNumber=6578199&linkSecurityString=fa8bd9690
Call passcode: 6578199
Following the presentation, an archived version of the webcast will be provided on Lesaka's Investor Relations website.
Use of Non-GAAP Measures
U.S. securities laws require that when we publish any non-GAAP measures, we disclose the reason for using these non-GAAP measures and provide reconciliations to the most directly comparable GAAP measures. The presentation of Group Adjusted EBITDA, Net Revenue, Adjusted earnings, Adjusted earnings per share, and headline (loss) earnings per share are non-GAAP measures. Refer to Attachment A for a reconciliation of these non-GAAP measures.
Non-GAAP Measures
Group adjusted EBITDA
Group Adjusted EBITDA is net loss before interest, taxes, depreciation and amortization, adjusted for non-operational transactions (including loss on disposal of equity-accounted investments), impairment loss, loss from equity-accounted investments, stock-based compensation charges and once-off items. Once-off items represent non-recurring expense items, including costs related to acquisitions and transactions consummated or ultimately not pursued.
Net Revenue
Net revenue is a non-GAAP financial measure. Revenue is the financial measure calculated in accordance with GAAP that is most directly comparable to net revenue. However, as a result of the restatement, we are unable to provide GAAP revenue on a historical basis and are therefore unable to provide a reconciliation of net revenue to GAAP revenue. The restatement is expected to result in an increase in GAAP revenue, with any increase in GAAP revenue expected to be offset by a corresponding increase in the cost of prepaid airtime vouchers ("Pinned Airtime") sold by us, resulting in no change to net revenue.
We generate revenue from the provision of transaction-processing services through our various platforms and service offerings. We use these platforms to (a) sell Pinned Airtime which was held as inventory, and (b) distribute pre-paid solutions including prepaid airtime vouchers (which we do not hold as inventory) ("Pinless Airtime"), prepaid electricity, gaming vouchers, and other products, to users of our platforms. We act as a principal when we sell Pinned Airtime that were held as inventory and record revenue and cost of sales on a gross basis when sold. We act as an agent in a transaction when we provide pre-paid solutions through our various platforms and services offerings because we do not control the good or service to be provided and we recognize revenue based on the amount that we are contractually entitled to receive for performing the distribution service on behalf of our customers using our platform. Our revenue under GAAP can fluctuate materially due to changes in the revenue mix between these revenue categories. Net Revenue is a non-GAAP measure and is calculated as revenue presented under GAAP less (i) the cost of Pinned Airtime sold by us, and (ii) commissions paid to third parties selling all other agency-based pre-paid solutions (including Pinless Airtime, electricity and other products) provided through our distribution channels. We believe that the use of Net Revenue is meaningful to users of financial information because it seeks to eliminate the impact of the change in the revenue mix from the revenue categories over the periods presented.
Adjusted earnings and Adjusted earnings per share
Adjusted earnings and Adjusted earnings per share is GAAP net loss and loss per share adjusted for the amortization of acquisition-related intangible assets (net of deferred taxes), stock-based compensation charges, and unusual non-recurring items, including costs related to acquisitions and transactions consummated or ultimately not pursued.
Adjusted earnings and Adjusted earnings per share for fiscal 2025 also includes adjustments related to the changes in the fair value of equity securities (net of deferred tax), impairment loss related to goodwill and intangible assets, an adjustment for deferred tax adjustments to the valuation allowance for a subsidiary which released its valuation allowance related to net operating losses in full during Q4 2025, loss on disposal of equity-accounted investments and intangible asset amortization, net related to non-controlling interests.
Adjusted earnings and Adjusted earnings per share for fiscal 2024 also includes an impairment loss related to an equity-accounted investment, unrealized currency loss related to our non-core business which we are in the process of winding down and a reversal of allowance for a doubtful loan receivable.
Management believes that the Group Adjusted EBITDA, Adjusted earnings and Adjusted earnings per share metrics enhance its own evaluation, as well as an investor's understanding of our financial performance. Attachment A presents the reconciliation between GAAP net loss attributable to Lesaka and these non-GAAP measures.
Headline (loss) earnings per share ("H(L)EPS")
The inclusion of H(L)EPS in this press release is a requirement of our listing on the JSE. H(L)EPS basic and diluted is calculated using net (loss) income which has been determined based on GAAP. Accordingly, this may differ to the headline (loss) earnings per share calculation of other companies listed on the JSE as these companies may report their financial results under a different financial reporting framework, including but not limited to, International Financial Reporting Standards.
H(L)EPS basic and diluted is calculated as GAAP net (loss) income adjusted for the impairment losses related to our equity-accounted investments, impairment losses and (profit) loss on sale of property, plant and equipment. Attachment C presents the reconciliation between our net (loss) income used to calculate (loss) earnings per share basic and diluted and H(L)EPS basic and diluted and the calculation of the denominator for headline diluted (loss) earnings per share.
About Lesaka Technologies Inc. (www.lesakatech.com)
Lesaka operates a South African fintech company driven by a purpose to provide financial services, software and other business services to Southern Africa's underserviced consumers and merchants. We offer an integrated and holistic multiproduct platform that provides transactional accounts, lending, insurance, merchant acquiring, cash management, software and Alternative Digital Products ("ADP"). By providing a full-service fintech platform in our connected ecosystem, we facilitate the digitization of commerce in our markets.
Lesaka has a primary listing on NASDAQ (NASDAQ:LSAK) and a secondary listing on the Johannesburg Stock Exchange (JSE: LSK). Visit www.lesakatech.com for additional information about Lesaka.
Forward-Looking Statements
This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be identified by their use of terms or phrases such as "expects," "estimates," "projects," "believes," "anticipates," "plans," "could," "would," "may," "will," "intends," "outlook," "focus," "seek," "potential," "mission," "continue," "goal," "target," "objective," derivations thereof, and similar terms and phrases. In this press release, statements relating to future financial results and future financing and business opportunities are forward-looking statements. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. These risks include, without limitation, the risk that our unaudited preliminary results may differ from our actual results, the timely completion of the restatement and the restated filings, the risk that additional information may become known prior to the expected filing with the Securities and Exchange Commission (SEC) of the restated filings or that other subsequent events may occur that would require us to make additional adjustments to its financial statements , whether our re-evaluation of its accounting on an agency versus principal basis related to other agreements will result in the restatement of revenue and costs associated with these other agreements in the Quarterly Reports or for other fiscal periods, uncertainties around the effectiveness of our internal control over financial reporting and the effectiveness of our disclosure controls and procedures, potential legal or regulatory action related to the restatement, and the potential impact on our business and any market reaction to any announcements regarding any of the foregoing. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our Form 10-K for the fiscal year ended June 30, 2024, as filed with the SEC, as well as other documents we have filed or will file with the SEC. We assume no obligation to update the information in this press release, to revise any forward-looking statements or to update the reasons actual results could differ materially from those anticipated in forward-looking statements.
Investor Relations and Media Relations Contacts:
Phillipe Welthagen
Email: phillipe.welthagen@lesakatech.com
Mobile: +27 84 512 5393
Idris Dungarwalla
Email: idris.dungarwalla@lesakatech.com
Mobile: +44 786 225 4852
Media Relations Contact:
Ian Harrison
Email: Ian@thenielsennetwork.com
Lesaka Technologies, Inc.
The financial information presented in the following tables and reconciliations is preliminary and unaudited. Audited results will be included in our filing on Form 10-K for the year ended June 30, 2025.
Attachment A
Reconciliation of GAAP loss attributable to Lesaka to Group Adjusted EBITDA loss:
Three months and year ended June 30, 2025 and 2024, and three months ended March 31, 2024
Three months ended Year ended
------------------------------ -----------------------
June 30, Mar 31, June 30,
------------------- --------- -----------------------
2025 2024 2025 2025 2024
--------- -------- --------- ---------- -----------
(in thousands)
Net loss attributable to Lesaka $(28,770) $(5,035) $(22,058) $ (87,504) $(17,440)
(Less) Add net (loss) income
attributable to non-controlling
interest (178) - 20 (130) -
------- ------ ------- -------- -------
Loss attributable to Lesaka -
GAAP $(28,948) $(5,035) $(22,038) $ (87,634) $(17,440)
(Earnings) Loss from equity
accounted investments (25) (40) (12) (114) 1,279
------- ------ ------- -------- -------
Net loss before (earnings) loss
from equity-accounted
investments (28,973) (5,075) (22,050) (87,748) (16,161)
Income tax (benefit) expense (8,930) 1,482 (2,934) (18,198) 3,363
------- ------ ------- -------- -------
Loss before income tax expense (37,903) (3,593) (24,984) (105,946) (12,798)
Reversal of allowance for
doubtful EMI loans
receivable - - - - (250)
Net (gain) loss on disposal of
equity-accounted investment - - - 161 -
Change in fair value of equity
securities 5,676 - 20,421 59,828 -
Impairment loss 18,863 - - 18,863 -
Unrealized (gain) loss FV for
currency adjustments (79) (184) (114) 23 (83)
------- ------ ------- -------- -------
Operating loss after PPA
amortization and net interest
(non-GAAP) (13,443) (3,777) (4,677) (27,071) (13,131)
PPA amortization (amortization
of acquired intangible
assets) 7,796 3,657 4,974 21,384 14,419
------- ------ ------- -------- -------
Operating (loss) income
before PPA amortization
after net interest
(non-GAAP) (5,647) (120) 297 (5,687) 1,288
Interest expense 4,470 4,620 5,777 21,453 18,932
Interest income (644) (732) (645) (2,596) (2,294)
------- ------ ------- -------- -------
Operating (loss) income
before PPA amortization and
net interest (non-GAAP) (1,821) 3,768 5,429 13,170 17,926
Depreciation (excluding
amortization of
intangibles) 2,997 2,548 3,455 12,337 9,246
Stock-based compensation
charges 2,032 2,258 2,497 9,550 7,911
Interest adjustment 283 - (890) (2,195) -
Once-off items (refer below) 13,227 1,684 2,306 17,826 1,853
------- ------ ------- -------- -------
Group Adjusted EBITDA -
Non-GAAP $ 16,718 $10,258 $ 12,797 $ 50,688 $ 36,936
======= ====== ======= ======== =======
Three months ended Year ended
----------------------- -------------------
Mar
June 30, 31, June 30,
--------------- ------ -------------------
2025 2024 2025 2025 2024
------- ------ ------ -------- ---------
(in thousands)
Once-off items
comprises:
Transaction costs
related to Adumo,
Recharger and Bank
Zero acquisitions
and certain
compensation costs $12,985 $1,660 $1,222 $16,159 $2,325
Transaction costs 173 24 1,084 1,794 480
(Income recognized)
Expenses incurred
related to closure
of legacy
businesses - - - - (952)
Indirect taxes
provision release
(recorded) 69 - - (127) -
------ ----- ----- ------ -----
$13,227 $1,684 $2,306 $17,826 $1,853
====== ===== ===== ====== =====
Once-off items are non-recurring in nature, however, certain items may be reported in multiple quarters. For instance, transaction costs include costs incurred related to acquisitions and transactions consummated or ultimately not pursued. The transactions can span multiple quarters, for instance in fiscal 2025 we incurred significant transaction costs related to the acquisitions of Adumo and Recharger over a number of quarters, and the transactions are generally non-recurring.
Indirect tax provision (release) recorded relates to the (reversal) recordal of a non-recurring indirect tax provision created in fiscal 2023 which was resolved in fiscal 2025 following settlement of the matter with the tax authority. Income recognized related to closure of legacy businesses represents (i) gains recognized related to the release of the foreign currency translation reserve on deconsolidation of a subsidiaries and (ii) costs incurred related to subsidiaries which we are in the process of deregistering/ liquidating and therefore we consider these costs non-operational and ad hoc in nature.
Reconciliation of GAAP net loss and loss per share, basic, to Adjusted earnings and earnings per share, basic:
Three months ended June 30, 2025 and 2024
Net (loss) income (L) EPS, basic Net (loss) income (L)EPS, basic
(USD '000) $(USD)$ (ZAR '000) (ZAR)
-------------------- ----------------- ------------------- ----------------
2025 2024 2025 2024 2025 2024 2025 2024
----------- ------- --------- ------ --------- -------- ------ --------
GAAP (28,770) (5,035) (0.35) (0.08) (514,693) (93,201) (6.33) (1.44)
Impairment loss 18,371 - 326,195 -
Transaction
costs 13,158 1,684 237,741 31,047
Deferred tax
asset valuation
allowance
released (11,741) (342) (209,894) (6,362)
Change in fair
value of equity
securities,
net 5,676 - 101,377 -
Intangible asset
amortization,
net 5,691 2,670 103,359 49,563
Stock-based
compensation
charge 2,032 2,258 37,157 39,482
Intangible asset
amortization,
net related to
non-controlling
interest (117) - (2,091) -
Other 69 - 1,233 -
Adjusted 4,369 1,235 0.05 0.02 80,384 20,529 0.99 0.32
======= ====== ======== =======
Year ended June 30, 2025 and 2024
Net (loss) income (L) EPS, basic Net (loss) income (L)EPS, basic
(USD '000) (USD) (ZAR '000) (ZAR)
------------------ ----------------- ---------------------- -----------------
2025 2024 2025 2024 2025 2024 2025 2024
-------- -------- --------- ------ ----------- --------- ------- --------
GAAP (87,504) (17,440) (1.14) (0.28) (1,583,747) (326,070) (19.49) (5.07)
Change in fair
value of equity
securities, net 49,294 - 897,634 -
Impairment loss 18,371 - 326,195 -
Transaction costs 17,953 2,805 324,175 52,186
Intangible asset
amortization,
net 15,610 10,543 279,522 196,875
Stock-based
compensation
charge 9,550 7,911 173,470 145,571
Deferred tax
asset valuation
allowance
released (12,665) (906) (226,576) (17,000)
Intangible asset
amortization,
net related to
non-controlling
interest (282) - (5,097) -
Net loss on
disposal of
equity-accounted
investments 161 - 2,886 -
Other (127) - (2,275) -
Impairment of
equity method
investments - 1,167 - 22,084
Non core
international -
unrealized
currency (gain)
loss - (952) - (17,648)
Allowance for
doubtful EMI
loans
receivable - (250) - (4,741)
Adjusted 10,361 2,878 0.13 0.04 186,187 51,257 2.29 0.80
======= ======= ========== ========
Attachment B
Unaudited Condensed Consolidated Financial Statements
LESAKA TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Statements of Operations
Unaudited Unaudited
------------------- -----------------------
Three months ended Year ended
------------------- -----------------------
June 30, June 30,
------------------- -----------------------
2025 2024 2025 2024
--------- -------- ---------- -----------
(In thousands, except per share data)
Operating (loss)
income $(28,401) $ 295 $ (27,100) $ 3,590
Change in fair
value of equity
securities (5,676) - (59,828) -
Reversal of
allowance for
doubtful EMI
loan receivable - - - 250
Loss on disposal
of
equity-accounted
investment - - 161 -
Interest income 644 732 2,596 2,294
Interest expense 4,470 4,620 21,453 18,932
Loss before
income tax
(benefit)
expense (37,903) (3,593) (105,946) (12,798)
Income tax
(benefit)
expense (8,930) 1,482 (18,198) 3,363
Net loss before
earnings (loss)
from
equity-accounted
investments (28,973) (5,075) (87,748) (16,161)
Earnings (loss)
from
equity-accounted
investments 25 40 114 (1,279)
Net loss from
continuing
operations (28,948) (5,035) (87,634) (17,440)
Add net loss
attributable to
non-controlling
interest (178) - (130) -
Net loss
attributable to
Lesaka $(28,770) $(5,035) $ (87,504) $(17,440)
Net loss per
share, in United
States dollars:
Basic loss
attributable to
Lesaka
shareholders $ (0.35) $ (0.08) $ (1.14) $ (0.27)
Diluted loss
attributable to
Lesaka
shareholders $ (0.35) $ (0.08) $ (1.14) $ (0.27)
LESAKA TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Statements of Cash
Flows
Unaudited Unaudited
-------------------- ------------------------
Three months ended Year ended
-------------------- ------------------------
June 30, June 30,
-------------------- ------------------------
2025 2024 2025 2024
--------- --------- ---------- ------------
(In thousands)
Cash flows from
operating
activities
Net loss $(28,948) $ (5,035) $ (87,634) $ (17,440)
Depreciation and
amortization 10,793 6,205 33,721 23,665
Impairment loss 18,864 - 18,864 -
Movement in
allowance for
doubtful accounts
receivable and
finance loans
receivable 2,312 1,626 8,011 5,158
Movement in
interest payable (1,720) (126) 4,723 1,119
Fair value
adjustment
related to
financial
liabilities 39 66 (120) (853)
Gain on disposal
of
equity-accounted
investments - - 161 -
(Earnings) Loss
from
equity-accounted
investments (25) (40) (114) 1,279
Reversal of
allowance for
doubtful loans
receivable - - - (250)
Change in fair
value of equity
securities 5,676 - 59,828 -
Loss (Profit) on
disposal of
property, plant
and equipment 66 (17) 13 (305)
Facility fee
amortized 209 62 429 443
Stock-based
compensation
charge 2,032 2,258 9,550 7,911
Dividends received
from equity
accounted
investments 31 - 96 95
Increase in
finance loans
receivable (12,880) (2,932) (34,614) (10,029)
Net (decrease)
increase in
accounts
receivable and
other
receivables,
inventory,
accounts payable
and other
payables (4,097) 4,851 (12,151) 21,108
Deferred
consideration due
to seller of
Recharger
included in
accounts payable
and other
payables 12,456 - 13,586 -
(Decrease)
Increase in taxes
payable (1,139) (958) 485 (400)
Decrease in
deferred taxes (10,151) (308) (23,955) (2,712)
------- ------- -------- --------
Net cash (used
in) provided by
in operating
activities (6,482) 5,652 (9,121) 28,789
------- ------- -------- --------
Cash flows from
investing
activities
Net capital
expenditures, net
of proceeds
received on
disposal (3,881) (4,265) (15,261) (11,100)
Expenditures
related to
intangible
assets (1,626) (58) (3,900) (294)
Proceeds from
disposal of
equity securities
and
equity-accounted
investments 16,441 - - 16,441 3,508
Acquisitions, net
of cash acquired 8 (1,583) (12,946) (1,583)
Repayment of loans
by
equity-accounted
investments - - - 250
Net change in
settlement
assets (1,065) 7,172 4,324 (7,196)
------- ------- -------- --------
Net cash provided
by (used in)
investing
activities 9,877 1,266 (11,342) (16,415)
------- ------- -------- --------
Cash flows from
financing
activities
Utilization of
bank overdraft 4,428 29,511 98,616 182,990
Repayment of bank
overdraft (4,311) (27,421) (90,309) (199,642)
Long-term
borrowings
utilized 565 9,302 190,061 23,728
Repayment of
long-term
borrowings (1,214) (7,022) (149,511) (20,073)
Acquisition of
treasury stock (1,047) (1,288) (13,660) (1,495)
Other financing
activities 6 94 (1,286) 165
Net change in
settlement
obligations 1,412 (6,148) (4,179) 7,214
------- ------- -------- --------
Net cash (used
in) provided by
financing
activities (161) (2,972) 29,732 (7,113)
------- ------- -------- --------
Effect of exchange
rate changes on
cash 2,282 2,366 1,452 2,025
------- ------- -------- --------
Net increase in
cash, cash
equivalents and
restricted cash 5,516 6,312 10,721 7,286
Cash, cash
equivalents and
restricted cash --
beginning of
period 71,123 59,606 65,918 58,632
------- ------- -------- --------
Cash, cash
equivalents and
restricted cash --
end of period $ 76,639 $ 65,918 $ 76,639 $ 65,918
======= ======= ======== ========
LESAKA TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Balance Sheets
Unaudited (A)$(B)$
June 30, June 30,
2025 2024
-------------------- -----------------
(In thousands, except share data)
ASSETS
CURRENT ASSETS
Cash and cash
equivalents $ 76,520 $ 59,065
Restricted cash 119 6,853
Finance loans
receivable, net of
allowance of - 2025:
$5,242; 2025: $4,644 74,110 44,058
Other current assets,
including accounts
receivable, net and
inventory 66,076 54,893
-------------- -------------
Total current assets
before settlement
assets 216,825 164,869
Settlement assets 27,098 22,827
-------------- -------------
Total current assets 243,923 187,696
PROPERTY, PLANT AND
EQUIPMENT, net of
accumulated depreciation
of - 2025: $48,636;
2024: $49,762 44,924 31,936
GOODWILL 199,395 138,551
INTANGIBLE ASSETS, net of
accumulated amortization
of - 2025: $71,644;
2024: $46,200 139,215 111,353
OTHER LONG-TERM ASSETS,
including operating
lease right-of-use,
deferred tax and other
assets 30,231 88,914
-------------- -------------
TOTAL ASSETS 657,688 558,450
============== =============
LIABILITIES
CURRENT LIABILITIES
Short-term credit
facilities for ATM
funding - 6,737
Short-term credit
facilities 24,469 9,351
Current portion of
long-term borrowings 11,956 15,719
Other current
liabilities, including
accounts payable, other
payables and operating
lease liability 97,353 75,722
-------------- -------------
Total current
liabilities before
settlement
obligations 133,778 107,529
Settlement obligations 26,695 22,358
-------------- -------------
Total current
liabilities 160,473 129,887
LONG-TERM BORROWINGS 188,813 127,467
OTHER LONG-TERM
LIABILITIES, including
deferred tax, operating
lease liability and
other 47,019 45,810
-------------- -------------
TOTAL LIABILITIES 396,305 303,164
============== =============
REDEEMABLE COMMON STOCK 88,957 79,429
EQUITY
TOTAL LESAKA EQUITY 165,585 175,857
NON-CONTROLLING INTEREST 6,841 -
-------------- -------------
TOTAL EQUITY 172,426 175,857
-------------- -------------
TOTAL LIABILITIES,
REDEEMABLE COMMON STOCK
AND SHAREHOLDERS'
EQUITY $ 657,688 $ 558,450
============== =============
$(A)$ Derived from audited consolidated financial statements.
(B) We have reclassified an amount of $11,841 from long-term borrowings to current portion of long-term borrowings.
Lesaka Technologies, Inc.
Attachment C
Reconciliation of net loss used to calculate loss per share basic and diluted and headline loss per share basic and diluted:
Three months ended June 30, 2025 and 2024
2025 2024
-------- ---------
Net loss (USD'000) (22,058) (5,035)
Adjustments:
Impairment loss 18,864 -
Profit on sale of property, plant and equipment (12) (17)
Tax effects on above 3 5
Net loss used to calculate headline loss (USD'000) (3,203) (5,047)
======= ======
Weighted average number of shares used to calculate
net loss per share basic loss and headline loss
per share basic loss ('000) 81,186 64,527
Weighted average number of shares used to calculate
net loss per share diluted loss and headline loss
per share diluted loss ('000) 81,186 64,527
Headline loss per share:
Basic, in USD (0.04) (0.08)
Diluted, in USD (0.04) (0.08)
Year ended June 30, 2025 and 2024
2025 2024
-------- ----------
Net loss (USD'000) (87,504) (17,440)
Adjustments:
Impairment of equity method investments - 1,167
Impairment loss 18,864 -
Profit on sale of property, plant and equipment 13 (305)
Tax effects on above (4) 82
Net loss used to calculate headline loss (USD'000) (68,631) (16,496)
======= =======
Weighted average number of shares used to
calculate net loss per share basic loss and
headline loss per share basic loss ('000) 76,466 64,179
Weighted average number of shares used to
calculate net loss per share diluted loss and
headline loss per share diluted loss ('000) 76,466 64,179
Headline loss per share:
Basic, in USD (0.90) (0.26)
Diluted, in USD (0.90) (0.26)
Calculation of the denominator for headline diluted loss per share
Three months ended Year ended
June 30, June 30,
-------------------- --------------
2025 2024 2025 2024
--------- --------- ------ ------
Basic weighted-average common
shares outstanding and unvested
restricted shares expected to
vest under GAAP 81,186 64,527 76,466 64,179
Denominator for headline
diluted loss per share 81,186 64,527 76,466 64,179
========= ========= ====== ======
Weighted average number of shares used to calculate headline diluted loss per share represents the denominator for basic weighted-average common shares outstanding and unvested restricted shares expected to vest plus the effect of dilutive securities under GAAP. We use this number of fully diluted shares outstanding to calculate headline diluted loss per share because we do not use the two-class method to calculate headline diluted loss per share.
(END) Dow Jones Newswires
September 10, 2025 16:14 ET (20:14 GMT)