JOHANNESBURG, South Africa, Sept. 09, 2026 (GLOBE NEWSWIRE) -- Lesaka Technologies, Inc. (Nasdaq: LSAK; JSE: LSK) today released results for the fourth quarter ("Q4 2026") and full year of fiscal 2026 ("FY2026").
FY2026 performance(1) :
All growth rates are year-on-year between FY2026 and fiscal year 2025 ("FY2025").
USD (In thousands,
except per share ZAR (In thousands,
Group Level data) except per share data)
FY26 FY25 FY26 FY25 YoY%
------- ----------- ---------- ----------- -------
Revenue 721,554 659,701 12,180,962 11,980,399 1.7%
Net Revenue((2) 374,873 291,241 6,325,012 5,291,353 20%
Operating Income
(Loss)((3) 12,681 (27,966) 208,496 (496,573) nm
Net Income
(Loss)
attributable to
Lesaka((3) 2,758 (90,957) 39,838 (1,645,521) nm
Group Adjusted
EBITDA(2)(3) 75,742 49,822 1,274,588 906,573 41%
Basic Earnings
(Loss) per
Share((3) 0.03 (1.19) 0.51 (20.12) nm
Adjusted
Earnings(2)(3) 32,232 9,124 539,279 163,752 229%
Adjusted
Earnings per
Share(2)(3) 0.39 0.12 6.51 2.10 210%
---------------- ------- ------- ---------- ---------- ---
USD ZAR
Segment Level (In thousands) (In thousands)
FY26 FY25 FY26 FY25 YoY%
------- ----------- ---------- ----------- -------
Merchant
Revenue 509,335 526,600 8,609,898 9,562,360 (10%)
Net Revenue((2) 183,233 164,846 3,096,246 2,995,106 3%
Segment Adjusted
EBITDA((3) 35,533 35,329 601,573 641,509 (6%)
Consumer
Revenue 142,631 96,008 2,401,720 1,744,429 38%
Segment Adjusted
EBITDA 46,193 23,949 775,027 435,193 78%
Enterprise
Revenue 74,730 42,554 1,255,617 773,057 62%
Net Revenue((2) 54,151 35,848 913,319 651,265 40%
Segment Adjusted
EBITDA 8,119 1,287 136,164 23,724 474%
---------------- ------- ------- ---------- ---------- ---
(1) Average exchange rates for FY2026 and for FY2025 were ZAR 16.91 to $1 and ZAR 17.90 to $1, respectively.
(2) Non-GAAP measure. Refer to Attachment A of press release for full reconciliation of non-GAAP measures.
(3) Revised FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-K for the year ended June 30, 2026. Also refer to Immaterial revision of prior period information section below.
Q4 2026 performance(1) :
All growth rates are calculated on a year-on-year basis between Q4 2026 and the fourth quarter of FY2025 ("Q4 2025").
USD (In thousands,
except per share ZAR (In thousands,
Group Level data) except per share data)
Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 YoY%
------- ------------ --------- ------------- -------
Revenue 188,321 168,467 3,104,689 3,080,538 0.8%
Net Revenue((2) 98,496 82,005 1,623,810 1,498,721 8%
Operating
Income((3) 6,309 (28,610) 104,071 (509,603) nm
Net Income
(Loss)
attributable to
Lesaka(3) 3,219 (31,298) 52,895 (559,721) nm
Group Adjusted
EBITDA(2)(3) 22,258 16,509 366,855 301,768 22%
Basic Earnings
(Loss) per
Share((3) 0.04 (0.39) 0.66 (6.97) nm
Adjusted
Earnings(2)(3) 12,072 4,057 198,709 74,695 166%
Adjusted
Earnings per
Share(2)(3) 0.15 0.05 2.40 0.90 166%
---------------- ------- -------- --------- --------- ---
USD ZAR
Segment Level (In thousands) (In thousands)
Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 YoY%
------- ------------ --------- ------------- -------
Merchant
Revenue 123,388 128,958 2,034,628 2,358,795 (14%)
Net Revenue((2) 44,199 44,396 728,804 811,626 (10%)
Segment Adjusted
EBITDA((3) 7,421 10,010 122,404 182,890 (33%)
Consumer
Revenue 40,614 27,911 669,465 509,834 31%
Segment Adjusted
EBITDA 15,375 8,878 253,338 161,880 56%
Enterprise
Revenue 26,103 12,295 430,005 224,649 91%
Net Revenue((2) 15,467 10,395 254,950 190,001 34%
Segment Adjusted
EBITDA 3,302 823 54,394 15,309 255%
---------------- ------- -------- --------- --------- ---
(1) Average exchange rates for Q4 2026 and for Q4 2025 were ZAR 16.49 to $1 and ZAR 17.87 to $1, respectively.
(2) Non-GAAP measure. Refer to Attachment A of press release for full reconciliation of non-GAAP measures.
(3) Revised Q4 FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-K for the year ended June 30, 2026. Also refer to Immaterial revision of prior period information section below.
Commenting on the results, Lesaka Executive Chairman Ali Mazanderani said, "I am delighted that Lesaka delivered on all of its FY2026 guidance metrics, exceeded the top end of our Adjusted EPS guidance range and achieved full-year GAAP profitability for the first time since Lesaka was effectively created in 2022. FY2026 was a milestone year for Lesaka, and we enter FY2027 with real momentum and a platform built for strong, sustainable growth. Looking ahead, I am pleased to share our medium-term ambitions, which includes Adjusted EPS CAGR in excess of 40% over the next three years."
Outlook: First Quarter 2027 ("Q1 2027") and Full Fiscal Year 2027 ("FY 2027") 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 FY2027, the year ending June 30, 2027, we expect:
-- Net Revenue between ZAR 7.0 billion and ZAR 7.7 billion -- Group Adjusted EBITDA between ZAR 1.45 billion and ZAR 1.60 billion -- Adjusted earnings per share between ZAR 7.50 and ZAR 8.50
For Q1 FY2027, the quarter ending September 30, 2026, we expect:
-- Net Revenue between ZAR 1.58 billion and ZAR 1.66 billion -- Group Adjusted EBITDA between ZAR 200 million and ZAR 240 million -- Adjusted earnings per share between ZAR 0.40 and ZAR 0.60
Q1 FY2027 guidance reflects both seasonality and expected once-off restructuring costs in the merchant business. FY2027 guidance includes the impact of the pending Bank Zero acquisition (subject to regulatory approval by the Financial Surveillance Department of the South African Reserve Bank and other customary closing conditions) and excludes any unannounced mergers and acquisitions that we may conclude.
We have provided outlook regarding Net Revenue, Group Adjusted EBITDA and Adjusted earnings per share, which are non-GAAP financial measures and exclude certain revenue and charges. We have not reconciled these non-GAAP financial measures to the corresponding GAAP financial measures because guidance for the various reconciling items is not provided. We are unable to provide guidance for these reconciling items because we 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 measures are not available without unreasonable effort.
Earnings Presentation for Q4 FY2026 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/Lesaka10092026
Participants using the webcast will be able to submit questions during the live Question and Answer session. Link to conference call dial-in registration via Chorus Call:
https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=7689509&linkSecurityString=174b56677f
Dial in details and individual pin to be provided on registration. Participants using the conference call dial-in will be able to ask their questions during the live Question and Answer session.
Following the presentation, an archived version of the webcast will be provided on Lesaka's Investor Relations website.
Immaterial revision of prior period information
While preparing our Annual Report on Form 10-K for the year ended June 30, 2026, we determined that certain intercompany transactions processed in previous periods were incorrectly recorded, and which resulted in the incorrect amount of deferred income taxes recorded in our consolidated balance sheet, consolidated statements of operations, consolidated statement of comprehensive loss, consolidated statement of changes in equity, consolidated statement of cash flows and related notes to the consolidated financial statements included in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q since June 30, 2025, and these filings were incorrect.
We also determined that the presentation of the number of shares and amounts used for common stock and treasury shares and the amount of additional paid-in capital in our consolidated balance sheets and consolidated statement of changes in equity and related notes to the consolidated financial statements included in previously filed Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q since June 30, 2006, were incorrect. In these previous filings, shares of our common stock repurchased by us were incorrectly presented as treasury shares. Under the Florida Business Corporation Act, shares acquired directly by the issuing corporation are restored by operation of Florida law to the status of authorized but unissued shares. However, shares repurchased by a company are presented as treasury shares if (i) there is a provision in a corporation's articles of incorporation designating the repurchase of a corporation's shares as treasury shares, or (ii) in the case of a corporation whose shares are registered on a national securities exchange, the repurchased shares that have been designated as treasury shares in the corporation's bylaws or in resolutions of its board of directors. Shares repurchased by us were not designated as treasury shares under (i) or (ii) as described in the preceding sentence.
We assessed the materiality of these errors and changes in presentation on prior period consolidated financial statements in accordance with SEC Staff Accounting Bulletin ("SAB") No. 99"Materiality" and SAB No. 108, "Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in the Current Year Financial Statements". Based on this assessment, we concluded that previously issued financial statements were not materially misstated based upon overall considerations of both quantitative and qualitative factors.
For additional information refer to Note 1 to our Form 10-K for the year ended June 30, 2026, as filed with the SEC.
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 income (loss) before interest, taxes, depreciation and amortization, adjusted for non-operational transactions (including loss on impairment/disposal of equity-accounted investments), impairment loss, earnings (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. We generate revenue from the provision of transaction-processing services through our various platforms and service offerings. We use these platforms to (a) sell prepaid airtime vouchers ("Pinned Airtime") which is 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 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 income (loss) and income (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 2026 also includes adjustments related to the loss on impairment of equity-accounted investments, impairment loss, ATM exit expenses and impairments, reversal of allowance for doubtful loans receivable, Lesaka rebrand refresh expenses (net of tax), income recognized related to closure of legacy businesses (net of tax), changes in the fair value of equity securities (net of deferred tax), loss on disposal of equity securities, other income and intangible asset amortization, net related to non-controlling interests.
Adjusted earnings and Adjusted earnings per share for fiscal 2025 also includes adjustments related to 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.
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 income (loss) attributable to Lesaka and these non-GAAP measures and the reconciliation between the basic weighted-average common shares outstanding and unvested restricted shares expected to vest under GAAP and the denominator used for Adjusted earnings per share.
Headline earnings (loss) per share ("HEPS")
The inclusion of HEPS in this press release is a requirement of our listing on the JSE. HEPS basic and diluted is calculated using net income (loss) 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.
HEPS basic and diluted is calculated as GAAP net income (loss) adjusted for the loss on sale of equity-accounted investments, 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 income (loss) used to calculate earnings (loss) per share basic and diluted and HEPS basic and diluted and the calculation of the denominator for headline diluted earnings (loss) per share.
About Lesaka Technologies, Inc. (www.lesaka.tech)
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"). We provide targeted solutions and integrations to facilitate payments between consumers, merchants, and enterprises. 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.lesaka.tech 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. 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. In this press release, statements relating to future financial results and future financing and business opportunities are forward-looking statements. 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, 2026, 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.
Information included in press release
All information is unaudited unless otherwise noted or accompanied by an audit opinion and is subject to the more comprehensive information contained in our SEC reports and filings. All information speaks as of the last fiscal quarter or year for which we have filed a Form 10-K or Form 10-Q, or for historical information the date or period expressly indicated in or with such information.
Investor Relations and Media Relations Contacts:
Idris Dungarwalla
Email: idris.dungarwalla@lesakatech.com
Media Relations Contact:
Ian Harrison
Email: Ian@thenielsennetwork.com
Lesaka Technologies, Inc.
Attachment A
Reconciliation of GAAP income (loss) attributable to Lesaka to Group Adjusted EBITDA:
Three months and year ended June 30, 2026 and 2025, and three months ended March 31, 2026
Three months ended Year ended
June 30, Mar 31, June 30,
------------------- -------- ----------------------
2026 2025 2026 2026 2025
-------- --------- -------- -------- ------------
Income (Loss) attributable to
Lesaka - GAAP(A) $ 3,219 $(31,298) $ 552 $ 2,758 $ (90,957)
Add net loss attributable to
non-controlling interest - 178 115 246 130
Net income (loss) 3,219 (31,476) 437 2,512 (91,087)
Earnings from equity
accounted investments (49) (25) (56) (215) (114)
Net income (loss) before
earnings from
equity-accounted
investments 3,170 (31,501) 381 2,297 (91,201)
Income tax (expense)
benefit(A) (598) (6,714) 1,503 1,429 (15,982)
Income (Loss) before
income tax expense 2,572 (38,215) 1,884 3,726 (107,183)
Loss on disposal of equity
securities - - - 730 -
Other income - - - (3,883) -
Change in fair value of
equity securities - 5,676 378 (2,593) 59,828
Net loss on impairment/
disposal of
equity-accounted
investment - - - 584 161
Reversal of allowance for
doubtful loans
receivable - - (1,500) (1,500) -
Impairment loss(1) 1,431 18,863 1,916 3,347 18,863
Unrealized (gain) loss FV
for currency adjustments (37) (79) 181 (53) 23
Operating income (loss)
after PPA amortization
and net interest
(non-GAAP) 3,966 (13,755) 2,859 358 (28,308)
PPA amortization
(amortization of
acquired intangible
assets) 5,782 7,796 6,044 30,441 21,384
Operating income (loss)
before PPA amortization
after net interest
(non-GAAP) 9,748 (5,959) 8,903 30,799 (6,924)
Interest expense(A) 4,425 4,573 4,477 18,506 21,824
Interest income (688) (644) (1,154) (2,889) (2,596)
Operating income (loss)
before PPA amortization
and net interest
(non-GAAP) 13,485 (2,030) 12,226 46,416 12,304
Depreciation and
amortization (excluding
amortization of
intangibles) 4,559 2,997 4,499 16,905 12,337
Interest adjustment - 283 - - (2,195)
Stock-based compensation
charges 1,829 2,032 1,334 6,969 9,550
Once-off items (refer
below) 2,385 13,227 2,553 5,452 17,826
Group Adjusted EBITDA -
Non-GAAP(A) $22,258 $ 16,509 $20,612 $75,742 $ 49,822
====== ======= ====== ====== ========
(A) Revised FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-K for the year ended June 30, 2026.
(1) Impairments excludes an amount of $0.7 million which is included in the caption exit of ATM business in the table below.
Three months ended Year ended
June 30, Mar 31, June 30,
--------------- ------- -------------------
2026 2025 2026 2026 2025
------ ------- ------- ------- ----------
Once-off
items
comprises:
Lesaka brand
refresh $2,017 - $ 984 $3,001 $ -
Exit of ATM
business - - 1,599 1,599 -
Transaction
costs 264 $ 173 466 1,103 1,794
Transaction
costs
related to
Adumo,
Utilities
and Bank
Zero
acquisitions 104 12,985 144 389 16,159
Income
recognized
related to
closure of
legacy
businesses - - (579) (579) -
Indirect
taxes
provision
release - 69 (61) (61) (127)
Total
once-off
items $2,385 $13,227 $2,553 $5,452 $17,826
===== ====== ===== ===== ======
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.
Rebrand relates to costs incurred related to Lesaka's new brand launched in November 2025, we expect that it will take the remainder of the 2026 calendar year to roll out the refreshed brand throughout the organization. These are non-recurring costs incurred as a necessary step in a set of strategic initiatives designed to create a "One Lesaka" identity for our customers and our employees.
Exit of ATM business includes expenses incurred to exit our ATM business and the impairment of ATMs recorded in property, plant and equipment.
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 subsidiary 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.
Indirect tax provision release relates to the reversal 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.
Reconciliation of Revenue under GAAP to Net Revenue:
Three months and year ended June 30, 2026 and 2025, and three months ended March 31, 2026
Three months ended Year ended
June 30, Mar 31, June 30,
-------------------------- ------------ ----------------------------
2026 2025 2026 2026 2025
------------ ------------ ------------ ------------- -------------
Revenue -- GAAP $188,321 $168,467 $183,051 $ 721,554 $ 659,701
Cost of prepaid
airtime vouchers
sold by us &
commissions paid to
third parties
selling all other
agency-based
products (89,825) (86,462) (86,683) (346,681) (368,460)
Net Revenue
(non-GAAP) $ 98,496 $ 82,005 $ 96,368 $ 374,873 $ 291,241
======= ======= ======= ======== ========
Net Revenue /
Revenue --
GAAP 52% 49% 53% 52% 44%
Merchant segment
revenue (before
eliminations) --
GAAP $123,388 $128,958 $127,078 $ 509,335 $ 526,600
Cost of prepaid
airtime vouchers
sold by us &
commissions paid to
third parties
selling all other
agency-based
products (79,189) (84,562) (81,152) (326,102) (361,754)
Merchant Net
Revenue
(non-GAAP) $ 44,199 $ 44,396 $ 45,926 $ 183,233 $ 164,846
======= ======= ======= ======== ========
Enterprise segment
revenue (before
eliminations) --
GAAP $ 26,103 $ 12,295 $ 18,978 $ 74,730 $ 42,554
Cost of prepaid
airtime vouchers
sold by us &
commissions paid to
third parties
selling all other
agency-based
products (10,636) (1,900) (5,531) (20,579) (6,706)
Enterprise Net
Revenue
(non-GAAP) $ 15,467 $ 10,395 $ 13,447 $ 54,151 $ 35,848
======= ======= ======= ======== ========
Reconciliation of GAAP net income (loss) and earnings (loss) per share, basic, to Adjusted earnings and earnings per share, basic:
Three months ended June 30, 2026 and 2025
Net income
(loss) (USD E(L)PS, Net income (loss) E(L)PS, basic
'000) basic (USD) (ZAR '000) (ZAR)
2026 2025 2026 2025 2026 2025 2026 2025
------ -------- ---- ------ ------- --------- ---- --------
GAAP(A) 3,219 (31,298) 0.04 (0.39) 52,895 (559,721) 0.66 (6.97)
Intangible
asset
amortization,
net 4,221 5,691 69,597 103,359
Stock-based
compensation
charge 1,829 2,032 30,103 37,157
Lesaka rebrand
refresh, net
of tax 1,390 - 22,923 -
Impairment
loss 1,045 18,371 17,140 326,195
Transaction
costs 368 13,158 6,051 237,741
Release of
valuation
allowance
related to
deferred tax
asset in
Lesaka
Financial
Services(A) - (9,525) - (170,555)
Change in fair
value of
equity
securities,
net - 5,676 - 101,377
Amortization
of intangible
assets, net
of tax -
equity
accounted
investments - (117) - (2,091)
Other - 69 - 1,233
Adjusted(A) 12,072 4,057 0.15 0.05 198,709 74,695 2.40 0.90
====== ======= ======= ========
(A) Revised FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-K for the year ended June 30, 2026.
Year ended June 30, 2026 and 2025
Net income (loss) E(L)PS, Net income (loss) E(L)PS, basic
(USD '000) basic (USD) (ZAR '000) (ZAR)
-------------------- ------------ --------------------- ---------------
2026 2025 2026 2025 2026 2025 2026 2025
---------- -------- ---- ------ -------- ----------- ---- ---------
GAAP(A) 2,758 (90,957) 0.03 (1.19) 39,838 (1,645,521) 0.51 (20.12)
Intangible asset
amortization, net 22,222 15,610 377,750 279,522
Stock-based
compensation
charge 6,969 9,550 117,922 173,470
Other (3,883) (127) (65,353) (2,275)
Change in fair value
of equity
securities, net (2,593) 49,294 (43,957) 897,634
Impairment loss(1) 2,961 18,371 49,242 326,195
Lesaka rebrand
refresh, net of
tax 2,108 - 34,808 -
ATM exit expenses
and impairments 1,599 - 26,792 -
Transaction costs 1,492 17,953 25,245 324,175
Reversal of
allowance for
doubtful loans
receivable (1,500) - (25,132) -
Income recognized
related to closure
of legacy
businesses, net (848) - (14,208) -
Loss on disposal of
equity securities 730 - 12,286 -
Net loss on
impairment/disposal
of equity-accounted
investment 584 161 10,342 2,886
Intangible asset
amortization, net
related to
non-controlling
interest (367) (282) (6,296) (5,097)
Release of valuation
allowance related
to deferred tax
asset in Lesaka
Financial
Services(A) - (10,449) - (187,237)
Adjusted(A) 32,232 9,124 0.39 0.12 539,279 163,752 6.51 2.10
====== ======= ======= ==========
(A) Revised FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-K for the year ended June 30, 2026.
(1) Impairments excludes an amount of $0.7 million which is included in the caption ATM exit expenses and impairments.
Calculation of the denominator for Adjusted earnings per share
Three months ended Year ended
June 30, June 30,
-------------------- --------------
2026 2025 2026 2025
--------- --------- ------ ------
('000) ('000)
Basic weighted-average common
shares outstanding and unvested
restricted shares expected to
vest under GAAP 82,076 81,186 82,088 76,466
In the money stock options 702 643 702 643
Acquisition related shares - 915 - 915
--------- --------- ------ ------
Weighted average number of
shares used to calculate
Adjusted earnings per share 82,778 82,744 82,790 78,024
========= ========= ====== ======
Weighted average number of shares used to calculate Adjusted earnings per share represents basic weighted-average common shares outstanding and unvested restricted shares expected to vest plus the effect of stock options that are in the money at the reporting date and shares to be issued related to acquisitions.
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,
------------------- ----------------------
2026 2025 2026 2025
-------- --------- -------- ------------
(In thousands) (In thousands)
REVENUE $188,321 $168,467 $721,554 $ 659,701
EXPENSE
Cost of goods
sold, IT
processing,
servicing and
support (A) 125,596 120,082 490,834 487,186
Selling, general
and
administration
(A) 41,055 32,042 153,473 123,727
Allowance for
credit losses 3,485 2,312 12,796 8,011
Depreciation and
amortization 10,341 10,793 47,346 33,721
Impairment loss 1,431 18,863 4,035 18,863
Transaction costs
related to Adumo,
Utilities and
Bank Zero
acquisitions 104 12,985 389 16,159
OPERATING INCOME
(LOSS) 6,309 (28,610) 12,681 (27,966)
CHANGE IN FAIR VALUE
OF EQUITY
SECURITIES - (5,676) 2,593 (59,828)
OTHER INCOME - - 3,883 -
LOSS ON
IMPAIRMENT/DISPOSAL
OF EQUITY-ACCOUNTED
INVESTMENT - - 584 161
LOSS ON DISPOSAL OF
EQUITY SECURITIES - - 730 -
REVERSAL OF
ALLOWANCE FOR
DOUBTFUL LOAN
RECEIVABLE - - 1,500 -
INTEREST INCOME 688 644 2,889 2,596
INTEREST EXPENSE (A) 4,425 4,573 18,506 21,824
INCOME (LOSS) BEFORE
INCOME TAX
(BENEFIT) EXPENSE 2,572 (38,215) 3,726 (107,183)
INCOME TAX (BENEFIT)
EXPENSE (A) (598) (6,714) 1,429 (15,982)
NET PROFIT (LOSS)
BEFORE EARNINGS
FROM
EQUITY-ACCOUNTED
INVESTMENTS 3,170 (31,501) 2,297 (91,201)
EARNINGS FROM
EQUITY-ACCOUNTED
INVESTMENTS 49 25 215 114
NET INCOME (LOSS) 3,219 (31,476) 2,512 (91,087)
ADD NET LOSS
ATTRIBUTABLE TO
NON-CONTROLLING
INTEREST - 178 246 130
NET INCOME (LOSS)
ATTRIBUTABLE TO
LESAKA $ 3,219 $(31,298) $ 2,758 $ (90,957)
======= ======= ======= ========
Net earnings (loss)
per share, in United
States dollars:
Basic earnings
(loss) attributable
to Lesaka
shareholders $ 0.04 $ (0.39) $ 0.03 $ (1.19)
Diluted earnings
(loss) attributable
to Lesaka
shareholders $ 0.04 $ (0.39) $ 0.03 $ (1.19)
(A) Revised FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-K for the year ended June 30, 2026.
LESAKA TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Statements of Cash
Flows
Unaudited Unaudited
-------------------- ------------------------
Three months ended Year ended
-------------------- ------------------------
June 30, June 30,
-------------------- ------------------------
2026 2025 2026 2025
--------- --------- ---------- ------------
(In thousands) (In thousands)
Cash flows from
operating activities
Net income (loss)
(A) $ 3,219 $(31,476) $ 2,512 $ (91,087)
Depreciation and
amortization 10,341 10,793 47,346 33,721
Impairment loss 1,431 18,863 4,035 18,863
Movement in
allowance for
doubtful accounts
receivable 3,485 2,312 12,796 8,011
Fair value
adjustment related
to financial
liabilities (76) 39 (238) (120)
Loss on disposal of
equity securities - - 730 -
Loss on
impairment/disposal
of equity-accounted
investments - - 584 161
Earnings from
equity-accounted
investments (49) (25) (215) (114)
Reversal of
allowance for
doubtful loans
receivable - - (1,500) -
Gain on
deconsolidation of
subsidiary - - (848) -
Change in fair value
of equity
securities - 5,676 (2,593) 59,828
Other income - - (3,883) -
(Profit) Loss on
disposal of
property, plant and
equipment (71) 66 (316) 13
Movement in interest
payable 105 (1,720) 20 4,723
Facility fee
amortized 155 209 413 429
Stock-based
compensation
charge 1,829 2,032 6,969 9,550
Dividends received
from equity
accounted
investments - 31 105 96
(Decrease) Increase
in taxes payable (942) (1,139) 402 485
Deferred tax
benefit(A) (4,966) (7,935) (9,451) (21,739)
Decrease (Increase)
in accounts
receivable 3,569 (5,444) 3,500 1,081
Increase in finance
loans receivable (4,305) (12,880) (34,421) (34,614)
(Increase) Decrease
in inventory (1,888) (3,797) 6,704 169
Increase (Decrease)
in accounts payable
and other
payables(A) 5,030 5,456 19,793 (12,164)
Deferred
consideration
included in other
payables - 12,456 - 13,586
------- ------- -------- --------
Net cash provided
by (used in)
operating
activities 16,867 (6,483) 52,444 (9,122)
------- ------- -------- --------
Cash flows from
investing activities
Capital expenditures (9,346) (4,099) (20,646) (17,199)
Proceeds from
disposal of
property, plant and
equipment 1,609 218 1,849 1,938
Acquisition of
intangible assets (1,051) (1,626) (4,403) (3,900)
Acquisitions, net of
cash acquired - 8 (11,117) (12,946)
Acquisition of
insurance entity
investments (4,598) - (4,598) -
Cash disposed on
disposal of
subsidiary - - (165) -
Proceeds from
disposal of equity
securities - 16,441 2,971 16,441
Investment in equity
securities (200) - (450) -
Net change in
settlement assets 3,773 (1,065) 10,822 4,324
------- ------- -------- --------
Net cash (used
in) provided by
investing
activities (9,813) 9,877 (25,737) (11,342)
------- ------- -------- --------
Cash flows from
financing activities
Proceeds from bank
overdraft 30,295 4,428 123,712 98,616
Repayment of bank
overdraft (46,940) (4,311) (129,417) (90,309)
Long-term borrowings
utilized 2,214 565 6,949 190,061
Repayment of
long-term
borrowings (1,153) (1,214) (13,741) (149,511)
Acquisition of
treasury stock 3,510 (1,047) (339) (13,660)
Proceeds from issue
of shares 63 6 63 116
Non-refundable deal
origination fees (252) - (285) (970)
Acquisition of
non-controlling
interests (3,538) - (3,538) -
Dividends paid to
non-controlling
interest - - - (432)
Net change in
settlement
obligations (3,954) 1,412 (10,390) (4,179)
------- ------- -------- --------
Net cash (used
in) provided by
financing
activities (19,755) (161) (26,986) 29,732
------- ------- -------- --------
Effect of exchange
rate changes on cash 3,542 2,283 5,178 1,453
------- ------- -------- --------
Net (decrease)
increase in cash,
cash equivalents and
restricted cash (9,159) 5,516 4,899 10,721
Cash, cash equivalents
and restricted cash
-- beginning of
period 90,697 71,123 76,639 65,918
------- ------- -------- --------
Cash, cash equivalents
and restricted cash
-- end of period $ 81,538 $ 76,639 $ 81,538 $ 76,639
======= ======= ======== ========
(A) Revised FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-K for the year ended June 30, 2026.
LESAKA TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Balance Sheets
Unaudited Unaudited
June 30, June 30,
2026 2025
(In thousands, except share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 81,409 $ 76,520
Restricted cash 129 119
Accounts receivable, net of
allowance of - 2026: $3,207;
2025: $1,753 and other
receivables 43,765 42,525
Finance loans receivable, net
of allowance of - 2026:
$10,119; 2025: $5,244 103,810 74,110
Inventory 20,113 23,551
Total current assets before
settlement assets 249,226 216,825
Settlement assets 18,504 27,098
Total current assets 267,730 243,923
PROPERTY, PLANT AND EQUIPMENT,
net of accumulated
depreciation of - 2026:
$69,766; 2025: $55,086 (Note
1) 50,212 44,924
OPERATING LEASE RIGHT-OF-USE 20,161 9,691
EQUITY-ACCOUNTED INVESTMENTS 295 199
GOODWILL 215,298 199,395
INTANGIBLE ASSETS, net of
accumulated amortization of: -
2026: $110,371; 2025: $71,644 123,425 139,215
DEFERRED INCOME TAXES(A) 12,470 10,338
OTHER LONG-TERM ASSETS,
including equity securities 9,697 3,809
TOTAL ASSETS 699,288 651,494
============== =============
LIABILITIES
CURRENT LIABILITIES
Short-term credit facilities 20,671 24,469
Accounts payable 23,986 19,867
Other payables(A) 83,262 76,035
Operating lease liability -
current 4,408 4,007
Current portion of long-term
borrowings 16,114 11,956
Income taxes payable 1,691 1,400
Total current liabilities
before settlement
obligations 150,132 137,734
Settlement obligations 18,530 26,695
Total current liabilities 168,662 164,429
DEFERRED INCOME TAXES 28,379 33,921
OPERATING LEASE LIABILITY -
LONG TERM 19,338 6,129
LONG-TERM BORROWINGS 194,597 188,813
OTHER LONG-TERM LIABILITIES,
including insurance policy
liabilities 3,988 2,991
TOTAL LIABILITIES 414,964 396,283
============== =============
REDEEMABLE COMMON STOCK 78,972 88,957
EQUITY
LESAKA EQUITY:
COMMON STOCK
Authorized: 200,000,000 with
$0.001 par value;
Issued and outstanding
shares, net of treasury:
2026: 83,306,794; 2025:
81,249,097 84 84
PREFERRED STOCK
Authorized shares: 50,000,000
with $0.001 par value;
Issued and outstanding
shares, net of treasury:
2026: -; 2025: - - -
ADDITIONAL PAID-IN-CAPITAL(A) 152,554 135,505
TREASURY SHARES, AT COST: 2026:
2,548,472; 2025: 3,999,049 (234) (7,059)
ACCUMULATED OTHER COMPREHENSIVE
LOSS(A) (166,319) (185,626)
RETAINED EARNINGS(A) 219,267 216,509
TOTAL LESAKA EQUITY 205,352 159,413
NON-CONTROLLING INTEREST - 6,841
TOTAL EQUITY 205,352 166,254
============== =============
TOTAL LIABILITIES, REDEEMABLE
COMMON STOCK AND SHAREHOLDERS'
EQUITY $ 699,288 $ 651,494
Note 1: In October 2025, the Company identified that it had understated its June 30, 2025, cost and accumulated depreciation by $6.5 million. The carrying value of property, plant and equipment reported as of June 30, 2025 was not impacted by the misstatement. Accumulated depreciation has been recast to increase the amount from $48,636 to $55,086.
(A) Revised FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-K for the year ended June 30, 2026.
Our unaudited condensed consolidated Statements of Operations for the three months and year ended June 30, 2026 and 2025 in ZAR are presented below. We have translated the results of operations information for the three months and year ended June 30, 2026 and 2025, provided in the tables below using the actual average exchange rates per month between the USD and ZAR.
Unaudited Condensed Consolidated Statements of Operations
Unaudited Unaudited
Three months ended Year ended
--------------------------- ---------------------------
June 30, June 30,
--------------------------- ---------------------------
2026 2025 2026 2025
-------------- ----------- ----------- --------------
(In thousands) (In thousands)
REVENUE R 3,104,689 R3,080,538 R12,180,962 R11,980,399
EXPENSE
Cost of goods sold, IT
processing, servicing
and support (A) 2,070,729 2,196,070 8,289,867 8,845,530
Selling, general and
administration (A) 676,794 585,758 2,590,497 2,246,986
Allowance for credit
losses 57,413 42,202 215,724 145,871
Depreciation and
amortization 170,506 196,633 802,598 612,298
Impairment loss 23,480 334,929 67,116 334,929
Transaction costs
related to Adumo,
Utilities and Bank
Zero acquisitions 1,696 234,549 6,664 291,358
OPERATING INCOME (LOSS) 104,071 (509,603) 208,496 (496,573)
CHANGE IN FAIR VALUE OF
EQUITY SECURITIES - (101,377) 43,957 (1,089,871)
OTHER INCOME - - 65,353 -
LOSS ON
IMPAIRMENT/DISPOSAL OF
EQUITY-ACCOUNTED
INVESTMENT - - 10,342 2,886
LOSS ON DISPOSAL OF
EQUITY SECURITIES - - 12,286 -
REVERSAL OF ALLOWANCE
FOR DOUBTFUL LOAN
RECEIVABLE - - 25,132 -
INTEREST INCOME 11,343 11,761 48,621 47,108
INTEREST EXPENSE(A) 72,984 83,929 313,258 396,649
INCOME (LOSS) BEFORE
INCOME TAX (BENEFIT)
EXPENSE 42,430 (683,148) 55,673 (1,938,871)
INCOME TAX (BENEFIT)
EXPENSE (A) (9,661) (119,806) 23,583 (289,008)
NET INCOME (LOSS) BEFORE
EARNINGS FROM
EQUITY-ACCOUNTED
INVESTMENTS 52,091 (563,342) 32,090 (1,649,863)
EARNINGS FROM
EQUITY-ACCOUNTED
INVESTMENTS 804 449 3,593 2,035
NET INCOME (LOSS) 52,895 (562,893) 35,683 (1,647,828)
ADD NET LOSS
ATTRIBUTABLE TO
NON-CONTROLLING
INTEREST - 3,172 4,155 2,307
NET INCOME (LOSS)
ATTRIBUTABLE TO
LESAKA R 52,895 R (559,721) R 39,838 R(1,645,521)
========= ========= ========== ==========
Net earnings (loss)
per share, in South
African Rands:
Basic earnings
(loss) attributable
to Lesaka
shareholders R 0.66 R (6.97) R 0.51 R (20.12)
Diluted earnings
(loss) attributable
to Lesaka
shareholders R 0.66 R (6.97) R 0.51 R (20.12)
(A) Revised FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-K for the year ended June 30, 2026.
Our unaudited condensed consolidated Statements of Cash Flows for the three months and year ended June 30, 2026 and 2025 in ZAR are presented below. We have translated the cash flow information for the three months and year ended June 30, 2026 and 2025, provided in the tables below using the actual average exchange rates per month between the USD and ZAR.
Unaudited Condensed Consolidated Statements of Cash
Flows
Unaudited Unaudited
--------------------------- ----------------------------
Three months ended Year ended
--------------------------- ----------------------------
June 30, June 30,
--------------------------- ----------------------------
2026 2025 2026 2025
-------------- ----------- ------------ --------------
(In thousands) (In thousands)
Cash flows from
operating activities
Net income (loss)(A) R 52,899 R (562,893) R 35,687 R(1,647,830)
Depreciation and
amortization 170,506 196,633 802,598 612,298
Impairment loss 23,480 336,906 67,109 336,906
Movement in allowance
for doubtful accounts
receivable 57,413 42,202 215,724 145,871
Fair value adjustment
related to financial
liabilities (1,243) 674 (4,026) (2,135)
Loss on disposal of
equity securities - - 12,286 -
Loss on
impairment/disposal of
equity-accounted
investments - - 10,342 2,886
Earnings from
equity-accounted
investments (804) (449) (3,593) (2,035)
Reversal of allowance
for doubtful loans
receivable - - (25,132) -
Gain on deconsolidation
of subsidiary - - (14,208) -
Change in fair value of
equity securities - 101,377 (43,957) 1,089,871
Other income - - (65,353) -
Profit (Loss) on
disposal of property,
plant and equipment (1,165) 1,185 (5,202) 227
Movement in interest
payable 2,106 (28,756) 1,044 88,571
Facility fee amortized 2,556 3,701 6,943 7,690
Stock-based compensation
charge 30,103 37,157 117,922 173,470
Dividends received from
equity accounted
investments - 554 1,681 1,719
(Decrease) Increase in
taxes payable (15,295) (19,674) 7,747 9,729
Deferred tax benefit(A) (81,535) (142,767) (158,970) (394,432)
Decrease (Increase) in
accounts receivable 57,148 (100,319) 35,425 20,516
Increase in finance
loans receivable (70,383) (234,189) (586,954) (634,859)
(Increase) Decrease in
inventory (31,574) (72,474) 112,051 5,592
Increase in accounts
payable and other
payables(A) 84,564 105,404 344,453 (217,413)
Deferred consideration
included in other
payables - 222,528 - 243,231
--------- --------- ---------- ----------
Net cash provided by
(used in) operating
activities 278,776 (113,200) 863,617 (160,127)
--------- --------- ---------- ----------
Cash flows from
investing activities
Capital expenditures (154,122) (75,209) (347,348) (311,358)
Proceeds from disposal
of property, plant and
equipment 26,506 4,308 31,721 35,514
Acquisition of
intangible assets (17,328) (29,608) (74,488) (71,296)
Acquisitions, net of
cash acquired - 143 (186,041) (234,014)
Acquisition of insurance
entity investments (75,445) - (75,445) -
Cash disposed on
disposal of subsidiary - - (2,777) -
Proceeds from disposal
of equity securities - 293,648 50,000 293,648
Investment in equity
securities (3,282) - (7,490) -
Net change in settlement
assets 61,977 (20,651) 177,524 77,161
--------- --------- ---------- ----------
Net cash provided by
(used in) investing
activities (161,694) 172,631 (434,344) (210,345)
--------- --------- ---------- ----------
Cash flows from
financing activities
Proceeds from bank
overdraft 499,165 79,287 2,084,651 1,768,719
Repayment of bank
overdraft (772,222) (76,997) (2,176,779) (1,646,778)
Long-term borrowings
utilized 36,574 10,361 118,043 3,506,248
Repayment of long-term
borrowings (19,009) (22,215) (230,881) (2,752,516)
Acquisition of
non-controlling
interests - - (59,278) -
Acquisition of treasury
stock (462) (18,966) (5,663) (240,942)
Proceeds from exercise
of stock options 1,035 107 1,035 2,113
Guarantee fee (4,134) - (4,709) (17,532)
Dividends paid to
non-controlling
interest - - - (7,745)
Net change in settlement
obligations (65,016) 27,574 (169,967) (74,361)
--------- --------- ---------- ----------
Net cash (used in)
provided by financing
activities (324,069) (849) (443,548) 537,206
--------- --------- ---------- ----------
Effect of exchange rate
changes on cash (2,203) (2,990) (8,671) (4,420)
--------- --------- ---------- ----------
Net (decrease) increase in
cash, cash equivalents
and restricted cash (209,190) 55,592 (22,946) 162,314
Cash, cash equivalents &
restricted cash --
beginning of period 1,547,001 1,305,164 1,360,756 1,198,442
--------- --------- ---------- ----------
Cash, cash equivalents
& restricted cash --
end of period R 1,337,810 R1,360,756 R 1,337,810 R 1,360,756
========= ========= ========== ==========
(A) Revised FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-K for the year ended June 30, 2026.
Our unaudited condensed consolidated balance sheets as of June 30, 2026 and 2025 in ZAR are presented below. Amounts included in these balance sheets have been calculated using the $ amounts per our balance sheets presented in U.S. dollars and converted to ZAR using the exchange rates noted below.
Unaudited Condensed Consolidated Balance Sheets
Unaudited Unaudited
-------------------- ----------------
June 30, June 30,
2026 2025
-------------------- ----------------
(In thousands, except share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents R 1,335,694 R 1,358,643
Restricted cash 2,117 2,113
Accounts receivable, net of allowance
and other receivables 718,061 755,048
Finance loans receivable, net 1,703,231 1,315,853
Inventory 329,998 418,157
--------------- ---------------
Total current assets before
settlement assets 4,089,101 3,849,814
Settlement assets 303,599 481,136
--------------- ---------------
Total current assets 4,392,700 4,330,950
PROPERTY, PLANT AND EQUIPMENT, net of
accumulated depreciation of - 2026:
R1,144,665; 2025: R978,074 (Note 1) 823,838 797,644
OPERATING LEASE RIGHT-OF-USE 330,786 172,068
EQUITY-ACCOUNTED INVESTMENTS 4,840 3,533
GOODWILL 3,532,437 3,540,338
INTANGIBLE ASSETS, net of accumulated
amortization of- 2026: R1,810,879;
2025: R1,272,068 2,025,059 2,471,818
DEFERRED INCOME TAXES(A) 204,598 183,555
OTHER LONG-TERM ASSETS 159,101 67,630
--------------- ---------------
TOTAL ASSETS 11,473,359 11,567,536
=============== ===============
LIABILITIES
CURRENT LIABILITIES
Short-term credit facilities 339,153 434,457
Accounts payable 393,543 352,747
Other payables(A) 1,366,096 1,350,032
Operating lease liability -- current 72,323 71,146
Current portion of long-term
borrowings 264,386 212,284
Income taxes payable 27,745 24,858
--------------- ---------------
Total current liabilities before
settlement obligations 2,463,246 2,445,524
Settlement obligations 304,025 473,980
--------------- ---------------
Total current liabilities 2,767,271 2,919,504
DEFERRED INCOME TAXES 465,620 602,281
OPERATING LEASE LIABILITY - LONG TERM 317,282 108,823
LONG-TERM BORROWINGS 3,192,792 3,352,450
OTHER LONG-TERM LIABILITIES, including
insurance policy liabilities 65,432 53,106
--------------- ---------------
TOTAL LIABILITIES 6,808,397 7,036,164
=============== ===============
TOTAL EQUITY AND REDEEMABLE COMMON
STOCK(A) R 4,664,962 R 4,531,372
=============== ===============
Exchange rate $1: ZAR 16.4072 17.7554
Note 1: In October 2025, the Company identified that it had understated its June 30, 2025, cost and accumulated depreciation by ZAR 114.5 million. The carrying value of property, plant and equipment reported as of June 30, 2025 was not impacted by the misstatement. Accumulated depreciation has been recast to increase the amount from ZAR 863,552 to ZAR 978,074.
(A) Revised FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-K for the year ended June 30, 2026.
Lesaka Technologies, Inc.
Attachment C
Reconciliation of net income (loss) used to calculate loss per share basic and diluted and headline earnings (loss) per share basic and diluted:
Three months ended June 30, 2026 and 2025
2026 2025
------- ----------
Net income (loss) (USD'000)((A) 3,219 (31,298)
Adjustments:
Impairment loss 1,431 18,863
Profit on sale of property, plant and equipment (71) (12)
Tax effects on above (367) 3
Net income (loss) used to calculate headline earnings
(loss) (USD'000)((A) 4,212 (12,444)
====== =======
Weighted average number of shares used to calculate
net earnings (loss) per share basic earnings (loss)
and headline earnings (loss) per share basic
earnings (loss) ('000) 82,076 81,186
Weighted average number of shares used to calculate
net earnings (loss) per share diluted earnings
(loss) and headline earnings (loss) per share
diluted earnings (loss) ('000) 82,264 81,186
Headline earnings (loss) per share:
Basic, in USD 0.05 (0.15)
Diluted, in USD 0.05 (0.15)
(A) Revised FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-K for the year ended June 30, 2026.
Year ended June 30, 2026 and 2025
2026 2025
------- ----------
Net income (loss) (USD'000)((A) 2,758 (90,957)
Adjustments:
Loss on disposal of equity securities 730 -
Net loss on impairment/disposal of equity-accounted
investment 584 -
Income recognized related to closure of legacy
businesses (848) -
Impairment loss 4,035 18,863
Profit on sale of property, plant and equipment (316) 13
Tax effects on above 472 (4)
Net income (loss) used to calculate headline loss
(USD'000)((A) 7,415 (72,085)
====== =======
Weighted average number of shares used to calculate
net income (loss) per share basic loss and headline
earnings (loss) per share basic earnings (loss)
('000) 82,088 76,466
Weighted average number of shares used to calculate
net earnings (loss) per share diluted earnings
(loss) and headline earnings (loss) per share
diluted earnings (loss) ('000) 82,249 76,466
Headline earnings (loss) per share:
Basic, in USD 0.09 (0.94)
Diluted, in USD 0.09 (0.94)
(A) Revised FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-K for the year ended June 30, 2026.
Calculation of the denominator for headline diluted earnings (loss) per share
Three months ended Year ended
June 30, June 30,
-------------------- --------------
2026 2025 2026 2025
--------- --------- ------ ------
('000) ('000)
Basic weighted-average common
shares outstanding and unvested
restricted shares expected to
vest under GAAP 82,076 81,186 82,088 76,466
Effect of dilutive securities
under GAAP 188 - 161 -
--------- --------- ------ ------
Denominator for headline
diluted earnings (loss) per
share 82,264 81,186 82,249 76,466
========= ========= ====== ======
Weighted average number of shares used to calculate headline diluted earnings (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 earnings (loss) per share because we do not use the two-class method to calculate headline diluted earnings (loss) per share.