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Lesaka Form 10-Q for Q1, Q2 and Q3, 2025 retracted related to anticipated revenue and cost of sales restatement
Lesaka Technologies, Inc.
Registered in the state of Florida, USA
(IRS Employer Identification No. 98-0171860)
Nasdaq share code: LSAK
JSE share code: LSK
LEI: 529900J4IZMWV4RDEB07
ISIN: US64107N2062
("Lesaka" or the "Company")
Lesaka Form 10-Q for Q1, Q2 and Q3, 2025 retracted related to anticipated revenue and related cost of sales restatement
JOHANNESBURG, September 11, 2025 – Lesaka today announced that it has filed a Current Report on Form 8-K with the United
States Securities and Exchange Commission ("SEC") regarding the retraction of its Quarterly Reports on Form 10-Q for the
quarters ended September 30, 2024, December 31, 2024, and March 31, 2025, respectively (the "Quarterly Reports").
On September 8, 2025, the Audit Committee of the Board of Directors (the "Audit Committee") of Lesaka, following consultation
with the Company's management and KPMG Inc, the Company's independent registered public accounting firm, concluded
that the Company's unaudited condensed consolidated financial statements for the quarters ended September 30, 2024,
December 31, 2024, and March 31, 2025, respectively, included in the Company's Quarterly Reports, should be restated, and
that such unaudited condensed financial statements should no longer be relied upon, due to the Company's 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.
The Company will also make corresponding revisions to its Management's Discussion and Analysis of Financial Condition and
Results of Operations for the quarters ended September 30, 2024, December 31, 2024, and March 31, 2025, respectively,
included in the Quarterly Reports. The Company anticipates that the restatement will have no impact on its reported operating
income (loss), net loss or loss per share or the Company's net cash flows or liquidity. The restatement is expected to result in
an increase in the Company's revenue, with the increase in revenue expected to be offset by a corresponding increase in its
cost of goods sold, IT processing, servicing and support.
The filing on Form 8-K is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1041514/000106299325015498/form8k.htm.
Forward Looking Statements
This filing contains 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, including statements regarding the outcome of the restatement. These
statements are based on current expectations as of the date of this filing and involve a number of risks and uncertainties, which may
cause results to differ materially from those indicated by these forward-looking statements. These risks include, without limitation, 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 the Company to make additional adjustments to its financial statements, whether the Company's 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 the Company's
internal control over financial reporting and the effectiveness of the Company's disclosure controls and procedures, potential legal or
regulatory action related to the restatement, and the potential impact on the Company's business and any market reaction to any
announcements regarding any of the foregoing and other risks detailed in the Company's filings with the SEC, including its Annual
Report on Form 10-K for the year ended June 30, 2024. You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this filing. The Company undertakes no obligation to revise or update any forward-looking
statements to reflect events or circumstances after the date of this filing.
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
Johannesburg
September 11, 2025
Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited
Date: 11-09-2025 07:05:00
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