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Q3 2025 Results: Lesaka delivers on guidance, reaffirms FY2025 outlook and projects positive net income in FY2026
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")
Q3 2025 Results: Lesaka delivers on guidance, reaffirms FY2025 outlook and projects positive net income in FY2026
JOHANNESBURG, May 8, 2025 – Lesaka (Nasdaq: LSAK; JSE: LSK) today released results for the third quarter of fiscal 2025
("Q3 2025").
Q3 2025 performance:
- Revenue of $135.7 million (ZAR 2.5 billion) was at the midpoint of our Revenue guidance and compares to $138.2 million
(ZAR 2.6 billion) in Q3 2024.
- Net Revenue (a non-GAAP measure) of $73.4 million (ZAR 1.4 billion) was at the midpoint of our Net Revenue guidance
increasing 43% in ZAR, from $50.3 million (ZAR 950.6 million) in Q3 2024.
- Operating income of $0.6 million (ZAR 10.9 million) was lower than operating income of $0.8 million (ZAR 15.0 million)
in Q3 2024 given the inclusion of $2.3 million (ZAR 42.3 million) once-off transaction costs in Q3 2025, compared $0.9
million (ZAR 17.1 million) in Q3 2024.
- Net loss, including a tax adjusted $17.0 million (ZAR 310.6 million) non-operating, non-cash, change in fair value of
Mobikwik (a non-core asset) charge, increased to $22.1 million (ZAR 404.3 million) compared to a net loss of $4.0 million
(ZAR 76.4 million) in Q3 2024.
- Group Adjusted EBITDA (a non-GAAP measure) of $12.8 million (ZAR 236.8 million) improved 29% in ZAR from $9.7
million (ZAR 183.3 million) in Q3 2024, in line with guidance provided.
- GAAP loss per share increased to $0.27 (ZAR 5.02) from $0.06 (ZAR 1.19) in Q3 2024.
- Fundamental earnings (a non-GAAP measure) increased by 98% in ZAR to $3.3 million (ZAR 58.0 million), from $1.6
million (ZAR 29.3 million) in Q3 2024.
- Fundamental earnings per share (a non-GAAP measure) of $0.04 (ZAR 0.72) improved by 60% in ZAR, from $0.02 (ZAR
0.45) in Q3 2024.
- Merchant Division Revenue decreased 10% in ZAR to $103 million (ZAR 1.9 billion), Net Revenue increased 58% in ZAR
to $42.3 million (ZAR 782.2 million) and Segment Adjusted EBITDA increased by 7% in ZAR, to $8.1 million (ZAR 149.9
million).
- Consumer Division Revenue and Net Revenue increased 32% in ZAR to $24.1 million (ZAR 445.8 million) and Segment
Adjusted EBITDA increased 65% in ZAR, to $6.3 million (ZAR 117.1 million).
(1) Average exchange rates applicable for the quarter for the purposes of translating our results of operations: ZAR 18.40 to
$1 for Q3 2025, ZAR 18.88 to $1 for Q3 2024. The ZAR strengthened 2.5% against the U.S. dollar during Q3 2025 when
compared to Q3 2024.
Commenting on the results, Lesaka Chairman Ali Mazanderani said, "I am pleased that we have delivered on our guidance for
the quarter and can reaffirm FY2025 full year guidance. We are providing Revenue and Net Revenue guidance, and projecting positive
net income, for FY2026. At the midpoint of these measures, this implies a 23% growth in Net Revenue and a 42% growth in Group
Adjusted EBITDA year-on year."
Outlook: Third Quarter 2025 ("Q3 2025"), reaffirming Full Fiscal Year 2025 ("FY 2025") and complete guidance metrics for
Full Fiscal Year 2026 ("FY 2026")
While we report our financial results in USD, we measure our operating performance in ZAR, and as such we provide our guidance
accordingly.
For FY2025, the year ending June 30, 2025, we expect:
- Revenue between ZAR 10.0 billion and ZAR 11.0 billion.
- Net Revenue between ZAR 5.2 billion and ZAR 5.6 billion.
- Group Adjusted EBITDA between ZAR 900 million and ZAR 1 billion
For FY2026, the year ending June 30, 2026, we expect:
- Revenue between ZAR 11.4 billion and ZAR 12.2 billion.
- 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.
Our FY2025 and FY2026 outlook provided:
- Excludes the impact of unannounced mergers and acquisitions that we may conclude.
Management has provided its outlook regarding Net Revenue and Group Adjusted EBITDA, 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
company's control and cannot be reasonably predicted since these items could vary significantly from period to period. Accordingly,
reconciliations to the corresponding GAAP financial measure is not available without unreasonable effort.
Earnings Presentation for Q3 2025 Results
Our earnings presentation will be posted to the Investor Relations page of our website prior to our earnings call.
Webcast
Lesaka will host a webcast to review results on May 8, 2025, at 8:00 a.m. Eastern Time which is 2:00 p.m. South Africa Standard Time
("SAST"). A replay of the results presentation webcast will be available on the Lesaka investor relations website following the
conclusion of the live event.
Link to access the results webcast: https://www.corpcam.com/Lesaka08052025
Participants using the webcast will be able to submit 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.
Our Form 10-Q for the quarter ended March 31, 2025, as filed with the SEC, is available on our company website at
www.lesakatech.com.
Headline earnings (loss) per share ("HEPS")
The inclusion of H(L)EPS in this results announcement 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.
The table below presents our HEPS for Q3 2025 and 2024:
Q3 Q3
2025 2024
Net loss used to calculate headline earnings (USD'000) ........................................... (22,067) (4,112)
Headline (loss) earnings per share:...............................................................
Basic, in USD ................................................................................. (0.27) (0.06)
Diluted, in USD ............................................................................... (0.27) (0.06)
The table below presents our HEPS for F2025 and F2024:
F2025 F2024
Net loss used to calculate headline earnings (USD'000) .......................................... (58,773) (11,448)
Headline (loss) earnings per share:..............................................................
Basic, in USD ................................................................................ (0.81) (0.18)
Diluted, in USD .............................................................................. (0.81) (0.18)
Results announcement released in the US and unaudited condensed consolidated financial statements
The full results announcement released in the U.S. and our unaudited condensed consolidated financial statements are available at
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/LSKE/Q3Res2025.pdf and have been published on Lesaka's website at
www.lesakatech.com. Any investment decision by investors and/or shareholders should be based on consideration of the U.S. results
announcement and its recently published unaudited condensed consolidated financial statements.
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 Technologies (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, 2024, and our Form 10-
Q for the quarterly period ended March 31, 2025, 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
Media Relations Contact:
Ian Harrison
Email: Ian@thenielsennetwork.com
Johannesburg
May 8, 2025
Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited
Date: 08-05-2025 07:05:00
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