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Lesaka Preliminary FY2025 Results, Delivers on FY2025 Profitability Guidance, Reaffirms FY2026 Profitability Outlook
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 Releases Preliminary FY2025 Results, Delivers on FY2025 Profitability Guidance and Reaffirms FY2026
Profitability Outlook
Lesaka Announces Preliminary FY2025 Results, Delivers on FY2025 Profitability Guidance, Reaffirms FY2026 Profitability
Outlook, and Sets FY2026 Profitability per Share Guidance, reflecting more than 100% Year-on-Year Growth
JOHANNESBURG, September 11, 2025 – 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.
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 Q4 2025 and 2024:
Q4 Q4
2025 2024
Net loss used to calculate headline earnings (USD'000) .......................................................... (3,203) (5,047)
Headline loss per share: ........................................................................................
Basic, in USD ................................................................................................. (0.04) (0.08)
Diluted, in USD................................................................................................ (0.04) (0.08)
The table below presents our HEPS for F2025 and F2024:
F2025 F2024
Net loss used to calculate headline earnings (USD'000) .......................................................... (68,631) (16,496)
Headline loss per share: ........................................................................................
Basic, in USD ................................................................................................. (0.90) (0.26)
Diluted, in USD................................................................................................ (0.90) (0.26)
Results announcement released in the US and preliminary unaudited condensed consolidated financial statements
The full results announcement released in the U.S. and our preliminary unaudited condensed consolidated financial
statements are available at https://senspdf.jse.co.za/documents/2025/JSE/ISSE/LSKE/Q4Res2025.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.
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™).
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
Johannesburg
September 11, 2025
Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited
Date: 11-09-2025 07:06:00
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