Lesaka posts FY2026 GAAP profit, issues 2027 guidance

Q: How did Lesaka Technologies (LSAK) perform financially in FY2026?

Lesaka reported FY2026 revenue of $721.6 million (up 1.7%), Net Revenue of $374.9 million (up 20%), Group Adjusted EBITDA of $75.7 million (up 41%), and achieved net income of $2.8 million versus a $91.0 million loss in FY2025.

Q: What were Lesaka Technologies’ Q4 FY2026 results?

In Q4 FY2026, Lesaka generated revenue of $188.3 million (up 0.8%), Net Revenue of $98.5 million (up 8%), Group Adjusted EBITDA of $22.3 million (up 22%), and Adjusted EPS of $0.15 versus $0.05 in Q4 FY2025.

Q: What FY2027 guidance did Lesaka Technologies (LSAK) provide?

For FY2027, Lesaka expects Net Revenue between ZAR 7.0–7.7 billion, Group Adjusted EBITDA between ZAR 1.45–1.60 billion, and Adjusted EPS between ZAR 7.50–8.50, all measured in South African rand and including the pending Bank Zero acquisition.

Q: How are Lesaka’s business segments performing in FY2026?

In FY2026, Merchant revenue fell 10% with segment Adjusted EBITDA down 6%; Consumer revenue rose 38% with segment Adjusted EBITDA up 78%; Enterprise revenue grew 62% and segment Adjusted EBITDA increased 474% year-on-year.

Q: Did Lesaka Technologies (LSAK) report any accounting or reporting issues?

Lesaka disclosed errors in prior-period accounting for deferred income taxes and presentation of treasury shares and additional paid-in capital. After assessing under SAB 99 and SAB 108, it concluded prior financial statements were not materially misstated and revised FY2025 amounts.

Q: What is Lesaka’s Q1 FY2027 outlook?

For Q1 FY2027, Lesaka expects Net Revenue of ZAR 1.58–1.66 billion, Group Adjusted EBITDA of ZAR 200–240 million, and Adjusted EPS of ZAR 0.40–0.60, reflecting normal seasonality and expected once-off restructuring costs in the Merchant business.

Q: How many shares were used to calculate Lesaka’s FY2026 Adjusted EPS?

For FY2026, Lesaka calculated Adjusted EPS using a weighted average of 82.79 million shares, which includes basic weighted-average common shares, unvested restricted shares expected to vest, in-the-money stock options and acquisition-related shares.

Lesaka posts first full-year GAAP profit, strong non-GAAP growth and issues FY2027 guidance that builds on FY2026 momentum.

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Lesaka Technologies, Inc. (LSAK) reported results for Q4 and full year FY2026, delivering on all guidance metrics, exceeding its Adjusted EPS range and achieving its first full-year GAAP profitability since the business was reshaped in 2022. FY2026 revenue was $721.6 million, up 1.7% year-on-year, while Net Revenue rose 20% to $374.9 million.

Operating income improved from a loss of $28.0 million in FY2025 to income of $12.7 million, and net income attributable to Lesaka swung from a $91.0 million loss to a $2.8 million profit$75.7 million, and Adjusted earnings per share rose to $0.39 from $0.12. Q4 FY2026 results showed continued momentum, with Net Revenue up 8% and Adjusted EPS tripling to $0.15.

Consumer and Enterprise segments delivered strong growth, while Merchant revenue declined. Management issued FY2027 guidance in ZAR that implies further growth in Net Revenue, Group Adjusted EBITDA and Adjusted EPS and includes the impact of the pending Bank Zero acquisition, subject to regulatory approvals. Lesaka also disclosed immaterial revisions to prior-period tax and equity presentation errors, which have been corrected in its FY2026 Form 10-K.

Positive

First full-year GAAP profitability since 2022, with FY2026 net income of $2.8 million versus a $91.0 million loss in FY2025.
Strong improvement in profitability: Group Adjusted EBITDA up 41% to $75.7 million and Adjusted EPS up 210% to $0.39.
Q4 FY2026 earnings momentum: Adjusted EPS tripled to $0.15 and Group Adjusted EBITDA rose 22% year-on-year.
High-growth segments: Consumer segment revenue grew 38% and segment Adjusted EBITDA 78% in FY2026; Enterprise segment Adjusted EBITDA increased 474%.
FY2027 guidance in ZAR targets further increases in Net Revenue (ZAR 7.0–7.7 billion), Group Adjusted EBITDA (ZAR 1.45–1.60 billion) and Adjusted EPS (ZAR 7.50–8.50).

Negative

Top-line growth remains modest: FY2026 revenue increased only 1.7% year-on-year to $721.6 million.
Merchant segment under pressure, with FY2026 revenue down 10% and Q4 FY2026 Merchant segment Adjusted EBITDA down 33% year-on-year.
Company expects once-off restructuring costs in the Merchant business to impact Q1 FY2027 results.
Lesaka identified and corrected prior-period errors in deferred income taxes and equity presentation, assessed as immaterial but affecting filings since FY2006 for certain items.

Filing Explained

The filing adds a completed-period liquidity view: FY2026 net cash from operating activities was $52,444 thousand, while June 30 cash and cash equivalents were $81,409 thousand.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

FY2026 Revenue: $721.6 million FY2026 Net Revenue (non-GAAP): $374.9 million FY2026 Net income attributable to Lesaka: $2.8 million +5 more

8 metrics

FY2026 Revenue $721.6 million Year ended June 30, 2026; 1.7% higher than FY2025

FY2026 Net Revenue (non-GAAP) $374.9 million Up 20% versus FY2025

FY2026 Net income attributable to Lesaka $2.8 million Compared with a $91.0 million loss in FY2025

FY2026 Group Adjusted EBITDA $75.7 million 41% increase from $49.8 million in FY2025

FY2026 Adjusted EPS $0.39 Up from $0.12 in FY2025 (210% increase)

Q4 FY2026 Net Revenue (non-GAAP) $98.5 million 8% higher than Q4 FY2025

FY2027 Net Revenue guidance ZAR 7.0–7.7 billion Guidance for year ending June 30, 2027

Cash and cash equivalents $81.4 million Balance at June 30, 2026

Key Terms

Group Adjusted EBITDA, Net Revenue, Adjusted Earnings per Share, Immaterial revision of prior period information, +2 more

6 terms

Group Adjusted EBITDA financial

"Group Adjusted EBITDA (2)(3) | 75,742"

Group adjusted EBITDA is a company’s consolidated measure of operating profit that strips out interest, taxes, depreciation and amortization and also removes one‑time or unusual items to show recurring core earnings across the whole corporate group. Investors use it like a simplified engine check — it highlights underlying cash‑generating performance and comparability between periods or peers, but it is not a standardized accounting figure so the exact adjustments can vary.

Net Revenue financial

"Net Revenue (2) | 374,873"

Net revenue is the total amount of money a company earns from selling its products or services after subtracting any returns, discounts, or refunds. It shows how much actual income the company keeps from its sales. This figure is important because it reveals the true earnings from business activities, helping people understand how well the company is doing.

Immaterial revision of prior period information regulatory

"Also refer to Immaterial revision of prior period information section below."

once-off items financial

"Once-off items are non-recurring in nature, however, certain items may be reported"

Earnings Snapshot

FY2026 Revenue: $721.6 million · Guidance included

Quarter and year ended June 30, 2026

FY2026 Revenue $721.6 million Up 1.7% versus FY2025

FY2026 Net Revenue (non-GAAP) $374.9 million Up 20% versus FY2025

FY2026 Net income attributable to Lesaka $2.8 million From a $91.0 million loss in FY2025 to profit

FY2026 Group Adjusted EBITDA $75.7 million 41% increase from $49.8 million in FY2025

FY2026 Adjusted EPS $0.39 Up from $0.12 in FY2025 (210% increase)

Q4 FY2026 Net Revenue (non-GAAP) $98.5 million 8% increase versus Q4 FY2025

Guidance

For FY2027 Lesaka guides to Net Revenue of ZAR 7.0–7.7 billion, Group Adjusted EBITDA of ZAR 1.45–1.60 billion, and Adjusted EPS of ZAR 7.50–8.50; for Q1 FY2027 it expects Net Revenue of ZAR 1.58–1.66 billion, Group Adjusted EBITDA of ZAR 200–240 million, and Adjusted EPS of ZAR 0.40–0.60.

FAQ

How did Lesaka Technologies (LSAK) perform financially in FY2026?

Lesaka reported FY2026 revenue of $721.6 million (up 1.7%), Net Revenue of $374.9 million (up 20%), Group Adjusted EBITDA of $75.7 million (up 41%), and achieved net income of $2.8 million versus a $91.0 million loss in FY2025.

What were Lesaka Technologies’ Q4 FY2026 results?

In Q4 FY2026, Lesaka generated revenue of $188.3 million (up 0.8%), Net Revenue of $98.5 million (up 8%), Group Adjusted EBITDA of $22.3 million (up 22%), and Adjusted EPS of $0.15 versus $0.05 in Q4 FY2025.

What FY2027 guidance did Lesaka Technologies (LSAK) provide?

For FY2027, Lesaka expects Net Revenue between ZAR 7.0–7.7 billion, Group Adjusted EBITDA between ZAR 1.45–1.60 billion, and Adjusted EPS between ZAR 7.50–8.50, all measured in South African rand and including the pending Bank Zero acquisition.

How are Lesaka’s business segments performing in FY2026?

In FY2026, Merchant revenue fell 10% with segment Adjusted EBITDA down 6%; Consumer revenue rose 38% with segment Adjusted EBITDA up 78%; Enterprise revenue grew 62% and segment Adjusted EBITDA increased 474% year-on-year.

Did Lesaka Technologies (LSAK) report any accounting or reporting issues?

Lesaka disclosed errors in prior-period accounting for deferred income taxes and presentation of treasury shares and additional paid-in capital. After assessing under SAB 99 and SAB 108, it concluded prior financial statements were not materially misstated and revised FY2025 amounts.

What is Lesaka’s Q1 FY2027 outlook?

For Q1 FY2027, Lesaka expects Net Revenue of ZAR 1.58–1.66 billion, Group Adjusted EBITDA of ZAR 200–240 million, and Adjusted EPS of ZAR 0.40–0.60, reflecting normal seasonality and expected once-off restructuring costs in the Merchant business.

How many shares were used to calculate Lesaka’s FY2026 Adjusted EPS?

For FY2026, Lesaka calculated Adjusted EPS using a weighted average of 82.79 million shares, which includes basic weighted-average common shares, unvested restricted shares expected to vest, in-the-money stock options and acquisition-related shares.

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Available on EDGAR 09/09/2026 - 04:41 PM Accepted by SEC EDGAR 09/09/2026 - 04:41 PM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 9, 2026

LESAKA TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)

Florida	000-31203	98-0171860
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

President Place, 4th Floor, Cnr.
Jan Smuts Avenue and Bolton Road
Rosebank, Johannesburg, South Africa 2196
(Address of principal executive offices) (ZIP Code)

Registrant’s telephone number, including area code: 011-27-11-343-2000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbols		Name of each exchange on which registered
Common Shares		LSAK		NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

The following information is furnished pursuant to Item 2.02, "Results of Operations and Financial Condition".

On September 9, 2026, Lesaka Technologies, Inc., a Florida corporation (the "Company"), issued a press release setting forth its financial results for the fourth quarter and year ended June 30, 2026.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibits	Description
99.1	Press Release, dated September 9, 2026, issued by Lesaka Technologies, Inc.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	LESAKA TECHNOLOGIES, INC.

Date: September 9, 2026	By:	/s/ Dan Smith
	Name:	Dan Smith
	Title:	Group Chief Financial Officer

Exhibit 99.1

Lesaka's FY2026 Results: Lesaka delivers FY2026 guidance across all metrics, exceeds Adjusted EPS range and achieves GAAP profitability

JOHANNESBURG, September 9, 2026 - Lesaka Technologies, Inc. (Nasdaq: LSAK; JSE: LSK) today released results for the fourth quarter ("Q4 2026") and full year of fiscal 2026 ("FY2026").

FY2026 performance¹:

All growth rates are year-on-year between FY2026 and fiscal year 2025 ("FY2025").

Group Level	USD (In thousands, except per share data)		ZAR (In thousands, 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%

Segment Level	USD (In thousands)		ZAR (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 performance¹:

All growth rates are calculated on a year-on-year basis between Q4 2026 and the fourth quarter of FY2025 ("Q4 2025").

Group Level	USD (In thousands, except per share data)		ZAR (In thousands, 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%

Segment Level	USD (In thousands)		ZAR (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 '000)			E(L)PS, basic (USD)			Net income (loss) (ZAR '000)			E(L)PS, basic (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) (USD '000)				E(L)PS, basic (USD)			Net income (loss) (ZAR '000)				E(L)PS, basic (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 June 30,		Year ended 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	R	3,080,538	R	12,180,962	R	11,980,399

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	R	1,360,756	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 June 30,		Year ended 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.

Source: View Original Filing on SEC EDGAR

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