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Lesaka Technologies reported restated quarterly results showing revenue of $176.2 million for the three months ended December 31, 2024 and $329.8 million for the six months, up from prior periods as presented. The company recorded a net loss of $32.1 million for the quarter and $36.7 million for the six months, driven by a $33.7 million change in fair value of equity securities and higher interest expense.
Balance sheet reclassifications moved $11,453 and $11,841 from long-term borrowings to current portion of long-term borrowings. Total assets were $640.6 million with goodwill of $200.8 million and total liabilities of $351.6 million. The company completed acquisitions (including Adumo), issued shares, repurchased treasury stock and recorded other comprehensive losses affecting equity, which stood at $200.0 million inclusive of a $88.96 million redeemable common stock balance.
Lesaka Technologies, Inc. (LSAK) reported consolidated assets of $551,889 thousand and total liabilities of $288,243 thousand, producing total equity of $184,217 thousand. Current assets were $167,314 thousand, including settlement assets of $20,469 thousand, and cash, cash equivalents and restricted cash at period end were $49,809 thousand. Long-term borrowings stood at $132,136 thousand with a current portion of $16,384 thousand. The company recorded a net loss of $4,542 thousand for the three months, compared with a net loss of $5,651 thousand in the prior-year quarter, producing basic and diluted loss per share of $0.07. Goodwill was $146,577 thousand and intangible assets, net, were $114,052 thousand. Accumulated other comprehensive loss improved to $(177,830) thousand from $(188,355) thousand. The condensed statements reflect adjustments and restatements noted in the footnotes.
Lesaka Technologies, Inc. furnished preliminary financial results for its fourth quarter and year ended June 30, 2025, while also addressing a significant accounting restatement. The company’s audit committee, after consulting management and KPMG Inc., concluded that the unaudited condensed consolidated financial statements in its Form 10-Qs for the quarters ended September 30, 2024, December 31, 2024, and March 31, 2025 should be restated and no longer relied upon. The restatement stems from a re-evaluation of how certain revenue and related costs were classified between agent and principal.
Lesaka currently expects the restatement to increase reported revenue, offset by higher cost of goods sold and IT processing, servicing and support, with no impact on operating income (loss), net loss, loss per share, net cash flows or liquidity. The preliminary results and related press release are subject to completion of the restatement and the financial close process, have not been audited or reviewed, and may change, potentially materially. The company highlights risks around the timing and scope of the restatement, possible effects on internal control over financial reporting and disclosure controls, and potential legal or regulatory actions related to the restatement.
Lesaka Technologies, Inc. announced that investors should no longer rely on its unaudited condensed consolidated financial statements for the quarters ended September 30, 2024, December 31, 2024, and March 31, 2025. The Audit Committee, after consulting management and KPMG Inc, concluded these quarters must be restated because certain voucher-related revenue had been recorded as if Lesaka acted as an agent instead of a principal, affecting revenue and related cost of goods sold and IT processing, servicing and support.
The company expects the restatement to increase reported revenue, offset by higher related costs, with no impact on operating income (loss), net loss, loss per share, net cash flows or liquidity. Lesaka is preparing amended Form 10-Q/A filings for the affected quarters, is re-evaluating similar revenue arrangements under ASC 606, and is assessing the impact of the issue on its internal control over financial reporting, noting that additional restatements for other periods or agreements may be required.
Lesaka Technologies entered into a new revolving credit facility through its South African subsidiaries Cash Connect Capital and K2020 with FirstRand Bank’s Rand Merchant Bank division. The facility allows CCC and K2020 to borrow up to ZAR 400.0 million to fund their capital advance businesses, settle up to ZAR 20.0 million of an intercompany loan, and cover fees and legal costs. It replaces CCC’s existing lending arrangement and increases available borrowings to support further business growth.
Interest is linked to the South Africa prime rate, at prime minus 0.10% for the first year after initial draw and prime minus 0.35% thereafter; the prime rate was 10.50% on September 5, 2025. Lesaka will pay a non-refundable structuring and execution fee of ZAR 500,000, excluding value added tax. The agreement includes customary covenants limiting additional debt, distributions, asset encumbrances, investments, and certain corporate activities, and is supported by guarantees and security from other Connect Group subsidiaries.
Mali Lincoln Camagu, CEO of Southern Africa and Director at Lesaka Technologies (LSAK), reported a disposition of 12,396 shares of common stock on November 17, 2024. The transaction was coded as 'F', indicating a payment of exercise price or tax liability using securities.
The shares were disposed of at a price of $4.89, which was calculated based on the company's closing price on the Johannesburg Stock Exchange (ZAR 88.25) converted at the exchange rate of $1:ZAR18.06. Following the transaction, Camagu continues to directly own 408,461 shares.
The disposed shares were part of a larger restricted stock grant of 82,639 shares awarded in October 2023, subject to specific stock price-based vesting conditions. This Form 4 filing, signed on June 24, 2025, represents a standard tax-related disposition of shares to cover tax obligations related to the vesting of restricted stock.