FY2025 performance:All growth rates are year-on-year between FY2025 and FY2024.
Revenue of $659.7 million (ZAR 12.0 billion) up 14% in ZAR.
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.
Merchant Division Revenue of $526.6 million (ZAR 9.6 billion), up 11% in ZAR, Net Revenue of $202.3 million (ZAR 3.0 billion), up 46% in ZAR. Merchant Segment Adjusted EBITDA of $36.2 million (ZAR 657 million), up 20% in ZAR attributable primarily to 9 months contribution from Adumo and organic growth.
Consumer Net Revenue of $96.0 million (ZAR 1.7 billion), up 35% in ZAR. Consumer Segment Adjusted EBITDA of $23.9 million (ZAR 435 million), up 83% in ZAR driven by increase in active consumer base and continued cross-sell of lending and insurance products raising ARPU.
Q4 2025 performance:All growth rates are calculated on a year-on-year basis between Q4 2025 and Q4 2024.
Revenue of $168.5 million (ZAR 3.1 billion) up 14% in ZAR.
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 239.0 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.
Merchant Division Revenue of $129.0 million (ZAR 2.4 billion), up 7% in ZAR, Net Revenue of $44.4 million (ZAR 812 million), up 49% in ZAR. Merchant Segment Adjusted EBITDA of $10.2 million (ZAR 186.7 million), up 37% in ZAR.
Consumer Net Revenue of $27.9 million (ZAR 509.8 billion), up 44% in ZAR. Consumer Segment Adjusted EBITDA of $8.9 million (ZAR 161.9 million), up 106% 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 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 Revenue, 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.
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 loss before interest, taxes, depreciation and amortization, adjusted for non-operational transactions (including loss on disposal of equity-accounted investments), impairment loss, 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. However, as a result of the restatement, we are unable to provide GAAP revenue on a historical basis and are therefore unable to provide a reconciliation of net revenue to GAAP revenue. The restatement is expected to result in an increase in GAAP revenue, with any increase in GAAP revenue expected to be offset by a corresponding increase in the cost of prepaid airtime vouchers ("Pinned Airtime") sold by us, resulting in no change 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 Pinned Airtime which was 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 that were 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 loss and 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 2025 also includes adjustments related to the 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.
Adjusted earnings and Adjusted earnings per share for fiscal 2024 also includes an impairment loss related to an equity-accounted investment, unrealized currency loss related to our non-core business which we are in the process of winding down and a reversal of allowance for a doubtful loan receivable.
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 loss attributable to Lesaka and these non-GAAP measures.
Headline (loss) earnings per share ("H(L)EPS")
The inclusion of H(L)EPS in this press release 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.
H(L)EPS basic and diluted is calculated as GAAP net (loss) income adjusted for the 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 (loss) income used to calculate (loss) earnings per share basic and diluted and H(L)EPS basic and diluted and the calculation of the denominator for headline diluted (loss) earnings per share.
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"). 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.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. 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, 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 WelthagenEmail: +27 84 512 5393
Idris DungarwallaEmail: +44 786 225 4852
Media Relations Contact:Ian HarrisonEmail:
Lesaka Technologies, Inc.
Attachment A
Reconciliation of GAAP loss attributable to Lesaka to Group Adjusted EBITDA:
Three months and year ended June 30, 2025 and 2024, and three months ended March 31, 2024
Three months ended
Year ended
June 30,
Mar 31,
June 30,
2025
2024
2025
2025
2024
(in thousands)
Net loss attributable to Lesaka
$
(28,770
)
$
(5,035
)
$
(22,058
)
$
(87,504
)
$
(17,440
)
(Less) Add net (loss) income attributable to non-controlling interest
(178
)
-
20
(130
)
-
Loss attributable to Lesaka - GAAP
$
(28,948
)
$
(5,035
)
$
(22,038
)
$
(87,634
)
$
(17,440
)
(Earnings) Loss from equity accounted investments
(25
)
(40
)
(12
)
(114
)
1,279
Net loss before (earnings) loss from equity-accounted investments
(28,973
)
(5,075
)
(22,050
)
(87,748
)
(16,161
)
Income tax (benefit) expense
(8,930
)
1,482
(2,934
)
(18,198
)
3,363
Loss before income tax expense
(37,903
)
(3,593
)
(24,984
)
(105,946
)
(12,798
)
Reversal of allowance for doubtful EMI loans receivable
-
-
-
-
(250
)
Net (gain) loss on disposal of equity-accounted investment
-
-
-
161
-
Change in fair value of equity securities
5,676
-
20,421
59,828
-
Impairment loss
18,863
-
-
18,863
-
Unrealized (gain) loss FV for currency adjustments
(79
)
(184
)
(114
)
23
(83
)
Operating loss after PPA amortization and net interest (non-GAAP)
(13,443
)
(3,777
)
(4,677
)
(27,071
)
(13,131
)
PPA amortization (amortization of acquired intangible assets)
7,796
3,657
4,974
21,384
14,419
Operating (loss) income before PPA amortization after net interest (non-GAAP)
(5,647
)
(120
)
297
(5,687
)
1,288
Interest expense
4,470
4,620
5,777
21,453
18,932
Interest income
(644
)
(732
)
(645
)
(2,596
)
(2,294
)
Operating (loss) income before PPA amortization and net interest (non-GAAP)
(1,821
)
3,768
5,429
13,170
17,926
Depreciation (excluding amortization of intangibles)
2,997
2,548
3,455
12,337
9,246
Stock-based compensation charges
2,032
2,258
2,497
9,550
7,911
Interest adjustment
283
-
(890
)
(2,195
)
-
Once-off items (refer below)
13,227
1,684
2,306
17,826
1,853
Group Adjusted EBITDA - Non-GAAP
$
16,718
$
10,258
$
12,797
$
50,688
$
36,936
Three months ended
Year ended
June 30,
Mar 31,
June 30,
2025
2024
2025
2025
2024
(in thousands)
Once-off items comprises:
Transaction costs related to Adumo, Recharger and Bank Zero acquisitions and certain compensation costs
$
12,985
$
1,660
$
1,222
$
16,159
$
2,325
Transaction costs
173
24
1,084
1,794
480
(Income recognized) Expenses incurred related to closure of legacy businesses
-
-
-
-
(952
)
Indirect taxes provision release (recorded)
69
-
-
(127
)
-
$
13,227
$
1,684
$
2,306
$
17,826
$
1,853
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. The transactions can span multiple quarters, for instance in fiscal 2025 we incurred significant transaction costs related to the acquisitions of Adumo and Recharger over a number of quarters, and the transactions are generally non-recurring.
Indirect tax provision (release) recorded relates to the (reversal) recordal 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. 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 subsidiaries 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.
Reconciliation of Revenue under GAAP to Net Revenue:
Three and twelve months ended June 30, 2025 and 2024, and three months ended March 31, 2025
Three months ended
Year ended
June 30,
Mar 31,
June 30,
2025
2024
2025
2025
2024
(in thousands)
Revenue - GAAP
$
168,467
$
146,046
$
161,450
$
659,701
$
564,222
Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency-based products
(86,462
)
(91,274
)
(88,083
)
(331,040
)
(358,624
)
Net Revenue (non-GAAP)
$
82,005
$
54,772
$
73,367
$
328,661
$
205,598
Net Revenue / revenue
49
%
38
%
45
%
50
%
36
%
Merchant revenue - GAAP
$
128,957
$
118,746
$
128,781
$
526,598
$
459,790
Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency-based products
(84,562
)
(89,370
)
(86,502
)
(324,334
)
(350,183
)
Merchant Net Revenue (non-GAAP)
$
44,395
$
29,376
$
42,279
$
202,264
$
109,607
Reconciliation of GAAP net loss and loss per share, basic, to Adjusted earnings and earnings per share, basic:
Three months ended June 30, 2025 and 2024
Net (loss) income (USD '000)
(L) EPS, basic (USD)
Net (loss) income (ZAR '000)
(L)EPS, basic (ZAR)
2025
2024
2025
2024
2025
2024
2025
2024
GAAP
(28,770
)
(5,035
)
(0.35
)
