Lesaka restates financials while reporting strong FY2025 performance

Lesaka Technologies, Inc. has retracted its Quarterly Reports on Form 10-Q for the quarters ended September 30, 2024, December 31, 2024, and March 31, 2025. This is due to a re-evaluation of revenue classification from agent to principal, and related cost of goods sold. The restatement is anticipated to increase revenue and cost of goods sold, IT processing, servicing, and support, without affecting reported operating income, net loss, loss per share, or cash flows/liquidity.

Concurrently, Lesaka reported preliminary unaudited FY2025 results with a Net Revenue (non-GAAP) of $328.7m (5.3bn rand), up 38% in rand year-on-year. Group Adjusted EBITDA (non-GAAP) reached $50.7m (922.2m rand), an increase of 33% in rand, meeting guidance. The company projects FY2026 Net Revenue between 6.4bn rand and 6.9bn rand, and Group Adjusted EBITDA between 1.25bn rand and 1.45bn rand.

Despite the restatement, which led to the withdrawal of prior FY2026 revenue guidance, Lesaka reaffirms its FY2026 profitability outlook, including positive Net Income Attributable to Lesaka and adjusted earnings per share of at least 4.60 rand, representing over 100% year-on-year growth. These preliminary results remain subject to finalization and audit.