LSAK filing — read by section

Item 1. Financial Statements

Item 1. Financial Statements 
 LESAKA TECHNOLOGIES, INC. 
 Unaudited Condensed Consolidated Balance Sheets 
 December 31, 
 June 30, 
 2025 
 2025 
 (In thousands, except share data) 
 ASSETS 
 CURRENT ASSETS 
 Cash and cash equivalents 
 $ 
 69,474 
 $ 
 76,520 
 Restricted cash related to ATM funding 
and credit facilities (Note 9) 
 127 
 119 
 Accounts receivable, net and other receivables (Note 3) 
 58,244 
 42,525 
 Finance loans receivable, net (Note 3) 
 103,593 
 74,110 
 Inventory (Note 4) 
 25,098 
 23,551 
 Total current assets before settlement assets 
 256,536 
 216,825 
 Settlement assets 
 28,314 
 27,098 
 Total current assets 
 284,850 
 243,923 
 PROPERTY, 
PLANT AND EQUIPMENT, net of accumulated depreciation of - December: $
 61,787 
 
June: 
 $
 55,086 
 
(Note 1) 
 46,708 
 44,924 
 OPERATING LEASE RIGHT-OF-USE (Note 17) 
 12,378 
 9,691 
 EQUITY-ACCOUNTED INVESTMENTS 
(Note 6) 
 289 
 199 
 GOODWILL (Note 7) 
 211,886 
 199,395 
 INTANGIBLE ASSETS, NET (Note 7), including integrated platform of: December: $
 78,696 
 
June: $
 79,343 
 131,663 
 139,215 
 DEFERRED INCOME TAXES 
 12,489 
 12,554 
 OTHER LONG-TERM ASSETS (Note 6 and 8) 
 4,381 
 3,809 
 TOTAL ASSETS 
 704,644 
 653,710 
 LIABILITIES 
 CURRENT LIABILITIES 
 Short-term credit facilities (Note 9) 
 21,333 
 24,469 
 Accounts payable 
 20,150 
 19,867 
 Other payables (Note 10)
 (A)
 92,501 
 76,035 
 Operating lease liability - current (Note 17) 
 5,015 
 4,007 
 Current portion of long-term borrowings (Note 9) 
 13,025 
 11,956 
 Income taxes payable 
 1,628 
 1,400 
 Total current liabilities before settlement obligations 
 153,652 
 137,734 
 Settlement obligations 
 28,175 
 26,695 
 Total current liabilities 
 181,827 
 164,429 
 DEFERRED INCOME TAXES 
 31,553 
 33,921 
 OPERATING LEASE LIABILITY - LONG TERM (Note 17) 
 7,805 
 6,129 
 LONG-TERM BORROWINGS (Note 9) 
 203,802 
 188,813 
 OTHER LONG-TERM LIABILITIES, including insurance policy liabilities (Note 8) 
 3,002 
 2,991 
 TOTAL LIABILITIES 
 427,989 
 396,283 
 REDEEMABLE COMMON STOCK 
 88,957 
 88,957 
 EQUITY 
 COMMON STOCK (Note 11) 
 Authorized: 
 200,000,000 
 
with $
 0.001 
 
par value; 
 Issued and outstanding shares, net of treasury - December: 
 81,524,175 
 ; June: 
 81,249,097 
 103 
 103 
 PREFERRED STOCK 
 Authorized shares: 
 50,000,000 
 
with $
 0.001 
 
par value; 
 Issued and outstanding shares, net of treasury: 
December: 
 - 
 
; June: 
 - 
 -
 -
 ADDITIONAL PAID-IN-CAPITAL 
 430,686 
 426,950 
 TREASURY SHARES, AT 
COST: December: 
 30,234,228 
 ; June: 
 29,934,044 
 ( 299,632 )
 ( 298,523 )
 ACCUMULATED OTHER 
COMPREHENSIVE LOSS (Note 12)
 (A)
 ( 168,308 )
 ( 185,626 )
 RETAINED EARNINGS
 (A)
 217,712 
 218,725 
 TOTAL LESAKA EQUITY 
 180,561 
 161,629 
 NON-CONTROLLING INTEREST 
 7,137 
 6,841 
 TOTAL EQUITY 
 187,698 
 168,470 
 TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS’ EQUITY 
 $ 
 704,644 
 $ 
 653,710 
 (A) Amounts for June 30, 2025 revised to correct the errors discussed in Note 1.

 See Notes to Unaudited Condensed Consolidated Financial Statements 

 LESAKA TECHNOLOGIES, INC. 
 Unaudited Condensed Consolidated Statements of Operations 
 3 
 Three months ended 
 Six months ended 
 December 31, 
 December 31, 
 2025 
 2024 
 2025 
 2024 
 (In thousands, except per share 
 data) 
 (In thousands, except per share 
 data) 
 REVENUE (Note 16) 
 $ 
 178,734 
 $ 
 176,216 
 $ 
 350,182 
 $ 
 329,784 
 EXPENSE 
 Cost of goods sold, IT processing, servicing and support
 (A)
 122,691 
 130,866 
 241,314 
 249,941 
 Selling, general and administration
 (A)
 36,075 
 33,837 
 73,169 
 59,094 
 Allowance for credit losses (Note 3) 
 4,203 
 2,521 
 6,809 
 4,020 
 Depreciation and amortization 
 13,568 
 8,223 
 26,462 
 14,499 
 Transaction costs related to Adumo, Recharger and Bank Zero 
 acquisitions (Note 2) 
 47 
 222 
 141 
 1,952 
 OPERATING INCOME 
 2,150 
 547 
 2,287 
 278 
 CHANGE IN FAIR VALUE 
OF EQUITY SECURITIES (Note 5 and 6) 
 2,971 
 ( 33,731 )
 2,971 
 ( 33,731 )
 OTHER INCOME (Note 10) 
 3,883 
 - 
 3,883 
 - 
 LOSS ON DISPOSAL OF EQUITY SECURITIES (Note 2) 
 730 
 - 
 730 
 - 
 NET LOSS ON IMPAIRMENT OF EQUITY-ACCOUNTED 
 INVESTMENT/ LOSS ON DISPOSAL OF EQUITY-ACCOUNTED 
 INVESTMENT (Note 6) 
 - 
 161 
 584 
 161 
 INTEREST INCOME 
 508 
 721 
 1,047 
 1,307 
 INTEREST EXPENSE
 (A)
 4,591 
 6,266 
 9,604 
 11,382 
 INCOME (LOSS) BEFORE INCOME TAX EXPENSE (BENEFIT) 
 4,191 
 ( 38,890 )
 ( 730 )
 ( 43,689 )
 INCOME TAX EXPENSE (BENEFIT) (Note 19) 
 670 
 ( 6,412 )
 524 
 ( 6,334 )
 NET INCOME (LOSS) BEFORE EARNINGS FROM EQUITY-
 ACCOUNTED INVESTMENTS 
 3,521 
 ( 32,478 )
 ( 1,254 )
 ( 37,355 )
 EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS 
(Note 6) 
 110 
 50 
 110 
 77 
 NET INCOME (LOSS) 
 3,631 
 ( 32,428 )
 ( 1,144 )
 ( 37,278 )
 (ADD) LESS NET (LOSS) INCOME ATTRIBUTABLE 
TO NON-
 CONTROLLING INTEREST 
 ( 14 )
 28 
 ( 131 )
 28 
 NET INCOME (LOSS) ATTRIBUTABLE 
TO LESAKA 
 $ 
 3,645 
 $ 
 ( 32,456 )
 $ 
 ( 1,013 )
 $ 
 ( 37,306 )
 Net earnings (loss) per share, in United States dollars 
 (Note 14):
 Basic earnings (loss) attributable to Lesaka shareholders 
 $ 
 0.04 
 $ 
 ( 0.40 )
 $ 
 ( 0.01 )
 $ 
 ( 0.52 )
 Diluted earnings (loss) attributable to Lesaka shareholders 
 $ 
 0.04 
 $ 
 ( 0.40 )
 $ 
 ( 0.01 )
 $ 
 ( 0.52 )
 (A) Revised to correct the errors discussed in Note 1.

 See Notes to Unaudited Condensed Consolidated Financial Statements 

 LESAKA TECHNOLOGIES, INC. 
 Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income 
 4 
 Three months ended 
 Six months ended 
 December 31, 
 December 31, 
 2025 
 2024 
 2025 
 2024 
 (In thousands) 
 (In thousands) 
 Net income (loss)
 (A)
 $ 
 3,631 
 $ 
 ( 32,428 )
 $ 
 ( 1,144 )
 $ 
 ( 37,278 )
 Other comprehensive income (loss), net of taxes 
 Movement in foreign currency translation reserve
 (A)
 10,541 
 ( 22,444 )
 17,264 
 ( 12,085 )
 Release of foreign currency translation reserve related to 
 disposal/ liquidation of subsidiaries (Note 12) 
 ( 26 )
 6 
 ( 26 )
 6 
 Release of foreign currency translation reserve related to 
 disposal of equity securities (Note 12) 
 - 
 - 
 550 
 - 
 Total other comprehensive 
income (loss), net of 
 taxes 
 10,515 
 ( 22,438 )
 17,788 
 ( 12,079 )
 Comprehensive income (loss) 
 14,146 
 ( 54,866 )
 16,644 
 ( 49,357 )
 (Less) Add comprehensive (loss) income 
 attributable to non-controlling interest 
 ( 270 )
 558 
 ( 343 )
 558 
 Comprehensive income (loss) attributable to 
 Lesaka 
 $ 
 13,876 
 $ 
 ( 54,308 )
 $ 
 16,301 
 $ 
 ( 48,799 )
 (A) Revised to correct the errors discussed in Note 1. 
 See Notes to Unaudited Condensed Consolidated Financial Statements 

 LESAKA TECHNOLOGIES, INC. 
 Unaudited Condensed Consolidated Statements of Changes in Equity 
 5 
 Lesaka Technologies, Inc. Shareholders 
 Number of 
 Shares 
 Amount 
 Number of 
 Treasury 
 Shares 
 Treasury 
 Shares 
 Number of 
 shares, net of 
 treasury 
 Additional 
 Paid-In 
 Capital 
 Retained 
 Earnings 
 Accumulated 
 other 
 comprehensive 
 loss 
 Total 
 Lesaka 
 Equity 
 Non-
 controlling 
 Interest 
 Total 
 Redeemable 
 common 
 stock 
 For the three months ended December 31, 2024 (dollar amounts 
in thousands) 
 Balance – October 1, 2024
 (A)
 89,865,751 
 $ 
 83 
 ( 25,563,808 )
 $ 
 ( 289,733 )
 64,301,943 
 $ 
 346,016 
 $ 
 302,616 
 $ 
 ( 177,868 )
 $ 
 181,114 
 $ 
 - 
 $ 
 181,114 
 $ 
 79,429 
 Shares issued (Note 2 and Note 11) 
 17,279,803 
 17 
 - 
 - 
 17,279,803 
 73,239 
 73,256 
 73,256 
 9,528 
 Shares repurchased (Note 13) 
 ( 2,733,557 )
 ( 12,586 )
 ( 2,733,557 )
 - 
 ( 12,586 )
 ( 12,586 )
 Restricted stock granted (Note 13) 
 1,331,310 
 1,331,310 
 - 
 - 
 Exercise of stock options (Note 13) 
 17,014 
 1 
 17,014 
 51 
 52 
 52 
 Stock-based compensation charge 
 (Note 13) 
 - 
 2,655 
 2,655 
 2,655 
 Reversal of stock-based compensation 
 charge (Note 13) 
 ( 37,221 )
 ( 37,221 )
 ( 11 )
 ( 11 )
 ( 11 )
 Adumo non-controlling interest 
 acquired (Note 2) 
 - 
 - 
 - 
 7,586 
 7,586 
 Net loss
 (A)
 - 
 ( 32,456 )
 ( 32,456 )
 28 
 ( 32,428 )
 Dividends paid to non-controlling 
 interest 
 ( 301 )
 ( 301 )
 Other comprehensive loss (Note 12)
 (A)
 ( 21,852 )
 ( 21,852 )
 ( 586 )
 ( 22,438 )
 Balance – December 31, 2024 
 108,456,657 
 $ 
 101 
 ( 28,297,365 )
 $ 
 ( 302,319 )
 80,159,292 
 $ 
 421,950 
 $ 
 270,160 
 $ 
 ( 199,720 )
 $ 
 190,172 
 $ 
 6,727 
 $ 
 196,899 
 $ 
 88,957 
 (A) Revised to correct the errors discussed in Note 1. 

 LESAKA TECHNOLOGIES, INC. 
 Unaudited Condensed Consolidated Statements of Changes in Equity 
 6 
 Lesaka Technologies, Inc. Shareholders 
 Number of 
 Shares 
 Amount 
 Number of 
 Treasury 
 Shares 
 Treasury 
 Shares 
 Number of 
 shares, net of 
 treasury 
 Additional 
 Paid-In 
 Capital 
 Retained 
 Earnings 
 Accumulated 
 other 
 comprehensive 
 loss 
 Total 
 Lesaka 
 Equity 
 Non-
 controlling 
 Interest 
 Total 
 Redeemable 
 common 
 stock 
 For the six months ended December 31, 2024 (dollar 
amounts in thousands) 
 Balance – July
 1, 2024
 (A)
 89,836,051 
 $ 
 83 
 ( 25,563,808 )
 $ 
 ( 289,733 )
 64,272,243 
 $ 
 343,639 
 $ 
 307,466 
 $ 
 ( 188,227 )
 $ 
 173,228 
 $ 
 - 
 $ 
 173,228 
 $ 
 79,429 
 Shares issued (Note 2 and Note 11) 
 17,279,803 
 17 
 - 
 - 
 17,279,803 
 73,239 
 73,256 
 73,256 
 9,528 
 Shares repurchased (Note 13) 
 - 
 - 
 ( 2,733,557 )
 ( 12,586 )
 ( 2,733,557 )
 ( 12,586 )
 ( 12,586 )
 Restricted stock granted (Note 13) 
 1,364,110 
 - 
 1,364,110 
 - 
 - 
 - 
 Exercise of stock options (Note 13) 
 17,014 
 1 
 17,014 
 51 
 52 
 52 
 Stock-based compensation charge 
 (Note 13) 
 - 
 5,032 
 5,032 
 5,032 
 Reversal of stock-based compensation 
 charge (Note 13) 
 ( 40,321 )
 - 
 ( 40,321 )
 ( 11 )
 ( 11 )
 ( 11 )
 Net loss
 (A)
 - 
 ( 37,306 )
 ( 37,306 )
 28 
 ( 37,278 )
 Dividends paid to non-controlling 
 interest 
 - 
 - 
 ( 301 )
 ( 301 )
 Other comprehensive loss (Note 12)
 (A)
 ( 11,493 )
 ( 11,493 )
 ( 586 )
 ( 12,079 )
 Balance – December 31, 2024 
 108,456,657 
 $ 
 101 
 ( 28,297,365 )
 $ 
 ( 302,319 )
 80,159,292 
 $ 
 421,950 
 $ 
 270,160 
 $ 
 ( 199,720 )
 $ 
 190,172 
 $ 
 6,727 
 $ 
 196,899 
 $ 
 88,957 
 (A) Revised to correct the errors discussed in Note 1. 
 See Notes to Unaudited Condensed Consolidated Financial 
Statements 

 LESAKA TECHNOLOGIES, INC. 
 Unaudited Condensed Consolidated Statements of Changes in Equity 
 7 
 Lesaka Technologies, Inc. Shareholders 
 Number of 
 Shares 
 Amount 
 Number of 
 Treasury 
 Shares 
 Treasury 
 Shares 
 Number of 
 shares, net of 
 treasury 
 Additional 
 Paid-In 
 Capital 
 Retained 
 Earnings 
 Accumulated 
 other 
 comprehensive 
 loss 
 Total 
 Lesaka 
 Equity 
 Non-
 controlling 
 Interest 
 Total 
 Redeemable 
 common 
 stock 
 For the three months ended December 31, 2025 (dollar amounts 
in thousands) 
 Balance – October 1, 2025
 (A)
 111,397,943 
 $ 
 103 
 ( 29,934,044 )
 $ 
 ( 298,523 )
 81,463,899 
 $ 
 428,811 
 $ 
 214,067 
 $ 
 ( 178,543 )
 $ 
 165,915 
 $ 
 6,914 
 $ 
 172,829 
 $ 
 88,957 
 Shares repurchased (Note 13) 
 - 
 ( 70,133 )
 ( 271 )
 ( 70,133 )
 ( 271 )
 ( 271 )
 Loss recognized related to issue of 
 shares included in treasury shares 
 (Note 2) 
 76,716 
 373 
 76,716 
 ( 70 )
 303 
 303 
 - 
 Restricted stock granted (Note 13) 
 631,000 
 631,000 
 - 
 - 
 Stock-based compensation charge 
 (Note 13) 
 - 
 - 
 1,996 
 1,996 
 1,996 
 Reversal of stock-based compensation 
 charge (Note 13) 
 ( 270,540 )
 ( 270,540 )
 ( 51 )
 ( 51 )
 ( 51 )
 Deconsolidation of Humble (Note 2) 
 ( 306,767 )
 ( 1,211 )
 ( 306,767 )
 - 
 ( 1,211 )
 ( 43 )
 ( 1,254 )
 Net Income (loss) 
 3,645 
 3,645 
 ( 14 )
 3,631 
 Other comprehensive income (Note 
 12) 
 10,235 
 10,235 
 280 
 10,515 
 Balance – December 31, 2025 
 111,758,403 
 $ 
 103 
 ( 30,234,228 )
 $ 
 ( 299,632 )
 81,524,175 
 $ 
 430,686 
 $ 
 217,712 
 $ 
 ( 168,308 )
 $ 
 180,561 
 $ 
 7,137 
 $ 
 187,698 
 $ 
 88,957 
 (A) Revised to correct the errors discussed in Note 1. 

 LESAKA TECHNOLOGIES, INC. 
 Unaudited Condensed Consolidated Statements of Changes in Equity 
 8 
 Lesaka Technologies, Inc. Shareholders 
 Number of 
 Shares 
 Amount 
 Number of 
 Treasury 
 Shares 
 Treasury 
 Shares 
 Number of 
 shares, net 
 of treasury 
 Addition
 al Paid-
 In 
 Capital 
 Retained 
 Earnings 
 Accumulated 
 other 
 comprehensiv
 e loss 
 Total 
 Lesaka 
 Equity 
 Non-
 controllin
 g Interest 
 Total 
 Redeemabl
 e common 
 stock 
 For the six months ended December 31, 2025 (dollar 
amounts in thousands) 
 Balance – July 1, 
2025
 (A)
 111,183,141 
 $ 
 103 
 ( 29,934,044 )
 $ 
 ( 298,523 )
 81,249,097 
 $ 
 426,950 
 $ 
 218,725 
 $ 
 ( 185,626 )
 $ 
 161,629 
 $ 
 6,841 
 $ 
 168,470 
 $ 
 88,957 
 Shares repurchased (Note 13) 
 ( 70,133 )
 ( 271 )
 ( 70,133 )
 ( 271 )
 ( 271 )
 Loss recognized related to issue of 
 shares included in treasury shares 
 (Note 2) 
 76,716 
 373 
 76,716 
 ( 70 )
 303 
 303 
 Restricted stock granted 
 856,595 
 856,595 
 - 
 - 
 - 
 Stock-based compensation charge 
 (Note 13) 
 - 
 - 
 3,869 
 3,869 
 3,869 
 Reversal of stock-based compensation 
 charge (Note 13) 
 ( 281,333 )
 ( 281,333 )
 ( 63 )
 ( 63 )
 ( 63 )
 Deconsolidation of Humble (Note 2) 
 ( 306,767 )
 ( 1,211 )
 ( 306,767 )
 - 
 ( 1,211 )
 ( 43 )
 ( 1,254 )
 Net loss
 (A)
 ( 1,013 )
 ( 1,013 )
 ( 131 )
 ( 1,144 )
 Other comprehensive income (Note 
 12)
 (A)
 17,318 
 17,318 
 470 
 17,788 
 Balance – December 31, 2025 
 111,758,403 
 $ 
 103 
 ( 30,234,228 )
 $ 
 ( 299,632 )
 81,524,175 
 $ 
 430,686 
 $ 
 217,712 
 $ 
 ( 168,308 )
 $ 
 180,561 
 $ 
 7,137 
 $ 
 187,698 
 $ 
 88,957 
 (A) Revised to correct the errors discussed in Note 1. 
 See Notes to Unaudited Condensed Consolidated Financial 
Statements 

 LESAKA TECHNOLOGIES, INC. 
 Unaudited Condensed Consolidated Statements of Cash Flows 
 9 
 Three months ended 
 Six months ended 
 December 31, 
 December 31, 
 2025 
 2024 
 2025 
 2024 
 (In thousands) 
 (In thousands) 
 Cash flows from operating activities 
 Net income (loss)
 (A)
 $ 
 3,631 
 $ 
 ( 32,428 )
 $ 
 ( 1,144 )
 $ 
 ( 37,278 )
 Depreciation and amortization 
 13,568 
 8,223 
 26,462 
 14,499 
 Movement in allowance for doubtful accounts receivable 
 4,203 
 2,521 
 6,809 
 4,020 
 Fair value adjustment related to financial liabilities 
 36 
 ( 454 )
 35 
 ( 264 )
 Loss on disposal of equity securities (Note 6) 
 730 
 - 
 730 
 - 
 Loss on disposal of equity-accounted investments (Note 6) 
 - 
 161 
 584 
 161 
 Earnings from equity-accounted investments 
 ( 110 )
 ( 50 )
 ( 110 )
 ( 77 )
 Change in fair value of equity securities (Note 5 and 6) 
 ( 2,971 )
 33,731 
 ( 2,971 )
 33,731 
 Other income 
 ( 3,883 )
 - 
 ( 3,883 )
 - 
 Profit on disposal of property, plant and equipment 
 ( 27 )
 ( 14 )
 ( 57 )
 ( 41 )
 Movement in interest payable 
 ( 61 )
 1,864 
 ( 168 )
 3,557 
 Facility fee amortized 
 88 
 68 
 166 
 137 
 Stock-based compensation charge (Note 13) 
 1,945 
 2,644 
 3,806 
 5,021 
 Dividends received from equity-accounted investments 
 - 
 65 
 - 
 65 
 Increase in accounts receivable 

 ( 11,452 )
 ( 11,988 )
 ( 12,682 )
 ( 4,295 )
 Increase in finance loans receivable 
 ( 22,678 )
 ( 8,325 )
 ( 29,581 )
 ( 9,915 )
 (Increase) Decrease in inventory 
 ( 3,949 )
 ( 4,560 )
 1,199 
 ( 5,449 )
 Increase (Decrease) in accounts payable and other payables
 (A)
 12,855 
 8,457 
 12,622 
 ( 8,412 )
 (Decrease) Increase in taxes payable 
 ( 422 )
 ( 153 )
 90 
 612 
 Decrease in deferred taxes 
 ( 2,419 )
 ( 8,928 )
 ( 3,900 )
 ( 9,374 )
 Net cash used in operating activities 
 ( 10,916 )
 ( 9,166 )
 ( 1,993 )
 ( 13,302 )
 Cash flows from investing activities 
 Capital expenditures 
 ( 3,922 )
 ( 6,318 )
 ( 7,902 )
 ( 10,283 )
 Proceeds from disposal of property, plant and equipment 
 459 
 475 
 911 
 1,325 
 Acquisition of intangible assets 
 ( 1,008 )
 ( 428 )
 ( 2,147 )
 ( 601 )
 Acquisitions, net of cash acquired 
 ( 345 )
 ( 3,957 )
 ( 345 )
 ( 3,957 )
 Cash disposed on disposal of subsidiary 
 ( 165 )
 - 
 ( 165 )
 - 
 Investment in equity securities 
 ( 250 )
 - 
 ( 250 )
 - 
 Proceeds from disposal of equity securities (Note 6) 
 2,971 
 - 
 2,971 
 - 
 Net change in settlement assets 
 ( 3,452 )
 ( 1,266 )
 754 
 2,304 
 Net cash used in investing activities 
 ( 5,712 )
 ( 11,494 )
 ( 6,173 )
 ( 11,212 )
 Cash flows from financing activities 
 Proceeds from bank overdraft (Note 9) 
 20,535 
 48,855 
 48,509 
 72,748 
 Repayment of bank overdraft (Note 9) 
 ( 12,440 )
 ( 4,512 )
 ( 53,101 )
 ( 35,540 )
 Long-term borrowings utilized (Note 9) 
 1,266 
 12,903 
 4,029 
 13,677 
 Repayment of long-term borrowings (Note 9) 
 ( 1,237 )
 ( 8,322 )
 ( 2,385 )
 ( 13,794 )
 Acquisition of treasury stock (Note 13) 
 ( 271 )
 ( 12,586 )
 ( 271 )
 ( 12,586 )
 Proceeds from exercise of stock options 
 - 
 51 
 - 
 51 
 Guarantee fee 
 - 
 ( 431 )
 ( 33 )
 ( 431 )
 Dividends paid to non-controlling interest 
 - 
 ( 301 )
 - 
 ( 301 )
 Net change in settlement obligations 
 3,156 
 1,209 
 ( 477 )
 ( 2,439 )
 Net cash provided by (used in) financing activities 
 11,009 
 36,866 
 ( 3,729 )
 21,385 
 Effect of exchange rate changes on cash and cash equivalents 
 2,936 
 ( 5,278 )
 4,857 
 ( 2,052 )
 Net (decrease) increase in cash, cash equivalents and restricted cash 
 ( 2,683 )
 10,928 
 ( 7,038 )
 ( 5,181 )
 Cash, cash equivalents and restricted cash – beginning of period 
 72,284 
 49,809 
 76,639 
 65,918 
 Cash, cash equivalents and restricted cash – end of period (Note 15) 
 $ 
 69,601 
 $ 
 60,737 
 $ 
 69,601 
 $ 
 60,737 
 (A) Revised to correct the errors discussed in Note 1. 
 See Notes to Unaudited Condensed Consolidated Financial Statements 

 10 
 LESAKA TECHNOLOGIES, INC 
 Notes to the Unaudited Condensed Consolidated Financial Statements 
 for the three and six months ended December 31, 2025 and 2024 
 (All amounts in tables stated in thousands or thousands of U.S. dollars, unless otherwise stated) 
 1. 
Basis of Presentation and Summary of Significant Accounting 
Policies 

 Unaudited Interim Financial Information 
 The accompanying 
unaudited condensed 
consolidated financial 
statements include 
all majority-owned 
subsidiaries over 
which 
 the Company exercises 
control and have been 
prepared in accordance with 
U.S. generally accepted accounting 
principles (“GAAP”) 
 and 
the rules 
and 
regulations 
of 
the United 
States Securities 
and 
Exchange 
Commission 
for 
Quarterly Reports 
on Form 
10-Q 
and 
 include all of 
the information and 
disclosures required 
for interim financial 
reporting. The results 
of operations 
for the three 
and six 
 months ended December 31, 2025 and 
2024, are not necessarily indicative 
of the results for the full year. 
The Company believes that 
 the disclosures are adequate to make the information presented not misleading. 
 These 
unaudited 
condensed 
consolidated 
financial 
statements 
should 
be 
read 
in 
conjunction 
with 
the 
financial 
statements, 
 accounting policies and financial notes thereto included in the 
Company’s Annual Report on Form 10-K for the fiscal year ended June 
 30, 
2025. 
In 
the 
opinion 
of 
management, 
the 
accompanying 
unaudited 
condensed 
consolidated 
financial 
statements 
reflect 
all 
 adjustments (consisting only of normal recurring adjustments), which are necessary for a fair 
representation of financial results for the 
 interim periods presented. 

 References to “Lesaka” are references 
solely to Lesaka Technologies, 
Inc. References to the “Company” refer 
to Lesaka and its 
 consolidated subsidiaries, collectively, 
unless the context otherwise requires.

 Revision of Previously Issued Financial Statements 
 Understatement of cost and accumulated depreciation 
for computer equipment 
 In October 2025, the Company 
identified that it had understated 
its June 30, 2025, amounts 
of cost and accumulated depreciation 
 for 
computer 
equipment 
as 
well 
as 
the 
totals 
for 
cost 
and 
accumulated 
depreciation 
by 
$
 6.5 
 
million 
in 
the 
notes 
to 
the 
audited 
 consolidated 
financial 
statements 
for 
the 
years 
ended 
June 
30, 
2025, 
2024 
and 
2023. 
The 
carrying 
value 
of 
property, 
plant 
and 
 equipment reported as 
of June 
30, 2025, was 
not impacted by 
the error. The Company has 
recast its 
accumulated depreciation presented 
 on the condensed consolidated balance sheet as of June 30, 2025, to increase 
the amount from $
 48,636 
 
to $
 55,086 
 . 
 The Company assessed the materiality of this error and change 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, 
the 
 Company has concluded 
that previously issued 
financial statements were 
not materially misstated 
based upon overall 
considerations 
 of both quantitative and qualitative factors. 
 Understatement of cost of goods sold, IT processing, 
servicing and support due to incorrect claim of indirect 
taxes 
 Subsequent to the issuance 
of the Company’s 
Quarterly Report on Form 
10-Q for the three 
months ended September 
30, 2025, 
 it 
determined 
that 
its 
certain 
indirect 
taxes 
had 
not 
been 
accounted 
for 
correctly 
in 
its 
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 
previously filed Annual Reports on 
Form 
 10-K and Quarterly Reports on Form 10-Q since June 30, 2022, and these filings were incorrect. In these previous filings, the amount 
 of 
certain 
indirect 
taxes 
were 
incorrectly 
claimed 
in 
monthly 
indirect 
tax 
submission 
to 
the 
taxing 
authority 
and 
were 
incorrectly 
 excluded 
from 
the Company’s 
reported 
cost of 
goods 
sold, IT 
processing, 
servicing 
and support 
in the 
consolidated 
statements of 
 operations 
and 
other 
payables 
and 
retained 
earnings 
in 
the 
consolidated 
balance 
sheet. 
The 
corrected 
presentation 
in 
the 
revised 
 consolidated 
financial 
statements 
includes 
certain 
indirect 
taxes 
in 
cost 
of 
goods 
sold, 
IT processing, 
servicing 
and 
support 
in 
the 
 consolidated statements of operations and other payables and retained 
earnings in the consolidated balance sheet 
 The Company has 
also determined that 
it may also 
be liable for 
penalties and interest 
related to the 
indirect taxes not 
paid in a 
 timely manner and has recorded the penalties in the selling, 
general and administration expense and the interest in interest expense 
in 
 the revised consolidated statements of operations. 
The cumulative sum of the penalties and interest are included in other payables and 
 retained earnings in the revised consolidated balance sheet. 
 The Company has determined 
that at this time 
it is more likely 
than not that it 
will be unable to 
claim an income tax 
deduction 
 related to the error, however, 
it is performing further analysis of 
its tax position with its external tax advisors. 
Therefore, there are no 
 income tax adjustments reflected in these condensed consolidated 
financial statements related to the correction of this error. 

 11 
 1. 
Basis of Presentation and Summary of Significant Accounting 
Policies (continued) 
 Revision of Previously Issued Financial Statements (continued) 
 Understatement of cost 
of goods sold, 
IT processing, servicing and 
support due to 
incorrect claim of indirect taxes 
(continued) 
 The Company assessed the materiality of this error and change in presentation on prior period consolidated 
financial statements 
 in 
accordance 
with 
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, 
the Company 
has concluded 
that 
 previously 
issued 
financial 
statements 
were 
not 
materially 
misstated 
based 
upon 
overall 
considerations 
of 
both 
quantitative 
and 
 qualitative factors. 
 The Company 
has revised the 
previous presentations 
on the condensed 
consolidated statements 
of operations 
for the three 
and 
 six months ended December 
31, 2024, and corrected them 
in this filing. The Company 
has also included the impact 
of the correction 
 for 
the three 
months ended 
September 
30, 2025, 
in the 
condensed 
consolidated 
statements of 
operations 
for the 
six months 
ended 
 December 31, 
2025, included in 
this filing. The 
impact of 
these revisions has 
increased cost 
of goods 
sold, IT processing, 
servicing 
 and support, 
selling, general 
and administration 
expense and 
interest expense, 
and all 
subtotals from 
operating income 
(loss) to 
net 
 income (loss) attributable to Lesaka for the affected periods. 
 Specifically, 
for the 
six months ended 
December 31, 2025, 
Cost of goods 
sold, IT processing, 
servicing and 
support increased 
 by 
$
 0.18 
 
million, 
Selling, 
general 
and 
administration 
expense 
increased 
by 
$
 0.06 
 
million, 
Operating 
income 
decreased 
by 
$
 0.25 
 million, Interest 
expense increased 
by $
 0.12 
 
million, and 
Net income 
(loss) attributable 
to Lesaka 
decreased by 
$
 0.36 
 
million, as 
a 
 result of the correction 
to amounts reported 
for the three months 
ended September 30, 
2025. Basic and Diluted 
loss per share for 
the 
 six months ended December 31, 2025, were not impacted 
by the correction to amounts reported for 
the three months ended September 
 30, 2025. 
 The Company 
has revised 
the condensed 
consolidated balance 
sheet as 
of June 
30, 2025, 
and corrected 
it in 
this filing 
where 
 these amounts 
are presented as 
comparative prior 
period amounts in 
other payables and 
retained earnings and 
affected subtotals 
and 
 totals. 
 The tables below present the impact of 
the revisions to specific captions to 
the Company’s condensed consolidated balance sheet 
 and condensed consolidated statement of operations for the periods 
identified.

 Condensed consolidated balance sheet 
 June 30, 2025 
 As reported 
 Correction 
 As revised 
 Other payables 
 $ 
 72,079 
 $ 
 3,956 
 $ 
 76,035 
 Accumulated other comprehensive loss 
 ( 185,664 )
 38 
 ( 185,626 )
 Retained earnings 
 222,719 
 ( 3,994 )
 218,725 

 Condensed consolidated statement of operations 
 Three months ended December 31, 2024 
 As reported 
 Correction 
 As revised 
 (in thousands, except per share data) 
 Cost of goods sold, IT processing, servicing and support 
 $ 
 130,696 
 $ 
 170 
 $ 
 130,866 
 Selling, general and administration 
 33,777 
 60 
 33,837 
 Interest expense 
 6,174 
 92 
 6,266 
 Basic income (loss) per share attributable to Lesaka shareholders 
 $ 
 ( 0.40 )
 $ 
 - 
 $ 
 ( 0.40 )
 Diluted income (loss) per share attributable to Lesaka shareholders 
 $ 
 ( 0.40 )
 $ 
 - 
 $ 
 ( 0.40 )

 Condensed consolidated statement of operations 
 Six months ended December 31, 2024 
 As reported 
 Correction 
 As revised 
 (in thousands, except per share data) 
 Cost of goods sold, IT processing, servicing and support 
 $ 
 249,605 
 $ 
 336 
 $ 
 249,941 
 Selling, general and administration 
 58,976 
 118 
 59,094 
 Interest expense 
 11,206 
 176 
 11,382 
 Basic income (loss) per share attributable to Lesaka shareholders 
 $ 
 ( 0.51 )
 $ 
 ( 0.01 )
 $ 
 ( 0.52 )
 Diluted income (loss) per share attributable to Lesaka shareholders 
 $ 
 ( 0.51 )
 $ 
 ( 0.01 )
 $ 
 ( 0.52 )

 12 
 1. 
Basis of Presentation and Summary of Significant Accounting 
Policies (continued) 

 Recent accounting pronouncements adopted 
 In December 2023, 
the Financial Accounting 
Standards Board (“FASB”) 
issued guidance regarding 
 Income Taxes 
(Topic 
740)
 to improve income tax 
disclosure requirements. The guidance 
requires entities, on an 
annual basis, to (1) disclose 
specific categories 
 in the income tax rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if 
 the effect of those reconciling items is equal to or greater than five percent of 
the amount computed by multiplying pre-tax income or 
 loss by 
the applicable 
statutory income 
tax rate). 
This guidance 
was effective 
for the 
Company beginning 
July 1, 
2025 for 
its year 
 ended June 30, 2026.

 Recent accounting pronouncements not yet adopted 
as of December 31, 2025 
 In 
November 
2024, 
the 
FASB 
issued 
guidance 
regarding 
 Income 
Statement—Reporting 
Comprehensive 
Income—Expense 
 Disaggregation 
Disclosures
 (Subtopic 
220-40)
 
which 
requires 
disaggregated 
disclosure 
of 
income 
statement 
expenses 
for 
public 
 business entities. The guidance does not change the expense captions an 
entity presents on the face of the income statement; rather, 
it 
 requires 
disaggregation 
of 
certain 
expense 
captions 
into 
specified 
categories 
in 
disclosures 
within 
the 
footnotes 
to 
the 
financial 
 statements. This guidance is effective for the 
Company beginning July 1, 2027. Early 
adoption is permitted. The Company is 
currently 
 assessing the impact of this guidance on its financial statements and related disclosures. 
 In 
July 
2025, 
the 
FASB 
issued 
guidance 
regarding 
 Financial 
Instruments-Credit 
Losses 
(Topic 
326) 
Measurement 
of 
Credit 
 Losses for Accounts Receivable and Contract Assets
 
which amends current guidance to provide a practical 
expedient (for all entities) 
 and an accounting 
policy election (for 
all entities, other than 
public business entities, 
that elect the practical 
expedient) related to 
the 
 estimation of expected credit 
losses for current accounts receivable 
and current contract assets that 
arise from transactions accounted 
 for under 
 Revenue From Contracts With 
Customers (Topic 
606). 
 This guidance is effective for 
the Company beginning July 1, 2026, 
 and interim 
reporting periods during 
that fiscal year. 
Early adoption 
is permitted. The 
Company is currently 
assessing the impact 
of 
 this guidance on its financial statements and related disclosures.

 On 
September 
18, 
2025, 
the 
FASB 
issued 
guidance 
regarding 
 Intangibles—Goodwill 
and 
Other— 
Internal-Use 
Software 
 (Subtopic 350-40)
 
which amends certain 
aspects of the 
accounting for and 
disclosure of software 
costs under ASC 
350-40. The new 
 guidance 
makes 
targeted 
improvements 
to 
existing 
guidance 
but 
does 
not 
fully 
align 
the 
framework 
for 
accounting 
for 
internally 
 developed software 
costs that 
are subject 
to ASC 
350-40 with 
the framework 
applied to 
software to 
be sold 
or marketed 
externally 
 that is 
subject to 
guidance regarding 
 Costs of 
Software to 
Be Sold, 
Leased, or 
Marketed
 (Subtopic ASC 
985-20)
 . The 
new guidance 
 also does not amend the guidance 
on costs of software licenses that 
are within the scope of ASC 985 
-20. The amendments supersede 
 the guidance 
on website 
development costs 
in guidance 
regarding 
 Website 
Development Costs 
(Subtopic ASC 
350-50)
 
and relocate 
 that guidance, 
along with the 
recognition requirements 
for development costs 
specific to websites, 
to ASC 350 
-40. This guidance 
is 
 effective for 
the Company beginning 
July 1, 2028, 
and interim reporting 
periods during that fiscal 
year. Early 
adoption is permitted. 
 Entities 
may 
apply 
the 
guidance 
prospectively, 
retrospectively, 
or 
via 
a 
modified 
prospective 
transition 
method. 
The 
modified 
 prospective 
transition 
approach 
would 
allow 
entities 
to 
account 
for 
an 
in-process 
project 
that, 
before 
the 
transition 
date, 
met 
the 
 capitalization requirements but would no longer meet 
the requirements for capitalization under the 
new guidance by derecognizing the 
 capitalized costs for 
that in-process project 
through a 
cumulative-effect adjustment 
to the opening 
balance of retained 
earnings. The 
 Company is currently assessing the impact of this guidance on its financial 
statements and related disclosures. 
 On December 
8, 2025, 
the FASB 
issued guidance 
regarding 
 Interim Reporting 
(Topic 
270)
 
which is 
intended to 
improve the 
 navigability 
of the 
guidance 
in ASC 
270 
and clarify 
when it 
applies. 
Under the 
amendments, an 
entity is 
subject to 
ASC 270 
if 
it 
 provides “interim financial 
statements and notes 
in accordance with 
GAAP.” The updated guidance also 
addresses the 
form and content 
 of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes 
 a principle 
under which an 
entity must “disclose 
events since the 
end of the 
last annual reporting 
period that have 
a material impact 
 on the entity.” 
As the FASB 
stated in the 
proposed guidance and 
reiterates in the ASU, 
the amendments are 
not intended to “change 
 the fundamental nature 
of interim reporting 
or expand or 
reduce current interim 
disclosure requirements.” This 
guidance is effective 
 for the 
Company beginning 
July 1, 
2028, and 
interim reporting 
periods during 
that fiscal 
year. 
Early adoption 
is permitted. 
Entities 
 m
 ay apply the guidance prospectively, 
retrospectively, or via a modified 
prospective transition method.

 13 
 2. 
Acquisitions 
and Dispositions 
 Refer to Note 3 to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the 
 year ended 
June 30, 
2025, for 
additional information 
regarding the 
acquisition of 
Recharger Proprietary 
Limited (“Recharger”) 
and 
 the proposed acquisition of Bank Zero Mutual Bank (“Bank Zero”) (which transaction 
remains conditional). 

 The cash paid, 
net of cash 
received related 
to the Company’s 
acquisitions during 
the six months 
ended December 
31, 2025, 
is 
 summarized in the table below:

 Total 
 Total cash paid 
 $ 
 350 
 Less: cash acquired 
 5 
 Total cash paid, net 
of cash received 
 $ 
 345 

 2026 Proposed acquisitions of Bank Zero
 On 
June 
26, 
2025, 
Lesaka 
Technologies 
Proprietary 
Limited 
(“Lesaka 
SA”) 
entered 
into 
a 
Transaction 
Implementation 
 Agreement (the 
“Transaction 
Implementation Agreement”) 
with Zero 
Research Proprietary 
Limited (“Zero 
Research”), Bank 
Zero, 
 and other parties identified in Annexure 
A to the Transaction Implementation 
Agreement (being all of the shareholders of Bank 
Zero 
 save 
for 
Zero 
Research 
and 
Naught 
Holdings 
Ltd, 
the 
“Bank 
Zero 
Sellers”), 
the 
parties 
listed 
in 
Annexure 
B 
to 
the 
Transaction 
 Implementation Agreement (being all 
of the shareholders 
of Zero Research 
save for Naught 
Holdings Ltd, the 
“Zero Research Sellers”) 
 and Naught Holdings Ltd. 

 The Company incurred transaction-related expenditures of $
 0.04 
 
million and $
 0.1 
 
million during the three and six months ended 
 December 31, 2025, respectively, 
related to the proposed acquisition of 
Bank Zero. The Company’s 
accruals presented in Note 10 of 
 as December 31, 
2025, includes an 
accrual of transaction related 
expenditures of $
 0.3 
 
million and the 
Company expects to 
incur further 
 transaction costs of $
 0.2 
 
million during the 2026 fiscal year. 
 2026 Acquisitions
 On November 
10, 2025, 
the Company, 
through its 
wholly 
owned 
subsidiary, 
Prism Holdings 
Proprietary 
Limited 
(“Prism”), 
 entered 
into 
a 
Sale 
of 
Shares 
Agreement 
(the 
“Atom 
Purchase 
Agreement”) 
with 
Gravaton 
Investments 
Proprietary 
Limited 
 (“Gravaton”) and Atom Operations Proprietary Limited (“Atom”). Pursuant to the Atom Purchase Agreement and subject to its terms 
 and conditions, Prism agreed to 
acquire, and Gravaton agreed 
to sell, all of 
the outstanding equity interests 
in Atom for a 
total purchase 
 consideration of 
$
 0.7 
 
million which comprised 
of $
 0.4 
 
million (ZAR 
 6.0 
 
million, translated at 
December 1, 2025 
exchange rates) 
in 
 cash and 
 76,716 
 
shares of the Company’s 
shares of common stock (which 
had an aggregate value 
of $
 0.3 
 
million (
 76,716 
 
multiplied 
 by 
$
 3.95 
 ) 
on closing). 
The transaction 
closed 
on December 
1, 2025. 
The Company 
did not 
incur 
any 
significant 
transaction 
costs 
 related to this acquisition. 
 2025 Acquisitions
 On November 19, 
2024, the Company, 
through Lesaka SA, 
entered into a 
Sale of Shares Agreement 
(the “Recharger Purchase 
 Agreement”) with 
Imtiaz Dhooma 
(Recharger’s 
former chief 
executive officer) 
and Ninety 
Nine Proprietary 
Limited (“the 
Seller”). 
 Pursuant to 
the Recharger 
Purchase Agreement 
and subject to 
its terms and 
conditions, Lesaka 
SA agreed to 
acquire, and 
the Seller 
 agreed to sell, all of the outstanding equity interests in Recharger. 
The transaction closed on March 3, 2025. 

 14 
 2. 
Acquisitions and Dispositions (continued) 
 The 
Company 
completed 
the 
purchase 
price 
allocation 
related 
to 
the 
Recharger 
acquisition 
during 
the 
three 
months 
ended 
 September 30, 
2025. There 
were no 
changes to 
the Recharger 
preliminary purchase 
price allocation 
as of 
June 30, 
2025. The 
final 
 purchase 
price 
allocation 
related 
to 
the 
Recharger 
acquisition, 
translated 
at 
the 
foreign 
exchange 
rates 
applicable 
on 
the 
date 
of 
 acquisition, is provided in the table below:

 Final purchase price allocation 
 Recharger 
 Cash and cash equivalents 

 $ 
 1,720 
 Accounts receivable 
 17 
 Inventory 

 194 
 Property, plant and equipment 
 39 
 Operating lease right of use asset 
 401 
 Goodwill 
 3,614 
 Intangible assets 
 16,171 
 Deferred income taxes assets 
 81 
 Accounts payable 

 ( 149 )
 Other payables 

 ( 1,439 )
 Operating lease liability - current 
 ( 185 )
 Income taxes payable 

 ( 4 )
 Deferred income taxes liabilities 
 ( 4,366 )
 Operating lease liability - long-term 
 ( 269 )
 Fair value of assets and liabilities on acquisition 
 $ 
 15,825 

 Transaction costs and certain compensation 
costs
 The Company 
did not 
incur any 
transaction costs 
related to 
the Bank 
Zero acquisition 
during the 
three and 
six months 
ended 
 December 31, 2024. The table 
below presents transaction costs incurred 
related to the acquisitions of Adumo 
and Recharger, 
and the 
 proposed acquisition of Bank Zero during the three and six months 
ended December 31, 2025 and 2024:

 Three months ended 
 December 31, 
 Six months ended 

 December 31, 
 2025 
 2024 
 2025 
 2024 
 Bank Zero transaction costs 
 $ 
 44 
 $ 
 - 
 $ 
 126 
 $ 
 - 
 Adumo transaction costs 
 3 
 - 
 3 
 1,702 
 Recharger transaction costs
 (1)
 - 
 222 
 12 
 250 
 Total 
 $ 
 47 
 $ 
 222 
 $ 
 141 
 $ 
 1,952 

 (1) 
Recharger 
transactions 
costs for 
the three 
and 
six months 
ended 
December 31, 
2024, of 
$
 0.22 
 
million and 
$
 0.25 
 
million, 
 respectively, have been allocated from Selling, general and administration to 
Transaction costs related to Adumo, Recharger and Bank 
 Zero 
acquisitions 
in the 
unaudited condensed 
consolidated 
statement operations 
for 
the three 
and 
six months 
ended December 
31, 
 2025.

 Pro forma results related 
to acquisitions
 Pro forma results of operations have not been presented for the 
acquisition of Atom because the effect of this acquisition was not 
 material to the Company. 
Since the closing of these 
acquisitions, Atom has contributed 
revenue and net income of 
$
 0.05 
 
million and 
 $
 ( 0.01 )
 
million, respectively, for the six 
months ended December 31, 2025.

 15 
 2. 
Acquisitions and Dispositions (continued) 
 Dispositions
 2026 
Dispositions
 December 2025 disposal of Humble
 On 
December 
1, 
2025, 
Adumo 
(RF) 
Proprietary 
Limited, 
a wholly 
-owned 
subsidiary 
of the 
Company, 
disposed 
of its 
entire 
 investment in 
Humble Software 
Proprietary Limited 
(“Humble”) and 
received 
 306,767 
 
shares of 
the Company’s 
common stock 
as 
 consideration. The fair value of these 
 306,767 
 
shares of the Company’s common stock on December 1, 2025, was $
 1.2 
 
million. These 
 shares have 
been included in 
the Company’s 
treasury shares. 
The table below 
presents the impact 
of the deconsolidation 
of Humble 
 and the calculation of the net loss recognized on deconsolidation:

 Deconsolidation of Humble 
 Humble 
 Fair value of consideration received 

 $ 
 1,211 
 Add carrying value of noncontrolling interest on deconsolidation 
 47 
 Less: carrying value of Humble, comprising 

 1,988 
 Cash and cash equivalents 

 162 
 Accounts receivable, net 

 26 
 Inventory 

 10 
 Property, plant and equipment, 
net 

 1 
 Goodwill 
 1,515 
 Intangible assets, net 

 63 
 Deferred income taxes assets 
 300 
 Accounts payable 

 ( 4 )
 Other payables 

 ( 58 )
 Income taxes payable 

 ( 1 )
 Released from accumulated other comprehensive income – foreign 
currency translation reserve 
 ( 26 )
 Loss recognized on disposal, before transaction costs 
 ( 730 )
 Loss recognized on disposal, before tax 
 ( 730 )
 Taxes related to gain 
recognized on disposal 
 - 
 Tax benefit related 
to loss recognized on disposal
 (1)
 - 
 Release of valuation allowance
 (1)
 - 
 Loss recognized on disposal, after tax 

 $ 
 ( 730 )

 (1)The Company incurred a capital loss of $
 0.04 
 
million. The Company recorded a valuation allowance of $
 0.04 
 
million related 
 to the capital loss generated.

 16 
 3.
 
 Accounts receivable, net and other receivables and 
finance loans receivable, net 

 Accounts receivable, net and other receivables 
 The Company’s accounts receivable, 
net, and other receivables as of December 31, 2025, and June 30, 2025, are presented in 
 the table below:

 December 31, 
 June 30, 
 2025 
 2025 
 Accounts receivable, trade, net 

 $ 
 23,247 
 $ 
 16,433 
 Accounts receivable, trade, gross 

 25,503 
 18,186 
 Less: Allowance for doubtful accounts receivable, end of period 
 2,256 
 1,753 
 Beginning of period 
 1,753 
 1,241 
 Reversed to statement of operations 
 ( 189 )
 ( 521 )
 Charged to statement of operations 

 869 
 1,856 
 Write-offs 
 ( 310 )
 ( 847 )
 Deconsolidation 
 ( 4 )
 - 
 Foreign currency adjustment 

 137 
 24 
 Current portion of amount outstanding related to sale of interest in Carbon, 
net of 
 allowance: December 2025: $
 750 
 ; June 2025: $
 750 
 - 
 - 
 Other receivables 

 34,997 
 26,092 
 Total accounts receivable, 
net and other receivables 
 $ 
 58,244 
 $ 
 42,525 

 Trade receivables include amounts 
due from customers 
which generally have 
a very short-term 
life from 
date of invoice 
or service 
 provided to settlement. The duration 
is less than a year in all cases and 
generally less than 30 days in many 
instances. The short-term 
 nature 
of 
these 
exposures 
often 
results 
in 
balances 
at 
month-end 
that 
are 
disproportionately 
small 
compared 
to 
the 
total 
invoiced 
 amounts. 
The 
month-end 
outstanding 
balances 
are 
more 
volatile 
than 
the 
monthly 
invoice 
amounts 
because 
they 
are 
affected 
by 
 operational timing issues and 
the fact that a balance 
is outstanding at month-end 
is not necessarily an indication 
of increased risk but 
 rather a matter of operational timing. 
 Credit risk in respect of trade receivables 
is generally not significant and the 
Company has not developed a sophisticated 
model 
 for these basic 
credit exposures. The 
Company determined to 
use a lifetime 
loss rate by 
expressing write-off experience as 
a percentage 
 of corresponding 
invoice amounts 
(as opposed 
to outstanding 
balances). The 
allowance for credit 
losses related to 
these receivables 
 has 
been 
calculated 
by 
multiplying 
the 
lifetime 
loss 
rate 
with 
recent 
invoice/origination 
amounts. 
Management 
actively 
monitors 
 performance of these receivables over 
short periods of time. Different 
balances have different rules to 
identify an account in distress. 
 Once balances 
in distress are 
identified, specific 
allowances are immediately 
created. Subsequent 
recovery from distressed 
accounts 
 is not significant. 
 O
 ther receivables include prepayments, deposits, income taxes receivable and 
other receivables.

 17 
 3.
 
 Accounts receivable, net and other receivables and 
finance loans receivable, net (continued) 
 Finance loans receivable, net 
 The Company’s finance 
loans receivable, net, as of December 31, 2025, and June 30, 2025, is presented 
in the table below:

 December 31, 
 June 30, 
 2025 
 2025 
 Microlending finance loans receivable, net 
 $ 
 82,250 
 $ 
 52,492 
 Microlending finance loans receivable, gross 
 88,010 
 56,140 
 Less: Allowance for doubtful finance loans receivable, end of period 
 5,760 
 3,648 
 Beginning of period 
 3,648 
 1,947 
 Reversed to statement of operations 

 - 
 ( 161 )
 Charged to statement of operations 

 4,881 
 4,301 
 Write-offs 
 ( 3,113 )
 ( 2,499 )
 Foreign currency adjustment 

 344 
 60 
 Merchant finance loans receivable, net 
 21,343 
 21,618 
 Merchant finance loans receivable, gross 
 24,121 
 23,214 
 Less: Allowance for doubtful finance loans receivable, end of period 
 2,778 
 1,596 
 Beginning of period 
 1,596 
 2,697 
 Reversed to statement of operations 

 ( 117 )
 ( 22 )
 Charged to statement of operations 

 1,365 
 2,576 
 Write-offs 
 ( 229 )
 ( 3,709 )
 Foreign currency adjustment 

 163 
 54 
 Total finance 
loans receivable, net 

 $ 
 103,593 
 $ 
 74,110 

 Total 
finance 
loans 
receivable, 
net, 
comprises 
microlending 
finance 
loans 
receivable 
related 
to 
the 
Company’s 
microlending 
 operations 
in South 
Africa as 
well as 
its merchant 
finance loans 
receivable related 
to Connect’s 
lending activities 
in South 
Africa. 
 Certain merchant finance loans receivable with an aggregate balance 
of $
 20.5 
 
million as of December 31, 2025 have been pledged as 
 security for the Company’s 
revolving credit facility (refer to Note 9).

 Allowance for credit losses 
 Microlending finance loans receivable 
 Microlending finance loans receivable is related to the Company’s 
microlending operations in South Africa whereby it provides 
 unsecured short-term loans to qualifying customers. Loans to customers 
have a tenor of up to nine months, with the majority of loans 
 originated having 
a tenor of 
six months. 
The Company 
analyses this lending 
book as a 
single portfolio 
because the 
loans within the 
 portfolio have similar characteristics and management uses similar processes to monitor and assess 
the credit risk of the lending book. 
 Refer to Note 5 related to the Company risk management process related to 
these receivables. 

 The Company has operated this lending book for more than 
 five years 
 
and uses historical default experience over the lifetime of 
 loans in order 
to calculate a 
lifetime loss rate 
for the lending 
book. The allowance for 
credit losses related 
to these microlending finance 
 loans receivables 
is calculated 
by multiplying 
the lifetime 
loss rate 
with the 
month end 
outstanding lending 
book. The 
lifetime loss 
 rate as of each of June 30, 
2025 and December 31, 2025, 
was 
 6.50 
 %. The performing component (that 
is, outstanding loan payments 
 not in 
arrears) of 
the book 
exceeds more 
than 
 98 
 %, of 
the outstanding 
lending book 
as of each 
of June 
30, 2025 
and December 
31, 
 2025. 
 Merchant finance loans receivable 
 Merchant finance loans 
receivable is related 
to the Company’s 
Merchant lending activities 
in South Africa 
whereby it provides 
 unsecured 
short-term loans 
to qualifying 
customers. Loans 
to customers 
have a 
tenor of 
up to 
twelve months, 
with the 
majority of 
 loans originated having a tenor of approximately eight months. The Company analyses this lending book as a single portfolio because 
 the loans within the portfolio have similar characteristics and management uses similar processes to monitor and assess the credit risk 
 o
 f the lending book. Refer to Note 5 related to the Company risk management 
process related to these receivables.

 18 
 3.
 
 Accounts receivable, net and other receivables and 
finance loans receivable, net (continued) 
 Finance loans receivable, net (continued) 
 Allowance for credit losses (continued) 
 Merchant finance loans receivable (continued) 
 The Company uses historical default 
experience over the lifetime of loans generated 
thus far in order to calculate a lifetime 
loss 
 rate for the lending 
book. The allowance 
for credit losses related 
to these merchant 
finance loans receivables 
is calculated by adding 
 together actual receivables in default plus 
multiplying the lifetime loss rate 
with the month-end outstanding lending book. 
The lifetime 
 loss 
rate 
as 
of 
each 
of 
June 
30, 
2025 
and 
December 
31, 
2025, 
was 
approximately 
 1.14 
 %. 
The 
performing 
component 
(that 
is, 
 outstanding loan 
payments not 
in arrears), 
under-performing 
component (that 
is, outstanding 
loan payments 
that are 
in arrears) 
and 
 non-performing 
component 
(that 
is, 
outstanding 
loans 
for 
which 
payments 
appeared 
to 
have 
ceased) 
of 
the 
book 
represents 
 approximately 
 95 
 %, 
 4 
 % and 
 1 
 %, respectively, of the outstanding lending 
book as of 
June 30, 2025. 
The performing component, under-
 performing component and non-performing 
component of the book represents 
approximately 
 88 
 %, 
 11 
 % and 
 1 
 %, respectively, 
of the 
 outstanding lending book as of December 31, 2025.

 4. 
Inventory 
 The Company’s inventory 
comprised the following categories as of December 31, 2025, and June 30, 2025:

 December 31, 
 June 30, 
 2025 
 2025 
 Raw materials 
 $ 
 2,627 
 $ 
 2,963 
 Work-in-progress 
 288 
 293 
 Finished goods 
 22,183 
 20,295 
 $ 
 25,098 
 $ 
 23,551 

 5. 
Fair value of financial instruments 
 Initial recognition and measurement 
 Financial instruments 
are recognized 
when the 
Company becomes 
a party 
to the 
transaction. Initial 
measurements are 
at cost, 
 which includes transaction costs. 

 Risk management
 The Company manages its exposure 
to currency exchange, translation, interest rate, 
credit, microlending credit and equity price 
 and liquidity risks as discussed below. 

 Currency exchange risk 
 The Company is subject to currency exchange risk because it purchases components 
for its vaults, that the Company assembles, 
 and inventories 
that it is 
required to 
settle in other 
currencies, primarily 
the euro, renminbi, 
and U.S. dollar. 
The Company 
has used 
 forward contracts in order to limit its 
exposure in these transactions to fluctuations 
in exchange rates between the South African 
rand 
 (“ZAR”), on the one hand, and the U.S. dollar and the euro, on the other hand. 
 Translation risk 
 Translation risk relates to 
the risk that 
the Company’s results of operations 
will vary significantly 
as the U.S. 
dollar is its 
reporting 
 currency, 
but it earns a 
significant amount of its 
revenues and incurs a 
significant amount of its 
expenses in ZAR. The 
U.S. dollar to 
 the ZAR 
exchange rate 
has fluctuated 
significantly over 
the past 
three years. 
As exchange 
rates are 
outside the 
Company’s 
control, 
 there can be no 
assurance that future fluctuations will 
not adversely affect the Company’s results of operations and 
financial condition. 

 19 
 5. 
Fair value of financial instruments (continued) 
 Risk management (continued) 
 Interest rate risk 
 As a result of its 
normal borrowing activities, the Company’s operating results are exposed to fluctuations in 
interest rates, which 
 it 
manages 
primarily 
through 
regular 
financing 
activities. 
Interest 
rates 
in 
South 
Africa 
have 
been 
trending 
downwards 
in 
recent 
 quarters and as of the date of this Quarterly Report, are expected to decline 
by a further 25 basis points in the first quarter of calendar 
 2026 and stabilize 
at that level 
for the remainder of 
that year. Therefore, ignoring the 
impact of changes 
to the margin on 
its borrowings 
 (refer 
to 
Note 
9) 
and 
value 
of 
borrowings 
outstanding, 
the 
Company 
expects 
its 
cost 
of 
borrowing 
to 
decline 
moderately 
in 
the 
 foreseeable future, however, the Company would expect a higher cost of borrowing if interest rates were to increase in the future. The 
 Company 
periodically 
evaluates 
the 
cost 
and 
effectiveness 
of 
interest 
rate 
hedging 
strategies 
to 
manage 
this 
risk. 
The 
Company 
 generally 
maintains surplus 
cash in 
cash equivalents 
and held 
to maturity 
investments and 
has occasionally 
invested in 
marketable 
 securities. 
 Credit risk 
 Credit 
risk 
relates 
to 
the 
risk 
of 
loss 
that 
the 
Company 
would 
incur 
as 
a 
result 
of 
non-performance 
by 
counterparties. 
The 
 Company 
maintains 
credit 
risk 
policies 
in 
respect 
of 
its 
counterparties 
to 
minimize 
overall 
credit 
risk. 
These 
policies 
include 
an 
 evaluation 
of 
a 
potential 
counterparty’s 
financial 
condition, 
credit 
rating, 
and 
other 
credit 
criteria 
and 
risk 
mitigation 
tools 
as 
the 
 Company’s 
management deems 
appropriate. 
With 
respect to 
credit risk 
on certain 
financial instruments, 
the Company 
maintains 
a 
 policy of entering 
into such transactions only 
with South African 
and European financial 
institutions that have 
a credit rating 
of “B” 
 (or its equivalent) or better, as determined by 
credit rating agencies such as Standard & Poor’s, Moody’s 
and Fitch Ratings. 
 Consumer microlending credit 
risk
 The Company 
is exposed 
to credit 
risk in 
its Consumer 
microlending activities, 
which provides 
unsecured short-term 
loans to 
 qualifying customers. 
Credit bureau 
checks as 
well as 
an affordability 
test are 
conducted as 
part of 
the origination 
process, both 
of 
 which are in line with local regulations. The Company considers this 
policy to be appropriate because the affordability test it 
performs 
 takes into account 
a variety of 
factors such 
as other debts 
and total expenditures 
on normal household 
and lifestyle expenses. 
Additional 
 allowances 
may 
be required 
should the 
ability of 
its customers 
to make 
payments when 
due 
deteriorate 
in the 
future. Judgment 
is 
 required to assess 
the ultimate recoverability 
of these finance 
loan receivables, including 
ongoing evaluation 
of the creditworthiness 
 of each customer. 
 Merchant lending 
 The Company maintains an allowance for 
doubtful finance loans receivable related to 
its Merchant services segment with 
respect 
 to short-term loans to qualifying merchant customers. The 
Company’s risk management procedures include adhering to its proprietary 
 lending criteria which uses 
an online-system loan application 
process, obtaining necessary customer transaction-history 
data and credit 
 bureau checks. 
The Company considers 
these procedures 
to be appropriate 
because it takes 
into account 
a variety of 
factors such 
as 
 the customer’s credit capacity and customer-specific 
risk factors when originating a loan. 
 Equity price and liquidity risk 
 Equity price risk relates to the risk of loss that the Company would incur as a result of the volatility in the exchange-traded price 
 of equity 
securities that 
it holds 
from time 
to time. 
The market 
price of 
these securities 
may fluctuate 
for a 
variety of 
reasons and, 
 consequently, 
the 
amount 
that 
the 
Company 
may 
obtain 
in 
a 
subsequent 
sale of 
these 
securities 
may 
significantly 
differ 
from 
the 
 reported market value. 

 Equity liquidity risk 
relates to the risk 
of loss that the 
Company would incur as 
a result of the lack 
of liquidity on the 
exchange 
 on 
which 
those 
securities 
are 
listed. 
The 
Company 
may 
not be 
able 
to 
sell some 
or 
all 
of 
these 
securities 
at 
one 
time, 
or 
over 
an 
 extended period of time without influencing the exchange-traded price, 
or at all. 

 20 
 5. 
Fair value of financial instruments (continued) 
 Financial instruments
 The following 
section describes 
the valuation 
methodologies the 
Company uses 
to measure 
its significant 
financial assets 
and 
 liabilities at fair value. 
 In general, and where applicable, the Company uses quoted prices in 
active markets for identical assets or liabilities 
to determine 
 fair value. 
This pricing 
methodology would 
apply to 
Level 1 
investments. If quoted 
prices in 
active markets 
for identical 
assets or 
 liabilities are 
not available 
to determine 
fair value, 
then the 
Company uses 
quoted 
prices for 
similar assets 
and 
liabilities or 
inputs 
 other 
than 
the 
quoted 
prices 
that 
are 
observable 
either 
directly 
or 
indirectly. These 
investments 
would 
be included 
in 
Level 
2 
 investments. In 
circumstances 
in 
which 
inputs 
are 
generally 
unobservable, 
values 
typically 
reflect 
management’s 
estimates 
of 
 assumptions that market participants would use in pricing the asset or liability. 
The fair values are therefore determined using model-
 based techniques that include 
option pricing models, discounted 
cash flow models, and 
similar techniques. Investments 
valued using 
 such techniques are included in Level 3 investments. 
 Asset measured at fair value using significant unobservable inputs – investment 
in Cell C
 The Company 
held 
 75,000,000 
 
class “A” shares 
in Cell 
C Limited 
(“Cell C”), a 
significant mobile 
telecoms provider 
in South 
 Africa. 
In November 2025, 
Cell C completed a 
restructuring process in anticipation 
of its listing on 
the securities exchange 
operated 
 by the JSE Limited. Under this process, a new holding company, 
Cell C Holdings Limited (“Cell C Listco”), was established for Cell 
 C, with a transaction 
step including the transfer 
of shares in Cell 
C by its existing 
shareholders to Cell C 
Listco in exchange 
for Cell 
 C Listco issuing shares to 
the existing Cell C shareholders 
(the “Flip-up”). The 
Company exchanged its 
 75,000,000 
 
class “A” shares 
 in Cell C for 
 76,590 
 
shares in Cell C Listco. Cell C Listco listed on November 23, 2025. 

 On October 31, 2025, in considering the proposed restructure 
and listing of Cell C Listco, Lesaka SA entered into an 
agreement 
 with The 
Prepaid Company 
Proprietary Limited 
(“TPC”) to 
dispose of 
its shares 
in Cell 
C (or, 
after the 
Flip-up is 
implemented, its 
 shares in Cell C Listco) (“Relevant Shares”), if certain conditions are met. Under the 
terms of the agreement, if: 
 ●
 the listing 
occurred by 
November 30, 
2025, and 
the value 
of Lesaka 
SA’s 
shares in 
Cell C 
was less 
than ZAR 
 50 
 
million, 
 then Lesaka SA could choose to either hold the shares, or sell the Relevant Shares to TPC for a purchase price equal to ZAR 
 50 
 
million; or 
 ●
 the listing did 
not occur by 
November 30, 2025 
(or, earlier 
than this date, 
it is determined 
that the listing 
will not proceed), 
 then Lesaka SA 
could sell the Relevant 
Shares to TPC for 
ZAR 
 35 
 
million. If, after 
this sale and before 
April 30, 2026, the 
 Listing occurs and the 
list price per share 
(“A”) is more than the 
price paid to Lesaka 
SA per Relevant Share 
(the aggregate 
 ZAR 
 35 
 
million) (“B”), then TPC shall pay an amount equal to the difference between A and B, multiplied by the number of 
 Relevant Shares to Lesaka SA as a top-up to the purchase consideration. 
 The value of Lesaka SA’s 
shares in Cell C Listco was less than ZAR 
 50 
 
million on listing and Lesaka SA elected to sell its Cell 
 C Listco shares to TPC for ZAR 
 50 
 
million ($
 3.0 
 
million) and received the cash proceeds in December 2025. 
 The 
Company’s 
Level 
3 
asset 
represented 
an 
investment 
of 
 75,000,000 
 
class 
“A” 
shares 
in 
Cell 
C. 
The 
Company 
used 
a 
 discounted cash 
flow model 
developed by 
the Company 
to determine 
the fair value 
of its 
investment in 
Cell C as 
of June 
30, 2025, 
 and valued Cell C 
at $
 0.0 
 
(zero) as of June 
30, 2025. The Company 
assumed that Cell C’s 
deferred tax assets would 
be utilized over 
 the forecast period. The Company has assumed a marketability discount of 
 15 
 % as of June 2025 and a minority discount of 
 17 
 %. The 
 Company utilized the latest business plan provided 
by Cell C management for the period ended May 31, 2030, 
for the June 30, 2025, 
 valuation. 
 The following key valuation inputs were used as of June 30, 2025:

 Weighted Average 
Cost of Capital ("WACC"): 
 24 
 % 
 Long term growth rate: 
 4.5 
 % 
 Marketability discount: 
 15 
 % 
 Minority discount: 
 17 
 % 
 Net adjusted external debt - June 30, 2025:
 (1)
 ZAR 
 8.3 
 
billion ($
 0.5 
 
billion), no lease liabilities included

 (1) translated from ZAR to U.S. dollars at exchange rates applicable as of 
June 30, 2025.

 21 
 5. 
Fair value of financial instruments (continued) 
 The following table 
presents the 
Company’s assets measured at 
fair value on 
a recurring 
basis as 
of December 31, 
2025, according 
 to the fair value hierarchy:

 Quoted Price in 
 Active Markets 
 for Identical 
 Assets 
 (Level 1) 
 Significant 
 Other 
 Observable 
 Inputs 
 (Level 2) 
 Significant 
 Unobservable 
 Inputs 
 (Level 3) 
 Total 
 Assets 
 Related to insurance 
 business: 

 $ 
 $ 
 $ 
 $ 
 Cash, cash equivalents and 
 restricted cash (included 
 in other long-term assets) 

 136 
 - 
 - 
 136 
 Fixed maturity 
 investments (included in 
 cash and cash equivalents) 
 6,793 
 - 
 - 
 6,793 
 Total assets at fair value 

 $ 
 6,929 
 $ 
 - 
 $ 
 - 
 $ 
 6,929 

 The following table presents the 
Company’s assets measured 
at fair value on a recurring basis as of 
June 30, 2025, according to 
 the fair value hierarchy:

 Quoted Price in 
 Active Markets 
 for Identical 
 Assets 
 (Level 1) 
 Significant 
 Other 
 Observable 
 Inputs 
 (Level 2) 
 Significant 
 Unobservable 
 Inputs 
 (Level 3) 
 Total 
 Assets 
 Investment in Cell C 
 $ 
 - 
 $ 
 - 
 $ 
 - 
 $ 
 - 
 Related to insurance business 
 Cash and cash equivalents 
 (included in other long-term 
 assets) 
 125 
 - 
 - 
 125 
 Fixed maturity investments 
 (included in cash and cash 
 equivalents) 
 4,739 
 - 
 - 
 4,739 
 Total assets at fair value 

 $ 
 4,864 
 $ 
 - 
 $ 
 - 
 $ 
 4,864 

 During the three and six 
months ended December 31, 
2025, respectively, the Company transferred its investment in 
Cell C Listco 
 out 
of 
Level 
3 
following 
the 
disposal 
of 
these 
equity 
securities. 
During 
the 
three 
and 
six 
months 
ended 
December 
31, 
2025, 
 respectively, 
the Company recorded an 
increase in the carrying 
value of its investment 
in Cell C Listco 
prior to the disposal 
of these 
 equity securities. 
 There were 
 no 
 
transfers in or out of Level 3 during the three and six months ended December 31, 2024. There was 
 no 
 
movement 
 in the 
carrying value 
of assets 
measured at 
fair value 
on a 
recurring basis, 
and categorized 
within Level 
3, during 
the three 
and six 
 months ended December 31, 2024.

 Summarized below is the movement in the carrying value of 
assets and liabilities measured at fair value on a recurring 
basis, and 
 categorized within Level 3, during the six months ended December 31, 2025:

 Carrying value 
 Assets 
 Balance as of June 30, 2025 
 $ 
 - 
 Gain on fair value re-measurement 
 2,971 
 Disposal of investment in Cell C 
 ( 2,971 )
 Foreign currency adjustment
 (1)
 - 
 Balance as of December 31, 2025 
 $ 
 - 

 (1) The foreign currency adjustment represents the effects of the fluctuations of the 
South African rand against the U.S. dollar on 
 t
 he carrying value.

 22 
 5. 
Fair value of financial instruments (continued) 
 Summarized below is the movement in the carrying value 
of assets and liabilities measured at fair value on 
a recurring basis, and 
 categorized within Level 3, during the six months ended December 31, 2024:

 Carrying value 
 Assets 
 Balance as of June 30, 2024 
 $ 
 - 
 Foreign currency adjustment
 (1)
 - 
 Balance as of December 31, 2024 
 $ 
 - 

 (1) The 
foreign currency 
adjustment represents the 
effects of 
the fluctuations 
of the South 
African rand 
against the U.S. 
dollar 
 on the carrying value.

 Assets measured at fair value on a nonrecurring basis
 The Company 
measures equity 
investments without 
readily determinable 
fair values 
at fair value 
on a 
nonrecurring basis. 
The 
 fair values of 
these investments 
are determined 
based on 
valuation techniques 
using the best 
information available 
and may include 
 quoted market prices, market comparables, and discounted cash flow 
projections. An impairment charge is recorded when the cost 
of 
 the 
asset 
exceeds 
its 
fair 
value 
and 
the 
excess 
is 
determined 
to 
be 
other-than-temporary. 
The 
Company 
has 
 no 
 
liabilities 
that 
are 
 measured at fair value on a nonrecurring basis.

 6. 
Equity-accounted investments and other long-term assets 
 Refer to Note 9 to the Company’s audited consolidated 
financial statements included in its Annual Report on Form 10-K for the 
 year ended June 30, 2025, for additional information regarding its equity 
-accounted investments and other long-term assets. 
 Equity-accounted investments 
 The Company’s 
ownership percentage in its equity-accounted 
investments as of December 31, 
2025, and June 30, 2025, was as 
 follows:

 December 31, 
 June 30, 
 2025 
 2025 
 Sandulela Technology 
(Proprietary) Limited (“Sandulela”) 
 49.0 
 % 
 49.0 
 % 
 SmartSwitch Namibia (Proprietary) Limited (“SmartSwitch Namibia”) 
 50.0 
 % 
 50.0 
 %

 SmartSwitch Namibia 
 The 
Company 
recorded 
a 
loss 
on 
impairment 
of 
equity-accounted 
investment 
of 
$
 0.6 
 
million 
during 
the 
six 
months 
ended 
 December 31, 2025, which primarily includes the release of accumulated 
other comprehensive loss (refer to Note 12).
 Other long-term assets 
 Summarized below is the breakdown of other long-term assets as of December 
31, 2025, and June 30, 2025:

 December 31, 
 June 30, 
 2025 
 2025 
 Total equity investments 

 $ 
 250 
 $ 
 - 
 Investment in Cell C (June 30, 2025: 
 5 
 %) at fair value (Note 5)
 (1)
 - 
 - 
 Investment in 
 10 
 % of Cowdi at fair value
 (2)
 250 
 - 
 Investment in 
 87.5 
 % of CPS (June 30, 2025: 
 87.5 
 %) at fair value
 (2)(3)
 - 
 - 
 Policy holder assets under investment contracts (Note 8) 
 136 
 125 
 Reinsurance assets under insurance contracts (Note 8) 
 2,020 
 1,837 
 Other long-term assets 
 1,975 
 1,847 
 Total other long-term 
assets 
 $ 
 4,381 
 $ 
 3,809 

 (1) The Company disposed of its entire shareholding in Cell C in December 
2025, refer to Note 5 for additional information. 
 (2) The Company determined 
that Cowdi and CPS do 
not have a readily 
determinable fair value and 
therefore elected to record 
 its investments 
at cost minus impairment, if 
any, plus or minus changes resulting 
from observable price changes in 
orderly transactions 
 for the identical or a similar investment of the same issuer. 
 (
 3) On October 16, 
2020, the High Court of 
South Africa, Gauteng Division, Pretoria 
ordered that CPS be 
placed into liquidation.

 23 
 6. 
Equity-accounted investments and other long-term assets (continued) 
 Other long-term assets (continued) 
 During 
the three 
and six 
months ended 
December 
31, 2025, 
the Company 
invested 
$
 0.3 
 
million 
to acquire 
a 
 10 
 % interest 
in 
 Cowdi Limited (“Cowdi”), an entity incorporated in England and Wales, 
with operations through a Kenyan wholly-owned subsidiary 
 offering digital 
loans to customers 
in that country. 
The Company also 
extended a $
 0.75 
 
million credit facility 
to Cowdi. The 
facility 
 was undrawn as of December 31, 2025. 

 The Company previously owned 
 6,215,620 
 
equity shares of One MobiKwik 
Systems Limited (“MobiKwik”). MobiKwik 
listed 
 on 
the 
National 
Stock 
Exchange 
of 
India 
(“NSE”) 
on 
December 
18, 
2024. 
Up 
until 
its 
listing 
MobiKwik 
did 
not 
have 
a 
readily 
 determinable fair 
value and 
the Company 
elected to 
measure its 
investment in 
MobiKwik at 
cost minus 
impairment, if 
any, 
plus or 
 minus changes 
resulting from 
observable price 
changes in 
orderly transactions 
for the 
identical or 
a similar 
investment of 
the same 
 issuer (“cost plus or minus changes 
in observable prices equity securities”). 
From the date of MobiKwik’s 
listing, the Company used 
 MobiKwik’s 
closing 
price 
reported 
on 
the 
NSE 
on 
the 
last 
trading 
day 
related 
to 
last 
day 
of 
the 
Company’s 
reporting 
period 
to 
 determine the fair value 
of the equity securities 
owned by the Company. 
The Company determined 
a fair value per 
MobiKwik share 
 of $
 6.85 
 
(INR 
 586.15 
 
per share 
at the 
USD: INR 
exchange rates applicable 
as of 
December 31, 2024). 
The Company used 
this valuation 
 as the 
basis for 
its adjustment 
to decrease 
the carrying 
value of 
its investment 
in MobiKwik 
by $
 33.7 
 
million from 
$
 76.3 
 
million to 
 $
 42.6 
 
million as of December 31, 
2024. The change in the 
fair value of MobiKwik for 
the three and six months ended 
December 31, 
 2024, of $
 33.7 
 
million, is included in the 
caption “Change in fair 
value of equity securities” 
in the consolidated statement of 
operations 
 for the three and six months ended December 31, 2024. The Company disposed of its entire shareholding in MobiKwik in June 2025. 
 Summarized below 
are the components 
of the Company’s 
equity securities without 
readily determinable 
fair value and 
held to 
 maturity investments as of December 31, 2025:

 Cost basis 
 Unrealized 
 holding 
 Unrealized 
 holding 
 Carrying 
 gains 
 losses 
 value 
 Equity securities: 
 Investment in Cowdi 
 $ 
 250 
 $ 
 - 
 $ 
 - 
 $ 
 250 
 Investment in CPS 
 - 
 - 
 - 
 - 
 Total 

 $ 
 250 
 $ 
 - 
 $ 
 - 
 $ 
 250 

 Summarized below are the components of the Company’s 
equity securities without readily determinable fair value and held to 
 maturity investments as of June 30, 2025:

 Cost basis 
 Unrealized 
 holding 
 Unrealized 
 holding 
 Carrying 
 gains 
 losses 
 value 
 Equity securities: 
 Investment in CPS 
 $ 
 - 
 $ 
 - 
 $ 
 - 
 $ 
 - 
 Held to maturity: 
 Investment in Cedar Cellular notes 

 - 
 - 
 - 
 - 

 24 
 7. 
Goodwill and intangible assets, net 
 Goodwill 
 Summarized below is the movement in the carrying value of goodwill 
for the six months ended December 31, 2025:

 Gross value 
 Accumulated 
 impairment 
 Carrying 
 value 
 Balance as of June 30, 2025 
 $ 
 236,109 
 $ 
 ( 36,714 )
 $ 
 199,395 
 Deconsolidation of Humble (Note 2) 
 ( 1,515 )
 - 
 ( 1,515 )
 Foreign currency adjustment
 (1)
 16,194 
 ( 2,188 )
 14,006 
 Balance as of December 31, 2025 
 $ 
 250,788 
 $ 
 ( 38,902 )
 $ 
 211,886 

 (1) – The foreign currency adjustment represents the effects of the fluctuations 
of the South African rand against the U.S. dollar 
 on the carrying value.

 Goodwill has been allocated to the Company’s 
reportable segments as follows:

 Merchant 
 Consumer 
 Enterprise 
 Carrying 
 value 
 Balance as of June 30, 2025 
 $ 
 179,634 
 $ 
 6,027 
 $ 
 13,734 
 $ 
 199,395 
 Deconsolidation of Humble (Note 2) 
 ( 1,515 )
 - 
 - 
 ( 1,515 )
 Foreign currency adjustment
 (1)
 12,609 
 426 
 971 
 14,006 
 Balance as of December 31, 2025 
 $ 
 190,728 
 $ 
 6,453 
 $ 
 14,705 
 $ 
 211,886 

 (1) The foreign 
currency adjustment represents 
the effects 
of the fluctuations 
of the South 
African rand 
against the U.S. 
dollar 
 on the carrying value.

 Intangible assets, net 
 Carrying value and amortization of intangible assets
 Summarized below is 
the carrying value 
and accumulated amortization 
of intangible assets as 
of December 31, 
2025, and June 
 30, 2025:

 As of December 31, 2025 
 As of June 30, 2025 
 Gross 
 carrying 
 value 
 Accumulated 
 amortization 
 Net 
 carrying 
 value 
 Gross 
 carrying 
 value 
 Accumulated 
 amortization 
 Net 
 carrying 
 value 
 Finite-lived intangible assets: 
 Software, integrated 
 platform and unpatented 
 technology 
 $ 
 149,178 
 $ 
 ( 52,905 )
 $ 
 96,273 
 $ 
 137,099 
 $ 
 ( 41,925 )
 $ 
 95,174 
 Customer relationships 
 57,248 
 ( 22,842 )
 34,406 
 53,369 
 ( 18,568 )
 34,801 
 Brands and trademarks
 (1)
 19,523 
 ( 18,539 )
 984 
 18,233 
 ( 8,993 )
 9,240 
 FTS patent 

 2,311 
 ( 2,311 )
 - 
 2,158 
 ( 2,158 )
 - 
 Total finite-lived 
intangible 
 assets 

 $ 
 228,260 
 $ 
 ( 96,597 )
 $ 
 131,663 
 $ 
 210,859 
 $ 
 ( 71,644 )
 $ 
 139,215 

 (1) 
During 
early 
calendar 
2025, 
the 
Company’s 
executive 
considered 
the 
unification 
of 
the 
Company’s 
merchant 
segments 
 operations 
and 
the 
realignment 
of 
the 
Company’s 
brands 
under 
the 
master 
brand 
“Lesaka”. 
The 
Company’s 
Board 
of 
Directors 
 approved the realignment of certain of the Company’s brands to the master brand in May 2025. The Company has identified the steps 
 and 
timing 
to realign 
the affected 
brands 
under the 
master brand 
and expects 
to have 
complete alignment 
by February 
2027, 
with 
 certain brands aligned in December 
2025. The change in 
brands has resulted in 
a change in 
the useful lives of 
certain of the Company’s 
 brand 
and 
trademark 
intangible 
assets 
which 
has 
resulted 
in 
an 
increase 
(excluding 
the 
impact 
on 
Adumo 
and 
GAAP 
brands) 
in 
 amortization expense of 
$
 3.2 
 
million and $
 6.3 
 
million during the three 
and six months ended 
December 31, 2025 compared 
with the 
 three and six months ended December 31, 2024. The 
change in the useful lives resulted in a $
 2.3 
 
million and $
 4.6 
 
million increase in 
 the Company’s 
net loss from continuing operations 
for the three and six 
months ended December 31, 2025, 
respectively, and 
did not 
 h
 ave a significant impact on earnings (loss) per share. The change did not impact prior periods.

 25 
 7. 
Goodwill and intangible assets, net (continued) 
 Intangible assets, net (continued) 
 Aggregate amortization 
expense on the 
finite-lived intangible 
assets for the 
three months 
ended December 
31, 2025 and 
2024, 
 was $
 9.8 
 
million and $
 4.9 
 
million, respectively. Aggregate amortization expense on the 
finite-lived intangible assets for 
the six months 
 ended December 31, 2025 and 2024, 
was $
 18.9 
 
million and $
 8.8 
 
million, respectively. 
Future estimated annual amortization expense 
 for the next 
five fiscal years 
and thereafter, 
assuming exchange 
rates that prevailed 
on December 
31, 2025, is 
presented in 
the table 
 below. Actual amortization expense in future periods could differ from this estimate 
as a result of acquisitions, changes 
in useful lives, 
 exchange rate fluctuations and other relevant factors.

 Fiscal 2026 (excluding six months ended December 31, 2025) 
 $ 
 12,527 
 Fiscal 2027 
 22,780 
 Fiscal 2028 
 22,316 
 Fiscal 2029 
 21,164 
 Fiscal 2030 
 19,697 
 Thereafter 
 33,179 
 Total future 
estimated annual amortization expense 
 $ 
 131,663 

 8. 
Assets and policyholder liabilities under insurance and investment 
contracts 
 Reinsurance assets and policyholder liabilities under insurance contracts 

 Summarized below 
is the 
movement in 
reinsurance assets 
and policyholder 
liabilities under 
insurance contracts 
during the 
six 
 months ended December 31, 2025:

 Reinsurance 
 Assets
 (1)
 Insurance 
 contracts
 (2)
 Balance as of June 30, 2025 
 $ 
 1,837 
 $ 
 ( 2,644 )
 Increase in policyholder benefits under insurance contracts 

 177 
 ( 6,055 )
 Claims and decrease in policyholders’ benefits under insurance contracts 
 ( 126 )
 5,939 
 Foreign currency adjustment
 (3)
 132 
 ( 193 )
 Balance as of December 31, 2025 
 $ 
 2,020 
 $ 
 ( 2,953 )

 (1) Included in other long-term assets (refer to Note 6); 
 (2) Included in other long-term liabilities; 
 (3) Represents the effects of the fluctuations of the ZAR against the U.S. dollar.

 The Company has agreements with reinsurance companies in order to limit its losses from various insurance contracts, however, 
 if the reinsurer is unable 
to meet its obligations, the 
Company retains the liability. 
The value of insurance 
contract liabilities is based 
 on the best estimate assumptions of future experience plus prescribed 
margins, as required in the markets in which these 
products are 
 offered, 
namely South 
Africa. The 
process of 
deriving the 
best estimate 
assumptions plus 
prescribed margins 
includes assumptions 
 related to claim reporting delays (based on average industry experience). 
 Assets and policyholder liabilities under investment contracts
 Summarized below is the movement 
in assets and policyholder 
liabilities under investment contracts during 
the six months ended 
 December 31, 2025:

 Assets
 (1)
 Investment 
 contracts
 (2)
 Balance as of June 30, 2025 
 $ 
 133 
 $ 
 ( 125 )
 Increase in policy holder benefits under investment contracts 

 3 
 ( 3 )
 Foreign currency adjustment 
 (3)
 - 
 ( 8 )
 Balance as of December 31, 2025 
 $ 
 136 
 $ 
 ( 136 )

 (1) Included in other long-term assets (refer to Note 6); 
 (2) Included in other long-term liabilities; 
 (3) Represents the effects of the fluctuations of the ZAR against the U.S. dollar.

 The Company does not offer any investment products with 
guarantees related to capital or returns.

 26 
 9. 
Borrowings 
 Refer to 
Note 12 
to the 
Company’s 
audited consolidated 
financial statements 
included in 
its Annual 
Report on 
Form 10-K 
for 
 the year ended June 30, 2025, for additional information regarding 
its borrowings. 
 Reference rate reform 
 After the 
transition 
away from 
certain 
interbank 
offered 
rates in 
foreign 
jurisdictions 
(“IBOR reform”), 
the reforms 
to South 
 Africa’s 
reference interest 
rate are now 
accelerating rapidly. 
The Johannesburg 
Interbank Average 
Rate (“JIBAR”) 
will be replaced 
 by the new South African Overnight Index Average (“ZARONIA”). Certain of the Company’s 
borrowings reference JIBAR as a base 
 interest rate. ZARONIA 
reflects the 
interest rate at 
which rand-denominated 
overnight wholesale 
funds are 
obtained by commercial 
 banks. There 
is uncertainty 
surrounding the 
timing and 
manner in 
which the 
transition would 
occur and 
how this 
would affect 
our 
 borrowings. The 
Company is in 
regular contact 
with its lenders 
and will update 
existing borrowing 
agreements to the 
new base 
rate 
 when ZARONIA is adopted by the financial industry and lenders as the new 
reference rate. 
 South Africa 
 The JIBAR, 
an average 
of 3 
month negotiable 
certificates of 
deposit (“NCD”) 
rates, on 
December 31, 
2025, was 
 6.75 
 %. The 
 prime rate, the benchmark rate at which private sector banks lend to the public 
in South Africa, on December 31, 2025, was 
 10.25 
 %.

 Movement in short-term credit facilities 
 Summarized below are the Company’s short-term facilities as 
of December 31, 2025, and 
the movement in the Company’s short-
 term facilities from as of June 30, 2025 to as of December 31, 2025:

 RMB 
 RMB 
 Nedbank 
 GBF 
 Other 
 Facilities 
 Total 
 Short-term facilities available as of December 31, 2025 
 $ 
 42,267 
 $ 
 6,073 
 $ 
 9,441 
 $ 
 57,781 
 Overdraft 

 42,267 
 - 
 - 
 42,267 
 Indirect and derivative facilities 

 - 
 6,073 
 9,441 
 15,514 
 Movement in utilized overdraft facilities: 

 No restrictions as to use 

 24,469 
 - 
 - 
 24,469 
 Balance as of June 30, 2025 
 24,469 
 - 
 - 
 24,469 
 Utilized 

 48,509 
 - 
 - 
 48,509 
 Repaid 
 ( 53,101 )
 - 
 - 
 ( 53,101 )
 Foreign currency adjustment
 (1)
 1,456 
 - 
 - 
 1,456 
 Balance as of December 31, 2025 
 21,333 
 - 
 - 
 21,333 
 No restrictions as to use 

 $ 
 21,333 
 $ 
 - 
 $ 
 - 
 $ 
 21,333 
 Interest rate as of December 31, 2025 (%)
 (2)
 9.75 
 N/A 
 N/A 
 Interest rate as of June 30, 2025 (%)
 (2)
 10.25 
 N/A 
 N/A 
 Movement in utilized indirect and derivative facilities: 
 Balance as of June 30, 2025 
 $ 
 - 
 $ 
 1,864 
 $ 
 119 
 $ 
 1,983 
 Guarantees cancelled 
 - 
 ( 1,611 )
 - 
 ( 1,611 )
 Utilized 

 - 
 1,536 
 - 
 1,536 
 Foreign currency adjustment
 (1)
 - 
 128 
 8 
 136 
 Balance as of December 31, 2025 
 $ 
 - 
 $ 
 1,917 
 $ 
 127 
 $ 
 2,044 

 (1) Represents the effects of the fluctuations between the 
ZAR and the U.S. dollar.

 (2) RMB GBF interest is set at prime less 
 0.50 
 %.

 Interest expense incurred under 
the Company’s South African short-term borrowings 
and included in 
the caption interest 
expense 
 on the condensed consolidated statement of operations during the three months ended December 31, 2025 and 2024, was $
 0.8 
 
million 
 and $
 0.6 
 
million, respectively. 
Interest expense incurred 
under the Company’s 
South African short-term 
borrowings and included 
in 
 the caption interest 
expense on the condensed 
consolidated statement of 
operations during the 
six months ended 
December 31, 2025 
 and 2024, was $
 1.3 
 
million and $
 2.4 
 
million, respectively. 
 The 
Company 
cancelled 
Adumo’s 
overdraft 
arrangements 
on 
October 
1, 
2024, 
and 
settled 
Adumo’s 
outstanding 
overdraft 
 balance of ZAR 
 20.0 
 
million ($
 1.1 
 
million) on the 
same day. 
The repayment is 
included in the 
caption repayment 
of bank overdraft 
 included on the Company’s unaudited condensed consolidated statements of cash flows for the three and six months ended December 
 3
 1, 2024. 

 27 
 9. 
Borrowings (continued) 
 Movement in long-term borrowings 
 Summarized below 
is the 
movement in 
the Company’s 
long-term borrowing 
from as 
of June 
30, 2025 
to as 
of December 
31, 
 2025:

 Facilities 
 Lesaka A 
 Lesaka B 
 Asset 
 backed 
 
 CCC 
 Total 
 Included in current 
 $ 
 - 
 $ 
 8,448 
 $ 
 3,508 
 $ 
 - 
 $ 
 11,956 
 Included in long-term 
 120,375 
 47,873 
 3,671 
 16,894 
 188,813 
 Opening balance as of June 30, 2025 
 120,375 
 56,321 
 7,179 
 16,894 
 200,769 
 Facilities utilized 
 - 
 - 
 3,057 
 972 
 4,029 
 Facilities repaid 
 - 
 - 
 ( 2,385 )
 - 
 ( 2,385 )
 Non-refundable fees paid 
 - 
 - 
 - 
 ( 33 )
 ( 33 )
 Non-refundable fees amortized 
 152 
 - 
 5 
 12 
 169 
 Foreign currency adjustment
 (1)
 8,520 
 3,983 
 533 
 1,242 
 14,278 
 Closing balance as of December 31, 2025 
 129,047 
 60,304 
 8,389 
 19,087 
 216,827 
 Included in current 
 - 
 9,046 
 3,979 
 - 
 13,025 
 Included in long-term 
 129,047 
 51,258 
 4,410 
 19,087 
 203,802 
 Unamortized fees 
 ( 951 )
 - 
 - 
 ( 23 )
 ( 974 )
 Due within 2 years 
 - 
 12,061 
 2,518 
 - 
 14,579 
 Due within 3 years 
 - 
 18,091 
 1,530 
 19,110 
 38,731 
 Due within 4 years 
 129,998 
 21,106 
 362 
 - 
 151,466 
 Due within 5 years 
 $ 
 - 
 $ 
 - 
 $ 
 - 
 $ 
 - 
 $ 
 - 
 Interest rates as of December 31, 2025 (%): 
 10.00 
 9.90 
 11.00 
 10.15 
 Base rate (%) 
 6.75 
 6.75 
 10.25 
 10.25 
 Margin (%) 
 3.25 
 3.15 
 0.75 
 ( 0.10 )
 (2) 
 (3) 
 (4) 
 (5) 
 Interest rates as of June 30, 2025 (%): 
 10.54 
 10.44 
 11.50 
 11.70 
 Base rate (%) 
 7.29 
 7.29 
 10.75 
 10.75 
 Margin (%) 
 3.25 
 3.15 
 0.75 
 0.95 
 Footnote number 
 (2) 
 (3) 
 (4) 
 (6)

 (1) Represents the effects of the fluctuations between the ZAR and the 
U.S. dollar. 
 (2) Interest 
on Facility 
A and Facility 
B is based 
on the JIBAR 
in effect 
from time 
to time 
plus an 
initial margin 
of 
 3.25 
 % per 
 annum until 
June 30, 
2025. From 
July 1, 
2025, the 
margin on 
Facility A 
is determined 
with reference 
to the 
Net Debt 
to EBITDA 
 Ratio, and the 
margin will be either 
(i) 
 3.25 
 %, if the Net 
Debt to EBITDA Ratio 
is greater than or 
equal to 2.5 times; 
or (ii) 
 2.5 
 %, if 
 the Net Debt to EBITDA Ratio is less than 2.5 times. 
 (3) Interest on 
Facility B is calculated 
based on JIBAR from 
time to time plus 
an initial margin 
of 
 3.15 
 % per annum 
until June 
 30, 2025. From July 1, 2025, the margin on Facility B is determined with reference to the Net Debt to EBITDA Ratio, and the margin 
 will be either (i) 
 3.15 
 %, if the Net 
Debt to EBITDA Ratio is greater than 
or equal to 2.5 times; 
or (ii) 
 2.4 
 %, if the Net Debt 
to EBITDA 
 Ratio is less than 2.5 times. 
 (4) Interest is charged at prime plus 
 0.75 
 % per annum on the utilized balance. 
 (5) Interest is charged at prime less 0.10% per annum on 
the utilized balance. 
 (6) Interest is charged at prime plus 
 0.95 
 % per annum on the utilized balance.

 Interest expense incurred under the Company’s South African long-term borrowings and included in the 
caption interest expense 
 on the condensed consolidated statement of operations during the three months ended December 31, 2025 and 2024, was $
 3.7 
 
million 
 and $
 4.2 
 
million, respectively. 
Prepaid facility fees 
amortized included 
in interest expense 
during the three 
months ended December 
 31, 2025 and 2024, respectively, 
were $
 0.1 
 
million and $
 0.1 
 
million, respectively. 

 Interest expense incurred under the Company’s South African long-term borrowings and included in the 
caption interest expense 
 on the condensed 
consolidated statement of 
operations during the 
six months ended 
December 31, 2025 
and 2024, was 
$
 7.5 
 
million 
 and $
 4.2 
 
million, respectively. Prepaid facility fees amortized included in interest expense during the six months ended December 
31, 
 2025 and 2024, respectively, 
were $
 0.2 
 
million and $
 0.1 
 
million, respectively. 

 28 
 9. 
Borrowings (continued) 
 Movement in long-term borrowings (continued) 
 Interest expense incurred under the Company’s 
South African long-term borrowings to fund its Consumer lending book (for the 
 three months ended 
December 31, 2025) and 
interest incurred under 
the Company’s 
CCC and K2020 facilities 
relates to borrowings 
 utilized to fund a portion of the Company’s merchant finance loans receivable were $
 1.8 
 
million and $
 0.4 
 
million, respectively, and is 
 included in the caption cost of 
goods sold, IT processing, servicing and support 
on the condensed consolidated statement of operations 
 for the three months ended December 31, 2025 and 2024.

 Interest expense incurred under the Company’s 
South African long-term borrowings to fund its Consumer lending book (for the 
 six months 
ended December 
31, 2025) 
and interest 
incurred under 
the Company’s 
CCC and 
K2020 facilities 
relates to 
borrowings 
 utilized to fund a portion of the Company’s merchant finance loans receivable were $
 3.3 
 
million and $
 0.4 
 
million, respectively, and is 
 included in the caption cost of 
goods sold, IT processing, servicing and support 
on the condensed consolidated statement of operations 
 for the six months ended December 31, 2025 and 2024. 
 The Company 
cancelled Adumo’s 
long-term 
borrowings 
arrangements on 
October 1, 
2024, and 
settled Adumo’s 
outstanding 
 balances 
of ZAR 
 126.7 
 
million 
($
 7.2 
 
million) on 
the same 
day. 
The repayment 
is included 
in the 
caption 
repayment of 
long-term 
 borrowings included on the Company’s unaudited condensed consolidated statements 
of cash flows for 
the three and six 
months ended 
 December 31, 2024.

 10. 
Other payables 
 Summarized below is the breakdown of other payables as of December 
31, 2025, and June 30, 2025:

 December 31, 
 June 30, 
 2025 
 2025 
 Vendor 
wallet balances 
 $ 
 25,949 
 $ 
 19,529 
 Accruals 
 14,280 
 8,469 
 Provisions 
 7,309 
 8,497 
 Clearing accounts 
 12,404 
 6,766 
 Value 
-added tax payable
 (A)
 8,428 
 6,347 
 Deferred consideration due to seller of Recharger 
 14,815 
 13,837 
 Payroll-related payables 
 2,233 
 1,931 
 Other 
 7,083 
 10,659 
 $ 
 92,501 
 $ 
 76,035 

 (A) Value-added 
tax payable 
and the 
total of 
Other payables 
have each 
increased by 
$
 4.0 
 
million as 
a result 
of the 
correction 
 discussed in Note 1.

 Other includes deferred income, client deposits and other payables.

 In December 2025, 
the Company determined 
that the liquidation 
of CPS is at 
an advanced stage 
and released an 
accrual raised 
 at the time of 
deconsolidation. The release has 
been included in the 
caption “Other income” in 
the consolidated statement of 
operations 
 for the three and six months ended December 31, 2025.

 11. 
Capital structure 
 Impact of non-vested equity shares on number of shares, 
net of treasury 
 The following table presents a 
reconciliation between the number of 
shares, net of treasury, presented in the 
unaudited condensed 
 consolidated statement of changes in 
equity during the six months ended 
December 31, 2025 and 2024, respectively, 
and the number 
 of shares, net of treasury, 
excluding non-vested equity shares that have not vested as of December 
31, 2025 and 2024, respectively:

 December 31, 
 December 31, 
 2025 
 2024 
 Number of shares, net of treasury: 
 Statement of changes in equity 

 81,524,175 
 80,203,148 
 Less: Non-vested equity shares that have not vested as of end of period 
 2,500,483 
 2,902,303 
 Number of shares, net of treasury, 
excluding non-vested equity shares that have not 
 vested 

 79,023,692 
 77,300,845 

 29 
 12. 
Accumulated other comprehensive loss 
 The table 
below presents 
the change 
in accumulated 
other comprehensive 
loss per 
component 
during the 
three months 
ended 
 December 31, 2025:

 Three months ended 
 December 31, 2025 
 Accumulated 
 foreign 
 currency 
 translation 
 reserve 
 Total 
 Balance as of October 1, 2025 
 $ 
 ( 178,543 )
 $ 
 ( 178,543 )
 Movement in foreign currency translation reserve related to disposal of 
subsidiary 
 ( 22 )
 ( 22 )
 Movement in foreign currency translation reserve 

 10,257 
 10,257 
 Balance as of December 31, 2025 
 $ 
 ( 168,308 )
 $ 
 ( 168,308 )

 The table 
below presents 
the change 
in accumulated 
other comprehensive 
loss per 
component during 
the three 
months ended 
 December 31, 2024:

 Three months ended 
 December 31, 2024 
 Accumulated 
 foreign 
 currency 
 translation 
 reserve 
 Total 
 Balance as of October 1, 2024 
 (A) 
 $ 
 ( 177,868 )
 $ 
 ( 177,868 )
 Movement in foreign currency translation reserve related to liquidation 
of subsidiaries 
 6 
 6 
 Movement in foreign currency translation reserve 
 (A) 
 ( 21,858 )
 ( 21,858 )
 Balance as of December 31, 2024 
 (A) 
 $ 
 ( 199,720 )
 $ 
 ( 199,720 )

 (A) Accumulated other comprehensive loss and Total 
as of October 1, 2024, have each 
increased by $
 0.04 
 
million as a result of 
 the correction discussed in Note 1. Accumulated 
other comprehensive loss and Total 
for the three months ended December 31, 2024, 
 have each decreased by $
 - 0.3 
 
million as a result of the correction discussed in 
Note 1 to the amount included in the caption Movement 
 in 
foreign 
currency 
translation 
reserve. 
Accumulated 
other 
comprehensive 
loss 
and 
Total 
as 
of 
December 
31, 
2024, 
have 
each 
 decreased by $
 - 0.3 
 
million as a result of the correction discussed in Note 1.

 The 
table 
below 
presents 
the 
change 
in 
accumulated 
other 
comprehensive 
loss 
per 
component 
during 
the 
six 
months 
ended 
 December 31, 2025:

 Six months ended 
 December 31, 2025 
 Accumulated 
 foreign 
 currency 
 translation 
 reserve 
 Total 
 Balance as of July 1, 2025
 (A)
 $ 
 ( 185,626 )
 $ 
 ( 185,626 )
 Release of foreign currency translation reserve related to liquidation of equity 
-accounted 
 investment 
 550 
 550 
 Release of foreign currency translation reserve related to liquidation of subsidiaries 
 ( 22 )
 ( 22 )
 Movement in foreign currency translation reserve 
 (A)
 16,790 
 16,790 
 Balance as of December 31, 2025
 (A)
 $ 
 ( 168,308 )
 $ 
 ( 168,308 )

 (A) Accumulated other comprehensive loss and Total 
as of July 1, 2025, have each decreased by $
 0.04 
 
million as a result of the 
 correction discussed in Note 1. 
Accumulated other comprehensive loss 
and Total 
for the six months ended 
December 31, 2025, have 
 each increased by 
$
 0.1 
 
million as a result 
of the correction, 
as discussed in Note 
1, to the amount 
included in the caption 
Movement 
 in foreign 
currency translation 
reserve for 
the three 
months ended 
September 30, 
2025. Accumulated 
other comprehensive 
loss and 
 T
 otal as of December 31, 2025, have each increased by $
 0.1 
 
million as a result of the correction discussed in Note 1.

 30 
 12. 
Accumulated other comprehensive loss (continued) 
 The 
table 
below 
presents 
the 
change 
in 
accumulated 
other 
comprehensive 
loss 
per 
component 
during 
the 
six 
months 
ended 
 December 31, 2024:

 a 
 Six months ended 
 December 31, 2024 
 Accumulated 
 foreign 
 currency 
 translation 
 reserve 
 Total 
 Balance as of July 1, 2024
 (A)
 $ 
 ( 188,227 )
 $ 
 ( 188,227 )
 Movement in foreign currency translation reserve related to liquidation 
of subsidiaries 
 6 
 6 
 Movement in foreign currency translation reserve related to equity-accounted 
investment
 (A)
 ( 11,499 )
 ( 11,499 )
 Balance as of December 31, 2024
 (A)
 $ 
 ( 199,720 )
 $ 
 ( 199,720 )

 (A) Accumulated other 
comprehensive loss and Total 
as of July 1, 
2024, have each decreased 
by $
 0.1 
 
million as a result of 
the 
 correction discussed in Note 1. 
Accumulated other comprehensive loss 
and Total 
for the six months ended 
December 31, 2024, have 
 each decreased by 
$
 - 0.1 
 
million as a result 
of the correction 
discussed in Note 
1 to the 
amount included in 
the caption Movement 
in 
 foreign currency translation reserve. Accumulated other comprehensive loss and Total as of December 
31, 2024, have each decreased 
 by $
 0.01 
 
million as a result of the correction discussed in Note 1.

 The movement in the 
foreign currency translation reserve represents 
the impact of translation of 
consolidated entities which have 
 a functional currency (which is primarily ZAR) to the Company’s 
reporting currency, which is USD. 
 During 
the 
six 
months 
ended 
December 
31, 
2025, 
the 
Company 
reclassified 
losses 
of 
$
 0.6 
 
million 
from 
accumulated 
other 
 comprehensive 
loss 
(accumulated 
foreign 
currency 
translation 
reserve) 
to 
net 
loss 
related 
to 
the 
impairment 
on 
liquidation 
of 
an 
 equity-accounted investment. During 
each of the three and six 
months ended December 31, 
2025, the Company reclassified 
a loss of 
 $
 0.02 
 
million, respectively, from accumulated other comprehensive loss (accumulated foreign currency translation reserve) to net loss 
 related to the disposal of a subsidiary. During each of the three and six months ended December 31, 2024, the Company reclassified a 
 loss of $
 0.006 
 
million, respectively, 
from accumulated 
other comprehensive 
loss (accumulated 
foreign currency 
translation reserve) 
 t
 o net loss related to the liquidation of subsidiaries.

 31 
 13. 
Stock-based compensation 
 The Company’s 
Amended and Restated 
2022 Stock 
Incentive Plan (“20 
22 Plan”) 
and the vesting 
terms of certain 
stock-based 
 awards granted are described in Note 17 to the Company’s audited consolidated financial statements included in its Annual Report on 
 Form 10-K 
for the 
year ended 
June 30, 
2025. On 
September 2, 
2025, the 
Company’s 
Board resolved 
to request 
the approval 
of the 
 Company’s 
shareholders to increase the 
number of shares 
available for issuance under 
the 2022 Plan by 
 3,000,000 
 . On December 
8, 
 2025, the Company’s shareholders approved 
the amendment. 
 Stock option and restricted stock activity 

 Options 
 The following table summarizes stock option activity for the six months 
ended December 31, 2025 and 2024:

 Number of 
 shares 
 Weighted 
 average 
 exercise 
 price 
 ($) 
 Weighted 
 average 
 remaining 
 contractual 
 term 
 (in years) 
 Aggregate 
 intrinsic 
 value 
 ($'000) 
 Weighted 
 average 
 grant date 
 fair value 
 ($) 
 Outstanding - June 30, 2025 
 5,866,904 
 8.71 
 3.55 
 703 
 1.20 
 Outstanding - December 31, 2025 
 5,866,904 
 8.71 
 3.03 
 883 
 1.20 
 Outstanding - June 30, 2024 
 4,918,248 
 8.70 
 4.51 
 889 
 1.77 
 Granted – December 2023 
 350,000 
 6.00 
 - 
 433 
 1.24 
 Granted – November 2020 
 250,000 
 8.00 
 - 
 177 
 0.71 
 Exercised 
 ( 17,014 )
 3.02 
 - 
 38 
 - 
 Forfeited 
 ( 13,333 )
 11.23 
 - 
 - 
 8.83 
 Outstanding - December 31, 2024 
 5,487,901 
 8.48 
 4.04 
 1,418 
 1.76 

 No 
 
stock options were awarded 
during the three and 
six months ended 
December 31, 2025. The 
Company awarded 
 600,000 
 
stock 
 options to 
an executive officer 
during the 
three and six 
months ended December 
31, 2024, with 
strike prices ranging 
from $
 6 
 
to $
 8 
 . 
 The 
 600,000 
 
stock options 
will vest on 
December 31, 
2026, and 
vesting is 
subject to 
the executive 
officer’s 
continued employment 
 with the Company through to the vesting date. The 
 600,000 
 
stock options expire on January 31, 2029. 
 No 
 
stock options were exercised or forfeited during the three 
and six months ended December 31, 2025. During each 
of the three 
 and six months 
ended December 31, 
2024, the Company 
received $
 0.05 
 
million from the 
exercise of 
 17,014 
 
stock options, respectively. 
 Employees forfeited an aggregate of 
 13,333 
 
stock options during each of the three and six months ended December 31, 2024.

 The 
fair 
value 
of 
each 
option 
is 
estimated 
on 
the 
date 
of 
grant 
using the 
Cox 
Ross 
Rubinstein 
binomial 
model 
that 
uses the 
 assumptions noted in the 
following table. The estimated 
expected volatility is calculated 
based on the Company’s 
 730 
 -day volatility. 
 The estimated 
expected life 
of the 
option was 
determined based 
on the 
historical behavior 
of employees 
who were 
granted options 
 with similar terms. 

 32 
 13. 
Stock-based compensation (continued) 
 Stock option and restricted stock activity (continued) 
 Options (continued) 
 The table below 
presents the range 
of assumptions used 
to value stock 
options granted during 
the six months 
ended December 
 31, 2024:

 Six months 
 ended 
 December 31, 
 2024 
 Expected volatility 

 42 
 % 
 Expected dividends 

 0 
 % 
 Expected life (in years) 

 2 
 Risk-free rate 

 4.3 
 %

 The following table presents stock options vested and expected to vest as of 
December 31, 2025:

 Number of 
 shares 
 Weighted 
 average 
 exercise 
 price 
 ($) 
 Weighted 
 average 
 remaining 
 contractual 
 term 
 (in years) 
 Aggregate 
 intrinsic 
 value 
 ($’000) 
 Vested 
and expecting to vest - December 31, 2025 
 5,866,904 
 8.71 
 3.03 
 883 

 These options have an exercise price range of $
 3.01 
 
to $
 14.00 
 . 
 The following table presents stock options that are exercisable as of December 
31, 2025:

 Number of 
 shares 
 Weighted 
 average 
 exercise 
 price 
 ($) 
 Weighted 
 average 
 remaining 
 contractual 
 term 
 (in years) 
 Aggregate 
 intrinsic 
 value 
 ($’000) 
 Exercisable - December 31, 2025 
 869,570 
 3.98 
 3.47 
 888 

 No 
 
stock options became exercisable during each 
of the three and six 
months ended December 31, 2025 and 
2024. The Company 
 issues new shares to satisfy stock option exercises.

 33 
 13. 
Stock-based compensation (continued) 
 Stock option and restricted stock activity (continued) 
 Restricted stock 
 The following table summarizes restricted stock activity for the six 
months ended December 31, 2025 and 2024:

 Number of 
 shares of 
 restricted stock 
 Weighted 
 average grant 
 date fair value 
 ($’000) 
 Non-vested – June 30, 2025 
 2,169,900 
 7,833 
 Total granted 
 829,095 
 3,175 
 Granted – July 2025 
 3,772 
 17 
 Granted – August 2025 
 5,323 
 25 
 Granted – September 2025 
 200,000 
 922 
 Granted – October 2025 
 215,000 
 905 
 Granted – November 2025 
 160,000 
 708 
 Granted – November 2025, with performance conditions 
 245,000 
 598 
 Total vested 
 ( 217,179 )
 850 
 Vested 
– August 2025 
 ( 10,933 )
 50 
 Vested 
– October 2025 
 ( 33,333 )
 139 
 Vested 
– November 2025 
 ( 120,434 )
 465 
 Vested 
– December 2025 
 ( 52,479 )
 196 
 Forfeitures 
 ( 281,333 )
 1,060 
 Forfeitures 
 ( 23,465 )
 98 
 Forfeitures December 2022 award with market conditions 
 ( 257,868 )
 962 
 Non-vested – December 31, 2025 
 2,500,483 
 10,035 
 Non-vested – June 30, 2024 
 2,084,946 
 8,736 
 Total Granted 
 1,331,110 
 4,850 
 Granted – August 2024 
 32,800 
 154 
 Granted – October 2024 
 100,000 
 490 
 Granted – November 2024, with performance conditions 
 1,198,310 
 4,206 
 Total vested 
 ( 473,432 )
 2,469 
 Vested 
– July 2024 
 ( 78,801 )
 394 
 Vested 
– November 2024 
 ( 213,687 )
 1,134 
 Vested 
– November 2024, with performance conditions 
 ( 103,638 )
 524 
 Vested 
– December 2024 
 ( 77,306 )
 417 
 Forfeitures 
 ( 40,321 )
 216 
 Non-vested – December 31, 2024 
 2,902,303 
 11,348 

 34 
 13. 
Stock-based compensation (continued) 
 Stock option and restricted stock activity (continued) 
 Restricted stock (continued) 
 Grants 
 In July, 
August, September, 
October and 
November 2025, 
respectively, 
the Company 
granted 
 3,772 
 ; 
 5,323 
 ; 
 200,000 
 ; 
 215,000 
 and 
 160,000 
 
shares of restricted stock 
to employees which have 
time-based vesting conditions and which 
are subject to the 
employees’ 
 continued employment with the Company through the applicable vesting 
dates.

 In November 
2025, the 
Company awarded 
 245,000 
 
shares of 
restricted stock 
to a 
group comprising 
employees and 
which are 
 subject to a time-based vesting condition and a market condition and vest in full only on the date, if any, that the following conditions 
 are satisfied: (1) a compounded annual 
 15 
 % appreciation in the Company’s stock price off a base 
price of $
 4.31 
 
over the measurement 
 period commencing on November 1, 2025 
through October 31, 2028, and (2) the recipient 
is employed by the Company on a full-time 
 basis through to October 31, 2028. If either of these conditions is not satisfied, then none of the shares of restricted stock 
will vest and 
 they will be forfeited. The Company’s 
closing price on October 31, 2025, was $
 4.30 
 . 
 The appreciation levels (times and price) and 
annual target percentages to earn the 
awards as of each period 
ended are as follows: 
 ●
 Prior to the first anniversary of the grant date: 
 0 
 %; 
 ●
 Fiscal 
2027, 
the 
Company’s 
30-day 
volume 
weighted-average 
stock 
price 
(“VWAP”) 
before 
October 
31, 
2026 
is 
 approximately 
 1.15 
 
times higher (i.e. $
 4.96 
 
or higher) than $
 4.31 
 : 
 33 
 %; 
 ●
 Fiscal 2028, the Company’s 
VWAP before 
October 31, 2027 is 
 1.32 
 
times higher (i.e. $
 5.70 
 
or higher) than $
 4.31 
 : 
 67 
 %; 
 ●
 Fiscal 2029, the Company’s 
VWAP before 
October 31, 2028 is 
 1.52 
 
times higher (i.e. $
 6.55 
 ) than $
 4.31 
 : 
 100 
 %. 
 The fair value 
of these shares 
of restricted 
stock was calculated 
using a Monte 
Carlo simulation. In 
scenarios where 
the shares 
 do not vest, the final vested value at maturity is zero. In scenarios where vesting occurs, the final vested value on maturity is the share 
 price on 
vesting date. 
In its calculation 
of the 
fair value 
of the 
restricted stock, 
the Company 
used an 
equally weighted 
volatility of 
 41.2 
 % for 
the closing 
price (of 
$
 4.35 
 ), a 
discounting based 
on U.S. 
dollar overnight 
indexed swap 
rates for 
the grant 
date, and 
no 
 future dividends. The equally weighted volatility was extracted from the time series for closing prices as the standard deviation of log 
 prices for the three years preceding the grant date. 
 In August 2024 and 
October 2024, respectively, the Company granted 
 32,800 
 
and 
 100,000 
 
shares of restricted 
stock to employees 
 which have time -based vesting conditions and which are subject to the employees continued employment with the Company through 
 the applicable vesting dates. 
 In November 2024, the 
Company awarded 
 1,198,310 
 
shares of restricted stock to 
a group comprising employees 
and which are 
 subject to a time-based vesting condition and a market condition 
and vest in full only on the date, if any, 
that the specified conditions 
 are satisfied. 
 The Company 
has agreed to 
grant an advisor 
 5,500 
 
shares per month 
in lieu of 
cash for ad 
hoc consulting services 
provided to 
 the Company. The Company and 
the advisor have 
agreed that 
the Company will 
issue the 
shares to the 
advisor, in arrears, on 
a quarterly 
 basis. During the three and six months ended 
December 31, 2025, the Company recorded a stock-based 
compensation charge of $
 0.1 
 million 
and 
$
 0.1 
 
million, 
respectively, 
and 
included 
the 
issuance 
of 
 11,000 
 
and 
 27,500 
 
shares 
of 
common 
stock 
in 
its issued 
and 
 outstanding share count. 
 Vesting 
 In August, 
October, 
November and 
December 2025, 
an aggregate 
of 
 217,179 
 
shares of 
restricted stock 
granted 
to employees 
 vested. Certain employees elected for 
 70,133 
 
shares to be withheld 
to satisfy the withholding 
tax liability on the 
vesting of their shares. 
 These 
 70,133 
 
shares have been included in the Company’s 
treasury shares. 
 In July 2024, 
 78,801 
 
shares of restricted stock granted 
to our former Group CEO, 
vested. In November and 
December 2024, an 
 aggregate 
of 
290,993 
shares 
of 
restricted 
stock 
granted 
to 
employees 
vested. 
Certain 
employees 
elected 
for 
 132,147 
 
shares 
to 
be 
 withheld 
to 
satisfy 
the 
withholding 
tax 
liability 
on 
the 
vesting 
of 
their 
shares. 
These 
 132,147 
 
shares 
have 
been 
included 
in 
the 
 Company’s 
treasury shares. In 
November 2024, 
103,638 shares of 
restricted stock with 
performance conditions 
(share price targets) 
 vested following the achievement of the agreed performance condition. 

 35 
 13. 
Stock-based compensation (continued) 
 Restricted stock (continued)

 Forfeitures 
 During 
the 
three 
and 
six 
months 
ended 
December 
31, 
2025, 
respectively, 
employees 
forfeited 
 12,672 
 
and 
 23,465 
 
shares 
of 
 restricted 
stock 
following 
their 
termination 
of 
employment 
with 
the 
Company. 
During 
each 
of 
the 
three 
and 
six 
months 
ended 
 December 31, 
2025, 
 257,868 
 
shares of 
restricted stock 
were forfeited 
by executive 
officers (including 
a former 
Group CEO) 
as the 
 market condition (related to share price performance) were not achieved. 
 During 
the 
three 
and 
six 
months 
ended 
December 
31, 
2024, 
respectively, 
employees 
forfeited 
 37,221 
 
and 
 40,321 
 
shares 
of 
 restricted stock following their 
termination of employment with 
the Company or the 
failure to achieved agreed 
performance conditions 
 (
 29,121 
 
shares were forfeited following the failure to achieved agreed share performance 
targets). 
 Stock-based compensation charge and unrecognized compensation 
cost 
 The Company 
recorded a 
stock-based compensation 
charge, net, 
during the 
three months ended 
December 31, 2025 
and 2024, 
 of $
 1.9 
 
million and $
 2.6 
 
million, respectively, which 
comprised:

 Total 
charge 

 Allocated to cost 
 of goods sold, IT 
 processing, 
 servicing and 
 support 
 Allocated to 
 selling, general 
 and 
 administration 
 Three months ended December 31, 2025 
 Stock-based compensation charge 

 $ 
 1,829 
 $ 
 - 
 $ 
 1,829 
 Stock compensation charge related to ESOP 
 167 
 - 
 167 
 Reversal of stock compensation charge related to restricted 
 stock forfeited 
 ( 51 )
 - 
 ( 51 )
 Total - three months 
ended December 31, 2025 
 $ 
 1,945 
 $ 
 - 
 $ 
 1,945 
 Three months ended December 31, 2024 
 Stock-based compensation charge 

 $ 
 2,655 
 $ 
 - 
 $ 
 2,655 
 Reversal of stock compensation charge related to restricted 
 stock forfeited 
 ( 11 )
 - 
 ( 11 )
 Total - three months 
ended December 31, 2024 
 $ 
 2,644 
 $ 
 - 
 $ 
 2,644 

 The Company recorded 
a stock-based compensation 
charge, net, during 
the six months ended 
December 31, 2025 and 
2024, of 
 $
 3.8 
 
million and $
 5.0 
 
million respectively, which 
comprised:

 a 
 Total 
charge 

 Allocated to cost 
 of goods sold, IT 
 processing, 
 servicing and 
 support 
 Allocated to 
 selling, general 
 and 
 administration 
 Six months ended December 31, 2025 
 Stock-based compensation charge 

 $ 
 3,541 
 $ 
 - 
 $ 
 3,541 
 Stock compensation charge related to ESOP 
 328 
 - 
 328 
 Reversal of stock compensation charge related to 
restricted 
 stock forfeited 
 ( 63 )
 - 
 ( 63 )
 Total - six months ended 
December 31, 2025 
 $ 
 3,806 
 $ 
 - 
 $ 
 3,806 
 Six months ended December 31, 2024 
 Stock-based compensation charge 

 $ 
 5,032 
 $ 
 - 
 $ 
 5,032 
 Reversal of stock compensation charge related to 
restricted 
 stock forfeited 
 ( 11 )
 - 
 ( 11 )
 Total - six months ended 
December 31, 2024 
 $ 
 5,021 
 $ 
 - 
 $ 
 5,021 

 The stock-based compensation charges 
have been allocated to selling, 
general and administration based 
on the allocation of the 
 cash compensation paid to the relevant employees. 

 36 
 13. 
Stock-based compensation (continued) 
 As 
of 
December 
31, 
2025, 
the 
total 
unrecognized 
compensation 
cost 
related 
to 
stock 
options 
was 
$
 4.2 
 
million, 
which 
the 
 Company expects to 
recognize over 
 two years 
 . As of 
December 31, 2025, 
the total unrecognized 
compensation cost related 
to restricted 
 stock awards was $
 4.9 
 
million, which the Company expects to recognize over 
 two years 
 . 
 During the three months 
ended December 31, 
2025 and 2024, the 
Company recorded a deferred 
tax benefit of $
 0.2 
 
million and 
 $
 0.5 
 
million, respectively, 
related to the stock-based compensation charge 
recognized related to employees of Lesaka. 
During the six 
 months 
ended 
December 
31, 
2025 
and 
2024, 
the 
Company 
recorded 
a 
deferred 
tax 
benefit 
of 
$
 0.4 
 
million 
and 
$
 0.8 
 
million, 
 respectively, 
related 
to the 
stock-based 
compensation 
charge 
recognized 
related 
to employees 
of Lesaka. 
During 
these periods 
the 
 Company recorded a valuation allowance related to the full deferred tax benefit recognized 
because it does not believe that the stock-
 based compensation 
deduction would 
be utilized 
as it 
does not 
anticipate generating 
sufficient taxable 
income in 
the United 
States. 
 The Company deducts 
the difference between 
the market value on 
the date of exercise 
by the option 
recipient and the 
exercise price 
 from income subject to taxation in the United States.

 14. 
Earnings (Loss) per share 
 The Company 
has issued redeemable 
common stock 
which is redeemable 
at an amount 
other than 
fair value. 
Redemption of 
a 
 class of 
common stock 
at other 
than fair 
value increases 
or decreases 
the carrying 
amount of 
the redeemable 
common stock 
and is 
 reflected in basic earnings 
per share using the two-class 
method. There were 
 no 
 
redemptions of common stock, or 
adjustments to the 
 carrying value of the redeemable 
common stock during the three 
months ended December 31, 
2025 and 2024. Accordingly, 
the two-
 class method presented below does not include the impact of 
any redemption. The Company’s redeemable common stock is described 
 in Note 14 to the Company’s audited consolidated financial statements included in 
its Annual Report on Form 10-K for 
the year ended 
 June 30, 2025. 
 Basic earnings (loss) per share 
includes shares of restricted stock that 
meet the definition of a 
participating security because these 
 shares are eligible 
to receive non 
-forfeitable dividend 
equivalents at the 
same rate as 
common stock. 
Basic earnings (loss) 
per share 
 has been calculated using the two-class method and basic earnings (loss) per share 
for the three months ended December 31, 2025 and 
 2024, 
reflects only undistributed earnings. The computation below of basic earnings (loss) per 
share excludes the net loss attributable 
 to shares of unvested 
restricted stock (participating 
non-vested restricted stock) 
from the numerator 
and excludes the dilutive 
impact 
 of these unvested shares of restricted stock from the denominator. 
 Diluted earnings 
(loss) per 
share has 
been 
calculated 
to give 
effect 
to the 
number 
of shares 
of additional 
common 
stock that 
 would have 
been outstanding 
if the 
potential dilutive 
instruments had 
been issued 
in each 
period. Stock 
options are 
included in 
the 
 calculation of diluted earnings (loss) per share utilizing the treasury 
stock method and are not considered to be 
participating securities, 
 as the 
stock options 
do not 
contain non-forfeitable 
dividend rights. 
The Company 
has excluded 
employee stock 
options to 
purchase 
 257,445 
 
shares of 
common stock 
from the 
calculation of 
diluted loss 
per share 
during the 
three months 
ended December 
31, 2024 
 because the effect would be antidilutive. The Company has excluded employee stock options to purchase 
 138,158 
 
and 
 338,725 
 
shares 
 of common stock from the calculation of diluted loss per share during the six months ended December 31, 2025 and 2024 because the 
 effect would be antidilutive. 
 The 
calculation 
of diluted 
earnings 
(loss) 
per share 
includes the 
dilutive 
effect 
of 
a portion 
of the 
restricted 
stock granted 
to 
 employees as 
these shares 
of restricted 
stock are 
considered contingently 
returnable shares 
for the 
purposes of 
the diluted 
earnings 
 (loss) per share calculation and the vesting conditions in respect of a portion 
of the restricted stock had been satisfied. 

 The vesting conditions for all awards made are discussed in Note 17 to the Company’s audited consolidated financial statements 
 included in its Annual Report on Form 10-K for the year ended June 
30, 2025. 

 37 
 14. 
Earnings (Loss) per share (continued) 
 The 
following 
table 
presents 
net 
loss 
attributable 
to 
Lesaka 
and 
the 
share 
data 
used 
in 
the 
basic 
and 
diluted 
loss 
per 
share 
 computations using the two-class method:

 Three months ended 
 Six months ended 
 December 31, 
 December 31, 
 2025 
 2024 
 2025 
 2024 
 (in thousands except 
 (in thousands except 
 percent and 
 percent and 
 per share data) 
 per share data) 
 Numerator:
 Net income (loss) attributable to Lesaka
 (A)
 $ 
 3,645 
 $ 
 ( 32,456 )
 $ 
 ( 1,013 )
 $ 
 ( 37,306 )
 Undistributed earnings (loss)
 (A)
 3,645 
 ( 32,456 )
 ( 1,013 )
 ( 37,306 )
 Percent allocated to common shareholders 
 (Calculation 1)
 97 %
 97 %
 97 %
 97 %
 Numerator for earnings (loss) per share: basic 
 and diluted
 $ 
 3,524 
 $ 
 ( 31,345 )
 $ 
 ( 983 )
 $ 
 ( 36,038 )
 Denominator 
 Denominator for basic earnings (loss) per share: 
 Weighted-average 
common shares outstanding
 79,002 
 77,024 
 79,048 
 69,589 
 Effect of dilutive securities:
 Related to acquisitions 
 999 
 - 
 - 
 - 
 Stock options
 118 
 - 
 - 
 - 
 Denominator for diluted earnings (loss) 
 per share: adjusted weighted average 
 common shares outstanding and assuming 
 conversion
 80,119 
 77,024 
 79,048 
 69,589 
 Earnings (Loss) per share: 
 Basic
 (A)
 $ 
 0.04 
 $ 
 ( 0.40 )
 $ 
 ( 0.01 )
 $ 
 ( 0.52 )
 Diluted
 (A)
 $ 
 0.04 
 $ 
 ( 0.40 )
 $ 
 ( 0.01 )
 $ 
 ( 0.52 )
 (Calculation 1) 
 Basic weighted-average common shares 
 outstanding (A) 

 79,002 
 77,024 
 79,048 
 69,589 
 Basic weighted-average common shares 
 outstanding and unvested restricted shares 
 expected to vest (B) 

 81,719 
 79,753 
 81,435 
 72,037 
 Percent allocated to common shareholders 
 
(A) / (B) 

 97 %
 97 %
 97 %
 97 %

 (A) Net income (loss) attributable to Lesaka and Undistributed earnings (loss) 
for the three and six months ended December 31, 
 2024, have 
decreased by 
$
 0.3 
 
million and 
$
 0.6 
 
million, respectively, 
as a 
result of 
the correction 
discussed in 
Note 1. 
Net income 
 (loss) attributable 
to Lesaka 
and Undistributed 
earnings (loss) 
for the 
six months 
ended December 
31, 2025, 
has decreased 
by $
 0.4 
 million, as a 
result of the 
correction, as discussed 
in Note 1, 
to the amount 
included in the 
captions 
Net income (loss) 
attributable to 
 Lesaka and Undistributed 
earnings (loss) for 
the three months ended 
September 30, 2025. 
The correction of 
the error did not 
impact 
 Basic and Diluted 
loss per share for 
the three months ended 
December 31, 2024, 
or the six months 
ended December 31, 2025. 
Basic 
 and Diluted loss per share for the six months ended December 31, 2024, each decreased 
by $
 0.01 
 
(one U.S. cent).

 Options to 
purchase 
 6,493,683 
 
shares of 
the Company’s 
common stock 
at prices 
ranging from 
$
 4.87 
 
to $
 14.00 
 
per share 
were 
 outstanding during the three 
and six months ended December 
31, 2025, but were not 
included in the computation of 
diluted earnings 
 (loss) per share 
because the options’ 
exercise price was 
greater than the 
average market price 
of the Company’s common 
stock. Options 
 to purchase 
 4,743,500 
 
shares of 
the Company’s 
common stock 
at prices 
ranging from 
$
 6.00 
 
to $
 14.00 
 
per share 
were outstanding 
 during the three and 
six months ended 
December 31, 2024, but 
were not included in 
the computation of diluted 
(loss) per share 
because 
 the options’ exercise 
price was greater 
than the average market 
price of the Company’s 
common stock. The options, 
which expire at 
 v
 arious dates through February 3, 2032, were still outstanding as of December 
31, 2025.

 38 
 15. 
Supplemental cash flow information

 The following 
table presents 
supplemental 
cash flow 
disclosures 
for the 
three and 
six months 
ended December 
31, 2025 
and 
 2024:

 Three months ended 
 Six months ended 
 December 31, 
 December 31, 
 2025 
 2024 
 2025 
 2024 
 Cash received from interest 

 $ 
 502 
 $ 
 716 
 $ 
 1,036 
 $ 
 1,297 
 Cash paid for interest 

 $ 
 5,928 
 $ 
 4,242 
 $ 
 11,929 
 $ 
 7,513 
 Cash paid (refund) for income taxes 

 $ 
 4,428 
 $ 
 3,253 
 $ 
 5,138 
 $ 
 3,208 

 Disaggregation of cash, cash equivalents and restricted 
cash 
 Cash, cash equivalents and restricted 
cash included on the Company’s unaudited condensed consolidated statement of 
cash flows 
 includes restricted 
cash related 
to cash 
withdrawn from 
the Company’s 
debt facilities 
to fund 
ATMs. 
This facility 
was cancelled 
in 
 November 2024. 
The Company 
was only permitted 
to use this 
cash to 
fund ATMs 
and this cash 
was considered 
restricted as 
to use 
 and therefore was classified 
as restricted cash. 
Cash, cash equivalents 
and restricted cash also 
includes cash in certain 
bank accounts 
 that has been 
ceded to Nedbank. 
As this cash has 
been pledged and 
ceded it may 
not be drawn 
and is considered 
restricted as to 
use 
 and 
therefore is 
classified as 
restricted 
cash as 
well. The 
following 
table presents 
the disaggregation 
of cash, 
cash equivalents 
and 
 restricted cash as of December 31, 2025 and 2024, and June 30, 
2025:

 December 31, 
 2025 
 December 31, 
 2024 
 June 30, 2025 
 Cash and cash equivalents 
 $ 
 69,474 
 $ 
 60,625 
 $ 
 76,520 
 Restricted cash 
 127 
 112 
 119 
 Cash, cash equivalents and restricted cash 
 $ 
 69,601 
 $ 
 60,737 
 $ 
 76,639 

 Leases

 The following 
table presents supplemental 
cash flow disclosure 
related to leases 
for the 
three and 
six months ended 
December 
 31, 2025 and 2024:

 Three months ended 
 Six months ended 
 December 31, 
 December 31, 
 2025 

 2024 

 2025 

 2024 

 Cash paid for amounts included in the measurement of 
 lease liabilities 
 Operating cash flows from operating leases 
 $ 
 1,464 
 $ 
 1,212 
 $ 
 2,826 
 $ 
 2,216 
 Right-of-use assets obtained in exchange for lease 
 obligations 
 Operating leases 
 $ 
 3,187 
 $ 
 708 
 $ 
 4,223 
 $ 
 1,218 

 39 
 16. 
Revenue recognition 
 Disaggregation of revenue 
 The 
following 
table 
presents 
the 
Company’s 
revenue 
disaggregated 
by 
major 
revenue 
streams, 
including 
a 
reconciliation 
to 
 reportable segments for the three months ended December 31, 2025:

 Merchant 
 Consumer 
 Enterprise 
 Total 
 Processing fees 
 $ 
 37,551 
 $ 
 10,007 
 $ 
 11,854 
 $ 
 59,412 
 South Africa 
 35,252 
 10,007 
 11,854 
 57,113 
 Rest of Africa 
 2,299 
 - 
 - 
 2,299 
 Technology 
products 
 8,639 
 81 
 847 
 9,567 
 South Africa 
 8,553 
 81 
 847 
 9,481 
 Rest of Africa 
 86 
 - 
 - 
 86 
 Prepaid airtime sold 
 82,023 
 46 
 1,648 
 83,717 
 South Africa 
 73,694 
 46 
 1,648 
 75,388 
 Rest of Africa 
 8,329 
 - 
 - 
 8,329 
 Lending revenue 
 - 
 7,169 
 - 
 7,169 
 Interest from customers 
 2,104 
 5,323 
 - 
 7,427 
 Insurance revenue 
 - 
 7,943 
 - 
 7,943 
 Account holder fees 
 - 
 2,270 
 - 
 2,270 
 Other 
 825 
 279 
 125 
 1,229 
 South Africa 
 647 
 279 
 125 
 1,051 
 Rest of Africa 
 178 
 - 
 - 
 178 
 Total revenue, derived 
from the following geographic 
 locations 
 131,142 
 33,118 
 14,474 
 178,734 
 South Africa 
 120,250 
 33,118 
 14,474 
 167,842 
 Rest of Africa 
 $ 
 10,892 
 $ 
 - 
 $ 
 - 
 $ 
 10,892 

 The 
following 
table 
presents 
the 
Company’s 
revenue 
disaggregated 
by 
major 
revenue 
streams, 
including 
a 
reconciliation 
to 
 reportable segments for the three months ended December 31, 2024:

 Merchant 
 Consumer 
 Enterprise 
 Total 
 Processing fees 
 $ 
 35,794 
 $ 
 7,862 
 $ 
 5,825 
 $ 
 49,481 
 South Africa 
 33,931 
 7,862 
 5,825 
 47,618 
 Rest of Africa 
 1,863 
 - 
 - 
 1,863 
 Technology 
products 
 8,121 
 65 
 1,187 
 9,373 
 South Africa 
 8,057 
 65 
 1,187 
 9,309 
 Rest of Africa 
 64 
 - 
 - 
 64 
 Prepaid airtime sold 
 98,188 
 23 
 1,660 
 99,871 
 South Africa 
 91,409 
 23 
 1,660 
 93,092 
 Rest of Africa 
 6,779 
 - 
 - 
 6,779 
 Lending revenue 
 - 
 7,376 
 - 
 7,376 
 Interest from customers 
 1,610 
 120 
 - 
 1,730 
 Insurance revenue 
 - 
 4,868 
 - 
 4,868 
 Account holder fees 
 - 
 1,765 
 - 
 1,765 
 Other 
 902 
 850 
 - 
 1,752 
 South Africa 
 845 
 850 
 - 
 1,695 
 Rest of Africa 
 57 
 - 
 - 
 57 
 Total revenue, derived 
from the following geographic 
 locations 
 144,615 
 22,929 
 8,672 
 176,216 
 South Africa 
 135,852 
 22,929 
 8,672 
 167,453 
 Rest of Africa 
 $ 
 8,763 
 $ 
 - 
 $ 
 - 
 $ 
 8,763 

 40 
 16. 
Revenue recognition (continued) 
 Disaggregation of revenue (continued) 
 The 
following 
table 
presents 
the 
Company’s 
revenue 
disaggregated 
by 
major 
revenue 
streams, 
including 
a 
reconciliation 
to 
 reportable segments for the six months ended December 31, 2025:

 Merchant 
 Consumer 
 Enterprise 
 Total 
 Processing fees 
 $ 
 72,014 
 $ 
 19,423 
 $ 
 23,601 
 $ 
 115,038 
 South Africa 
 67,866 
 19,423 
 23,601 
 110,890 
 Rest of Africa 
 4,148 
 - 
 - 
 4,148 
 Technology 
products 
 15,160 
 165 
 1,817 
 17,142 
 South Africa 
 15,013 
 165 
 1,817 
 16,995 
 Rest of Africa 
 147 
 - 
 - 
 147 
 Prepaid airtime sold 
 164,076 
 83 
 3,327 
 167,486 
 South Africa 
 148,031 
 83 
 3,327 
 151,441 
 Rest of Africa 
 16,045 
 - 
 - 
 16,045 
 Lending revenue 
 - 
 14,023 
 - 
 14,023 
 Interest from customers 
 4,391 
 10,237 
 - 
 14,628 
 Insurance revenue 
 - 
 14,815 
 - 
 14,815 
 Account holder fees 
 - 
 4,418 
 - 
 4,418 
 Other 
 1,814 
 530 
 288 
 2,632 
 South Africa 
 1,491 
 530 
 288 
 2,309 
 Rest of Africa 
 323 
 - 
 - 
 323 
 Total revenue, derived 
from the following geographic 
 locations 
 257,455 
 63,694 
 29,033 
 350,182 
 South Africa 
 236,792 
 63,694 
 29,033 
 329,519 
 Rest of Africa 
 $ 
 20,663 
 $ 
 - 
 $ 
 - 
 $ 
 20,663 

 16. 
Revenue recognition (continued) 
 Disaggregation of revenue (continued) 
 The 
following 
table 
presents 
the 
Company’s 
revenue 
disaggregated 
by 
major 
revenue 
streams, 
including 
a 
reconciliation 
to 
 reportable segments for the six months ended December 31, 2024:

 Merchant 
 Consumer 
 Enterprise 
 Total 
 Processing fees 
 $ 
 60,164 
 $ 
 15,392 
 $ 
 12,338 
 $ 
 87,894 
 South Africa 
 56,499 
 15,392 
 12,338 
 84,229 
 Rest of Africa 
 3,665 
 - 
 - 
 3,665 
 Technology 
products 
 9,966 
 67 
 2,478 
 12,511 
 South Africa 
 9,829 
 67 
 2,478 
 12,374 
 Rest of Africa 
 137 
 - 
 - 
 137 
 Prepaid airtime sold 
 192,063 
 40 
 3,238 
 195,341 
 South Africa 
 179,404 
 40 
 3,238 
 182,682 
 Rest of Africa 
 12,659 
 - 
 - 
 12,659 
 Lending revenue 
 - 
 14,332 
 - 
 14,332 
 Interest from customers 
 3,286 
 120 
 - 
 3,406 
 Insurance revenue 
 - 
 9,208 
 - 
 9,208 
 Account holder fees 
 - 
 3,464 
 - 
 3,464 
 Other 
 2,199 
 1,378 
 51 
 3,628 
 South Africa 
 2,085 
 1,378 
 51 
 3,514 
 Rest of Africa 
 114 
 - 
 - 
 114 
 Total revenue, derived 
from the following geographic 
 locations 
 267,678 
 44,001 
 18,105 
 329,784 
 South Africa 
 251,103 
 44,001 
 18,105 
 313,209 
 Rest of Africa 
 $ 
 16,575 
 $ 
 - 
 $ 
 - 
 $ 
 16,575 

 41 
 17. 
Leases 
 The 
Company 
has 
entered 
into leasing 
arrangements 
classified 
as operating 
leases under 
accounting 
guidance. 
These leasing 
 arrangements 
relate 
to 
the 
lease 
of 
its 
corporate 
head 
office 
and 
sales 
and 
administration 
offices 
of 
its 
Merchant, 
Consumer 
and 
 Enterprise businesses. The Company’s operating leases have remaining lease terms of between 
 one
 
and 
 five years 
 . The Company also 
 operates parts 
of its 
consumer business 
from locations 
which it 
leases for 
a period 
of less 
than 
 one year 
 . The 
Company’s 
operating 
 lease 
expense 
during 
the 
three 
months 
ended 
December 
31, 
2025 
and 
2024 
was 
$
 1.5 
 
million 
and 
$
 1.2 
 
million, 
respectively. 
The 
 Company’s 
operating lease 
expense during 
the six 
months ended 
December 31, 
2025 and 
2024 was 
$
 2.8 
 
million and 
$
 2.2 
 
million, 
 respectively. 
 The 
Company 
has 
also 
entered 
into 
short-term 
leasing 
arrangements, 
primarily 
for 
the 
lease 
of 
branch 
locations 
and 
other 
 locations, 
to operate its consumer 
business in South Africa. 
The Company’s 
short-term lease expense during 
the three months ended 
 December 31, 
2025 and 2024, 
was $
 0.4 
 
million and 
$
 1.2 
 
million, respectively. 
The Company’s 
short-term lease 
expense during 
the 
 six months ended December 31, 2025 and 2024, was $
 0.9 
 
million and $
 2.3 
 
million, respectively. 
 In December 
2025, the 
Company, 
through Lesaka 
SA, entered 
into a 
leasing arrangement 
for 
a new 
corporate head 
office 
in 
 Rosebank, Gauteng, 
South Africa 
with Oxford 
Parks Proprietary 
Limited, a 
limited liability 
private company 
incorporated in 
South 
 Africa. The lease 
commences on July 1, 
2026 and is 
for a period 
of 
 10 years 
 
with 
 two 
 
renewal options of 
 five years 
 
each. The Company 
 has secured 
beneficial occupation 
from April 
1, 2026, 
and is required 
to deliver 
a bank 
guarantee or 
cash of 
$
 0.4 
 
million (ZAR 
 7.0 
 million, translated at exchange rates applicable as of December 31, 2025). The Company expects 
to pay an annual basic lease expense 
 of $
 1.5 
 
million (ZAR 
 25.1 
 
million, translated at 
exchange rates applicable 
as of December 
31, 2025), which 
increases by 
 6.25 
 % per 
 annum.

 The following table presents supplemental balance 
sheet disclosure related to the 
Company’s right-of-use assets and its operating 
 lease liabilities as of December 31, 2025 and June 30, 2025:

 December 31, 
 June 30, 
 2025 
 2025 
 Right of use assets obtained in exchange for lease obligations: 
 Weighted average 
remaining lease term (years) 
 3.0 
 2.8 
 Weighted average 
discount rate (percent) 
 8.5 
 9.8 

 The maturities of the Company’s 
operating lease liabilities as of December 31, 2025, are presented below:

 Maturities of operating lease liabilities 
 Year 
ended June 30, 
 2026 (excluding six months to December 31, 2025) 
 $ 
 3,214 
 2027 
 5,011 
 2028 
 3,262 
 2029 
 1,899 
 2030 
 1,207 
 Thereafter 
 188 
 Total undiscounted 
operating lease liabilities 
 14,781 
 Less imputed interest 
 1,961 
 Total operating lease liabilities, 
included in 
 12,820 
 Operating lease liability - current 
 5,015 
 Operating lease liability - long-term 
 $ 
 7,805 

 18. 
Operating segments 
 Operating segments

 The Company discloses segment information as reflected in the management 
information systems reports that its chief operating 
 decision maker uses in making decisions and to report certain entity-wide disclosures about products and services, and the countries in 
 which the entity holds material assets or reports material revenues. A description of the Company’s operating segments is contained in 
 Note 21 to 
the Company’s 
audited consolidated 
financial statements 
included in 
its Annual Report 
on Form 10-K 
for the year 
ended 
 June 30, 2025.

 42 
 18. 
Operating segments (continued) 
 Operating segments (continued)
 The Company’s 
chief operating decision maker 
(“CODM”) is the Company’s 
Executive Chairman. The 
Company currently has 
 three 
 
reportable segments: Merchant, Consumer and Enterprise. The CODM analyzes 
the Company’s operating performance primarily 
 based on these three operational lines, namely, 

(i) Merchant, which focuses on 
both formal and informal sector 
merchants. Formal sector merchants are generally in 
urban areas, 
 have higher 
revenues and 
have access 
to multiple 
service providers. 
Informal sector 
merchants, which 
are often 
sole proprietors 
and 
 usually 
have lower 
revenues compared 
with formal 
section merchants, 
operate in 
rural areas 
or in 
informal urban 
areas and 
do not 
 always have access to a full-suite of traditional banking products; 

 (ii) Consumer, 
which primarily 
focuses on 
individuals who 
have historically 
been excluded 
from traditional 
financial services 
 and to whom we offer 
transactional accounts (banking), insurance, 
lending (short-term loans), payments solutions 
(digital wallet) and 
 various value-added services; and 
 (iii) Enterprise, which comprises large-scale corporate 
and government organizations, including but not 
limited to banks, mobile 
 network operators (“MNOs”) and municipalities, and, 
through Recharger, landlords 
utilizing Recharger’s prepaid electricity 
metering 
 solution. 
 Types of products 
and services from which each segment derives its revenues 
 The 
Merchant 
segment 
includes 
revenue 
generated 
from 
the 
sale 
of 
Alternative 
Digital 
Products 
(“ADP”) 
(select 
prepaid 
 solutions, supplier-enabled payments, international 
money transfer and 
other) and card-acquiring services 
to informal sector 
merchants. 
 It also includes activities related to the provision of goods and 
services provided to corporate and other juristic entities. The 
Company 
 earns fees 
from 
processing activities 
performed 
(including card 
acquiring 
and 
the provision 
of a 
payment 
gateway 
services) for 
its 
 customers, and rental and 
license fees from the provision 
of point of sales (“POS”) 
hardware and software 
to the hospitality industry. 
 The Company also provides cash management and payment services to merchant customers through a digital vault 
which is located at 
 the customer’s 
premises and through 
which the Company 
is able to 
provide the services 
which generate 
processing fee revenue. 
The 
 Merchant segment includes interest earned from the provision of loans to 
its customers, refer to Note 16. 
 The Consumer segment 
includes activities related 
to the provision 
of financial services 
to customers, 
including a bank 
account, 
 loans and 
insurance products. 
The Company 
charges monthly 
administration fees 
for all 
bank accounts. 
Customers that 
have a 
bank 
 account managed by the Company are issued cards that can be utilized to withdraw funds at an ATM or to transact at a merchant POS. 
 The Company 
earns processing 
fees from 
transactions processed 
for these 
customers. The 
Company also 
earns fees 
on transactions 
 performed 
by 
other 
banks’ 
customers 
utilizing 
its 
ATM 
(until 
June 
30, 
2023) 
or 
POS. The 
Company 
provides 
short-term 
loans 
to 
 customers in South Africa for which it earns initiation and monthly service fees, and interest revenue from the second quarter of fiscal 
 2025, 
refer to 
Note 16. 
The Company 
writes life 
insurance contracts, 
primarily 
funeral-benefit 
policies, and 
policy holders 
pay the 
 Company a monthly 
insurance premium. The 
Company also earns 
fees from the 
provision of physical 
and digital prepaid 
and secure 
 payout solutions for South African businesses. 
 The Enterprise segment provides its business and government-related customers with transaction 
processing services that involve 
 the collection, 
transmittal and 
retrieval of 
transaction data. 
The Company 
offers 
landlords access 
to Recharger’s 
prepaid electricity 
 metering 
solution through 
which Enterprise 
earns commission 
revenue 
from prepaid 
electricity voucher 
sales to 
tenants recharging 
 prepaid meters. 
This segment also 
includes sales of 
hardware and 
licenses to customers. 
Hardware includes 
the sale of 
POS devices, 
 SIM cards and other consumables 
which can occur on an ad hoc 
basis. Licenses include the right to 
use certain technology developed 
 by the Company. 

 43 
 18. 
Operating segments (continued) 
 Segment measure of profit or loss
 The 
Company 
evaluates 
segment 
performance 
based 
on 
segment 
earnings 
before 
interest, 
tax, 
depreciation 
and 
amortization 
 (“EBITDA”), 
adjusted 
for 
items 
mentioned 
in 
the 
sentences 
below 
(“Segment 
Adjusted 
EBITDA”), 
the 
Company’s 
reportable 
 segments’ measure of profit or loss. 
 The Company obtained 
a general 
lending facility in 
February 2025, which 
has been 
partially used to 
fund a 
portion of 
its Consumer 
 lending during 
the three 
and six 
months ended 
December 31, 
2025, and 
interest related 
to these 
borrowings 
have been 
allocated to 
 Consumer. 
The Company 
also included 
an intercompany 
interest expense 
in its 
Consumer Segment 
Adjusted EBITDA 
for the 
three 
 and six months ended December 31, 2024. 

 The Company does not allocate once-off items, stock-based compensation charges, depreciation and amortization, impairment of 
 goodwill or other intangible 
assets, other items (including 
gains or losses on 
disposal of investments, fair 
value adjustments 
to equity 
 securities), interest 
income, certain 
interest expense, 
income tax 
expense or 
loss from 
equity-accounted investments 
to its reportable 
 segments. Group costs generally include: employee related costs in relation to employees specifically hired for group roles and related 
 directly 
to managing 
the US-listed 
entity; expenditures 
related 
to compliance 
with the 
Sarbanes-Oxley 
Act of 
2002; non-employee 
 directors’ 
fees; 
legal 
fees; 
group 
and 
US-listed 
related 
audit 
fees; 
and 
directors 
and 
officer’s 
insurance 
premiums. 
Once-off 
items 
 represent non-recurring expense items, including costs related to acquisitions and 
transactions consummated or ultimately not pursued. 
 Unrealized 
(loss) 
gain 
for 
currency 
adjustments 
represents 
foreign 
currency 
mark-to-market 
adjustments 
on 
certain 
intercompany 
 accounts. 
Interest 
adjustment 
represents 
the 
intercompany 
interest 
expense 
included 
in 
the 
Consumer 
Segment 
Adjusted 
EBITDA 
 during fiscal 2025. 
The Stock-based compensation 
adjustments reflect stock-based 
compensation expense 
and are excluded 
from the 
 calculation 
of 
Segment 
Adjusted 
EBITDA 
and 
are 
therefore 
reported 
as 
reconciling 
items 
to 
reconcile 
the 
reportable 
segments’ 
 Segment Adjusted EBITDA to the Company’s 
loss before income tax expense. 
 Our CODM does 
not review the 
components of segment selling, 
general and administration 
expenses and is 
presented with reports 
 which include revenue, net revenue (a non-GAAP measure) and Segment Adjusted 
EBITDA. 

 44 
 18. 
Operating segments (continued) 
 The table below 
presents the reconciliation 
of revenue from 
external customers 
to the reportable 
segment’s revenue, 
significant 
 expenditures, the Company’s reportable segment’s measure of 
profit or loss, 
and certain other 
segment information for 
the three months 
 ended December 31, 2025 and 2024, respectively, 
is as follows:

 Three months ended December 31, 2025 
 Merchant 
 Consumer 
 Enterprise 
 Total 
 Revenue from external customers 
 $ 
 131,142 
 $ 
 33,118 
 $ 
 14,474 
 $ 
 178,734 
 Intersegment revenues 
 777 
 - 
 322 
 1,099 
 Segment revenue
 (z)
 131,919 
 33,118 
 14,796 
 179,833 
 Less segment-related expenses: 
 Cost of goods sold, IT processing, 
 servicing and support
 (y)
 101,613 
 10,533 
 10,792 
 122,938 
 Selling, general and 
 administration
 (1)(2)
 11,422 
 4,782 
 1,312 
 17,516 
 Segment adjusted EBITDA 
 $ 
 18,884 
 $ 
 17,803 
 $ 
 2,692 
 $ 
 39,379 
 (z) includes interest revenue of: 
 $ 
 2,104 
 $ 
 5,323 
 $ 
 - 
 $ 
 7,427 
 (y) includes interest expense of: 
 $ 
 481 
 $ 
 1,295 
 $ 
 - 
 $ 
 1,776 
 Operating segments 
 Merchant 
 Consumer 
 Enterprise 
 Group costs 
 Total 
 Depreciation and amortization 
 $ 
 3,688 
 $ 
 311 
 $ 
 88 
 $ 
 9,481 
 $ 
 13,568 
 Expenditures for long-lived assets 
 $ 
 4,148 
 $ 
 87 
 $ 
 695 
 $ 
 - 
 $ 
 4,930 
 Three months ended December 31, 2024 
 Merchant 
 Consumer 
 Enterprise 
 Total 
 Revenue from external customers 
 $ 
 144,615 
 $ 
 22,929 
 $ 
 8,672 
 $ 
 176,216 
 Intersegment revenues 
 594 
 - 
 261 
 855 
 Segment revenue
 (z)
 145,209 
 22,929 
 8,933 
 177,071 
 Less segment-related expenses: 
 Cost of goods sold, IT processing, 
 servicing and support
 (y)(A)
 104,703 
 8,373 
 9,702 
 122,778 
 Selling, general and 
 administration
 (A)(1)(3)
 30,417 
 10,214 
 ( 738 )
 39,893 
 Segment adjusted EBITDA
 (A)
 $ 
 10,089 
 $ 
 4,342 
 $ 
 ( 31 )
 $ 
 14,400 
 (z) includes interest revenue of: 
 $ 
 1,610 
 $ 
 120 
 $ 
 - 
 $ 
 1,730 
 (y) includes interest expense of: 
 $ 
 374 
 $ 
 757 
 $ 
 - 
 $ 
 1,131 
 Operating segments 
 Merchant 
 Consumer 
 Enterprise 
 Group costs 
 Total 
 Depreciation and amortization 
 $ 
 3,027 
 $ 
 235 
 $ 
 94 
 $ 
 4,867 
 $ 
 8,223 
 Expenditures for long-lived assets 
 $ 
 5,899 
 $ 
 575 
 $ 
 272 
 $ 
 - 
 $ 
 6,746 

 (A) Cost of goods 
sold, IT processing, servicing 
and support and Selling, 
general and administration for 
Merchant and Total 
for 
 the three 
months ended 
December 31, 
2024 have 
each increased 
by $
 0.17 
 
million and 
$
 0.06 
 
million, respectively, 
as a result 
of the 
 correction discussed 
in Note 1. 
Segment Adjusted 
EBITDA for 
Merchant and 
Total 
for the three 
months ended 
December 31, 
2024 
 have each decreased by $
 0.23 
 
million as a result of the correction discussed in Note 1. 
 (1) 
Selling, 
general 
and 
administration 
includes 
human 
capital-related 
expenses 
(including 
base 
salary 
and 
bonus), 
IT-related 
 expenses 
(including 
software licenses, 
hardware 
maintenance, 
hosting, 
and communication 
expenses), professional 
fees (including 
 audit, legal, 
consulting and 
other fees), 
lease and 
utilities expenses, 
the allowance 
for credit 
losses and 
other operating 
and support 
 expenses. 
 (2) Segment 
Adjusted EBITDA 
for the 
three months ended 
December 31, 
2025, includes 
retrenchment costs 
for Merchant 
of $ 
 0.2 
 
million (ZAR 
 3.7 
 
million). 

 (3) Segment 
Adjusted EBITDA 
for the 
three months 
ended December 
31, 2024, 
includes retrenchments 
costs for 
Consumer of 
 $
 0.01 
 
million (ZAR 
 0.1 
 
million).

 45 
 18. 
Operating segments (continued) 
 The table below 
presents the reconciliation 
of revenue from 
external customers 
to the reportable 
segment’s 
revenue, significant 
 expenditures, the Company’s reportable segment’s 
measure of profit or loss, and certain other segment information for the six months 
 ended December 31, 2025 and 2024, respectively, 
is as follows:

 Six months ended December 31, 2025 
 Merchant 
 Consumer 
 Enterprise 
 Total 
 Revenue from external customers 
 $ 
 257,455 
 $ 
 63,694 
 $ 
 29,033 
 $ 
 350,182 
 Intersegment revenues 
 1,414 
 - 
 616 
 2,030 
 Segment revenue
 (z)
 258,869 
 63,694 
 29,649 
 352,212 
 Less segment-related expenses: 
 Cost of goods sold, IT processing, 
 servicing and support
 (y)(A)
 200,026 
 20,970 
 21,313 
 242,309 
 Selling, general and 
 administration
 (A)(1)(2)
 39,959 
 24,921 
 5,644 
 70,524 
 Segment adjusted EBITDA
 (A)
 $ 
 18,884 
 $ 
 17,803 
 $ 
 2,692 
 $ 
 39,379 
 (z) includes interest revenue of: 
 $ 
 4,391 
 $ 
 10,237 
 $ 
 - 
 $ 
 14,628 
 (y) includes interest expense of: 
 $ 
 972 
 $ 
 2,367 
 $ 
 - 
 $ 
 3,339 
 Operating segments 
 Merchant 
 Consumer 
 Enterprise 
 Group costs 
 Total 
 Depreciation and amortization 
 $ 
 7,053 
 $ 
 620 
 $ 
 174 
 $ 
 18,615 
 $ 
 26,462 
 Expenditures for long-lived assets 
 $ 
 8,473 
 $ 
 368 
 $ 
 1,208 
 $ 
 - 
 $ 
 10,049 
 Six months ended December 31, 2024 
 Merchant 
 Consumer 
 Enterprise 
 Total 
 Revenue from external customers 
 $ 
 267,678 
 $ 
 44,001 
 $ 
 18,105 
 $ 
 329,784 
 Intersegment revenues 
 1,182 
 - 
 2,711 
 3,893 
 Segment revenue
 (z)
 268,860 
 44,001 
 20,816 
 333,677 
 Less segment-related expenses: 
 Cost of goods sold, IT processing, 
 servicing and support
 (y)(A)
 221,137 
 17,040 
 16,908 
 255,085 
 Selling, general and 
 administration
 (A)(1)(3)
 30,304 
 18,223 
 3,577 
 52,104 
 Segment adjusted EBITDA
 (A)
 $ 
 17,419 
 $ 
 8,738 
 $ 
 331 
 $ 
 26,488 
 (z) includes interest revenue of: 
 $ 
 3,286 
 $ 
 120 
 $ 
 - 
 $ 
 3,406 
 (y) includes interest expense of: 
 $ 
 766 
 $ 
 1,588 
 $ 
 - 
 $ 
 2,354 
 Operating segments 
 Merchant 
 Consumer 
 Enterprise 
 Group costs 
 Total 
 Depreciation and amortization 
 $ 
 5,254 
 $ 
 437 
 $ 
 194 
 $ 
 8,614 
 $ 
 14,499 
 Expenditures for long-lived assets 
 $ 
 9,785 
 $ 
 706 
 $ 
 393 
 $ 
 - 
 $ 
 10,884 

 46 
 18. 
Operating segments (continued) 
 (A) Cost of goods sold, IT processing, servicing and support and 
Selling, general and administration for Merchant and Total 
for 
 the six 
months 
ended 
December 31, 
2024 have 
each increased 
by $
 0.34 
 
million 
and 
$
 0.12 
 
million, 
respectively, 
as a 
result of 
the 
 correction discussed in Note 1. Segment Adjusted EBITDA 
for Merchant and Total for the six months ended December 31, 
2024 have 
 each decreased by $
 0.45 
 
million as a result of the correction discussed in Note 1. 
 Cost of goods sold, IT 
processing, servicing and support and 
Selling, general and administration 
for Merchant and Total 
for the 
 six months ended 
December 31, 2025 
have each increased 
by $
 0.18 
 
million and $
 0.06 
 
million, respectively, as a 
result of the 
correction, 
 as discussed in 
Note 1, to 
the amount included 
in the captions 
Cost of goods 
sold, IT processing, 
servicing and 
support and Selling, 
 general and 
administration for the 
three months ended 
September 30, 2025. 
Segment Adjusted EBITDA 
for Merchant 
and Total 
for 
 the six months 
ended December 31, 
2025 have each 
decreased by $
 0.25 
 
million as a result 
of the correction, 
as discussed in Note 
1, 
 to the amount included in the caption Segment Adjusted EBITDA for 
the three months ended September 30, 2025. 
 1) 
Selling, 
general 
and 
administration 
includes 
human 
capital-related 
expenses 
(including 
base 
salary 
and 
bonus), 
IT-related 
 expenses 
(including 
software 
licenses, 
hardware 
maintenance, 
hosting, 
and 
communication 
expenses), 
professional 
fees 
(including 
 audit, legal, 
consulting and 
other fees), 
lease and 
utilities expenses, 
the allowance 
for credit 
losses and 
other operating 
and support 
 expenses.

 (2) Segment Adjusted EBITDA 
for the six months 
ended December 31, 2025, 
includes retrenchment costs for 
Merchant of $
 0.4 
 million (ZAR 
 7.4 
 
million) and Consumer of $
 0.1 
 
million (ZAR 
 2.6 
 
million). 
 (3) Segment Adjusted EBITDA for the six months ended December 31, 
2024, includes retrenchments costs for Consumer of $
 0.1 
 million (ZAR 
 1.2 
 
million) and Enterprise of $
 0.0 
 
million (ZAR 
 0.2 
 
million).

 The reconciliation of the reportable segments’ measures of profit or loss to income (loss) before income tax expense for the three 
 and six months ended December 31, 2025 and 2024, is as follows:

 Three months ended 
 Six months ended 
 December 31, 
 December 31, 
 2025 
 2024 
 2025 
 2024 
 Reportable segments' measure of profit or loss
 (A)
 $ 
 20,673 
 $ 
 14,400 
 $ 
 39,379 
 $ 
 26,488 
 Operating loss: Group costs 
 ( 2,896 )
 ( 2,820 )
 ( 6,507 )
 ( 5,769 )
 Once-off costs 
 ( 247 )
 ( 488 )
 ( 514 )
 ( 2,293 )
 Interest adjustment 
 - 
 757 
 - 
 1,588 
 Unrealized Gain (Loss) FV for currency adjustments 
 133 
 ( 435 )
 197 
 ( 216 )
 Stock-based compensation charge adjustments 
 ( 1,945 )
 ( 2,644 )
 ( 3,806 )
 ( 5,021 )
 Depreciation and amortization 
 ( 13,568 )
 ( 8,223 )
 ( 26,462 )
 ( 14,499 )
 Loss on disposal of equity-accounted investments 
 - 
 ( 161 )
 ( 584 )
 ( 161 )
 Change in fair value of equity securities 
 2,971 
 ( 33,731 )
 2,971 
 ( 33,731 )
 Other income 
 3,883 
 - 
 3,883 
 - 
 Loss on disposal of equity securities 
 ( 730 )
 - 
 ( 730 )
 - 
 Interest income 

 508 
 721 
 1,047 
 1,307 
 Interest expense
 (A)
 ( 4,591 )
 ( 6,266 )
 ( 9,604 )
 ( 11,382 )
 Income (Loss) before income tax expense
 (A)
 $ 
 4,191 
 $ 
 ( 38,890 )
 $ 
 ( 730 )
 $ 
 ( 43,689 )

 (A) Reportable 
segments’ measure of 
profit or loss 
for the three 
and six months 
ended December 31, 
2024, have decreased 
by 
 $
 0.23 
 
million and $
 0.45 
 
million, respectively, 
as a result of 
the correction discussed 
in Note 1. 
Interest expense for 
the three and 
six 
 months 
ended 
December 
31, 
2024, 
have 
increased 
by 
$
 0.09 
 
million 
and 
$
 0.18 
 
million, 
respectively, 
as 
a 
result 
of 
the 
correction 
 discussed in Note 1. Net 
income (loss) before taxes for 
the three and six months ended 
December 31, 2024, have decreased 
by $
 0.63 
 million and $
 0.63 
 
million, respectively, 
as a result of the correction discussed in Note 1.

 Reportable segments’ measure of profit or loss and Net income (loss) before taxes for the six months ended December 31, 2025, 
 have decreased by $
 0.25 
 
million and $
 0.36 
 
million, as a result of the correction, as discussed in Note 1, to the amount 
included in the 
 captions 
Reportable segments’ measure of profit or loss and Net income (loss) before taxes for the three months ended September 30, 
 2025. Interest expense 
for the six months 
ended December 31, 
2025, has increased 
by $
 0.12 
 
million, as a result 
of the correction, 
as 
 discussed in Note 1, to the amount included in the caption Interest expense 
for the three months ended September 30, 2025. 
 The segment 
information as 
reviewed by 
the chief operating 
decision maker 
does not include 
a measure of 
segment assets per 
 segment as all of 
the significant assets are 
used in the operations 
of all, rather than 
any one, of the 
segments. The Company does 
not 
 have dedicated assets 
assigned to a 
particular operating segment. 
Accordingly, 
it is not meaningful 
to attempt an arbitrary 
allocation 
 and segment asset allocation is therefore not presented.

 47 
 19. 
Income tax 
 Income tax in interim periods 
 For the purposes of interim 
financial reporting, the Company 
determines the appropriate income 
tax provision by first applying 
 the effective 
tax rate 
expected to 
be applicable 
for the 
full fiscal 
year to 
ordinary income. 
This amount 
is then 
adjusted for 
the tax 
 effect 
of 
significant 
unusual 
items, 
for 
instance, 
changes 
in 
tax 
law, 
valuation 
allowances 
and 
non-deductible 
transaction-related 
 expenses that 
are reported 
separately, 
and have an 
impact on the 
tax charge. 
The cumulative effect 
of any change 
in the enacted 
tax 
 rate, if and when applicable, on the opening balance of deferred tax assets 
and liabilities is also included in the tax charge as a discrete 
 event in the interim period in which the enactment date occurs. 
 For 
the 
three 
and 
six 
months 
ended 
December 
31, 
2025, 
the Company’s 
effective 
tax 
rate 
was impacted 
by 
the 
tax 
expense 
 recorded by 
the Company’s 
profitable South 
African operations, 
non-taxable income 
(including the 
fair value 
adjustment on 
equity 
 securities and 
other income) 
and non-deductible 
and expenses 
(including transaction-related 
expenditures). The 
Company’s 
income 
 tax benefit 
was impacted by 
a higher deferred 
tax benefit as 
a result of 
the reduction in 
the useful lives 
of certain of 
the Company’s 
 brand and trademark intangible assets which has 
resulted in an increase in 
amortization expense during the three and 
six months ended 
 December 31, 2025. 
 For 
the 
three 
and 
six 
months 
ended 
December 
31, 
2024, 
the Company’s 
effective 
tax 
rate 
was impacted 
by 
the 
tax 
expense 
 recorded by the 
Company’s profitable South African operations, 
non-deductible expenses (including transaction-related expenditures), 
 the on-going 
losses incurred 
by certain of 
the Company’s 
South African 
businesses and the 
associated valuation 
allowances created 
 related to the deferred tax assets recognized regarding net operating losses incurred 
by these entities. 
 Uncertain tax positions 
 As of 
December 31, 
2025 and 
June 30, 
2025, the 
Company had 
 no 
 
unrecognized tax 
benefits. The 
Company files 
income tax 
 returns mainly 
in South 
Africa, Botswana, 
Namibia and 
in the 
U.S. federal 
jurisdiction. As 
of December 
31, 2025, 
the Company’s 
 South African subsidiaries are no 
longer subject to income tax examination 
by the South African Revenue Service 
for periods before 
 June 
30, 
2020. 
The Company 
is subject 
to 
income 
tax 
in 
other 
jurisdictions 
outside 
South 
Africa, 
none 
of 
which 
are 
individually 
 material to its financial position, statement of cash flows, or results of operations.

 20. 
Commitments and contingencies 
 Guarantees 
 The South African 
Revenue Service and 
certain of the 
Company’s customers, 
suppliers and other 
business partners have 
asked 
 the Company 
to provide 
them with 
guarantees, including 
standby letters 
of credit, 
issued by 
South African 
banks. The 
Company is 
 required to procure these guarantees for these third parties to operate 
its business. 
 RMB has 
issued 
guarantees 
to 
these 
third 
parties 
amounting 
to 
ZAR 
 31.8 
 
million 
($
 1.9 
 
million, 
translated 
at 
exchange 
rates 
 applicable as of December 31, 2025) thereby utilizing part of the Company’s 
short-term facilities. 
 Nedbank has 
issued guarantees 
to these 
third parties 
amounting to 
ZAR 
 2.1 
 
million ($
 0.1 
 
million, translated 
at exchange 
rates 
 applicable as of December 31, 2025) thereby utilizing part of the Company’s 
short-term facilities. The Company pays commission of 
 between 
 0.47 
 % per annum to 
 1.84 
 % per annum of the face 
value of these guarantees and does 
not recover any of the commission 
from 
 third parties. 
 The Company has not recognized any obligation related to these guarantees in its consolidated balance sheet as of December 31, 
 2025. The maximum 
potential amount that 
the Company could 
pay under these 
guarantees is ZAR 
 35.1 
 
million ($
 2.0 
 
million, translated 
 at exchange 
rates applicable 
as of 
December 31, 
2025). The 
Company has 
ceded and 
pledged certain 
bank accounts 
to Nedbank 
as 
 security 
for 
the guarantees 
issued by 
them with 
an aggregate 
value 
of ZAR 
 2.1 
 
million ($
 0.1 
 
million, translated 
at exchange 
rates 
 applicable as of December 31, 2025). 
 Contingencies 
 The 
Company 
is 
subject 
to 
a 
variety 
of 
insignificant 
claims 
and 
suits 
that 
arise 
from 
time 
to 
time 
in 
the 
ordinary 
course 
of 
 business. Management 
currently believes 
that the 
resolution of 
these other 
matters, individually 
or in 
the aggregate, 
will not 
have a 
 m
 aterial adverse impact on the Company’s 
financial position, results of operations or cash flows.

 48
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.
LESAKA TECHNOLOGIES INC 10-Q

Item 1. Financial Statements
