Lesaka Delivers Q1 FY2027 Results in Line with Expectations, Reaffirms FY2027 Guidance

JOHANNESBURG, Nov. 04, 2026 (GLOBE NEWSWIRE) — Lesaka Technologies, Inc. (Nasdaq: LSAK; JSE: LSK) today released results for the first quarter of fiscal 2027 (“Q1 FY2027”).

Q1 FY2027 performance¹:
All growth rates are year-on-year between Q1 FY2027 and Q1 FY2026 in ZAR.

Group Level	USD (In thousands, except per share data)				ZAR (In thousands, except per share data)
	Q1 FY27		Q1 FY26		Q1 FY27		Q1 FY26		YoY%
Revenue	184,572		171,448		3,005,676		3,023,546		(0.6	%)
Net Revenue⁽²⁾	97,223		83,437		1,582,984		1,471,165		8	%
Operating (loss) income⁽³⁾	(1,066	)	137		(17,188	)	2,373		nm
Net loss attributable to Lesaka⁽³⁾	(4,183	)	(4,658	)	(68,046	)	(82,265	)	17	%
Group Adjusted EBITDA⁽²⁾⁽³⁾	13,514		15,095		220,140		266,211		(17	%)
Basic loss per share⁽³⁾	(0.05	)	(0.05	)	(0.81	)	(0.88	)	8	%
Adjusted earnings⁽²⁾⁽³⁾	3,702		4,588		60,255		80,879		(25	%)
Adjusted earnings per share⁽²⁾⁽³⁾	0.04		0.06		0.72		0.97		(26	%)

Segment Level	USD (In thousands)				ZAR (In thousands)
	Q1 FY27		Q1 FY26		Q1 FY27		Q1 FY26		YoY%
*Merchant*
Revenue	119,146		126,950		1,940,454		2,239,035		(13	%)
Net Revenue⁽²⁾	41,426		41,225		674,565		726,963		(7	%)
Segment Adjusted EBITDA⁽³⁾	4,716		8,944		76,870		157,713		(51	%)
*Consumer*
Revenue	41,049		30,576		668,310		539,006		24	%
Segment Adjusted EBITDA	12,658		8,493		206,111		149,710		38	%
*Enterprise*
Revenue	25,766		14,853		419,452		261,904		60	%
Net Revenue⁽²⁾	16,137		12,567		262,649		221,595		19	%
Segment Adjusted EBITDA	1,755		1,269		28,572		22,407		28	%

(1) Average exchange rates applicable for Q1 FY2027 and for Q1 FY2026 were ZAR 16.28 to $1 and ZAR 17.67 to $1, respectively.
(2) Non-GAAP measure. Refer to Attachment A of press release for full reconciliation of non-GAAP measures.
(3) Revised Q1 FY2026 amounts to correct the error discussed in Note 1 of our Form 10-Q for the period ended September 30, 2026.

Commenting on the results, Lesaka Executive Chairman Ali Mazanderani said, “We have delivered Q1 results in line with our expectations. We have now met our profitability guidance for 17 consecutive quarters and I am pleased to reaffirm our full-year outlook, which at the midpoint represents adjusted earnings per share of ZAR 8.00, up 23% year-on-year.”

Outlook: Second Quarter 2027 (“Q2 FY2027”) and Full Fiscal Year 2027 (“FY2027”) guidance

While we report our financial results in USD, we measure our operating performance in ZAR, and as such we provide our guidance accordingly.

For Q2 FY2027, the quarter ending December 31, 2026, we expect:

Net Revenue between ZAR 1.62 billion and ZAR 1.72 billion
Group Adjusted EBITDA between ZAR 280 million and ZAR 320 million
Adjusted earnings per share between ZAR 1.00 and ZAR 1.40

For FY2027, the year ending June 30, 2027, we reaffirm:

Net Revenue between ZAR 7.0 billion and ZAR 7.7 billion
Group Adjusted EBITDA between ZAR 1.45 billion and ZAR 1.60 billion
Adjusted earnings per share between ZAR 7.50 and ZAR 8.50

FY2027 guidance includes the impact of the pending Bank Zero acquisition (subject to regulatory approval by the Financial Surveillance Department of the South African Reserve Bank and other customary closing conditions) and excludes any unannounced mergers and acquisitions that we may conclude.

We have provided outlook regarding Net Revenue, Group Adjusted EBITDA and Adjusted earnings per share, which are non-GAAP financial measures and exclude certain revenue and charges. We have not reconciled these non-GAAP financial measures to the corresponding GAAP financial measures because guidance for the various reconciling items is not provided. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of the control of Lesaka and cannot be reasonably predicted since these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measures are not available without unreasonable effort.

Earnings Presentation for Q1 FY2027 Results

Our earnings presentation will be posted to the Investor Relations page of our website prior to our earnings call.

Webcast Registration

Link to access the results webcast: https://www.corpcam.com/Lesaka05112026

Participants using the webcast will be able to submit questions during the live Question and Answer session. Link to conference call dial-in registration via Chorus Call: https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=2913271&linkSecurityString=8f2e4442f

Dial in details and individual pin to be provided on registration. Participants using the conference call dial-in will be able to ask their questions during the live Question and Answer session.

Following the presentation, an archived version of the webcast will be provided on Lesaka’s Investor Relations website.

Use of Non-GAAP Measures

U.S. securities laws require that when we publish any non-GAAP measures, we disclose the reason for using these non-GAAP measures and provide reconciliations to the most directly comparable GAAP measures. The presentation of Group Adjusted EBITDA, Net Revenue, Adjusted Earnings, Adjusted Earnings per Share, and headline (loss) earnings per share are non-GAAP measures. Refer to Attachments A and C for a reconciliation of these non-GAAP measures.

Non-GAAP Measures

Group Adjusted EBITDA

Group Adjusted EBITDA is net loss before interest, taxes, depreciation and amortization, adjusted for non-operational transactions (including loss on impairment/disposal of equity-accounted investments), impairment loss, unrealized (gain) loss FV for currency adjustment, earnings from equity-accounted investments, stock-based compensation charges and once-off items. Once-off items represent non-recurring expense items, including costs related to acquisitions and transactions consummated or ultimately not pursued.

Net Revenue

Net revenue is a non-GAAP financial measure. Revenue is the financial measure calculated in accordance with GAAP that is most directly comparable to net revenue. We generate revenue from the provision of transaction-processing services through our various platforms and service offerings. We use these platforms to (a) sell prepaid airtime vouchers (“Pinned Airtime”) which was held as inventory, and (b) distribute pre-paid solutions including prepaid airtime vouchers (which we do not hold as inventory) (“Pinless Airtime”), prepaid electricity, gaming vouchers, and other products, to users of our platforms. We act as a principal when we sell Pinned Airtime that were held as inventory and record revenue and cost of sales on a gross basis when sold. We act as an agent in a transaction when we provide pre-paid solutions through our various platforms and services offerings because we do not control the good or service to be provided and we recognize revenue based on the amount that we are contractually entitled to receive for performing the distribution service on behalf of our customers using our platform. Our revenue under GAAP can fluctuate materially due to changes in the revenue mix between these revenue categories. Net Revenue is a non-GAAP measure and is calculated as revenue presented under GAAP less (i) the cost of Pinned Airtime sold by us, (ii) commissions paid to third parties selling all other agency-based pre-paid solutions (including Pinless Airtime, electricity and other products) provided through our distribution channels and (iii) network fees paid to banks under our acquiring products. We believe that the use of Net Revenue is meaningful to users of financial information because it seeks to eliminate the impact of the change in the revenue mix from the revenue categories over the periods presented.

Adjusted earnings and Adjusted earnings per share

Adjusted earnings and Adjusted earnings per share is GAAP net loss and loss per share adjusted for the amortization of acquisition-related intangible assets (net of deferred taxes), stock-based compensation charges, and unusual non-recurring items, including costs related to acquisitions and transactions consummated or ultimately not pursued.

Adjusted earnings and Adjusted earnings per share for fiscal 2027 also includes adjustments related to Lesaka rebrand refresh expenses (net of tax).

Adjusted earnings and Adjusted earnings per share for fiscal 2026 also includes adjustments related to the loss on impairment of equity-accounted investments and intangible asset amortization, net related to non-controlling interests.

Management believes that the Group Adjusted EBITDA, Adjusted earnings and Adjusted earnings per share metrics enhance its own evaluation, as well as an investor’s understanding of our financial performance. Attachment A presents the reconciliation between GAAP net loss attributable to Lesaka and these non-GAAP measures and the reconciliation between the basic weighted-average common shares outstanding and unvested restricted shares expected to vest under GAAP and the denominator used for Adjusted earnings per share.

Headline earnings (loss) per share (“HEPS”)

The inclusion of HEPS in this press release is a requirement of our listing on the JSE. HEPS basic and diluted is calculated using net loss which has been determined based on GAAP. Accordingly, this may differ to the headline (loss) earnings per share calculation of other companies listed on the JSE as these companies may report their financial results under a different financial reporting framework, including, but not limited to, International Financial Reporting Standards.

HEPS basic and diluted is calculated as GAAP net loss adjusted for the loss on impairment of equity-accounted investments and (profit) loss on sale of property, plant and equipment. Attachment C presents the reconciliation between our net loss used to calculate loss per share basic and diluted and HEPS basic and diluted and the calculation of the denominator for headline diluted loss per share.

About Lesaka Technologies, Inc. (www.lesaka.tech)

Lesaka operates a South African fintech company driven by a purpose to provide financial services, software and other business services to Southern Africa’s underserviced consumers and merchants. We offer an integrated and holistic multiproduct platform that provides transactional accounts, lending, insurance, merchant acquiring, cash management, software and Alternative Digital Products (“ADP”). We provide targeted solutions and integrations to facilitate payments between consumers, merchants, and enterprises. By providing a full-service fintech platform in our connected ecosystem, we facilitate the digitization of commerce in our markets.

Lesaka has a primary listing on NASDAQ (NASDAQ:LSAK) and a secondary listing on the Johannesburg Stock Exchange (JSE: LSK). Visit www.lesaka.tech for additional information about Lesaka.

Forward-Looking Statements

This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be identified by their use of terms or phrases such as “expects,” “estimates,” “projects,” “believes,” “anticipates,” “plans,” “could,” “would,” “may,” “will,” “intends,” “outlook,” “focus,” “seek,” “potential,” “mission,” “continue,” “goal,” “target,” “objective,” derivations thereof, and similar terms and phrases. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. In this press release, statements relating to future financial results, the completion and timing of the pending Bank Zero acquisition and its expected impact on our future financial results, and future financing and business opportunities are forward-looking statements. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our Form 10-K for the fiscal year ended June 30, 2026 and our Form 10-Q for the quarter ended September 30, 2026, as filed with the SEC, as well as other documents we have filed or will file with the SEC. We assume no obligation to update the information in this press release, to revise any forward-looking statements or to update the reasons actual results could differ materially from those anticipated in forward-looking statements.

Investor Relations and Media Relations Contacts:
Idris Dungarwalla
Email: idris.dungarwalla@lesakatech.com

Media Relations Contact:
Ian Harrison
Email: Ian@thenielsennetwork.com

Lesaka Technologies, Inc.

Attachment A

Reconciliation of GAAP loss attributable to Lesaka to Group Adjusted EBITDA:

Three months ended September 30, 2026 and 2025 and three months ended June 30, 2026

							Three months ended
							September 30,						June 30,
							2026			2025			2026
(Loss) Income attributable to Lesaka – GAAP^(A)							$	(4,183	)	$	(4,658	)	$	3,219
Less net income attributable to non-controlling interest								–			117			–
	Net (loss) income							(4,183	)		(4,775	)		3,219
	Earnings from equity accounted investments							(69	)		–			(49	)
		Net (loss) income before earnings from equity-accounted investments						(4,252	)		(4,775	)		3,170
		Income tax benefit						(527	)		(146	)		(598	)
			(Loss) Income before income tax expense					(4,779	)		(4,921	)		2,572
			Net loss on impairment of equity-accounted investment					–			584			–
			Impairment loss					–			–			1,431
			Unrealized loss (gain) FV for currency adjustments					204			(64	)		(37	)
			Operating (loss) income after PPA amortization and net interest (non-GAAP)					(4,575	)		(4,401	)		3,966
			PPA amortization (amortization of acquired intangible assets)					5,524			9,134			5,782
				Operating income before PPA amortization after net interest (non-GAAP)				949			4,733			9,748
				Interest expense ^(A)				4,258			5,013			4,425
				Interest income				(545	)		(539	)		(688	)
					Operating income before PPA amortization and net interest (non-GAAP)			4,662			9,207			13,485
					Depreciation and amortization (excluding amortization of intangibles)			4,449			3,760			4,559
					Stock-based compensation charges			1,370			1,861			1,829
					Once-off items (refer below)			3,033			267			2,385
						Group Adjusted EBITDA – Non-GAAP^(A)	$	13,514		$	15,095		$	22,258

(A) Revised Q1 FY2026 amounts to correct the error discussed in Note 1 of our Form 10-Q for the period ended September 30, 2026.


			Three months ended
			September 30,				June 30,
			2026		2025		2026
Once-off items comprises:
	Lesaka brand refresh		$	2,750	$	–	$	2,017
	Transaction costs			225		173		264
	Transaction costs related to Utilities and Bank Zero acquisitions			58		94		104
		Total once-off items	$	3,033	$	267	$	2,385

Once-off items are non-recurring in nature, however, certain items may be reported in multiple quarters. For instance, transaction costs include costs incurred related to acquisitions and transactions consummated or ultimately not pursued. The transactions can span multiple quarters, for instance in fiscal 2026 we incurred transaction costs related to the proposed acquisition of Bank Zero over a number of quarters, and the transactions are generally non-recurring.

Rebrand relates to costs incurred related to Lesaka’s new brand launched in November 2025, we expect that it will take the remainder of the 2026 calendar year to roll out the refreshed brand throughout the organization. These are non-recurring costs incurred as a necessary step in a set of strategic initiatives designed to create a “One Lesaka” identity for our customers and our employees.

Year ended June 30, 2026 and 2025

							Year ended
							June 30
							2026			2025
Income (Loss) attributable to Lesaka – GAAP^(A)							$	2,758		$	(90,957	)
Add net loss attributable to non-controlling interest								246			130
	Net income (loss)							2,512			(91,087	)
	Earnings from equity accounted investments							(215	)		(114	)
		Net income (loss) before earnings from equity-accounted investments						2,297			(91,201	)
		Income tax expense (benefit)						1,429			(15,982	)
			Income (Loss) before income tax expense					3,726			(107,183	)
			Loss on disposal of equity securities					730			–
			Other income					(3,883	)		–
			Change in fair value of equity securities					(2,593	)		59,828
			Net loss on impairment/ disposal of equity-accounted investment					584			161
			Reversal of allowance for doubtful loans receivable					(1,500	)		–
			Impairment loss⁽¹⁾					3,347			18,863
			Unrealized (gain) loss FV for currency adjustments					(53	)		23
			Operating income (loss) after PPA amortization and net interest (non-GAAP)					358			(28,308	)
			PPA amortization (amortization of acquired intangible assets)					30,441			21,384
				Operating income (loss) before PPA amortization after net interest (non-GAAP)				30,799			(6,924	)
				Interest expense ^(A)				18,506			21,824
				Interest income				(2,889	)		(2,596	)
					Operating income before PPA amortization and net interest (non-GAAP)			46,416			12,304
					Depreciation and amortization (excluding amortization of intangibles)			16,905			12,337
					Interest adjustment			–			(2,195	)
					Stock-based compensation charges			6,969			9,550
					Once-off items			5,452			17,826
						Group Adjusted EBITDA – Non-GAAP^(A)	$	75,742		$	49,822

(A) Revised FY2025 amounts to correct the error discussed in Note 1 of our Form 10-K for the year ended June 30, 2026.
(1) Impairments excludes an amount of $0.7 million which is included in the caption exit of ATM business.


			Year ended
			June 30,
			2026			2025
Once-off items comprises:
	Lesaka brand refresh		$	3,001		$	–
	Exit of ATM business			1,599			–
	Transaction costs			1,103			1,794
	Transaction costs related to Adumo, Utilities and Bank Zero acquisitions			389			16,159
	Income recognized related to closure of legacy businesses			(579	)		–
	Indirect taxes provision release			(61	)		(127	)
		Total once-off items	$	5,452		$	17,826

Exit of ATM business includes expenses incurred to exit our ATM business and the impairment of ATMs recorded in property, plant and equipment.

Income recognized related to closure of legacy businesses represents (i) gains recognized related to the release of the foreign currency translation reserve on deconsolidation of a subsidiary and (ii) costs incurred related to subsidiaries which we are in the process of deregistering/ liquidating and therefore we consider these costs non-operational and ad hoc in nature.

Indirect tax provision release relates to the reversal of a non-recurring indirect tax provision created in fiscal 2023 which was resolved in fiscal 2025 following settlement of the matter with the tax authority.

Reconciliation of Revenue under GAAP to Net Revenue:

Three months ended September 30, 2026 and 2025, and three months ended June 30, 2026

				Three months ended
				September 30,						June 30,
				2026			2025			2026
Revenue – GAAP				$	184,572		$	171,448		$	188,321
	Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency-based products and acquiring network fees				(87,349	)		(88,011	)		(93,189	)
		Net Revenue (non-GAAP)		$	97,223		$	83,437		$	95,132
			Net Revenue / Revenue – GAAP		53	%		49	%		51	%

Merchant segment revenue (before eliminations) – GAAP				$	119,146		$	126,950		$	123,388
	Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency-based products and acquiring network fees				(77,720	)		(85,725	)		(82,553	)
		Merchant Net Revenue (non-GAAP)		$	41,426		$	41,225		$	40,835

Enterprise segment revenue (before eliminations) – GAAP				$	25,766		$	14,853		$	26,103
	Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency-based products				(9,629	)		(2,286	)		(10,636	)
		Enterprise Net Revenue (non-GAAP)		$	16,137		$	12,567		$	15,467

Beginning in Q1 FY2027, Net Revenue also deducts network fees paid to banks under our acquiring products, and prior period amounts have been recast to conform to the current presentation.

Reconciliation of GAAP net loss and loss per share, basic, to adjusted earnings and adjusted earnings per share, basic:

Three months ended September 30, 2026 and 2025

	Net (loss) income (USD ‘000)				(L)EPS, basic (USD)				Net (loss) income (ZAR ‘000)				(L)EPS, basic (ZAR)
	2026		2025		2026		2025		2026		2025		2026		2025
GAAP^(A)	(4,183	)	(4,658	)	(0.05	)	(0.05	)	(68,046	)	(82,265	)	(0.81	)	(0.88	)

Intangible asset amortization, net	4,033		6,668						65,661		117,584
Lesaka rebrand refresh, net of tax	2,199		–						35,744		–
Stock-based compensation charge	1,370		1,861						22,287		32,762
Transaction costs	283		267						4,609		4,817
Net loss on impairment of equity-accounted investment	–		584						–		10,342
Amortization of intangible assets, net of tax – equity accounted investments	–		(134	)					–		(2,361	)
Adjusted^(A)	3,702		4,588		0.04		0.06		60,255		80,879		0.72		0.97

(A) Revised Q1 FY2026 amounts to correct the error discussed in Note 1 of our Form 10-Q for the period ended September 30, 2026.

Calculation of the denominator for Adjusted earnings per share

			Three months ended September 30,
			2026	2025
			(‘000)
Basic weighted-average common shares outstanding and unvested restricted shares expected to vest under GAAP			83,340	81,327
	In the money stock options		621	643
	Acquisition related shares		–	999
		Weighted average number of shares used to calculate Adjusted earnings per share	83,961	82,969

Weighted average number of shares used to calculate Adjusted earnings per share represents basic weighted-average common shares outstanding and unvested restricted shares expected to vest plus the effect of stock options that are in the money at the reporting date and shares to be issued related to acquisitions.

Attachment B

LESAKA TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Statements of Operations
		Unaudited
		Three months ended
		September 30,
		2026			2025
		(In thousands)

REVENUE		$	184,572		$	171,448

EXPENSE

	Cost of goods sold, IT processing, servicing and support, exclusive of depreciation and amortization shown separately below ^(A)		124,052			118,623
	Selling, general and administration, exclusive of depreciation and amortization shown separately below^(A)		47,032			37,094
	Movement in allowance for credit losses		4,523			2,606
	Depreciation and amortization		9,973			12,894
	Transaction costs related to Utilities and Bank Zero acquisitions		58			94

OPERATING (LOSS) INCOME			(1,066	)		137



NET LOSS ON IMPAIRMENT OF EQUITY-ACCOUNTED INVESTMENT			–			584



INTEREST INCOME			545			539

INTEREST EXPENSE^(A)			4,258			5,013


LOSS BEFORE INCOME TAX BENEFIT			(4,779	)		(4,921	)

INCOME TAX BENEFIT			527			146

NET LOSS BEFORE EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS			(4,252	)		(4,775	)

EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS			69			–

NET LOSS			(4,183	)		(4,775	)

ADD NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST			–			117

NET LOSS ATTRIBUTABLE TO LESAKA		$	(4,183	)	$	(4,658	)

Net loss per share, in United States dollars:
Basic loss attributable to Lesaka shareholders		$	(0.05	)	$	(0.05	)
Diluted loss attributable to Lesaka shareholders		$	(0.05	)	$	(0.05	)

(A) Revised Q1 FY2026 amounts to correct the error discussed in Note 1 of our Form 10-Q for the period ended September 30, 2026.


LESAKA TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Statements of Cash Flows
			Unaudited
			Three months ended
			September 30,
			2026			2025
			(In thousands)

Cash flows from operating activities
	Net loss ^(A)		$	(4,183	)	$	(4,775	)
	Depreciation and amortization			9,973			12,894
	Movement in allowance for doubtful accounts receivable and finance loans receivable			4,523			2,606
	Interest payable			25			(107	)
	Fair value adjustment related to financial liabilities			(265	)		(1	)
	Net loss on impairment of equity-accounted investments			–			584
	Earnings from equity-accounted investments			(69	)		–
	Profit on disposal of property, plant and equipment			(6	)		(30	)
	Facility fee amortized			162			78
	Stock-based compensation charge			1,370			1,861
	Changes in net working capital
		Increase in accounts receivable and other receivables		(7,787	)		(1,230	)
		Increase in finance loans receivable		(15,574	)		(6,903	)
		(Increase) Decrease in inventory		(3,900	)		5,148
		Increase (Decrease) in accounts payable and other payables^(A)		10,128			(233	)
	Increase in taxes payable			942			512
	Decrease in deferred taxes			(2,140	)		(1,481	)
		Net cash (used in) provided by operating activities		(6,801	)		8,923

Cash flows from investing activities
	Capital expenditures			(8,243	)		(3,980	)
	Proceeds from disposal of property, plant and equipment			465			452
	Acquisition of intangible assets			(829	)		(1,139	)
	Acquisition of equity-accounted investment			(750	)		–
	Repayment of loans by equity-accounted investments			200			–
	Acquisition of insurance entity investments			(65	)		–
	Net change in settlement assets			(323	)		4,206
		Net cash used in investing activities		(9,545	)		(461	)

Cash flows from financing activities
	Proceeds from bank overdraft			59,536			27,974
	Repayment of bank overdraft			(41,780	)		(40,661	)
	Long-term borrowings utilized			4,082			2,763
	Repayment of long-term borrowings			(1,189	)		(1,148	)
	Repurchase of shares of common stock			(186	)		–
	Non-refundable deal origination fees			–			(33	)
	Net change in settlement obligations			120			(3,633	)
		Net cash provided by (used in) financing activities		20,583			(14,738	)

Effect of exchange rate changes on cash				132			1,921
Net increase (decrease) in cash, cash equivalents and restricted cash				4,369			(4,355	)
Cash, cash equivalents and restricted cash – beginning of period				81,538			76,639
Cash, cash equivalents and restricted cash – end of period			$	85,907		$	72,284

(A) Revised Q1 FY2026 amounts to correct the error discussed in Note 1 of our Form 10-Q for the period ended September 30, 2026.


LESAKA TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Balance Sheets
						Unaudited			Unaudited
						September 30,			June 30,
						2026			2026
						(In thousands, except share data)
					ASSETS
CURRENT ASSETS
	Cash and cash equivalents					$	85,778		$	81,409
	Restricted cash related to credit facilities						129			129
	Accounts receivable, net of allowance of – September: $3,641; June: $3,207 and other receivables						51,117			43,765
	Finance loans receivable, net of allowance of – September: $11,128; June: $10,119						115,390			103,810
	Inventory						24,017			20,113
		Total current assets before settlement assets					276,431			249,226
			Settlement assets				18,887			18,504
				Total current assets			295,318			267,730
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of – September: $74,845; June: $69,766							53,929			50,212
OPERATING LEASE RIGHT-OF-USE							27,809			20,161
EQUITY-ACCOUNTED INVESTMENTS							1,363			295
GOODWILL							215,419			215,298
INTANGIBLE ASSETS, including integrated platform of: – September: $70,087; June: $73,211							118,452			123,425
DEFERRED INCOME TAXES							13,029			12,470
OTHER LONG-TERM ASSETS, including equity securities							9,367			9,697
TOTAL ASSETS							734,686			699,288

					LIABILITIES
CURRENT LIABILITIES
	Short-term credit facilities						38,633			20,671
	Accounts payable						25,371			23,986
	Other payables						91,479			83,262
	Operating lease liability – current						4,933			4,408
	Current portion of long-term borrowings						16,092			16,114
	Income taxes payable						2,632			1,691
		Total current liabilities before settlement obligations					179,140			150,132
			Settlement obligations				18,721			18,530
				Total current liabilities			197,861			168,662
DEFERRED INCOME TAXES							26,822			28,379
OPERATING LEASE LIABILITY – LONG TERM							26,721			19,338
LONG-TERM BORROWINGS							197,703			194,597
OTHER LONG-TERM LIABILITIES, including insurance policy liabilities							4,169			3,988
TOTAL LIABILITIES							453,276			414,964
REDEEMABLE COMMON STOCK							69,686			78,972

					EQUITY
LESAKA EQUITY:
COMMON STOCK
	Authorized: 200,000,000 with $0.001 par value;
	Issued and outstanding shares, net of treasury: September: 83,304,774; June: 83,306,794						84			84
PREFERRED STOCK
	Authorized shares: 50,000,000 with $0.001 par value;
	Issued and outstanding shares, net of treasury: September: -; June: –						–			–
ADDITIONAL PAID-IN-CAPITAL							163,024			152,554
TREASURY SHARES, AT COST: September: 2,548,472; June: 2,548,472							(234	)		(234	)
ACCUMULATED OTHER COMPREHENSIVE LOSS							(166,234	)		(166,319	)
RETAINED EARNINGS							215,084			219,267
TOTAL LESAKA EQUITY							211,724			205,352
NON-CONTROLLING INTEREST							–			–
TOTAL EQUITY							211,724			205,352

TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS’ EQUITY						$	734,686		$	699,288

Unaudited Condensed Consolidated Financial Statements

Our unaudited condensed consolidated Statements of Operations for the three months ended September 30, 2026 and 2025 in ZAR are presented below. We have translated the results of operations information for the three months ended September 30, 2026 and 2025, provided in the tables below using the actual average exchange rates per month between the USD and ZAR.


LESAKA TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Statements of Operations
		Unaudited
		Three months ended
		September 30,
		2026			2025
		(In thousands)

REVENUE		R	3,005,676		R	3,023,546

EXPENSE
	Cost of goods sold, IT processing, servicing and support, exclusive of depreciation and amortization shown separately below ^(A)		2,020,378			2,092,242
	Selling, general and administration, exclusive of depreciation and amortization shown separately below ^(A)		765,732			653,897
	Movement in allowance for credit losses		73,426			45,906
	Depreciation and amortization		162,383			227,366
	Transaction costs related to Utilities and Bank Zero acquisitions		945			1,762

OPERATING (LOSS) INCOME			(17,188	)		2,373
NET LOSS ON IMPAIRMENT OF EQUITY-ACCOUNTED INVESTMENT			–			10,342
INTEREST INCOME			8,875			9,496
INTEREST EXPENSE^(A)			69,345			88,422
LOSS BEFORE INCOME TAX BENEFIT			(77,658	)		(86,895	)
INCOME TAX BENEFIT			8,494			2,572
NET LOSS BEFORE EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS			(69,164	)		(84,323	)

EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS			1,118			–
NET LOSS			(68,046	)		(84,323	)
ADD NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST			–			2,058
NET LOSS ATTRIBUTABLE TO LESAKA		R	(68,046	)	R	(82,265	)

Net loss per share, in South African Rands:
Basic loss attributable to Lesaka shareholders		R	(0.81	)	R	(0.88	)
Diluted loss attributable to Lesaka shareholders		R	(0.81	)	R	(0.88	)

(A) Revised Q1 FY2026 amounts to correct the error discussed in Note 1 of our Form 10-Q for the period ended September 30, 2026.

Our unaudited condensed consolidated Statements of Cash Flows for the three months ended September 30, 2026 and 2025 in ZAR are presented below. We have translated the cash flow information for the three months ended September 30, 2026 and 2025, provided in the tables below using the actual average exchange rates per month between the USD and ZAR.


LESAKA TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Statements of Cash Flows
			Unaudited
			Three months ended
			September 30,
			2026			2025
			(In thousands)

Cash flows from operating activities
	Net loss ^(A)		R	(68,046	)	R	(84,323	)
	Depreciation and amortization			162,383			227,366
	Movement in allowance for doubtful accounts receivable and finance loans receivable			73,426			45,906
	Fair value adjustment related to financial liabilities			(4,332	)		(34	)
	Net loss on impairment of equity-accounted investments			–			10,342
	Earnings from equity-accounted investments			(1,118	)		–
	Profit on disposal of property, plant and equipment			(96	)		(532	)
	Interest payable			783			(938	)
	Facility fee amortized			2,638			1,375
	Stock-based compensation charge			22,287			32,762
	Changes in net working capital
		Increase in accounts receivable and other receivables		(129,119	)		(26,223	)
		Increase in finance loans receivable		(252,799	)		(122,127	)
		(Increase) Decrease in inventory		(63,795	)		90,761
		Increase (Decrease) in accounts payable and other payables^(A)		164,185			1,123
	Increase in taxes payable			15,394			9,149
	Decrease in deferred taxes			(34,828	)		(26,284	)
		Net cash (used in) provided by operating activities		(113,037	)		158,323

Cash flows from investing activities
	Capital expenditures			(134,102	)		(70,141	)
	Proceeds from disposal of property, plant and equipment			7,573			7,977
	Acquisition of intangible assets			(13,507	)		(20,103	)
	Acquisition of equity-accounted investment			(12,149	)		–
	Repayment of loans by equity-accounted investments			3,240			–
	Acquisition of insurance entity investments			(1,055	)		–
	Net change in settlement assets			(6,118	)		72,633
		Net cash used in investing activities		(156,118	)		(9,634	)

Cash flows from financing activities
	Proceeds from bank overdraft			972,097			493,117
	Repayment of bank overdraft			(678,807	)		(711,895	)
	Long-term borrowings utilized			66,389			48,590
	Repayment of long-term borrowings			(19,360	)		(20,240	)
	Repurchase of shares of common stock			(3,013	)		–
	Non-refundable deal origination fees			–			(575	)
	Net change in settlement obligations			2,945			(62,587	)
		Net cash provided by (used in) financing activities		340,251			(253,590	)

Effect of exchange rate changes on cash				(212	)		(7,496	)
Net increase (decrease) in cash, cash equivalents and restricted cash				70,884			(112,397	)
Cash, cash equivalents & restricted cash – beginning of period				1,337,810			1,360,756
Cash, cash equivalents & restricted cash – end of period			R	1,408,694		R	1,248,359

(A) Revised Q1 FY2026 amounts to correct the error discussed in Note 1 of our Form 10-Q for the period ended September 30, 2026.

Our unaudited condensed consolidated balance sheets as of September 30, 2026 and June 30, 2026 in ZAR are presented below. Amounts included in these balance sheets have been calculated using the $ amounts per our balance sheets presented in U.S. dollars and converted to ZAR using the exchange rates noted below.


Unaudited Condensed Consolidated Balance Sheets
						Unaudited		Unaudited
						September 30,		June 30,
						2026		2026
						(In thousands, except share data)
					ASSETS
CURRENT ASSETS
	Cash and cash equivalents					R	1,406,579	R	1,335,694
	Restricted cash related to credit facilities						2,115		2,117
	Accounts receivable, net of allowance and other receivables						838,211		718,061
	Finance loans receivable, net						1,892,154		1,703,231
	Inventory						393,828		329,998
		Total current assets before settlement assets					4,532,887		4,089,101
			Settlement assets				309,707		303,599
				Total current assets			4,842,594		4,392,700
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of – September: R1,227,301; June: R1,144,665							884,322		823,838
OPERATING LEASE RIGHT-OF-USE							456,009		330,786
EQUITY-ACCOUNTED INVESTMENTS							22,350		4,840
GOODWILL							3,532,419		3,532,437
INTANGIBLE ASSETS, including integrated platform of- September: R1,149,280; June: R1,201,188							1,942,364		2,025,059
DEFERRED INCOME TAXES							213,648		204,598
OTHER LONG-TERM ASSETS							153,599		159,101
TOTAL ASSETS							12,047,305		11,473,359

					LIABILITIES
CURRENT LIABILITIES
	Short-term credit facilities						633,500		339,153
	Accounts payable						416,031		393,543
	Other payables						1,500,063		1,366,096
	Operating lease liability – current						80,891		72,323
	Current portion of long-term borrowings						263,875		264,386
	Income taxes payable						43,159		27,745
		Total current liabilities before settlement obligations					2,937,519		2,463,246
			Settlement obligations				306,985		304,025
				Total current liabilities			3,244,504		2,767,271
DEFERRED INCOME TAXES							439,824		465,620
OPERATING LEASE LIABILITY – LONG TERM							438,168		317,282
LONG-TERM BORROWINGS							3,241,914		3,192,792
OTHER LONG-TERM LIABILITIES, including insurance policy liabilities							68,363		65,432
TOTAL LIABILITIES							7,432,773		6,808,397

TOTAL EQUITY AND REDEEMABLE COMMON STOCK						R	4,614,532	R	4,664,962

Exchange rate $1: ZAR							16.3979		16.4072

Attachment C

Reconciliation of net loss used to calculate loss per share basic and diluted and headline loss per share basic and diluted:

Three months ended September 30, 2026 and 2025

		2026		2025

Net loss (USD’000)⁽^A)		(4,183	)	(4,658	)
Adjustments:
	Net loss on impairment/disposal of equity method investments	–		584
	Profit on sale of property, plant and equipment	(6	)	(30	)
	Tax effects on above	2		8

Net loss used to calculate headline earnings (USD’000)⁽^A)		(4,187	)	(4,096	)

Weighted average number of shares used to calculate net loss per share basic loss and headline loss per share basic loss (‘000)		83,340		81,327

Weighted average number of shares used to calculate net loss per share diluted loss and headline loss per share diluted loss (‘000)		83,340		81,327

Headline loss per share:
	Basic, in USD	(0.05	)	(0.05	)
	Diluted, in USD	(0.05	)	(0.05	)

(A) Revised Q1 FY2026 amounts to correct the error discussed in Note 1 of our Form 10-Q for the period ended September 30, 2026.

Calculation of the denominator for headline diluted loss per share

		Three months ended September 30,
		2026	2025
		(‘000)
Basic weighted-average common shares outstanding and unvested restricted shares expected to vest under GAAP		83,340	81,327
	Denominator for headline diluted loss per share	83,340	81,327

Weighted average number of shares used to calculate headline diluted loss per share represents the denominator for basic weighted-average common shares outstanding and unvested restricted shares expected to vest plus the effect of dilutive securities under GAAP. We use this number of fully diluted shares outstanding to calculate headline diluted loss per share because we do not use the two-class method to calculate headline diluted loss per share.

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Lesaka Technologies