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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

(Mark One)

☒

QUARTERLY

REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended

September 30, 2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND

EXCHANGE ACT OF 1934

For the transition period from

Commission file number:

000-31203

LESAKA TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Florida

98-0171860

(State or other jurisdiction

(IRS Employer

of incorporation or organization)

Identification No.)

President Place, 4

Floor

Cnr. Jan Smuts Avenue and Bolton Road

Rosebank, Johannesburg

2196

South Africa

(Address of principal executive offices, including zip code)

Registrant’s telephone number,

including area code:

343-2000

Not Applicable

(Former Name, Former Address and Former Fiscal Year,

if Changed Since Last Report)

Title of each class

Trading Symbol(s)

Name of each exchange

on which registered

Common stock, par value $0.001 per share

LSAK

NASDAQ

Global Select Market

Indicate by check mark whether

the registrant (1) has filed

all reports required to be

filed by Section 13 or

15(d)

the

Securities

Exchange

Act

1934

during

the

preceding

months

(or

for

such

shorter

period

that

the

registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90

days.

YES

☒

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File

required

submitted

pursuant

Rule

405

Regulation

S-T

(§232.405

this

chapter)

during

the

preceding

months (or for such shorter period that the registrant was required to submit such files).

YES

☒

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated

filer, smaller

reporting company

or an

emerging growth

company. See the

definitions of

“large accelerated

filer,”

“accelerated

filer,”

“smaller

reporting

company,”

and

“emerging

growth

company”

Rule 12b-2

the

Exchange Act (check one):

☐

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

If an

emerging

growth company,

indicate by

check mark

if the

registrant has

elected not

to use

the extended

transition period

for complying

with any

new or

revised financial

accounting standards

provided pursuant

Section 13(a) of the Exchange Act.

☐

Indicate by

check mark

whether the

registrant is

a shell

company (as

defined in

Rule 12b-2

of the

Exchange

Act). YES

☐

☒

As of November

3, 2025 (the

latest practicable date),

84,086,399

shares of the

registrant’s

common stock, par

value $0.001 per share, net of treasury shares, were outstanding.

Form 10-Q

LESAKA TECHNOLOGIES, INC.

Table

of Contents

Page No.

PART

I. FINANCIAL INFORMATION

Item 1

Financial Statements

Unaudited Condensed Consolidated Balance Sheets as of September 30, 2025 and June

30, 2025

Unaudited Condensed Consolidated Statements of Operations for the three months ended

September 30, 2025 and 2024

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income for the

three months ended September 30, 2025 and 2024

Unaudited Condensed Consolidated Statement of Changes in Equity for the three months

ended September 30, 2025 and 2024

Unaudited Condensed Consolidated Statements of Cash Flows for the three months

ended September 30, 2025 and 2024

Notes to Unaudited Condensed Consolidated Financial Statements

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4

Controls and Procedures

Part II. OTHER INFORMATION

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3

Defaults upon Senior Securities

Item 4

Mine Safety Disclosures

Part I. Financial information

Item 1. Financial Statements

LESAKA TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Balance Sheets

September 30,

June 30,

2025

(In thousands, except share data)

ASSETS

CURRENT ASSETS

Cash and cash equivalents

72,162

76,520

Restricted cash related to ATM funding

and credit facilities (Note 9)

122

119

Accounts receivable, net and other receivables (Note 3)

44,790

42,525

Finance loans receivable, net (Note 3)

80,860

74,110

Inventory (Note 4)

18,957

23,551

Total current assets before settlement assets

216,891

216,825

Settlement assets

23,653

27,098

Total current assets

240,544

243,923

PROPERTY,

PLANT AND EQUIPMENT, net of accumulated depreciation of - September: $

55,748

June:

55,086

(Note 1)

46,277

44,924

OPERATING LEASE RIGHT-OF-USE (Note 17)

9,876

9,691

EQUITY-ACCOUNTED INVESTMENTS

(Note 6)

170

199

GOODWILL (Note 7)

204,979

199,395

INTANGIBLE ASSETS, NET (Note 7)

134,664

139,215

DEFERRED INCOME TAXES

12,325

12,554

OTHER LONG-TERM ASSETS (Note 6 and 8)

4,020

3,809

TOTAL ASSETS

652,855

653,710

LIABILITIES

CURRENT LIABILITIES

Short-term credit facilities (Note 9)

12,488

24,469

Accounts payable

19,138

19,867

Other payables (Note 10)

75,026

72,079

Operating lease liability - current (Note 17)

4,258

4,007

Current portion of long-term borrowings (Note 9)

12,581

11,956

Income taxes payable

1,961

1,400

Total current liabilities before settlement obligations

125,452

133,778

Settlement obligations

23,822

26,695

Total current liabilities

149,274

160,473

DEFERRED INCOME TAXES

32,773

33,921

OPERATING LEASE LIABILITY - LONG TERM (Note 17)

6,041

6,129

LONG-TERM BORROWINGS (Note 9)

195,516

188,813

OTHER LONG-TERM LIABILITIES, including insurance policy liabilities (Note 8)

3,029

2,991

TOTAL LIABILITIES

386,633

392,327

REDEEMABLE COMMON STOCK

88,957

EQUITY

COMMON STOCK (Note 11)

Authorized:

200,000,000

with $

0.001

par value;

Issued and outstanding shares, net of treasury - September:

81,463,899

; June:

81,249,097

103

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

428,811

426,950

TREASURY SHARES, AT

COST: September:

29,934,044

; June:

29,934,044

(298,523)

ACCUMULATED OTHER

COMPREHENSIVE LOSS (Note 12)

(178,462)

(185,664)

RETAINED EARNINGS

218,422

222,719

TOTAL LESAKA EQUITY

170,351

165,585

NON-CONTROLLING INTEREST

6,914

6,841

TOTAL EQUITY

177,265

172,426

TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS’ EQUITY

652,855

653,710

See Notes to Unaudited Condensed Consolidated Financial Statements

LESAKA TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Statements of Operations

Three months ended

September 30,

2025

2024

(In thousands, except per

share data)

REVENUE (Note 16)

171,448

153,568

EXPENSE

Cost of goods sold, IT processing, servicing and support, exclusive of depreciation and amortization shown

separately below

118,440

118,909

Selling, general and administration, exclusive of depreciation and amortization shown separately below

39,637

26,698

Depreciation and amortization

12,894

6,276

Transaction costs related to Adumo, Recharger and Bank Zero acquisitions (Note 2)

1,730

OPERATING INCOME (LOSS)

383

(45)

NET LOSS ON IMPAIRMENT OF EQUITY-ACCOUNTED

INVESTMENT (Note 6)

584

INTEREST INCOME

539

586

INTEREST EXPENSE

4,898

5,032

LOSS BEFORE INCOME TAX (BENEFIT) EXPENSE

(4,560)

(4,491)

INCOME TAX (BENEFIT) EXPENSE (Note 19)

(146)

NET LOSS BEFORE EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS

(4,414)

(4,569)

EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS

(Note 6)

NET LOSS

(4,414)

(4,542)

ADD NET LOSS ATTRIBUTABLE

TO NON-CONTROLLING INTEREST

117

NET LOSS ATTRIBUTABLE

TO LESAKA

(4,297)

(4,542)

Net loss per share, in United States dollars

(Note 14):

Basic loss attributable to Lesaka shareholders

(0.05)

(0.07)

Diluted loss attributable to Lesaka shareholders

(0.05)

(0.07)

See Notes to Unaudited Condensed Consolidated Financial Statements

LESAKA TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income

Three months ended

September 30,

2025

2024

(In thousands)

Net loss

(4,414)

(4,542)

Other comprehensive income, net of taxes

Movement in foreign currency translation reserve

6,842

10,525

Release of foreign currency translation reserve related to disposal of equity

securities

550

Total other comprehensive

income, net of taxes

7,392

10,525

Comprehensive income

2,978

5,983

Less comprehensive income attributable to non-controlling interest

(73)

Comprehensive income attributable to Lesaka

2,905

5,983

See Notes to Unaudited Condensed Consolidated Financial Statements

LESAKA TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Statements of Changes in Equity

Lesaka Technologies, Inc. Shareholders

Number of

Amount

Number of

Treasury

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 September 30, 2024 (dollar amounts

in thousands)

Balance – July 1, 2024

89,836,051

(25,563,808)

(289,733)

64,272,243

343,639

310,223

(188,355)

175,857

79,429

Restricted stock granted (Note 13)

32,800

Stock-based compensation charge

(Note 13)

2,377

Reversal of stock-based compensation

charge (Note 13)

(3,100)

Net loss

(4,542)

Other comprehensive income (Note

12)

10,525

Balance – September 30, 2024

89,865,751

(25,563,808)

(289,733)

64,301,943

346,016

305,681

(177,830)

184,217

79,429

LESAKA TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Statements of Changes in Equity

Lesaka Technologies, Inc. Shareholders

Number of

Amount

Number of

Treasury

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 September 30, 2025 (dollar amounts

in thousands)

Balance – July 1, 2025

111,183,141

103

(29,934,044)

(298,523)

81,249,097

426,950

222,719

(185,664)

165,585

6,841

172,426

88,957

Restricted stock granted (Note 13)

225,595

Stock-based compensation charge

(Note 13)

1,873

Reversal of stock-based compensation

charge (Note 13)

(10,793)

(12)

Net loss

(4,297)

(117)

(4,414)

Other comprehensive income (Note

12)

7,202

190

7,392

Balance – September 30, 2025

111,397,943

103

(29,934,044)

(298,523)

81,463,899

428,811

218,422

(178,462)

170,351

6,914

177,265

88,957

LESAKA TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Statements of Cash Flows

Three months ended

September 30,

2025

2024

(In thousands)

Cash flows from operating activities

Net loss

(4,414)

(4,542)

Depreciation and amortization

12,894

6,276

Movement in allowance for doubtful accounts receivable and finance loans receivable

2,606

1,499

Earnings from equity-accounted investments (Note 6)

(27)

Fair value adjustment related to financial liabilities

(1)

190

Interest payable

(107)

1,693

Facility fee amortized

Net loss on disposal of equity-accounted investments (Note 6)

584

Profit on disposal of property, plant and equipment

(30)

(27)

Stock-based compensation charge (Note 13)

1,861

2,377

Changes in net working capital

(Increase) Decrease in accounts receivable and other receivables

(1,230)

7,692

Increase in finance loans receivable

(6,903)

(1,590)

(Decrease) Increase in inventory

5,148

(889)

Decrease in accounts payable and other payables

(594)

(17,177)

Increase in taxes payable

512

765

Decrease in deferred taxes

(1,481)

(446)

Net cash provided by (used in) operating activities

8,923

(4,137)

Cash flows from investing activities

Capital expenditures

(3,980)

(3,965)

Proceeds from disposal of property, plant and equipment

452

850

Acquisition of intangible assets

(1,139)

(173)

Net change in settlement assets

4,206

3,570

Net cash (used in) provided by investing activities

(461)

282

Cash flows from financing activities

Proceeds from bank overdraft (Note 9)

27,974

23,893

Repayment of bank overdraft (Note 9)

(40,661)

(31,028)

Long-term borrowings utilized (Note 9)

2,763

774

Repayment of long-term borrowings (Note 9)

(1,148)

(5,472)

Non-refundable deal origination fees (Note 9)

(33)

Net change in settlement obligations

(3,633)

(3,648)

Net cash used in financing activities

(14,738)

(15,481)

Effect of exchange rate changes on cash

1,921

3,226

Net decrease in cash, cash equivalents and restricted cash

(4,355)

(16,110)

Cash, cash equivalents and restricted cash – beginning of period

76,639

65,919

Cash, cash equivalents and restricted cash – end of period (Note 15)

72,284

49,809

See Notes to Unaudited Condensed Consolidated Financial Statements

LESAKA TECHNOLOGIES, INC

Notes to the Unaudited Condensed Consolidated Financial Statements

for the three months ended September 30, 2025 and 2024

(All amounts in tables stated in thousands or thousands of U.S. dollars, unless otherwise stated)

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

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

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

months ended September 30, 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

read

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.

the

opinion

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

In October 2025, the Company identified that it

had understated its June 30, 2025,

amounts of cost and accumulated depreciation

for

computer

equipment

well

the

totals

for

cost

and

accumulated

depreciation

6.5

million

the

notes

the

audited

consolidated

financial

statements

for

the

years

ended

June

30,

2025,

2024

and

2023.

The

carrying

value

property,

plant

and

equipment reported as of June 30, 2025, was not impacted by the misstatement.

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

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 September 30, 2025

November

2024,

the

FASB

issued

guidance

regarding

Income

Statement—Reporting

Comprehensive

Income—Expense

Disaggregation

Disclosures

(Subtopic

220-40)

which

requires

disaggregated

disclosure

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,

requires

disaggregation

certain

expense

captions

into

specified

LESAKA TECHNOLOGIES INC 10-Q