Lesaka Technologies Files 2024 10-K

TL;DR

Lesaka Tech's 2024 10-K is in: check financials & future outlook.

AI Summary

Lesaka Technologies Inc. filed its 10-K for the fiscal year ending June 30, 2024, reporting on its financial performance and operations. The company, formerly known as NET 1 UEPS TECHNOLOGIES INC, is based in Rosebank, Johannesburg, South Africa. Key financial data and operational details for the fiscal years 2023 and 2024 are presented within the filing.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Lesaka Technologies' financial health, strategic direction, and potential risks for the past fiscal year.

Risk Assessment

Risk Level: medium — The filing contains standard disclosures for a public company, including financial performance, risks, and forward-looking statements, which are typical for a medium-risk profile.

Key Numbers

• 50,000,000 — Shares Authorized (Common stock authorized as of June 30, 2024.)
• 200,000,000 — Shares Authorized (Common stock authorized as of June 30, 2023.)

Key Players & Entities

• LESAKA TECHNOLOGIES INC (company) — Filer
• NET 1 UEPS TECHNOLOGIES INC (company) — Former company name
• 2024-06-30 (date) — Fiscal year end
• 2023-07-01 (date) — Start of fiscal year
• 2022-07-01 (date) — Start of prior fiscal year
• 0001041514 (company) — Central Index Key
• 6099 (dollar_amount) — Standard Industrial Classification Code
• 980171860 (dollar_amount) — IRS Number
• 27 11 343 2000 (dollar_amount) — Business Phone Number

FAQ

Key Financial Figures

• $0.001 — ich registered Common stock, par value $0.001 per share LSAK NASDAQ Global Select
• $381 billion — roximately 62 million population and $381 billion economy (GDP, according to IMF World

Filing Documents

• form10k.htm (10-K) — 6505KB
• form10kp5i0.jpg (GRAPHIC) — 122KB
• form10kp5i1.gif (GRAPHIC) — 118KB
• form10kp6i0.gif (GRAPHIC) — 190KB
• form10kp7i0.gif (GRAPHIC) — 93KB
• form10kp7i1.gif (GRAPHIC) — 85KB
• form10kp29i0.gif (GRAPHIC) — 14KB
• form10kp40i0.gif (GRAPHIC) — 19KB
• ex14.htm (EX-14) — 198KB
• ex21.htm (EX-21) — 11KB
• ex42.htm (EX-4.2) — 18KB
• ex104.htm (EX-10.4) — 218KB
• ex231.htm (EX-23.1) — 5KB
• ex232.htm (EX-23.2) — 4KB
• ex311.htm (EX-31.1) — 23KB
• ex312.htm (EX-31.2) — 23KB
• ex32.htm (EX-32) — 9KB
• ex97.htm (EX-97) — 82KB
• 0001562762-24-000222.txt ( ) — 34041KB
• lsak-20240630.xsd (EX-101.SCH) — 222KB
• lsak-20240630_cal.xml (EX-101.CAL) — 168KB
• lsak-20240630_def.xml (EX-101.DEF) — 1119KB
• lsak-20240630_lab.xml (EX-101.LAB) — 1971KB
• lsak-20240630_pre.xml (EX-101.PRE) — 1441KB
• form10k_htm.xml (XML) — 7264KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 24 Item 1C Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6. [ Reserved] 27 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 55 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 57 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 58 Item 9A.

Controls and Procedures

Controls and Procedures 58 Item 9B. Other Information 61 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 61 PART III Item 10. Directors, Executive Officers and Corporate Governance 62 Item 11.

Executive Compensation

Executive Compensation 62 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 62 Item 13. Certain Relationships and Related Transactions, and Director Independence 62 Item 14. Principal Accountant Fees and Services 62 PART IV Item 15. Exhibits and Financial Statement Schedules 63 Item 16. Form 10-K Summary 66

Financial Statements

Financial Statements F-1 2 PART I FORWARD LOOKING STATEMENTS In addition to historical information, this Annual Report on Form 10-K ("Annual Report") contains forward-looking that involve risks and uncertainties that could cause our actual results to differ materially from those projected, anticipated or implied in the forward-looking that might cause or contribute to such differences include, but are not limited to, those discussed in

—"Risk

Item 1A—"Risk Factors." In some cases, you can identify forward-looking terminology such as "may," "will," "should," "could," "would," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of such terms and other comparable terminology. You should not place undue reliance on these forward- looking statements, which reflect our opinions only as of the date of this Annual Report. We undertake no obligation to release publicly any revisions to the forward-looking the date of this Annual Report. You should carefully review the

risk factors

risk factors described in other documents we file from time to time with the Securities and Exchange Commission (the "SEC"), including the Quarterly Reports on Form 10-Q to be filed by us during our 2025 fiscal year, which runs from July 1, 2024 to June 30, 2025. All references to "the Company," "we," "us," or "our" are references to Lesaka Technologies, Inc. and its consolidated subsidiaries, collectively, and all references to "Lesaka" are to Lesaka Technologies, Inc. only, except as otherwise indicated or where the context indicates otherwise. ITEM 1.

BUSINESS

BUSINESS Overview Lesaka is a South African Fintech company that utilizes its proprietary banking and payment technologies to deliver financial services solutions and software to consumers and merchants in Southern Africa. Our vision is to build and operate the leading full-service fintech platform in Southern Africa. Our core purpose is to provide financial services to Southern Africa's underserviced consumers and merchants, improving people's lives and increasing financial inclusion in the markets in which we operate. We achieve this through our ability to efficiently digitalize the last mile of financial inclusion, providing a full-service fintech platform offering both cash and digital, and facilitating the secular shift from cash to digital that is currently taking place. We offer a wide range of solutions including transactional accounts (banking), lending, insurance, cash management solutions, card acceptance, supplier payments, software services and bill payments. By providing a full-service fintech platform in our connected ecosystem, we facilitate the digitization of commerce in our markets. In May 2024 we announced the acquisition of Adumo RF (Pty) Ltd ("Adumo"), an acquisition subject to satisfaction of customary closing conditions, expected to close in October 2024. The acquisition continues Lesaka's consolidation in the Southern African fintech sector and enhances Lesaka's strengths in both the consumer and merchant markets. Reportable Segments We operate through two divisions: Our B2C Consumer Division ("Consumer") and our B2B Merchant Division ("Merchant"). Within these two divisions, Lesaka has four broad customer types: consumers, micro-merchants, merchants, and enterprise clients. While there are mutually reinforcing dynamics and overlap between our verticals, within each vertical, we offer distinct brands with unique value propositions. Our platform

financial statements

financial statements included in this Annual Report which contains detailed financial information about our revenue for fiscal 2024, 2023 and 2022. 9 Corporate history Lesaka was incorporated in Florida in May 1997 as Net 1 UEPS Technologies, Inc. and changed its name to Lesaka Technologies, Inc. on May 12, 2022. In 2004, Lesaka acquired Net1 Applied Technology Holdings Limited ("Aplitec"), a public company listed on the Johannesburg Stock Exchange ("JSE"). In 2005, Lesaka completed an initial public offering and listed on the NASDAQ Stock Market. In 2008, Lesaka listed on the JSE in a secondary listing, which enabled the former Aplitec shareholders (as well as South African residents generally) to hold Lesaka common stock directly. Available information We maintain a website at www. lesakatech.com. Our Annual Report, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports, as well as our proxy statements, are available free of charge through the "SEC filings" portion of our website, as soon as reasonably practicable after they are filed with the SEC. The information contained on, or accessible through, our website is not incorporated into this Annual Report. The SEC maintains a website at www.sec.gov that contains reports, proxy and information other information regarding issuers that file electronically with the SEC. 10

RISK FACTORS

ITEM 1A. RISK FACTORS OUR OPERATIONS AND FINANCIAL RESULTS ARE SUBJECT TO VARIOUS RISKS AND UNCERTAINTIES, INCLUDING THOSE DESCRIBED BELOW, THAT COULD ADVERSELY AFFECT OUR BUSINESS, FINANCIAL CONDITION, RESULTS OF OPERATIONS, CASH FLOWS, AND THE TRADING PRICE OF OUR COMMON STOCK Risks Relating to Our Business T

View Full Filing

View this 10-K filing on SEC EDGAR