Lesaka Technologies Restates Financials

TL;DR

Lesaka Tech (LSK) just said their last year's financials are garbage and they gotta fix 'em. Big red flag.

AI Summary

Lesaka Technologies, Inc. filed an 8-K on September 10, 2025, to report that previously issued financial statements for the fiscal year ended June 30, 2025, should no longer be relied upon. This non-reliance is due to an error identified in the financial statements, which will require restatement. The company is working to file corrected financial statements as soon as possible.

Why It Matters

Investors should be aware that the company's previously reported financial performance may be inaccurate, requiring a review of their investment decisions.

Risk Assessment

Risk Level: medium — The need to restate financial statements indicates potential accounting issues or internal control weaknesses that could impact the company's financial health and investor confidence.

Key Players & Entities

• Lesaka Technologies, Inc. (company) — Registrant
• September 8, 2025 (date) — Earliest event reported
• September 10, 2025 (date) — Date of report
• June 30, 2025 (date) — Fiscal year end
• Florida (jurisdiction) — State of incorporation

FAQ

Filing Documents

• form8k.htm (8-K) — 23KB
• 0001062993-25-015498.txt ( ) — 228KB
• lsak-20250908.xsd (EX-101.SCH) — 4KB
• lsak-20250908_cal.xml (EX-101.CAL) — 1KB
• lsak-20250908_def.xml (EX-101.DEF) — 22KB
• lsak-20250908_lab.xml (EX-101.LAB) — 45KB
• lsak-20250908_pre.xml (EX-101.PRE) — 24KB
• form8k_htm.xml (XML) — 3KB

02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review

Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. On September 8, 2025, the Audit Committee of the Board of Directors (the "Audit Committee") of Lesaka Technologies, Inc. (the "Company"), following consultation with the Company's management and KPMG Inc, the Company's independent registered public accounting firm, concluded that the Company's unaudited condensed consolidated financial statements for the quarters ended September 30, 2024, December 31, 2024, and March 31, 2025, respectively, included in the Company's Quarterly Reports on Form 10-Q for the quarters ended September 30, 2024, December 31, 2024, and March 31, 2025, respectively (the "Quarterly Reports"), should be restated, and that such unaudited condensed financial statements should no longer be relied upon, due to the Company's re-evaluation of the classification of certain revenue that has been reported as an agent rather than as principal, and related cost of goods sold. The Company will also make corresponding revisions to its Management's Discussion and Analysis of Financial Condition and Results of Operations for the quarters ended September 30, 2024, December 31, 2024, and March 31, 2025, respectively, included in the Quarterly Reports. The Company anticipates that the restatement will have no impact on its reported operating income (loss), net loss or loss per share or the Company's net cash flows or liquidity. The restatement is expected to result in an increase in the Company's revenue, with the increase in revenue expected to be offset by a corresponding increase in its cost of goods sold, IT processing, servicing and support. During the Company's year-end financial closing process, the Company determined that, at the outset of fiscal year 2025, accounting personnel of one of its subsidiaries misinterpreted the accounting implications of a change in operating process with one of its suppliers, resulting in the incorrect

Forward Looking Statements

Forward Looking Statements This filing contains 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, including statements regarding the outcome of the restatement. These statements are based on current expectations as of the date of this filing and involve a number of risks and uncertainties, which may cause results to differ materially from those indicated by these forward-looking statements. These risks include, without limitation, the timely completion of the restatement and the restated filings, the risk that additional information may become known prior to the expected filing with the Securities and Exchange Commission (SEC) of the restated filings or that other subsequent events may occur that would require the Company to make additional adjustments to its financial statements, whether the Company's re-evaluation of its accounting on an agency versus principal basis related to other agreements will result in the restatement of revenue and costs associated with these other agreements in the Quarterly Reports or for other fiscal periods, uncertainties around the effectiveness of the Company's internal control over financial reporting and the effectiveness of the Company's disclosure controls and procedures, potential legal or regulatory action related to the restatement, and the potential impact on the Company's business and any market reaction to any announcements regarding any of the foregoing and other risks detailed in the Company's filings with the SEC, including its Annual Report on Form 10-K for the year ended June 30, 2024. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this filing. The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this filing.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibits Exhibits Description 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. LESAKA TECHNOLOGIES, INC. Date: September 10, 2025 By: /s/ Dan L. Smith Name: Dan L. Smith Title: Group Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR