Welcome to our dedicated page for Lesaka Technologies news (Ticker: LSAK), a resource for investors and traders seeking the latest updates and insights on Lesaka Technologies stock.
Lesaka Technologies, Inc. (NASDAQ: LSAK) is a leading provider of payment solutions, transaction processing, and financial technologies, predominantly operating in South Africa. The company's activities are divided into two main segments: Merchant and Consumer.
The Merchant segment, which accounts for the majority of the company's revenue, focuses on providing goods and services to corporate clients and other legal entities. This includes processing activities for customers and the distribution of prepaid airtime. The Consumer segment, on the other hand, involves offering financial services such as bank accounts, loans, and insurance products to individual customers. Lesaka charges monthly administration fees for all its bank accounts.
Lesaka's core technology, the Universal Electronic Payment System (UEPS), is designed to serve unbanked and under-banked populations. This system utilizes smart cards that function both online and offline, allowing transactions even in remote areas where traditional banking infrastructure is nonexistent. This innovative approach enables billions of people with limited access to conventional banking to engage in electronic transactions with government agencies, employers, merchants, and other financial service providers.
Recently, Lesaka signed a definitive agreement to acquire Adumo RF (Pty) Ltd for ZAR 1.59 billion ($85.9 million), a transaction expected to significantly strengthen its market position. The acquisition will be funded through a mix of stock issuance and cash, sourced from internal and external financing. This strategic move aligns with Lesaka's mission to enhance its service offerings and reach in the digital payment landscape.
Financially, Lesaka continues to demonstrate resilience despite challenging economic conditions. The company reports its financial results in USD while measuring its operating performance in ZAR. This dual reporting helps provide more accurate guidance and performance metrics to investors. Lesaka's latest earnings presentation and financial metrics for the first quarter of 2024 are available on the Investor Relations page of their website.
Lesaka remains committed to innovation and positively impacting the lives of small merchants and grant beneficiaries in South Africa by facilitating digitalization in the informal economy. For more information, visit their official website or contact their Investor Relations team.
Lesaka Technologies, Inc. (NASDAQ: LSAK) reported strong Q2 2023 results with Adjusted EBITDA of $7.4 million and revenue of $136.1 million, significantly surpassing prior forecasts. This marks a 77% increase in EBITDA from the previous quarter and a substantial turnaround from a loss of $5.4 million in Q2 2022. Positive net cash provided by operating activities reached $3.4 million, improving from an outflow of $13.8 million a year earlier. The company reaffirms its fiscal 2023 guidance, reflecting sustained growth in its Merchant Division amid challenges in the operating environment.
Lesaka Technologies announced the departure of Mr. Alex M.R. Smith, effective March 1, 2023, as he seeks new opportunities. During his notice period, he will assist in consolidating the Chief Accounting Officer role into the existing finance team. Group CEO Chris Meyer acknowledged Smith's key contributions during a transformational period for Lesaka. Group CFO Naeem E. Kola emphasized the successful integration of Connect Group, which has enhanced the finance function and positioned Lesaka for future growth. Lesaka, a South African fintech company, aims to drive financial inclusion through innovative solutions for merchants and consumers.
Lesaka Technologies announced it will release its second quarter 2023 results after the U.S. market close on February 7, 2023. A conference call and webcast will follow on February 8, 2023, at 8:00 a.m. EST (3:00 p.m. SAST) to discuss the results. Investors can access the webcast via this link.
Participants are encouraged to join the live event to ask questions. The company specializes in fintech solutions for Southern Africa, focusing on financial inclusion for merchants and consumers.
Lesaka Technologies (Nasdaq: LSAK) announced a new employment agreement with CEO Steven Heilbron, effective from January 1, 2023, to June 30, 2025. Heilbron, with over 20 years of financial services experience, has led the Connect Group since 2013. Under his leadership, Connect grew significantly and integrated into Lesaka, promoting financial inclusion in southern Africa. His focus will shift towards Group Strategy, M&A, and Special Projects. Lesaka provides fintech solutions aimed at enhancing financial services accessibility for underserved consumers and merchants in the region.
Lesaka Technologies announced that Group CEO Chris Meyer will participate in a virtual panel discussion at the Credit Suisse 2022 European Private and Public Companies Financial Disruption Conference on November 17, 2022, at 11:00 am SAST.
Lesaka is a South African Fintech company focused on providing banking and payment solutions aimed at enhancing financial inclusion in Southern Africa. The company, listed on NASDAQ as LSAK and JSE as LSK, offers various financial services to both merchants and consumers, emphasizing affordability and accessibility for underserved sectors.
Lesaka Technologies (LSAK) reported Q1 2023 results, achieving revenue of $124.8 million, a remarkable 262% increase from Q1 2022. This growth is attributed to the full-quarter inclusion of the Connect acquisition. Adjusted EBITDA improved to ZAR 111 million ($6.5 million), marking a significant recovery from a loss of ZAR 106 million in the prior year. Operating losses reduced to $4.7 million from $11.2 million year-on-year. The company expects to reach consumer business break-even by Q2 2023, with guidance for total revenue between ZAR 8.7 billion and ZAR 9.3 billion for FY 2023.
Lesaka Technologies announced its first quarter results for 2023, set to be released on November 8, 2022, after the U.S. market closes. A conference call will follow on November 9, 2022, at 8:00 a.m. Eastern Time, accessible via a webcast link. Lesaka, a South African fintech company, focuses on financial inclusion, providing solutions to underserved markets. Its services include cash management, card acquiring, lending, and insurance. Lesaka is traded on NASDAQ under the symbol LSAK and has a secondary listing on the Johannesburg Stock Exchange as LSK.
Lesaka Technologies, Inc. (NASDAQ: LSAK; JSE: LSK) announced financial guidance for FY23, projecting revenue between $565 million and $600 million with an Adjusted EBITDA loss of $31 million to $34 million. The FY22 results showed a revenue of $222.6 million and an Adjusted EBITDA loss of $18.6 million prior to stock-based compensation. The company clarified that its recent shelf registration statement is a routine renewal for future financing opportunities.
Lesaka Technologies (NASDAQ: LSAK; JSE: LSK) announced that Ian O. Greenstreet will not seek re-election at the upcoming annual meeting in November 2022. Lesaka's Chairman, Kuben Pillay, expressed appreciation for Greenstreet’s contributions during his two and a half years with the company, particularly highlighting his expertise in strategy, risk, and restructuring. Lesaka, a South African fintech firm, focuses on providing financial services to underserved markets in Southern Africa, aiming for financial inclusion through innovative solutions.
Lesaka Technologies, Inc. (Nasdaq: LSAK) reported a significant increase in revenue for Q4 2022, with a total of $121.8 million, up from $34.5 million in Q4 2021, largely due to the acquisition of Connect. The Group's operating loss improved to $10.1 million compared to $13.6 million in the previous year. Annual revenue also rose to $222.6 million, a 70% increase driven by the Connect inclusion and growth in the merchant business. Looking ahead, the company anticipates revenue of $130 million to $133 million for Q1 2023.
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