UEPS - UEPS STOCK NEWS

Net 1 UEPS Technologies (Nasdaq: UEPS) reported Q3 fiscal 2022 results with a revenue increase of 22% to $35.2 million. Adjusted EBITDA showed significant improvement, yielding $0.3 million versus a loss of $10.7 million year-over-year. The company targeted $19.2 million in annualized savings from Project Spring. Despite a GAAP EPS loss reduction of 48% to $(0.06), the company plans to rebrand as Lesaka Technologies, effective May 18, 2022. The acquisition of Connect Group was completed post-quarter end, enhancing their service ecosystem.

Net 1 UEPS Technologies (NasdaqGS: UEPS; JSE: NT1) will release its third quarter 2022 results after U.S. market close on May 10, 2022. A presentation will follow via webcast and conference call on May 11, 2022, at 8:00 a.m. Eastern Time to discuss these results. Participants can choose between a live webcast or an audio-only broadcast. Pre-registration for the conference call is available, or participants may dial in directly. A replay of the webcast will be accessible on the investor relations website.

Net 1 UEPS Technologies, Inc. (NasdaqGS: UEPS) has successfully acquired the Connect Group for ZAR 3.8 billion (approximately $264 million). This acquisition is a pivotal step for Net1 to strengthen its position as a leading fintech platform in South Africa. It enhances Net1's B2B offerings by integrating 44,000 MSMEs and aims to provide essential financial services to both informal and formal sectors. The transaction was financed through existing cash and new debt facilities, highlighting a strategic expansion in the fintech space.

Net1 UEPS Technologies (UEPS) has fulfilled key conditions for its acquisition of the Connect Group in South Africa. The company confirmed that the counterparties have approved the change of control and met conditions related to funding agreements. The only remaining requirement is the final confirmation of facility agreements, anticipated following the South African exchange control authorizations. The acquisition is projected to close in April 2022. The Connect Group serves nearly 44,000 MSMEs in the region, providing significant growth opportunities for Net1.

Net1 UEPS Technologies (NasdaqGS: UEPS) announced the approval of its acquisition of 100% of Connect Group's shares by competition authorities in South Africa, Botswana, and Namibia. The South African Competition Tribunal approved the deal on March 9, 2022, with conditions focused on public interest and employment. The merger supports Net1's goal of enhancing financial inclusion and will combine complementary services, expanding the market reach to underserved MSMEs. The completion of the deal is subject to certain conditions which are expected to be finalized by the end of March 2022.

Net 1 UEPS Technologies reported its Q2 2022 results, showing revenue of $31.1 million, a 4% decline from the previous year. The company improved its operating loss by 38% to $(9.4) million, aided by cost-cutting measures. As of December 31, 2021, unrestricted cash totaled $182.4 million. GAAP EPS was $(0.22), while fundamental EPS recorded $(0.13). The growth in Easy Pay Everywhere accounts reached nearly 1.1 million, reflecting a positive trend in the consumer financial services sector.

Net 1 UEPS Technologies (NasdaqGS: UEPS) announced it will release its second quarter 2022 results on February 9, 2022, after market close. Management will hold a conference call on February 10, 2022, at 8:00 a.m. Eastern Time to discuss the results. Interested participants can join the call by dialing specific phone numbers for the US, UK, and South Africa, or via the Net1 website. Pre-registration for the call is available online, and a replay will be accessible afterward.

Net1 UEPS Technologies, Inc. announced the appointment of Naeem Kola as Group Chief Financial Officer effective March 1, 2022. Kola, who has extensive experience in fintech and merger integration, will succeed Alex Smith, who will transition to Group Chief Accounting Officer. This management change follows the recent acquisition of the Connect Group, positioning Net1 for growth in the evolving fintech sector. Kola expressed enthusiasm for driving financial inclusion and leveraging growth opportunities in the digital payment space.

Net 1 UEPS Technologies (Nasdaq: UEPS) announced Q1 2022 results ending September 30, 2021. Key highlights include a revenue drop of 2% year-over-year to $34.5 million and an operating loss of $(11.2) million. Despite challenges in the South African economy, the company reported unrestricted cash of $188 million with no debt. CEO Chris Meyer emphasized their commitment to return the Financial Services business to profitability and announced the acquisition of Connect Group to enhance growth. Adjusted EBITDA loss stood at $(10.1) million.