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Net 1 UEPS Technologies reported its Q2 2021 results, revealing a 12% decline in revenue year-over-year to $32.3 million. Despite an increase of 44,000 EasyPay Everywhere accounts, the company faced a GAAP operating loss of $15.2 million and an Adjusted EBITDA loss of $12.8 million. Cash reserves stood at $206 million with no debts. The exit from IPG is progressing, expected to reduce future operating losses. However, challenges persist with ongoing cash burn and a 15% decrease in revenue compared to Q1 2021.
Net1 UEPS Technologies has sold its entire interest in Bank Frick & Co. AG for $30 million. After deducting $3.6 million for terminating agreements and settling liabilities, Net1 received $15 million at closing, with the remainder due in installments over 18 months. This sale aligns with the company’s strategy to focus on core operations in South Africa, eliminating cash burn from non-core operations. The company is set to provide more details in its second quarter fiscal 2021 earnings call on February 5, 2021.
Net1 UEPS Technologies, a South African financial technology company, will release its second quarter 2021 results post-market on February 4, 2021. A conference call for discussion of these results is scheduled for February 5, 2021, at 8:00 a.m. ET. Participants can join by dialing specific local numbers or via webcast on the Net1 homepage. Advance registration for the call is now available online. Net1 operates primarily in Africa, Asia, and Europe, offering low-cost financial services and transaction processing through its innovative technology.
Net 1 UEPS Technologies announced the appointment of Javed Hamid and Monde Nkosi as independent non-executive directors, effective December 1, 2020. Chairman Jabu Mabuza emphasized their extensive global experience in banking, technology, and investment management, which will aid the company's expansion into financial services for unbanked citizens in South Africa. Hamid, a former IFC executive, brings significant banking experience, while Nkosi has a strong background in private equity and management consulting. Both directors are recognized as valuable assets to enhance governance and operational expertise.
Net 1 UEPS Technologies reported Q1 2021 results with revenues of $37.1 million, down 12% year-over-year, but up 39% sequentially. The company incurred an operating loss of $(10.8) million, with GAAP EPS at $(0.51). Despite ongoing operational challenges from the pandemic, increased transaction volumes and ATM utilization were noted. The company maintains $209 million in liquidity with no debt. Management aims to return capital to shareholders while seeking organic growth. The company remains committed to serving underbanked customers in South Africa.
Net 1 UEPS Technologies, Inc. (NasdaqGS: UEPS) announced the release of its first quarter 2021 results on November 5, 2020, after market close. A conference call for review will take place on November 6, 2020, at 8:00 a.m. Eastern Time. Participants can join the call by dialing designated numbers for the US, UK, and South Africa, or via a webcast on the Net1 website. Pre-registration for the call is available online, providing a personalized dial-in. Net1 focuses on delivering low-cost financial services and transaction processing across multiple regions.
Net 1 UEPS Technologies (Nasdaq: UEPS) reported its Q4 and full-year results for the fiscal year ending June 30, 2020. The company had unrestricted cash of $218 million and no debt. Q4 revenue was $26 million, a decline attributed to COVID-19 impacts. The GAAP EPS was $(0.68) with an operating loss of $13.2 million. Following a strategic review, Net1 will focus on enhancing its financial technology offerings in South Africa. A share repurchase plan of up to $100 million is in place, pending regulatory approval concerning its status as an investment company.
Net1 UEPS Technologies announced the resignation of CEO Herman G. Kotzé, effective September 30, 2020, after 22 years with the Company. Following recent corporate transformations, including the sale of significant assets and debt retirement, Kotzé believes Net1 is poised for a new strategic direction. CFO Alex Smith will serve as interim CEO until a permanent replacement is found. The Company plans to release its financial results for the year ended June 30, 2020, in September 2020, which will also include updates on their strategic focus on South African operations.
Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS) reported Q3 2020 results, showing revenue of $36.5 million, flat year-over-year, but up 8% in constant currency. The company sold KSNET for $237 million and DNI for $48 million in March and April 2020, respectively. Unrestricted cash stood at $209 million with minimal debt. However, the company faced a GAAP EPS of $(0.61) and an operating loss of $(14.2) million due to COVID-19 disruptions. CFO Alex Smith withdrew the financial outlook for fiscal 2020, citing uncertainty from the pandemic, while expressing optimism about recovery in fiscal 2021.
Net1 UEPS Technologies, Inc. is set to release its third quarter 2020 financial results on May 26, 2020, after market close. A conference call is scheduled for May 27, 2020, at 8:00 a.m. Eastern Time to discuss these results. Participants can join via phone or through a webcast available on the Net1 website. Net1 operates in multiple regions including Africa, Asia, and Europe, providing financial technologies and low-cost services to underbanked consumers. The company is listed on NASDAQ under the symbol UEPS.
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