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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

(Mark One)

☒

QUARTERLY

REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended

December 31, 2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND

EXCHANGE ACT OF 1934

For the transition period from

Commission file number:

000-31203

LESAKA TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Florida

98-0171860

(State or other jurisdiction

(IRS Employer

of incorporation or organization)

Identification No.)

President Place, 4

Floor

Cnr. Jan Smuts Avenue and Bolton Road

Rosebank, Johannesburg

2196

South Africa

(Address of principal executive offices, including zip code)

Registrant’s telephone number,

including area code:

343-2000

Not Applicable

(Former Name, Former Address and Former Fiscal Year,

if Changed Since Last Report)

Title of each class

Trading Symbol(s)

Name of each exchange

on which registered

Common stock, par value $0.001 per share

LSAK

NASDAQ

Global Select Market

Indicate by check mark whether

the registrant (1) has filed

all reports required to be

filed by Section 13 or

15(d)

the

Securities

Exchange

Act

1934

during

the

preceding

months

(or

for

such

shorter

period

that

the

registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90

days.

YES

☒

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File

required

submitted

pursuant

Rule

405

Regulation

S-T

(§232.405

this

chapter)

during

the

preceding

months (or for such shorter period that the registrant was required to submit such files).

YES

☒

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated

filer, smaller

reporting company

or an

emerging growth

company. See the

definitions of

“large accelerated

filer,”

“accelerated

filer,”

“smaller

reporting

company,”

and

“emerging

growth

company”

Rule 12b-2

the

Exchange Act (check one):

☐

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

If an

emerging

growth company,

indicate by

check mark

if the

registrant has

elected not

to use

the extended

transition period

for complying

with any

new or

revised financial

accounting standards

provided pursuant

Section 13(a) of the Exchange Act.

☐

Indicate by

check mark

whether the

registrant is

a shell

company (as

defined in

Rule 12b-2

of the

Exchange

Act). YES

☐

☒

As of

February 2,

2026 (the

latest practicable

date),

83,920,675

shares of

the registrant’s

common stock,

par

value $0.001 per share, net of treasury shares, were outstanding.

Form 10-Q

LESAKA TECHNOLOGIES, INC.

Table

of Contents

Page No.

PART

I. FINANCIAL INFORMATION

Item 1

Financial Statements

Unaudited Condensed Consolidated Balance Sheets as of December 31, 2025 and June

30, 2025

Unaudited Condensed Consolidated Statements of Operations for the three and six

months ended December 31, 2025 and 2024

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income for the

three and six months ended December 31, 2025 and 2024

Unaudited Condensed Consolidated Statement of Changes in Equity for the three and six

months ended December 31, 2025 and 2024

Unaudited Condensed Consolidated Statements of Cash Flows for the three and six

months ended December 31, 2025 and 2024

Notes to Unaudited Condensed Consolidated Financial Statements

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4

Controls and Procedures

Part II. OTHER INFORMATION

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3

Defaults upon Senior Securities

Item 4

Mine Safety Disclosures

Part I. Financial information

Item 1. Financial Statements

LESAKA TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Balance Sheets

December 31,

June 30,

2025

(In thousands, except share data)

ASSETS

CURRENT ASSETS

Cash and cash equivalents

69,474

76,520

Restricted cash related to ATM funding

and credit facilities (Note 9)

127

119

Accounts receivable, net and other receivables (Note 3)

58,244

42,525

Finance loans receivable, net (Note 3)

103,593

74,110

Inventory (Note 4)

25,098

23,551

Total current assets before settlement assets

256,536

216,825

Settlement assets

28,314

27,098

Total current assets

284,850

243,923

PROPERTY,

PLANT AND EQUIPMENT, net of accumulated depreciation of - December: $

61,787

June:

55,086

(Note 1)

46,708

44,924

OPERATING LEASE RIGHT-OF-USE (Note 17)

12,378

9,691

EQUITY-ACCOUNTED INVESTMENTS

(Note 6)

289

199

GOODWILL (Note 7)

211,886

199,395

INTANGIBLE ASSETS, NET (Note 7), including integrated platform of: December: $

78,696

June: $

79,343

131,663

139,215

DEFERRED INCOME TAXES

12,489

12,554

OTHER LONG-TERM ASSETS (Note 6 and 8)

4,381

3,809

TOTAL ASSETS

704,644

653,710

LIABILITIES

CURRENT LIABILITIES

Short-term credit facilities (Note 9)

21,333

24,469

Accounts payable

20,150

19,867

Other payables (Note 10)

(A)

92,501

76,035

Operating lease liability - current (Note 17)

5,015

4,007

Current portion of long-term borrowings (Note 9)

13,025

11,956

Income taxes payable

1,628

1,400

Total current liabilities before settlement obligations

153,652

137,734

Settlement obligations

28,175

26,695

Total current liabilities

181,827

164,429

DEFERRED INCOME TAXES

31,553

33,921

OPERATING LEASE LIABILITY - LONG TERM (Note 17)

7,805

6,129

LONG-TERM BORROWINGS (Note 9)

203,802

188,813

OTHER LONG-TERM LIABILITIES, including insurance policy liabilities (Note 8)

3,002

2,991

TOTAL LIABILITIES

427,989

396,283

REDEEMABLE COMMON STOCK

88,957

EQUITY

COMMON STOCK (Note 11)

Authorized:

200,000,000

with $

0.001

par value;

Issued and outstanding shares, net of treasury - December:

81,524,175

; June:

81,249,097

103

PREFERRED STOCK

Authorized shares:

50,000,000

with $

0.001

par value;

Issued and outstanding shares, net of treasury:

December:

; June:

ADDITIONAL PAID-IN-CAPITAL

430,686

426,950

TREASURY SHARES, AT

COST: December:

30,234,228

; June:

29,934,044

(299,632)

(298,523)

ACCUMULATED OTHER

COMPREHENSIVE LOSS (Note 12)

(A)

(168,308)

(185,626)

RETAINED EARNINGS

(A)

217,712

218,725

TOTAL LESAKA EQUITY

180,561

161,629

NON-CONTROLLING INTEREST

7,137

6,841

TOTAL EQUITY

187,698

168,470

TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS’ EQUITY

704,644

653,710

(A) Amounts for June 30, 2025 revised to correct the errors discussed in Note 1.

See Notes to Unaudited Condensed Consolidated Financial Statements

LESAKA TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Statements of Operations

Three months ended

Six months ended

December 31,

2025

2024

2025

2024

(In thousands, except per share

data)

(In thousands, except per share

data)

REVENUE (Note 16)

178,734

176,216

350,182

329,784

EXPENSE

Cost of goods sold, IT processing, servicing and support

(A)

122,691

130,866

241,314

249,941

Selling, general and administration

(A)

36,075

33,837

73,169

59,094

Allowance for credit losses (Note 3)

4,203

2,521

6,809

4,020

Depreciation and amortization

13,568

8,223

26,462

14,499

Transaction costs related to Adumo, Recharger and Bank Zero

acquisitions (Note 2)

222

141

1,952

OPERATING INCOME

2,150

547

2,287

278

CHANGE IN FAIR VALUE

OF EQUITY SECURITIES (Note 5 and 6)

2,971

(33,731)

2,971

(33,731)

OTHER INCOME (Note 10)

3,883

LOSS ON DISPOSAL OF EQUITY SECURITIES (Note 2)

730

NET LOSS ON IMPAIRMENT OF EQUITY-ACCOUNTED

INVESTMENT/ LOSS ON DISPOSAL OF EQUITY-ACCOUNTED

INVESTMENT (Note 6)

161

584

161

INTEREST INCOME

508

721

1,047

1,307

INTEREST EXPENSE

(A)

4,591

6,266

9,604

11,382

INCOME (LOSS) BEFORE INCOME TAX EXPENSE (BENEFIT)

4,191

(38,890)

(730)

(43,689)

INCOME TAX EXPENSE (BENEFIT) (Note 19)

670

(6,412)

524

(6,334)

NET INCOME (LOSS) BEFORE EARNINGS FROM EQUITY-

ACCOUNTED INVESTMENTS

3,521

(32,478)

(1,254)

(37,355)

EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS

(Note 6)

110

NET INCOME (LOSS)

3,631

(32,428)

(1,144)

(37,278)

(ADD) LESS NET (LOSS) INCOME ATTRIBUTABLE

TO NON-

CONTROLLING INTEREST

(14)

(131)

NET INCOME (LOSS) ATTRIBUTABLE

TO LESAKA

3,645

(32,456)

(1,013)

(37,306)

Net earnings (loss) per share, in United States dollars

(Note 14):

Basic earnings (loss) attributable to Lesaka shareholders

0.04

(0.40)

(0.01)

(0.52)

Diluted earnings (loss) attributable to Lesaka shareholders

0.04

(0.40)

(0.01)

(0.52)

(A) Revised to correct the errors discussed in Note 1.

See Notes to Unaudited Condensed Consolidated Financial Statements

LESAKA TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income

Three months ended

Six months ended

December 31,

2025

2024

2025

2024

(In thousands)

Net income (loss)

(A)

3,631

(32,428)

(1,144)

(37,278)

Other comprehensive income (loss), net of taxes

Movement in foreign currency translation reserve

(A)

10,541

(22,444)

17,264

(12,085)

Release of foreign currency translation reserve related to

disposal/ liquidation of subsidiaries (Note 12)

(26)

Release of foreign currency translation reserve related to

disposal of equity securities (Note 12)

550

Total other comprehensive

income (loss), net of

taxes

10,515

(22,438)

17,788

(12,079)

Comprehensive income (loss)

14,146

(54,866)

16,644

(49,357)

(Less) Add comprehensive (loss) income

attributable to non-controlling interest

(270)

558

(343)

558

Comprehensive income (loss) attributable to

Lesaka

13,876

(54,308)

16,301

(48,799)

(A) Revised to correct the errors discussed in Note 1.

See Notes to Unaudited Condensed Consolidated Financial Statements

LESAKA TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Statements of Changes in Equity

Lesaka Technologies, Inc. Shareholders

Number of

Amount

Number of

Treasury

Number of

shares, net of

treasury

Additional

Paid-In

Capital

Retained

Earnings

Accumulated

other

comprehensive

loss

Total

Lesaka

Equity

Non-

controlling

Interest

Total

Redeemable

common

stock

For the three months ended December 31, 2024 (dollar amounts

in thousands)

Balance – October 1, 2024

(A)

89,865,751

(25,563,808)

(289,733)

64,301,943

346,016

302,616

(177,868)

181,114

79,429

Shares issued (Note 2 and Note 11)

17,279,803

73,239

73,256

9,528

Shares repurchased (Note 13)

(2,733,557)

(12,586)

(2,733,557)

(12,586)

Restricted stock granted (Note 13)

1,331,310

Exercise of stock options (Note 13)

17,014

Stock-based compensation charge

(Note 13)

2,655

Reversal of stock-based compensation

charge (Note 13)

(37,221)

(11)

Adumo non-controlling interest

acquired (Note 2)

7,586

Net loss

(A)

(32,456)

(32,428)

Dividends paid to non-controlling

interest

(301)

Other comprehensive loss (Note 12)

(A)

(21,852)

(586)

(22,438)

Balance – December 31, 2024

108,456,657

101

(28,297,365)

(302,319)

80,159,292

421,950

270,160

(199,720)

190,172

6,727

196,899

88,957

(A) Revised to correct the errors discussed in Note 1.

LESAKA TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Statements of Changes in Equity

Lesaka Technologies, Inc. Shareholders

Number of

Amount

Number of

Treasury

Number of

shares, net of

treasury

Additional

Paid-In

Capital

Retained

Earnings

Accumulated

other

comprehensive

loss

Total

Lesaka

Equity

Non-

controlling

Interest

Total

Redeemable

common

stock

For the six months ended December 31, 2024 (dollar

amounts in thousands)

Balance – July

1, 2024

(A)

89,836,051

(25,563,808)

(289,733)

64,272,243

343,639

307,466

(188,227)

173,228

79,429

Shares issued (Note 2 and Note 11)

17,279,803

73,239

73,256

9,528

Shares repurchased (Note 13)

(2,733,557)

(12,586)

(2,733,557)

(12,586)

Restricted stock granted (Note 13)

1,364,110

Exercise of stock options (Note 13)

17,014

Stock-based compensation charge

(Note 13)

5,032

Reversal of stock-based compensation

charge (Note 13)

(40,321)

(11)

Net loss

(A)

(37,306)

(37,278)

Dividends paid to non-controlling

interest

(301)

Other comprehensive loss (Note 12)

(A)

(11,493)

(586)

(12,079)

Balance – December 31, 2024

108,456,657

101

(28,297,365)

(302,319)

80,159,292

421,950

270,160

(199,720)

190,172

6,727

196,899

88,957

(A) Revised to correct the errors discussed in Note 1.

See Notes to Unaudited Condensed Consolidated Financial

Statements

LESAKA TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Statements of Changes in Equity

Lesaka Technologies, Inc. Shareholders

Number of

Amount

Number of

Treasury

Number of

shares, net of

treasury

Additional

Paid-In

Capital

Retained

Earnings

Accumulated

other

comprehensive

loss

Total

Lesaka

Equity

Non-

controlling

Interest

Total

Redeemable

common

stock

For the three months ended December 31, 2025 (dollar amounts

in thousands)

Balance – October 1, 2025

(A)

111,397,943

103

(29,934,044)

(298,523)

81,463,899

428,811

214,067

(178,543)

165,915

6,914

172,829

88,957

Shares repurchased (Note 13)

(70,133)

(271)

(70,133)

(271)

Loss recognized related to issue of

shares included in treasury shares

(Note 2)

76,716

373

76,716

(70)

303

Restricted stock granted (Note 13)

631,000

Stock-based compensation charge

(Note 13)

1,996

Reversal of stock-based compensation

charge (Note 13)

(270,540)

(51)

Deconsolidation of Humble (Note 2)

(306,767)

(1,211)

(306,767)

(1,211)

(43)

(1,254)

Net Income (loss)

3,645

(14)

3,631

Other comprehensive income (Note

12)

10,235

280

10,515

Balance – December 31, 2025

111,758,403

103

(30,234,228)

(299,632)

81,524,175

430,686

217,712

(168,308)

180,561

7,137

187,698

88,957

(A) Revised to correct the errors discussed in Note 1.

LESAKA TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Statements of Changes in Equity

Lesaka Technologies, Inc. Shareholders

Number of

Amount

Number of

Treasury

Number of

shares, net

of treasury

Addition

al Paid-

Capital

Retained

Earnings

Accumulated

other

comprehensiv

e loss

Total

Lesaka

Equity

Non-

controllin

g Interest

Total

Redeemabl

e common

stock

For the six months ended December 31, 2025 (dollar

amounts in thousands)

Balance – July 1,

2025

(A)

111,183,141

103

(29,934,044)

(298,523)

81,249,097

426,950

218,725

(185,626)

161,629

6,841

168,470

88,957

Shares repurchased (Note 13)

(70,133)

(271)

(70,133)

(271)

Loss recognized related to issue of

shares included in treasury shares

(Note 2)

76,716

373

76,716

(70)

303

Restricted stock granted

856,595

Stock-based compensation charge

(Note 13)

3,869

Reversal of stock-based compensation

charge (Note 13)

(281,333)

(63)

Deconsolidation of Humble (Note 2)

(306,767)

(1,211)

(306,767)

(1,211)

(43)

(1,254)

Net loss

(A)

(1,013)

(131)

(1,144)

Other comprehensive income (Note

12)

(A)

17,318

470

17,788

Balance – December 31, 2025

111,758,403

103

(30,234,228)

(299,632)

81,524,175

430,686

217,712

(168,308)

180,561

7,137

187,698

88,957

(A) Revised to correct the errors discussed in Note 1.

See Notes to Unaudited Condensed Consolidated Financial

Statements

LESAKA TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Statements of Cash Flows

Three months ended

Six months ended

December 31,

2025

2024

2025

2024

(In thousands)

Cash flows from operating activities

Net income (loss)

(A)

3,631

(32,428)

(1,144)

(37,278)

Depreciation and amortization

13,568

8,223

26,462

14,499

Movement in allowance for doubtful accounts receivable

4,203

2,521

6,809

4,020

Fair value adjustment related to financial liabilities

(454)

(264)

Loss on disposal of equity securities (Note 6)

730

Loss on disposal of equity-accounted investments (Note 6)

161

584

161

Earnings from equity-accounted investments

(110)

(50)

(110)

(77)

Change in fair value of equity securities (Note 5 and 6)

(2,971)

33,731

(2,971)

33,731

Other income

(3,883)

Profit on disposal of property, plant and equipment

(27)

(14)

(57)

(41)

Movement in interest payable

(61)

1,864

(168)

3,557

Facility fee amortized

166

137

Stock-based compensation charge (Note 13)

1,945

2,644

3,806

5,021

Dividends received from equity-accounted investments

Increase in accounts receivable

(11,452)

(11,988)

(12,682)

(4,295)

Increase in finance loans receivable

(22,678)

(8,325)

(29,581)

(9,915)

(Increase) Decrease in inventory

(3,949)

(4,560)

1,199

(5,449)

Increase (Decrease) in accounts payable and other payables

(A)

12,855

8,457

12,622

(8,412)

(Decrease) Increase in taxes payable

(422)

(153)

612

Decrease in deferred taxes

(2,419)

(8,928)

(3,900)

(9,374)

Net cash used in operating activities

(10,916)

(9,166)

(1,993)

(13,302)

Cash flows from investing activities

Capital expenditures

(3,922)

(6,318)

(7,902)

(10,283)

Proceeds from disposal of property, plant and equipment

459

475

911

1,325

Acquisition of intangible assets

(1,008)

(428)

(2,147)

(601)

Acquisitions, net of cash acquired

(345)

(3,957)

(345)

(3,957)

Cash disposed on disposal of subsidiary

(165)

Investment in equity securities

(250)

Proceeds from disposal of equity securities (Note 6)

2,971

Net change in settlement assets

(3,452)

(1,266)

754

2,304

Net cash used in investing activities

(5,712)

(11,494)

(6,173)

(11,212)

Cash flows from financing activities

Proceeds from bank overdraft (Note 9)

20,535

48,855

48,509

72,748

Repayment of bank overdraft (Note 9)

(12,440)

(4,512)

(53,101)

(35,540)

Long-term borrowings utilized (Note 9)

1,266

12,903

4,029

13,677

Repayment of long-term borrowings (Note 9)

(1,237)

(8,322)

(2,385)

(13,794)

Acquisition of treasury stock (Note 13)

(271)

(12,586)

(271)

(12,586)

Proceeds from exercise of stock options

Guarantee fee

(431)

(33)

(431)

Dividends paid to non-controlling interest

(301)

Net change in settlement obligations

3,156

1,209

(477)

(2,439)

Net cash provided by (used in) financing activities

11,009

36,866

(3,729)

21,385

Effect of exchange rate changes on cash and cash equivalents

2,936

(5,278)

4,857

(2,052)

Net (decrease) increase in cash, cash equivalents and restricted cash

(2,683)

10,928

(7,038)

(5,181)

Cash, cash equivalents and restricted cash – beginning of period

72,284

49,809

76,639

65,918

Cash, cash equivalents and restricted cash – end of period (Note 15)

69,601

60,737

69,601

60,737

(A) Revised to correct the errors discussed in Note 1.

See Notes to Unaudited Condensed Consolidated Financial Statements

LESAKA TECHNOLOGIES, INC

Notes to the Unaudited Condensed Consolidated Financial Statements

for the three and six months ended December 31, 2025 and 2024

(All amounts in tables stated in thousands or thousands of U.S. dollars, unless otherwise stated)

Basis of Presentation and Summary of Significant Accounting

Policies

Unaudited Interim Financial Information

The accompanying

unaudited condensed

consolidated financial

statements include

all majority-owned

subsidiaries over

which

the Company exercises

control and have been

prepared in accordance with

U.S. generally accepted accounting

principles (“GAAP”)

and

the rules

and

regulations

the United

States Securities

and

Exchange

Commission

for

Quarterly Reports

on Form

10-Q

and

include all of

the information and

disclosures required

for interim financial

reporting. The results

of operations

for the three

and six

months ended December 31, 2025 and

2024, are not necessarily indicative

of the results for the full year.

The Company believes that

the disclosures are adequate to make the information presented not misleading.

These

unaudited

condensed

consolidated

financial

statements

should

read

conjunction

with

the

financial

statements,

accounting policies and financial notes thereto included in the

Company’s Annual Report on Form 10-K for the fiscal year ended June

30,

2025.

the

opinion

management,

the

accompanying

unaudited

condensed

consolidated

financial

statements

reflect

all

adjustments (consisting only of normal recurring adjustments), which are necessary for a fair

representation of financial results for the

interim periods presented.

References to “Lesaka” are references

solely to Lesaka Technologies,

Inc. References to the “Company” refer

to Lesaka and its

consolidated subsidiaries, collectively,

unless the context otherwise requires.

Revision of Previously Issued Financial Statements

Understatement of cost and accumulated depreciation

for computer equipment

In October 2025, the Company

identified that it had understated

its June 30, 2025, amounts

of cost and accumulated depreciation

for

computer

equipment

well

the

totals

for

cost

and

accumulated

depreciation

6.5

million

the

notes

the

audited

consolidated

financial

statements

for

the

years

ended

June

30,

2025,

2024

and

2023.

The

carrying

value

property,

plant

and

equipment reported as

of June

30, 2025, was

not impacted by

the error. The Company has

recast its

accumulated depreciation presented

on the condensed consolidated balance sheet as of June 30, 2025, to increase

the amount from $

48,636

to $

55,086

The Company assessed the materiality of this error and change in presentation on prior period consolidated

financial statements

in accordance with SEC Staff Accounting Bulletin (“SAB”) No. 99“Materiality” and SAB No.

108, “Considering the Effects of Prior

Year

Misstatements

when

Quantifying

Misstatements

the

Current

Year

Financial

Statements.”

Based

this

assessment,

the

Company has concluded

that previously issued

financial statements were

not materially misstated

based upon overall

considerations

of both quantitative and qualitative factors.

Understatement of cost of goods sold, IT processing,

servicing and support due to incorrect claim of indirect

taxes

Subsequent to the issuance

of the Company’s

Quarterly Report on Form

10-Q for the three

months ended September

30, 2025,

determined

that

its

certain

indirect

taxes

had

not

been

accounted

for

correctly

its

consolidated

balance

sheet,

consolidated

statements of

operations,

consolidated

statement of

comprehensive

loss, consolidated

statement of

changes in

equity,

consolidated

statement of cash flows and

related notes to the

consolidated financial statements included in

previously filed Annual Reports on

Form

10-K and Quarterly Reports on Form 10-Q since June 30, 2022, and these filings were incorrect. In these previous filings, the amount

certain

indirect

taxes

were

incorrectly

claimed

monthly

indirect

tax

submission

the

taxing

authority

and

were

incorrectly

excluded

from

the Company’s

reported

cost of

goods

sold, IT

processing,

servicing

and support

in the

consolidated

statements of

operations

and

other

payables

and

retained

earnings

the

consolidated

balance

sheet.

The

corrected

presentation

the

revised

consolidated

financial

statements

includes

certain

indirect

taxes

cost

goods

sold,

IT processing,

servicing

and

support

the

consolidated statements of operations and other payables and retained

earnings in the consolidated balance sheet

The Company has

also determined that

it may also

be liable for

penalties and interest

related to the

indirect taxes not

paid in a

timely manner and has recorded the penalties in the selling,

general and administration expense and the interest in interest expense

the revised consolidated statements of operations.

The cumulative sum of the penalties and interest are included in other payables and

retained earnings in the revised consolidated balance sheet.

The Company has determined

that at this time

it is more likely

than not that it

will be unable to

claim an income tax

deduction

related to the error, however,

it is performing further analysis of

its tax position with its external tax advisors.

Therefore, there are no

income tax adjustments reflected in these condensed consolidated

financial statements related to the correction of this error.

Basis of Presentation and Summary of Significant Accounting

Policies (continued)

Revision of Previously Issued Financial Statements (continued)

Understatement of cost

of goods sold,

IT processing, servicing and

support due to

incorrect claim of indirect taxes

(continued)

The Company assessed the materiality of this error and change in presentation on prior period consolidated

financial statements

accordance

with

SAB

No.

99“Materiality”

and

SAB

No.

108,

“Considering

the

Effects

Prior

Year

Misstatements

when

Quantifying

Misstatements in

the Current

Year

Financial Statements.”

Based on

this assessment,

the Company

has concluded

that

previously

issued

financial

statements

were

not

materially

misstated

based

upon

overall

considerations

both

quantitative

and

qualitative factors.

The Company

has revised the

previous presentations

on the condensed

consolidated statements

of operations

for the three

and

six months ended December

31, 2024, and corrected them

in this filing. The Company

has also included the impact

of the correction

for

the three

months ended

September

30, 2025,

in the

condensed

consolidated

statements of

operations

for the

six months

ended

December 31,

2025, included in

this filing. The

impact of

these revisions has

increased cost

of goods

sold, IT processing,

servicing

and support,

selling, general

and administration

expense and

interest expense,

and all

subtotals from

operating income

(loss) to

net

income (loss) attributable to Lesaka for the affected periods.

Specifically,

for the

six months ended

December 31, 2025,

Cost of goods

sold, IT processing,

servicing and

support increased

0.18

million,

Selling,

general

and

administration

expense

increased

0.06

million,

Operating

income

decreased

0.25

million, Interest

expense increased

by $

0.12

million, and

Net income

(loss) attributable

to Lesaka

decreased by

0.36

million, as

result of the correction

to amounts reported

for the three months

ended September 30,

2025. Basic and Diluted

loss per share for

the

six months ended December 31, 2025, were not impacted

by the correction to amounts reported for

the three months ended September

30, 2025.

The Company

has revised

the condensed

consolidated balance

sheet as

of June

30, 2025,

and corrected

it in

this filing

where

these amounts

are presented as

comparative prior

period amounts in

other payables and

retained earnings and

affected subtotals

and

totals.

The tables below present the impact of

the revisions to specific captions to

the Company’s condensed consolidated balance sheet

and condensed consolidated statement of operations for the periods

identified.

Condensed consolidated balance sheet

June 30, 2025

As reported

Correction

As revised

Other payables

72,079

3,956

76,035

Accumulated other comprehensive loss

(185,664)

(185,626)

Retained earnings

222,719

(3,994)

218,725

Condensed consolidated statement of operations

Three months ended December 31, 2024

As reported

Correction

As revised

(in thousands, except per share data)

Cost of goods sold, IT processing, servicing and support

130,696

170

130,866

Selling, general and administration

33,777

33,837

Interest expense

6,174

6,266

Basic income (loss) per share attributable to Lesaka shareholders

(0.40)

Diluted income (loss) per share attributable to Lesaka shareholders

(0.40)

Condensed consolidated statement of operations

Six months ended December 31, 2024

As reported

Correction

As revised

(in thousands, except per share data)

Cost of goods sold, IT processing, servicing and support

249,605

336

249,941

Selling, general and administration

58,976

118

59,094

Interest expense

11,206

176

11,382

Basic income (loss) per share attributable to Lesaka shareholders

(0.51)

(0.01)

(0.52)

Diluted income (loss) per share attributable to Lesaka shareholders

(0.51)

(0.01)

(0.52)

Basis of Presentation and Summary of Significant Accounting

Policies (continued)

Recent accounting pronouncements adopted

In December 2023,

the Financial Accounting

Standards Board (“FASB”)

issued guidance regarding

Income Taxes

(Topic

740)

to improve income tax

disclosure requirements. The guidance

requires entities, on an

annual basis, to (1) disclose

specific categories

in the income tax rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if

the effect of those reconciling items is equal to or greater than five percent of

the amount computed by multiplying pre-tax income or

loss by

the applicable

statutory income

tax rate).

This guidance

was effective

for the

Company beginning

July 1,

2025 for

its year

ended June 30, 2026.

Recent accounting pronouncements not yet adopted

as of December 31, 2025

November

2024,

the

FASB

issued

guidance

regarding

Income

Statement—Reporting

Comprehensive

Income—Expense

Disaggregation

Disclosures

(Subtopic

220-40)

which

requires

disaggregated

disclosure

income

statement

expenses

for

public

business entities. The guidance does not change the expense captions an

entity presents on the face of the income statement; rather,

requires

disaggregation

certain

expense

captions

into

specified

LESAKA TECHNOLOGIES INC 10-Q