Revenue growth remains volatile at 13.4% in 2026Q3, while structural reliance on physical infrastructure keeps gross margins suppressed at 26.5%.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 764.9M | 659.7M | 564.22M | 527.97M | 222.61M | 130.79M | 144.3M | 160.63M | 612.89M | 610.07M | 590.75M | 625.98M | 581.66M | 452.15M | 390.26M | 343.42M | 280.36M | 246.82M | 254.06M | 223.97M | 196.1M | 176.29M | 131.1M | 157.56K | 0 | 0 | 0 |
| Revenue Growth % | 20.03% | 16.92% | 6.87% | 137.17% | 70.21% | -9.36% | -10.17% | -73.79% | 0.46% | 3.27% | -5.63% | 7.62% | 28.64% | 15.86% | 13.64% | 22.49% | 13.59% | -2.85% | 13.43% | 14.21% | 11.24% | 34.47% | 83102.49% | - | - | - | - |
| Cost of Goods Sold | 572.29M | 486.55M | 442.67M | 417.54M | 168.32M | 96.25M | 102.31M | 124.1M | 304.54M | 292.38M | 290.1M | 297.86M | 260.23M | 196.83M | 141M | 109.86M | 72.97M | 70.09M | 67.49M | 54.42M | 50.62M | 50.68M | 39.13M | 6.88K | 0 | 0 | 0 |
| COGS % of Revenue | - | 73.75% | 78.46% | 79.08% | 75.61% | 73.59% | 70.9% | 77.26% | 49.69% | 47.93% | 49.11% | 47.58% | 44.74% | 43.53% | 36.13% | 31.99% | 26.03% | 28.4% | 26.56% | 24.3% | 25.81% | 28.75% | 29.85% | 4.37% | - | - | - |
| Gross Profit | 192.61M | 173.16M | 121.55M | 110.43M | 54.29M | 34.54M | 41.99M | 36.53M | 308.35M | 317.68M | 300.65M | 328.12M | 321.42M | 255.31M | 249.26M | 233.56M | 207.39M | 176.73M | 186.57M | 169.55M | 145.48M | 125.61M | 91.96M | 150.69K | 0 | 0 | 0 |
| Gross Margin % | 25.18% | 26.25% | 21.54% | 20.92% | 24.39% | 26.41% | 29.1% | 22.74% | 50.31% | 52.07% | 50.89% | 52.42% | 55.26% | 56.47% | 63.87% | 68.01% | 73.97% | 71.6% | 73.44% | 75.7% | 74.19% | 71.25% | 70.15% | 95.63% | - | - | - |
| Gross Profit Growth % | - | 42.46% | 10.07% | 103.39% | 57.19% | -17.75% | 14.95% | -88.15% | -2.94% | 5.67% | -8.37% | 2.08% | 25.89% | 2.43% | 6.72% | 12.62% | 17.35% | -5.27% | 10.04% | 16.55% | 15.82% | 36.58% | 60930.63% | - | - | - | - |
| Operating Expenses | 210.09M | 200.26M | 117.96M | 125.77M | 94.49M | 88.41M | 86.24M | 171.46M | 228.49M | 220.64M | 186.28M | 199.6M | 208.36M | 232.15M | 188.11M | 154.36M | 100.2M | 81.46M | 76.18M | 72.67M | 55.87M | 54.3M | 45.35M | 323.79K | 677.88K | 338.23K | 268.61K |
| OpEx % of Revenue | - | 30.36% | 20.91% | 23.82% | 42.45% | 67.6% | 59.76% | 106.74% | 37.28% | 36.17% | 31.53% | 31.89% | 35.82% | 51.34% | 48.2% | 44.95% | 35.74% | 33% | 29.99% | 32.45% | 28.49% | 30.8% | 34.59% | 205.5% | - | - | - |
| Selling, General & Admin | 114.19M | 131.51M | 91.97M | 0 | 0 | 84.06M | 75.26M | 144.92M | 193M | 179.26M | 145.89M | 158.92M | 168.07M | 191.55M | 151.62M | 119.69M | 80.85M | 64.83M | 65.36M | 61.63M | 48.63M | 47.71M | 39.68M | 322.46K | 675.48K | 336.21K | 267.16K |
| SG&A % of Revenue | - | 19.94% | 16.3% | - | - | 64.28% | 52.15% | 90.22% | 31.49% | 29.38% | 24.7% | 25.39% | 28.9% | 42.37% | 38.85% | 34.85% | 28.84% | 26.27% | 25.73% | 27.52% | 24.8% | 27.07% | 30.27% | 204.65% | - | - | - |
| Research & Development | 0 | 0 | 0 | 500K | 500K | 300K | 0 | 700K | 1.8M | 2M | 2.3M | 2.4M | 2.2M | 1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 0.09% | 0.22% | 0.23% | - | 0.44% | 0.29% | 0.33% | 0.39% | 0.38% | 0.38% | 0.29% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 68.74M | 25.99M | 125.27M | 93.99M | 4.05M | 10.98M | 26.54M | 35.48M | 41.38M | 40.39M | 40.69M | 40.29M | 40.6M | 36.5M | 34.67M | 19.35M | 16.63M | 10.82M | 11.05M | 7.24M | 6.59M | 5.68M | 1.33K | 2.4K | 2.02K | 1.45K |
| Operating Income | -17.49M | -27.1M | 3.59M | -15.35M | -40.2M | -53.87M | -44.25M | -134.93M | 58.95M | 97.04M | 114.37M | 128.52M | 101.8M | 23.16M | 61.15M | 37.43M | 69.81M | 93.44M | 110.39M | 96.88M | 89.61M | 71.3M | 35.48M | -166.23K | -677.88K | -338.23K | -268.61K |
| Operating Margin % | -2.29% | -4.11% | 0.64% | -2.91% | -18.06% | -41.19% | -30.66% | -84% | 9.62% | 15.91% | 19.36% | 20.53% | 17.5% | 5.12% | 15.67% | 10.9% | 24.9% | 37.86% | 43.45% | 43.25% | 45.7% | 40.45% | 27.06% | -105.5% | - | - | - |
| Operating Income Growth % | - | -854.87% | 123.39% | 61.82% | 25.39% | -21.75% | 67.21% | -328.9% | -39.25% | -15.15% | -11.01% | 26.25% | 339.5% | -62.12% | 63.38% | -46.39% | -25.28% | -15.36% | 13.95% | 8.1% | 25.68% | 100.98% | 21442.97% | 75.48% | -100.42% | -25.92% | - |
| EBITDA | 30.31M | 6.62M | 27.25M | 8.34M | -32.62M | -49.52M | -30.95M | -97.58M | 94.43M | 138.42M | 154.76M | 169.2M | 142.08M | 63.76M | 97.65M | 72.1M | 89.16M | 110.52M | 121.21M | 107.93M | 95.32M | 77.89M | 41.15M | -164.9K | -675.48K | -336.21K | -267.16K |
| EBITDA Margin % | 3.96% | 1% | 4.83% | 1.58% | -14.65% | -37.87% | -21.45% | -60.75% | 15.41% | 22.69% | 26.2% | 27.03% | 24.43% | 14.1% | 25.02% | 20.99% | 31.8% | 44.78% | 47.71% | 48.19% | 48.61% | 44.19% | 31.39% | -104.65% | - | - | - |
| EBITDA Growth % | -1.36% | -75.71% | 226.88% | 125.56% | 34.13% | -60.02% | 68.28% | -203.34% | -31.78% | -10.56% | -8.54% | 19.09% | 122.84% | -34.7% | 35.44% | -19.13% | -19.33% | -8.82% | 12.31% | 13.22% | 22.38% | 89.27% | 25057.4% | 75.59% | -100.91% | -25.85% | - |
| D&A (Non-Cash Add-back) | 47.8M | 33.72M | 23.66M | 23.68M | 7.58M | 4.35M | 13.3M | 37.35M | 35.48M | 41.38M | 40.39M | 40.69M | 40.29M | 40.6M | 36.5M | 34.67M | 19.35M | 17.08M | 10.82M | 11.05M | 5.71M | 6.59M | 5.68M | 1.33K | 2.4K | 2.02K | 1.45K |
| EBIT | -15.98M | -84.49M | 6.13M | -8.31M | -28.28M | -53.87M | -57.38M | -309.58M | 103.13M | 117.94M | 114.37M | 144.87M | 113.07M | 35.24M | 69.73M | 45.08M | 79.93M | 95.27M | 110.39M | 96.88M | 89.61M | 71.3M | 46.61M | -166.23K | -677.88K | -338.23K | -268.61K |
| Net Interest Income | -15.59M | -18.86M | -16.64M | -16.71M | -3.74M | -566K | -4.84M | -4.44M | 8.28M | 17.41M | 11.87M | 11.9M | 7.34M | 4.12M | -769K | -1.02M | 9.07M | 10.83M | 15.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.85M | 2.6M | 2.29M | 1.85M | 2.09M | 2.42M | 2.81M | 5.42M | 16.84M | 20.9M | 15.29M | 16.36M | 14.82M | 12.08M | 8.58M | 7.65M | 10.12M | 0 | 15.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 18.44M | 21.45M | 18.93M | 18.57M | 5.83M | 2.98M | 7.64M | 9.86M | 8.57M | 3.48M | 3.42M | 4.46M | 7.47M | 7.97M | 9.35M | 8.67M | 9.07M | 10.83M | 0 | 0 | 0 | 0 | 11.05M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -18.71M | -78.73M | -17.67M | -22.04M | -3.35M | 23.38M | -20.77M | -184.51M | 8.94M | 17.41M | 11.87M | 11.9M | 7.34M | 4.12M | -769K | -1.02M | 9.07M | 37.48M | 15.72M | 4.4M | 5.89M | 2.39M | 3.64M | -714 | 0 | 0 | 0 |
| Pretax Income | -36.2M | -105.83M | -14.08M | -37.38M | -43.55M | -30.5M | -65.02M | -319.44M | 67.89M | 114.46M | 126.24M | 140.42M | 109.14M | 27.28M | 60.38M | 36.41M | 78.88M | 130.92M | 126.11M | 101.28M | 95.5M | 73.69M | 46.7M | -166.94K | 0 | 0 | 0 |
| Pretax Margin % | -4.73% | -16.04% | -2.49% | -7.08% | -19.56% | -23.32% | -45.06% | -198.86% | 11.08% | 18.76% | 21.37% | 22.43% | 18.76% | 6.03% | 15.47% | 10.6% | 28.13% | 53.04% | 49.64% | 45.22% | 48.7% | 41.8% | 35.62% | -105.95% | - | - | - |
| Income Tax | -6.9M | -18.2M | 3.36M | -2.31M | 327K | 7.56M | 2.66M | -5.07M | 41.35M | 42.47M | 42.08M | 44.14M | 39.38M | 14.66M | 15.94M | 33.52M | 40.82M | 42.74M | 39.19M | 37.57M | 36.65M | 29.67M | 44.47M | 714 | -284 | -2.02K | -1.45K |
| Effective Tax Rate % | 19.07% | 17.2% | -23.89% | 6.18% | -0.75% | -24.79% | -4.09% | 1.59% | 60.91% | 37.11% | 33.33% | 31.43% | 36.08% | 53.73% | 26.39% | 92.08% | 51.75% | 32.65% | 31.08% | 37.1% | 38.38% | 40.26% | 95.22% | -0.43% | - | - | - |
| Net Income | -28.99M | -87.5M | -17.44M | -35.07M | -43.88M | -38.06M | -78.36M | -311.01M | 39.15M | 72.95M | 82.45M | 94.73M | 70.11M | 12.98M | 44.65M | 2.65M | 38.99M | 86.6M | 86.69M | 63.68M | 59.23M | 44.56M | 13.28M | -166.94K | -677.6K | -336.21K | -267.16K |
| Net Margin % | -3.79% | -13.26% | -3.09% | -6.64% | -19.71% | -29.1% | -54.3% | -193.61% | 6.39% | 11.96% | 13.96% | 15.13% | 12.05% | 2.87% | 11.44% | 0.77% | 13.91% | 35.09% | 34.12% | 28.43% | 30.21% | 25.28% | 10.13% | -105.95% | - | - | - |
| Net Income Growth % | 54.54% | -401.74% | 50.28% | 20.06% | -15.29% | 51.43% | 74.81% | -894.4% | -46.34% | -11.52% | -12.96% | 35.12% | 440.27% | -70.94% | 1586.85% | -93.21% | -54.98% | -0.11% | 36.14% | 7.51% | 32.92% | 235.61% | 8053.66% | 75.36% | -101.54% | -25.85% | - |
| Net Income (Continuing) | -29.29M | -87.63M | -17.44M | -35.07M | -43.88M | -38.06M | -97.21M | -313.11M | 51.26M | 74.76M | 84.8M | 96.73M | 70.06M | 12.97M | 44.66M | 2.88M | 38.15M | 88.18M | 86.92M | 63.68M | 59.23M | 43.95M | 13.19M | -166.94K | -677.6K | -336.21K | -267.16K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 18.86M | 4.46M | 9.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 6.84M | 0 | 0 | 0 | 0 | 0 | 0 | 95.91M | 2.77M | 2.5M | 658K | -23K | 3.3M | 3.31M | 3.01M | 1.42M | 2.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.38 | -1.14 | -0.27 | -0.56 | -0.75 | -0.67 | -1.21 | -5.48 | 0.70 | 1.33 | 1.71 | 2.02 | 1.50 | 0.28 | 0.99 | 0.06 | 0.84 | 1.53 | 1.50 | 1.11 | 1.03 | 0.80 | 0.38 | -0.06 | -0.26 | -0.15 | -0.15 |
| EPS Growth % | 58.16% | -322.22% | 51.79% | 25.33% | -11.94% | 44.63% | 77.92% | -882.86% | -47.37% | -22.22% | -15.35% | 34.67% | 435.71% | -71.72% | 1550% | -92.86% | -45.1% | 2% | 35.14% | 7.77% | 28.75% | 110.53% | 701.27% | 75.69% | -73.33% | 0% | - |
| EPS (Basic) | - | -1.14 | -0.27 | -0.56 | -0.75 | -0.67 | -1.21 | -5.48 | 0.70 | 1.34 | 1.72 | 2.03 | 1.51 | 0.28 | 0.99 | 0.06 | 0.84 | 1.53 | 1.52 | 1.12 | 1.05 | 0.81 | 0.40 | -0.06 | -0.26 | -0.15 | -0.15 |
| Diluted Shares Outstanding | 76.76M | 76.76M | 61.28M | 63.13M | 57.21M | 56.33M | 56M | 55.96M | 55.91M | 54.65M | 48.1M | 46.91M | 46.6M | 45.18M | 44.98M | 45.15M | 46.44M | 56.74M | 57.61M | 57.44M | 57.51M | 27.68M | 22.54M | 2.64M | 2.64M | 2.18M | 1.81M |
| Basic Shares Outstanding | 76.76M | 76.76M | 61.28M | 63.13M | 57.21M | 56.33M | 56M | 55.96M | 55.86M | 54.54M | 47.86M | 46.73M | 46.48M | 45.06M | 44.93M | 45.12M | 46.24M | 56.55M | 57.24M | 56.94M | 56.41M | 27.18M | 22.54M | 2.64M | 2.64M | 2.18M | 1.81M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 306.92% | - | - | - | - |
South African macro volatility
According to the provided quarterly data, Lesaka Technologies achieved a 13.4% year-over-year revenue increase in 2026Q3, reflecting a volatile growth trajectory that has fluctuated significantly since 2024Q2, when the company reported a 5.8% growth rate, highlighting the challenges of scaling within the informal South African economy.
The revenue expansion appears inconsistent, likely influenced by the integration of the Connect Group and the inherent seasonality of the informal retail sector. Investors should monitor whether this growth is driven by sustainable merchant adoption or if it remains tethered to lower-margin hardware sales that do not contribute meaningfully to long-term recurring revenue.
As reported in financial statements, Lesaka's gross margin reached 26.5% in 2026Q3, a figure that remains structurally lower than international fintech peers, suggesting that the company's reliance on physical POS infrastructure and third-party network costs creates a persistent drag on its ability to achieve high-margin software-like profitability.
The margin profile indicates that the company is currently operating as a high-volume, low-margin service provider rather than a scalable software platform. This suggests that unless the company can successfully shift its revenue mix toward higher-margin financial services, it may continue to struggle with the high variable costs associated with its current business model.
Based on the income statement data, Lesaka's operating margin of 4.6% in 2026Q3 demonstrates that operating income is not yet scaling efficiently against gross profit, as the company continues to grapple with significant SG&A expenses that have historically consumed the majority of its gross profit contribution.
The inability to consistently generate positive operating income suggests that the company's fixed overhead remains too high relative to its current transaction volume. This warrants further investigation into whether management can achieve the necessary scale to leverage its existing infrastructure or if the cost structure is fundamentally misaligned with its revenue generation capabilities.
Analysis of the reported figures reveals that net income remains highly erratic, swinging from a $28.8 million loss in 2025Q4 to a modest $552,000 profit in 2026Q3, a trend that suggests earnings quality is currently compromised by non-operating items and the ongoing costs of corporate restructuring.
The frequent fluctuations in net income, coupled with consistent stock-based compensation expenses, indicate that investors should be cautious when evaluating the company's bottom-line performance. It appears that the path to sustainable profitability is currently obscured by these non-recurring charges and the integration of acquired entities, making it difficult to assess the underlying earnings power.
Quick answers to the most common questions about buying LSAK stock.
For fiscal year 2025, Lesaka Technologies, Inc. (LSAK) reported total revenue of $659.7M.
Lesaka Technologies, Inc. (LSAK) reported a net loss of $87.5M for the fiscal year ending 2025.
Lesaka Technologies, Inc. (LSAK) reported an operating income of $-27.1M, resulting in an operating profit margin of -4.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Lesaka Technologies, Inc. (LSAK) generated $173.2M in gross profit for the year, representing a gross profit margin of 26.2%. This demonstrates the company's core pricing power and production efficiency.