Business
Lesaka Provides Financial Guidance for Fiscal Year 2023 and Provides Clarity Regarding Shelf Registration Statement
JOHANNESBURG, South Africa, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Lesaka Technologies, Inc. (“Lesaka” or the “Company”) (NasdaqGS:LSAK; JSE: LSK) today provides
About this update from Lesaka Technologies, Inc.
[{"type":"text","content":"JOHANNESBURG, South Africa, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Lesaka Technologies, Inc. (“Lesaka” or the “Company”) (NasdaqGS:LSAK; JSE: LSK) today provides financial guidance for the year ended June 30, 2023 (“FY23”) and clarifies that its shelf registration statement on Form S-3 filed on September 9, 2022 with the United States Securities and Exchange Commission (“SEC”) was the routine renewal of its previously effective registration statement on Form S-3, which expired in December 2021. Financial Guidance for FY23 On September 9, 2022, Lesaka published financial results for the year ended June 30, 2022 (“FY22”). The Company would like to reiterate several key components of its results reported for FY22 and provide financial guidance for FY23. Lesaka reported revenue of $222.6 million and an Adjusted EBITDA loss1 of $18.6 million for FY22. The Adjusted EBITDA loss1 of $18.6 million included $3.0 million of stock-based compensation costs. The Adjusted EBITDA loss1, before stock-based compensation costs, is $15.6 million. Going forward Adjusted EBITDA loss1 will be reported after adjusting for (excluding) stock-based compensation costs. The Company expects the following ranges for FY23: Revenue for the group between $565 million and $600 millionAdjusted EBITDA for the group between $31 million and $34 million Merchant business segment Adjusted EBITDA between $31 million and $33 million, this guidance comprises: Strong fundamentals that underpin the growth of Connect remain unchanged.FY22 revenue in the pre-existing Lesaka Merchant business benefited from large one-off sales during the year, due to a catch up on back-order fulfilment in the POS division as a result of the global chip shortage. Consumer business segment Adjusted EBITDA between $8 million and $10 millionCorporate/Eliminations2 expected at approximately $2.5 million per quarter This guidance reflects the Company’s estimates as of September 19, 2022 and is based on an exchange rate of ZAR15.50 to $1. Adjusted EBITDA before stock-based compensation costs is a loss of $15.6 million for FY22.Adjusted EBITDA income (loss), is a non-GAAP measures and is described below under “Use of Non-GAAP Measures.Excludes any potential once-off costs. Management has provided its outlook regarding Adjusted EBITDA which is a non-GAAP financial measure and excludes certain charges. Mana...