Business
Net 1 Reports First Quarter 2021 Results
JOHANNESBURG, South Africa, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS; JSE: NT1) today released results for the first
About this update from Lesaka Technologies, Inc.
[{"type":"text","content":"JOHANNESBURG, South Africa, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS; JSE: NT1) today released results for the first fiscal quarter ended September 30, 2020.\n Q1 2021 Highlights and Recent Developments: Revenue of $37.1 million, a constant currency decrease of 12% from Q1 2020, but an increase of 39% from Q4 2020;Operating loss of $(10.8) million;GAAP EPS of $(0.51) and Fundamental EPS of $(0.23);Adjusted EBITDA loss of $(9.8) million, a sequential improvement from a loss of $(12.2) million in Q4 2020; andAt September 30, 2020, had unrestricted cash of $209 million and no debt “We are pleased to see some encouraging signs in our operational and financial results this quarter. With the return to full operations, we have seen increased transaction processing volumes, loan originations, and a significant increase in the utilization of our ATM infrastructure over Q4 of FY2020,” said Alex Smith, Net1’s interim CEO and CFO. “While we do not yet have a resolution of our Investment Company Act status, we believe we have the right team involved and are working diligently to resolve this issue as soon as possible. In the meantime, the Board has formed a capital allocation plan to return capital to shareholders while also providing adequate funds for internal organic growth as well as strategic acquisitions for the Company,” continued Smith. “Our long-term initiatives remain unchanged – to be the leading financial technology company in South Africa focused on underserviced customers. We believe that we have the capabilities, technology and infrastructure to make this strategic vision a reality. We believe that Net1 is better placed than any other business in the country to service that very large total addressable market and look forward to the journey ahead,” concluded Smith. Summary Financial Metrics Q1 2021 Q1 2020 Q4 2020 Q1 ’21 vsQ1 ’20 Q1 ’21 vsQ4 ’20 Q1 ’21 vsQ1 ’20 Q1 ’21 vsQ4 ’20(All figures in USD ‘000s except per share data)USD ‘000’s (except per share data) % change in USD % change in ZARRevenue37,113 47,938 25,978 (23%) 43% (12%) 39% GAAP operating loss(10,775) (6,436) (13,180) 67% (18%) 90% (21%) Adjusted EBITDA (loss) (1)(9,822) (4,306) (12,184) 128% (19%) 159% (22%) GAAP (loss) earnings per share ($)(0.51) (0.08) (0.68) 538% (26%) 625% (28%)Continuing(0.51) (0.13) (0.68) 292% (25%) 346%...