Business
Net 1 Reports Third Quarter 2022 Results
JOHANNESBURG, South Africa, May 10, 2022 (GLOBE NEWSWIRE) -- Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS; JSE: NT1) today released results for the third
About this update from Lesaka Technologies, Inc.
[{"type":"text","content":"JOHANNESBURG, South Africa, May 10, 2022 (GLOBE NEWSWIRE) -- Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS; JSE: NT1) today released results for the third fiscal quarter ended March 31, 2022. Highlights: Revenue increased to $35.2 million, up 27% in rand terms and 22% in dollar terms, underpinned by stronger merchant revenue;After normalizing for $5.9 million of once off restructuring fees, Segment Adjusted EBITDA (before corporate/eliminations) improved to $0.3 million income from a $10.7 million loss in the comparable quarter, driven by increased revenue in our merchant segment and continued execution on cost saving initiatives;Over $19.2 million (ZAR 300 million) in annualized Project Spring savings targeted in 2023 financial year;GAAP EPS improved 48% to $(0.06) and Fundamental EPS improved 79% to $(0.05);Connect Group acquisition closed post quarter end on April 14, 2022; andShareholders vote in favor of Net1 changing its name to Lesaka Technologies, Inc. Lesaka Group CEO Chris Meyer notes: “We are encouraged by the results we achieved this quarter, with a marked improvement in our performance, positively influenced by the recovery in our merchant division and delivery on the turnaround in our consumer financial services division. Notably, we launched our new brand identity, Lesaka, which authentically represents our commitment to the local communities we serve and our mission of improving lives by driving widespread financial inclusion. Having successfully completed the transformational Connect Group acquisition, our combined unique ecosystem, positively positions us to provide innovative essential financial services to previously underserved consumers and merchants across Southern Africa and to benefit from secular growth opportunities especially in the high growth informal merchant market.” Summary Financial Metrics Three months ended Three months ended Mar 31,2022 Mar 31,2021 Dec 31,2021 Q3 ’22 vsQ3 ’21 Q3 ’22 vsQ2 ’22 Q3 ’22 vsQ3 ’21 Q3 ’22 vsQ2 ’22(All figures in USD ‘000s except per share data)USD ‘000’s(except per share data) % change in USD % change in ZARRevenue35,202 28,828 31,114 22% 13% 27% 15% GAAP operating loss(9,421) (14,292) (9,427) (34%) (0%) (31%) 1% Adjusted EBITDA loss(1)(2,870) (12,823) (7,059) (78%) (59%) (77%) (59%) GAAP loss per share ($)(0.06) (0.11) (0.22) (48%) (73%) (45%) (73%) Fundamental loss p...