LSAK

MKT CAP:$410M

Lesaka Technologies, Inc.

Market Cap

$410M

Technology·Software - Infrastructure·🇿🇦 South Africa·NASDAQ

Technology·Software Infra·🇿🇦·NASDAQ

Stock Price

$4.86+$0.27 (+5.88%)

Apr 24, 2026

Company Details

Lesaka Technologies, Inc., a financial technology company, provides fintech products and services to unbanked and underbanked individuals and small businesses primarily in South Africa and internationally. The company develops payment techn...

CEO

Lincoln Camagu Mali

IPO Date

Apr 19, 1999

Website

www.lesakatech.com

Key Metrics TTM

Revenue

$637M

+15.6% YoY

Net Income

-$64M

EPS (Diluted)

-$0.82

Free Cash Flow

-$15M

Revenue / Share

$8.13

Gross Margin

24.7%

Operating Margin

0.3%

Net Margin

-10.0%

FCF Margin

-2.4%

P/S

0.6x

P/E

—

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Sep 29, 2025

$660M+16.9%EPS -$1.14

Q3 2025

May 7, 2025

$161M+16.8%EPS -$0.27

Q2 2025

Feb 5, 2025

$176M+22.5%EPS -$0.40

Q1 2025

Nov 6, 2024

$154M+12.8%EPS -$0.07

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$26M	$4M	-$13M
Q1 21	$35M	$9M	-$11M
Q2 21	$32M	$8M	-$15M
Q1 22	$35M	$10M	-$11M
Q3 22	$35M	$12M	-$3M
Q1 23	$125M	$24M	-$5M
Q2 23	$136M	$27M	-$2M
Q3 23	$134M	$29M	-$2M
Q4 23	$133M	$30M	-$7M
Q1 24	$136M	$29M	$228.0K
Q2 24	$144M	$30M	$2M
Q3 24	$138M	$30M	$794.0K
Q4 24	$146M	$33M	$295.0K
Q1 25	$154M	$35M	-$45.0K
Q2 25	$176M	$46M	$777.0K
Q3 25	$161M	$44M	$569.0K

Valuation

Quarter	P/S	P/E
Q4 20	2.8x	—
Q1 21	3.0x	—
Q2 21	3.2x	—
Q1 22	3.2x	—
Q3 22	3.0x	—
Q1 23	1.8x	—
Q2 23	1.2x	—
Q3 23	1.0x	—
Q4 23	0.8x	—
Q1 24	0.8x	—
Q2 24	0.8x	—
Q3 24	0.7x	—
Q4 24	0.7x	—
Q1 25	0.7x	—
Q2 25	0.7x	—
Q3 25	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	-$28M	-$29M
Q1 21	-$30M	-$30M
Q2 21	-$12M	-$15M
Q1 22	-$8M	-$9M
Q3 22	-$9M	-$10M
Q1 23	-$8M	-$12M
Q2 23	$3M	-$692.0K
Q3 23	-$5M	-$10M
Q4 23	$10M	$7M
Q1 24	$3M	$430.0K
Q2 24	$583.0K	-$2M
Q3 24	$19M	$16M
Q4 24	$6M	$879.0K
Q1 25	-$4M	-$8M
Q2 25	-$9M	-$16M
Q3 25	$11M	$8M

Capital Expenditures

Quarter	CapEx
Q4 20	$1M
Q1 21	$275.0K
Q2 21	$3M
Q1 22	$698.0K
Q3 22	$834.0K
Q1 23	$5M
Q2 23	$4M
Q3 23	$5M
Q4 23	$3M
Q1 24	$3M
Q2 24	$2M
Q3 24	$3M
Q4 24	$5M
Q1 25	$4M
Q2 25	$7M
Q3 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	-49.5%	-61.3%
Q1 21	-26.7%	-15.6%
Q2 21	-17.0%	-3.7%
Q1 22	-0.3%	-6.3%
Q3 22	+35.5%	-1.3%
Q1 23	+255.2%	+182.0%
Q2 23	+321.2%	+191.0%
Q3 23	+288.3%	+197.0%
Q4 23	+278.2%	+261.6%
Q1 24	+9.1%	+4.9%
Q2 24	+5.8%	+2.4%
Q3 24	+3.2%	+1.2%
Q4 24	+9.7%	+4.3%
Q1 25	+12.8%	+13.1%
Q2 25	+22.5%	+23.9%
Q3 25	+16.8%	+17.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$558.0K	2.1%
Q1 21	$399.0K	1.1%
Q2 21	$232.0K	0.7%
Q1 22	$309.0K	0.9%
Q3 22	$614.0K	1.7%
Q1 23	$1M	1.2%
Q2 23	$3M	2.1%
Q3 23	$2M	1.2%
Q4 23	$1M	1.0%
Q1 24	$2M	1.3%
Q2 24	$2M	1.3%
Q3 24	$2M	1.5%
Q4 24	$2M	1.5%
Q1 25	$2M	1.5%
Q2 25	$3M	1.5%
Q3 25	$2M	1.5%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 20	—	$16M
Q1 21	—	$19M
Q2 21	—	$22M
Q3 22	—	$15M
Q1 23	—	$23M
Q2 23	—	$24M
Q3 23	—	$25M
Q4 23	$500.0K	—
Q1 24	—	$23M
Q3 24	—	$23M
Q4 24	$500.0K	$25M
Q1 25	—	$27M
Q2 25	—	$37M
Q3 25	—	$34M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 20	-49.5%	-134.9%	-184.5
Q1 21	-26.7%	-26.3%	-53.0
Q2 21	-17.0%	5.3%	-11.7
Q1 22	-0.3%	-29.4%	-29.7
Q3 22	35.5%	-4.8%	30.7
Q1 23	255.2%	1.6%	256.7
Q2 23	321.2%	2.9%	324.1
Q3 23	288.3%	3.2%	291.4
Q4 23	278.2%	4.7%	282.9
Q1 24	9.1%	5.0%	14.0
Q2 24	5.8%	5.6%	11.4
Q3 24	3.2%	5.2%	8.4
Q4 24	9.7%	5.0%	14.6
Q1 25	12.8%	4.4%	17.3
Q2 25	22.5%	-13.7%	8.7
Q3 25	16.8%	-6.7%	10.2

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$184M	$0	$184M
Q4 22	$44M	$0	$44M
Q1 23	$30M	$0	$30M
Q2 23	$42M	$0	$42M
Q3 23	$49M	$0	$49M
Q4 23	$35M	$0	$35M
Q1 24	$35M	$0	$35M
Q2 24	$44M	$0	$44M
Q3 24	$55M	$0	$55M
Q4 24	$59M	$0	$59M
Q1 25	$50M	$0	$50M
Q2 25	$61M	$0	$61M
Q3 25	$71M	$0	$71M
Q4 25	$77M	$0	$77M
Q1 26	$72M	$0	$72M
Q2 26	$70M	$0	$70M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	56M	+0.2%	-1.2%
Q1 21	56M	0.0%	+0.2%
Q2 21	56M	+0.4%	-0.4%
Q1 22	56M	+0.3%	+0.9%
Q3 22	57M	+0.3%	+1.0%
Q1 23	60M	+5.9%	+6.9%
Q2 23	60M	+0.3%	+6.9%
Q3 23	61M	+2.2%	+8.9%
Q4 23	64M	+3.8%	+12.6%
Q1 24	61M	-4.4%	+1.7%
Q2 24	61M	0.0%	+1.3%
Q3 24	61M	0.0%	-0.8%
Q4 24	61M	+0.5%	-4.0%
Q1 25	62M	+1.6%	+2.1%
Q2 25	77M	+23.7%	+26.3%
Q3 25	78M	+1.7%	+28.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$9.0K	3K
Q1 21	$12.2K	3K
Q2 21	$11.2K	3K
Q1 22	$11.2K	3K
Q3 22	$11.4K	3K
Q1 23	$47.0K	3K
Q2 23	$51.2K	3K
Q3 23	$50.4K	3K
Q4 23	$57.8K	2K
Q1 24	$59.1K	2K
Q2 24	$62.5K	2K
Q3 24	$60.0K	2K
Q4 24	$44.3K	3K
Q1 25	$46.5K	3K
Q2 25	$53.4K	3K
Q3 25	$48.9K	3K

Revenue / Employee