Rural Connectivity Group

Lesaka Increases Revenue 9% for the Fourth Quarter, Exceeding the Upper End of its Revenue Guidance

Retrieved on: 
Tuesday, September 12, 2023
Professional Services, Payments, Technology, Finance, Fintech, Banking, Operating cost, Connect, Bank statement, JSE, GAAP, LSK, EBITDA, Acquisition, Rural Connectivity Group, Consumer, Growth, Smiths News, PPA, Lesaka Technologies, Environment, Video game, Self storage, Bank, Merchant

Lesaka Technologies, Inc. (Nasdaq: LSAK; JSE: LSK) today released its results for the fourth quarter (“Q4 2023”) and full year (“FY 2023”) ended June 30, 2023.

Key Points: 
  • Lesaka Technologies, Inc. (Nasdaq: LSAK; JSE: LSK) today released its results for the fourth quarter (“Q4 2023”) and full year (“FY 2023”) ended June 30, 2023.
  • This compares to a net loss of ZAR 235.8 million ($15.1 million) in Q4 2022 and represents a 21% improvement.
  • Excellent performance from Merchant, delivering Segment Adjusted EBITDA of ZAR 154.2 million ($8.2 million) in Q4 2023.
  • Simultaneously, our Merchant Division continues to outperform the acquisition base case, diversifying our business and positioning Lesaka as a true FinTech innovator.

Lesaka Announces the Repurchase of Common Shares

Retrieved on: 
Thursday, May 18, 2023
Technology, Insurance, Payments, Finance, Fintech, Banking, Electronic Commerce, Professional Services, Software, Digital Cash Management, Digital Assets, Share repurchase, LSK, Growth, JSE, Smiths News, Acquisition, Lesaka Technologies, Rural Connectivity Group, ZAR, Management

Lesaka Technologies, Inc. (“Lesaka” or the “Company”) (NasdaqGS: LSAK; JSE: LSK) today announced that it has repurchased approximately 250,000 of the Company’s common shares in May 2023, at a price of $3.26 per share (ZAR 62.08 per share using the relevant USD: ZAR exchange rate).

Key Points: 
  • Lesaka Technologies, Inc. (“Lesaka” or the “Company”) (NasdaqGS: LSAK; JSE: LSK) today announced that it has repurchased approximately 250,000 of the Company’s common shares in May 2023, at a price of $3.26 per share (ZAR 62.08 per share using the relevant USD: ZAR exchange rate).
  • Our focus is to increase shareholder value by strategically allocating capital to grow our business while maintaining an appropriate capital structure.
  • We believe this repurchase reflects the confidence of Lesaka’s Board and management team regarding our outlook.
  • Lesaka is well positioned to benefit from the exponential secular demand for innovative fintech solutions that are transforming South Africa’s highly cash-driven informal economy.

Lesaka Announces the Repurchase of Common Shares

Retrieved on: 
Thursday, May 18, 2023
Lesaka Technologies, JSE, ZAR, Share repurchase, LSK, Acquisition, Rural Connectivity Group, Growth, Smiths News, Management

JOHANNESBURG, South Africa, May 18, 2023 (GLOBE NEWSWIRE) -- Lesaka Technologies, Inc. (“Lesaka” or the “Company”) (NasdaqGS: LSAK; JSE: LSK) today announced that it has repurchased approximately 250,000 of the Company’s common shares in May 2023, at a price of $3.26 per share (ZAR 62.08 per share using the relevant USD: ZAR exchange rate).

Key Points: 
  • JOHANNESBURG, South Africa, May 18, 2023 (GLOBE NEWSWIRE) -- Lesaka Technologies, Inc. (“Lesaka” or the “Company”) (NasdaqGS: LSAK; JSE: LSK) today announced that it has repurchased approximately 250,000 of the Company’s common shares in May 2023, at a price of $3.26 per share (ZAR 62.08 per share using the relevant USD: ZAR exchange rate).
  • Our focus is to increase shareholder value by strategically allocating capital to grow our business while maintaining an appropriate capital structure.
  • We believe this repurchase reflects the confidence of Lesaka’s Board and management team regarding our outlook.
  • Lesaka is well positioned to benefit from the exponential secular demand for innovative fintech solutions that are transforming South Africa’s highly cash-driven informal economy.

Leading South African Fintech Lesaka Technologies Completes Turnaround as it Champions Financial Inclusion Across Informal Markets

Retrieved on: 
Tuesday, May 9, 2023
Technology, Insurance, Payments, Finance, Security, Fintech, Banking, Professional Services, Software, Lesaka Technologies, Bank statement, Merchant, JSE, GAAP, LSK, EBITDA, Acquisition, Rural Connectivity Group, Consumer, Growth, Smiths News, PPA, Publishing, Cryptocurrency, Fine chemical, Bank

Net loss attributable to Lesaka of R104.4 million, compared to R51.9 million in Q3 2022.

Key Points: 
  • Net loss attributable to Lesaka of R104.4 million, compared to R51.9 million in Q3 2022.
  • Adjusted EBITDA of R137.1 million, a 221% improvement compared to the Q3 2022 loss of R112.7 million.
  • Successful turnaround of the Consumer Division delivering Adjusted EBITDA of R29.6 million, compared to a loss of R13.5 million in Q3 2022.
  • Lesaka Technologies has leveraged disruptive technologies to build a unique fintech platform which meets the needs of both merchants and consumers operating in informal and formal markets.

Lesaka Reports Third Quarter 2023 Results – Continued improvement in financial performance further evidences successful turnaround

Retrieved on: 
Tuesday, May 9, 2023
Independent Regulatory Board for Auditors, Sarbanes–Oxley Act, Insurance, International, Bank statement, Eastern Time Zone, Rotation, Merchant, JSE, GAAP, Audit committee, Sale, Net, Acquisition, ATM, Rural Connectivity Group, Investment, Public Company Accounting Oversight Board, International Financial Reporting Standards, Webcast, Consumer, Depreciation, Smiths News, EPS, KPMG, Adjustment, PPA, Bank, Bookkeeping, Cryptocurrency, Real estate, Connect, USD, EBITDA

Merchant Division revenue was $118.1 million in Q3 2023, up 622% compared with Q3 2022 on a constant currency basis.

Key Points: 
  • Merchant Division revenue was $118.1 million in Q3 2023, up 622% compared with Q3 2022 on a constant currency basis.
  • The increase in EBITDA is primarily due to the inclusion of Connect, which was partially offset by lower hardware sales.
  • Our EBITDA (loss) margin (calculated as EBITDA (loss) divided by revenue) for Q3 2023 and 2022 was 7.0% and 7.6%, respectively.
  • While we report our financial results in USD, we measure our operating performance in ZAR, and as such we provide our guidance accordingly.

Lesaka Reports FY23 Q2 Results Outperforming Upper End of Guidance

Retrieved on: 
Tuesday, February 7, 2023
Technology, Insurance, Payments, Finance, Security, Fintech, Banking, Other Technology, Professional Services, Software, Rural Connectivity Group, Merchant, Ecosystem, JSE, Smiths News, Growth, MSME, Consumer, LSK, Lesaka Technologies, Cryptocurrency, Beauty salon

Lesaka Technologies, Inc. (Nasdaq: LSAK; JSE: LSK) today released results for the second quarter ended December 31, 2022 (“Q2 2023”).

Key Points: 
  • Lesaka Technologies, Inc. (Nasdaq: LSAK; JSE: LSK) today released results for the second quarter ended December 31, 2022 (“Q2 2023”).
  • Performance highlights for Q2 2023:
    Group Adjusted EBITDA of $7.4 million (ZAR 130.4 million) exceeds the upper end of guidance of ZAR 123 million in Q2 2023 by 6%.
  • Revenue of $136.1 million (ZAR 2.4 billion)1 in Q2 2023, compared to $31.1 million (ZAR 478.5 million)1 for the quarter ended December 31, 2021 (“Q2 2022”), exceeding the upper end of guidance by 4%, driven predominantly by strong outperformance in the Merchant Division.
  • Major milestone in achieving positive net cash provided by operating activities of $3.4 million (ZAR 59.9 million) in Q2 2023, compared to an outflow of $13.8 million (ZAR 212.0 million) in Q2 2022.

Lesaka announces departure of Alex Smith, Chief Accounting Officer

Retrieved on: 
Tuesday, January 17, 2023
CAO, Rural Connectivity Group, Smiths News, JSE, Growth, African, Acquisition, Employment, LSK, Management, Connect

JOHANNESBURG, South Africa, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Lesaka Technologies, Inc. (“Lesaka” or the “Company”) (NasdaqGS: LSAK; JSE: LSK) today announced that Mr. Alex M.R.

Key Points: 
  • JOHANNESBURG, South Africa, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Lesaka Technologies, Inc. (“Lesaka” or the “Company”) (NasdaqGS: LSAK; JSE: LSK) today announced that Mr. Alex M.R.
  • During this notice period, Mr. Smith will assist the Company in consolidating the roles and responsibilities of Chief Accounting Officer (“CAO”) into the ambit of Lesaka’s highly experienced Finance team.
  • Alex has played a key role in Lesaka’s growth journey and its transition from Net 1 to Lesaka.
  • Prior to my appointment, Alex was interim Group CEO for over a year after serving as the Company Chief Financial Officer for four years.

Lesaka enters new employment arrangement with Steven Heilbron to June 2025

Retrieved on: 
Wednesday, January 4, 2023
Investec, Knowledge, Merchant, Rural Connectivity Group, Acquisition, LSK, Smiths News, Private banking, Connect, Consumer, JSE

JOHANNESBURG, South Africa, Jan. 04, 2023 (GLOBE NEWSWIRE) -- Lesaka Technologies, Inc. (Nasdaq: LSAK; JSE: LSK) (“Lesaka” or the “Company”) today announced that it has entered a new employment arrangement with Mr. Steven Heilbron, for the period from January 1, 2023 to June 30, 2025.

Key Points: 
  • JOHANNESBURG, South Africa, Jan. 04, 2023 (GLOBE NEWSWIRE) -- Lesaka Technologies, Inc. (Nasdaq: LSAK; JSE: LSK) (“Lesaka” or the “Company”) today announced that it has entered a new employment arrangement with Mr. Steven Heilbron, for the period from January 1, 2023 to June 30, 2025.
  • Mr. Heilbron has been the Chief Executive Officer of the Connect Group since 2013 and joined Lesaka following the acquisition of Connect in the same capacity.
  • “I am delighted that Steven will remain with us until at least June 30, 2025,” said Mr. Chris Meyer, Lesaka Group CEO.
  • “Steven has been pivotal in growing Connect into a profitable, high-growth and leading South African fintech company, and integrating Connect into the Lesaka Group.

Astera Labs Accelerates Company Growth with Series-D Funding and Expanded Board of Directors

Retrieved on: 
Thursday, November 17, 2022
Cloud, Software, Rural Connectivity Group, Growth, Machine learning, Semiconductor, Marketing, Series, Mobile, Design Center Colorado, Fidelity Investments, Fidelity, Corporation, Traction, CXL, Ethernet, Sutter Hill Ventures, Silicon, Broadcom Inc., Crescent City Connection Division, Intel Capital, GM, Intel, SVP, Artificial intelligence, Memory, Compute Express Link, Drug, Management, Video game console, Synaptics, Asteras Tripolis F.C., Research, Meta

SANTA CLARA, Calif., Nov. 17, 2022 (GLOBE NEWSWIRE) -- Astera Labs, the industry leader for connectivity solutions for intelligent systems, today shared its progress and momentum to position the company for its next phase of growth. Astera Labs closed its Series-D funding round, expanded its board of directors, added new product lines to its portfolio, and grew its presence globally with new locations and an increased employee base. These milestones represent the strong traction for Astera Labs’ silicon, software, and system-level solutions that help its customers realize the vision of Artificial Intelligence and Machine Learning in the Cloud.

Key Points: 
  • Astera Labs closed its Series-D funding round, expanded its board of directors, added new product lines to its portfolio, and grew its presence globally with new locations and an increased employee base.
  • Astera Labs continues to surpass every milestone for a technology start-up, and we are now deep into the next stage of evolution for our company as we accelerate growth, said Jitendra Mohan, CEO, Astera Labs.
  • In its Series-D funding round led by Fidelity Management and Research, Astera Labs raised $150M with a $3.15B valuation.
  • I am pleased to welcome these visionary leaders to the Astera Labs Board of Directors, said Manuel Alba, Chairman of the Board, Astera Labs.

Satellite Smartphones Could Eventually Answer the Call for Rural Connectivity

Retrieved on: 
Thursday, October 27, 2022
Knowledge, Farm Credit System, Smartphone, Apple, Samsung, IPhone, SpaceX, Wireless, Human, Technology, Globalstar, GLOBE, SOS, T-Mobile, Rural Connectivity Group, CoBank, Call, Water, Agriculture, Farmer, Mobile phone, Satellite navigation device

DENVER, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Smartphones with satellite connectivity could eventually prove vital for rural communities, delivering voice, data and broadband to Americans living in underserved markets.

Key Points: 
  • DENVER, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Smartphones with satellite connectivity could eventually prove vital for rural communities, delivering voice, data and broadband to Americans living in underserved markets.
  • T-Mobile and SpaceX announced plans to offer smartphone satellite connectivity, with beta trials set to begin towards the end of 2023.
  • Wireless operators interesting in pursuing satellite connectivity could take the T-Mobile approach and offer the service directly with SpaceX or a similar satellite operator.
  • Watch a video synopsis and read the report, Niche for Now, Satellite Smartphones Could Answer the Call for Rural Connectivity .