LESAKA TECHNOLOGIES INC

LSAK · Functions Related To Depository Banking, NEC · 85.7M shares · +2%/yr ↑ dilution · EDGAR filings ↗

Net buyback after stock comp: -$6M (gross $1M, SBC $7M)

Reference price $4.90 · est. market cap ~$420M — last insider sale, 2026-04-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

D52

Lesaka Technologies — South African fintech narrowing losses.

Strengths

Revenue +17%; net loss improving sharply (94th pct)
Adequate cash runway (~11.6 quarters)

Risks

Still net-loss-making; high leverage (D/E 1.14)
South-Africa macro/FX and execution risk

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Net lossNet loss (net margin -13.3%)
Cash burnNegative free cash flow (-26.3M)
Insider buyingInsider buying — 3 open-market buy(s) by 1 insider(s) (~$10M, last 6mo) Form 4 ↗
China exposureand foreign trade control laws and regulations, including various export controls and economic sanctions programs, such as those administered by OFAC
Insider sellingInsider selling — 36 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$4M, last 6mo) Form 4 ↗

Quarterly revenue

2025-06-30 · $168M2025-09-30 · $171M2025-12-31 · $179M2026-03-31 · $183M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

26.2%

Operating margin

-4.1%

Net margin

-13.3%

Return on equity

-52.8%

Return on assets

-13.4%

ROIC

-6.0%

Revenue growth (QoQ)

2.4%

Debt / equity

1.1×

Net debt / EBITDA

17.0×

Current ratio

1.5×

Free cash flow

-$26M

EBITDA

$7M

Tangible book value

-$173M

Cash & investments

$77M

Cash runway

12q

Stock comp / revenue

1.4%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-04-16	International Finance Corp	Sell	66K	$4.90
2026-04-15	International Finance Corp	Sell	19K	$4.90
2026-04-14	International Finance Corp	Sell	107K	$4.90
2026-04-13	International Finance Corp	Sell	52K	$4.92
2026-04-10	International Finance Corp	Sell	58K	$4.98
2026-04-09	International Finance Corp	Sell	9.9K	$4.95
2026-04-08	International Finance Corp	Sell	19K	$4.93
2026-04-07	International Finance Corp	Sell	48K	$4.91
2026-04-06	International Finance Corp	Sell	34K	$4.95
2026-04-02	International Finance Corp	Sell	9.9K	$4.99
2026-04-01	International Finance Corp	Sell	19K	$4.97
2026-03-31	International Finance Corp	Sell	33K	$5.02
2026-03-30	International Finance Corp	Sell	6.5K	$4.92
2026-03-27	International Finance Corp	Sell	32K	$4.91
2026-03-26	International Finance Corp	Sell	2.5K	$4.95
2026-03-25	International Finance Corp	Sell	11K	$5.04
2026-03-24	International Finance Corp	Sell	16K	$5.02
2026-03-23	International Finance Corp	Sell	2.2K	$5.03
2026-03-19	International Finance Corp	Sell	35K	$5.06
2026-03-18	International Finance Corp	Sell	4.8K	$5.38
2026-03-17	International Finance Corp	Sell	87K	$5.31
2026-03-16	International Finance Corp	Sell	27K	$4.94
2026-03-13	International Finance Corp	Sell	60K	$4.85
2026-03-13	Sparrow Dean Chad	Sell	110	$4.66
2026-03-12	Sparrow Dean Chad	Sell	6	$4.72
2026-03-12	International Finance Corp	Sell	2.8K	$4.68
2026-03-11	International Finance Corp	Sell	4.2K	$4.65
2026-03-11	Sparrow Dean Chad	Sell	963	$4.80
2026-03-10	International Finance Corp	Sell	25K	$4.64
2026-03-09	Sparrow Dean Chad	Sell	144	$4.72
2026-03-09	International Finance Corp	Sell	28K	$4.56
2026-03-06	Sparrow Dean Chad	Sell	207	$4.73
2026-03-06	International Finance Corp	Sell	9.2K	$4.64
2026-03-05	International Finance Corp	Sell	4.3K	$4.59
2026-03-04	Mazanderani Ali	Buy	32K	$4.69
2026-03-04	International Finance Corp	Sell	6.8K	$4.65
2026-03-03	Sparrow Dean Chad	Sell	332	$4.80
2026-02-25	Mali Lincoln Camagu	Grant	150K	—
2026-02-09	Mazanderani Ali	Buy	91K	$4.36
2025-12-31	Mazanderani Ali	Buy	1.8M	$5.00
2025-12-17	International Finance Corp	Sell	100	$4.33
2025-12-10	Smith Daniel Luke	Buy	12K	$4.40
2025-12-09	Smith Daniel Luke	Buy	5.8K	$4.21
2025-12-08	Smith Daniel Luke	Buy	2.5K	$4.16
2025-12-05	Smith Daniel Luke	Buy	7.0K	$4.21
2025-12-05	Smith Daniel Luke	Buy	3.7K	$4.14
2025-12-01	Mali Lincoln Camagu	Disposition	78K	—
2025-03-31	Mazanderani Ali	Buy	20K	$4.96
2025-03-28	Mazanderani Ali	Buy	35K	$5.01
2025-03-27	Mazanderani Ali	Buy	31K	$5.00
2025-03-26	Mazanderani Ali	Buy	33K	$4.94
2025-03-25	Mazanderani Ali	Buy	8.3K	$4.93
2025-03-24	Mazanderani Ali	Buy	22K	$4.75
2025-03-21	Mazanderani Ali	Buy	600	$4.64

All non-derivative Form 4 activity (SEC), newest first.

Notable events (8-K)

Date	Items
2026-06-17	Material agreementExhibits	filing ↗
2026-05-18	ResultsExhibits	filing ↗
2026-05-18	Exec/director changeExhibits	filing ↗
2026-05-06	ResultsExhibits	filing ↗
2026-04-01	Material agreementDebt obligationExhibits	filing ↗
2026-02-27	Exec/director changeExhibits	filing ↗
2026-02-04	ResultsExhibits	filing ↗
2025-12-08	Shareholder voteExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-17	2026-06-11	0001062993-26-003238 ↗
8-K	2026-05-18	2026-05-18	0001062993-26-002769 ↗
8-K	2026-05-18	2026-05-12	0001062993-26-002777 ↗
8-K	2026-05-06	2026-05-06	0001062993-26-002361 ↗
10-Q	2026-05-06	2026-03-31	0001562762-26-000058 ↗
8-K	2026-04-01	2026-03-27	0001062993-26-001784 ↗
8-K	2026-02-27	2026-02-25	0001062993-26-001202 ↗
10-K/A	2026-02-04	2025-06-30	0001562762-26-000013 ↗
10-Q	2026-02-04	2025-12-31	0001562762-26-000015 ↗
8-K	2026-02-04	2026-02-04	0001062993-26-000609 ↗
8-K	2025-12-08	2025-12-08	0001062993-25-017205 ↗
8-K	2025-11-05	2025-11-05	0001062993-25-016495 ↗