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Borrowings | 3 Months Ended
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Sep. 30, 2025
Borrowings [Abstract] |
Borrowings | Movement in short-term credit facilities Summarized below are the Company’s short-term facilities as of September 30, 2025, and the movement in the Company’s short- term facilities from as of June 30, 2025 to as of September 30, 2025: 9. Borrowings Refer to Note 12 to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2025, for additional information regarding its borrowings. Reference rate reform After the transition away from certain interbank offered rates in foreign jurisdictions (“IBOR reform”), the reforms to South Africa’s reference interest rate are now accelerating rapidly. The Johannesburg Interbank Average Rate (“JIBAR”) will be replaced by the new South African Overnight Index Average (“ZARONIA”). Certain of the Company’s borrowings reference JIBAR as a base interest rate. ZARONIA reflects the interest rate at which rand-denominated overnight wholesale funds are obtained by commercial banks. There is uncertainty surrounding the timing and manner in which the transition would occur and how this would affect our borrowings. The Company is in regular contact with its lenders and will update existing borrowing agreements to the new base rate when ZARONIA is adopted by the financial industry and lenders as the new reference rate. South Africa The JIBAR, an average of 3 month negotiable certificates of deposit (“NCD”) rates, on September 30, 2025, was 7.00 %. The prime rate, the benchmark rate at which private sector banks lend to the public in South Africa, on September 30, 2025, was 10.50 %. (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. RMB RMB Nedbank GBF Other Facilities Total Short-term facilities available as of September 30, 2025 $ 40,584 $ 5,831 $ 9,065 $ 55,480 Overdraft 40,584 - - 40,584 Indirect and derivative facilities - 5,831 9,065 14,896 Movement in utilized overdraft facilities: No restrictions as to use 24,469 - - 24,469 Balance as of June 30, 2025 24,469 - - 24,469 Utilized 27,974 - - 27,974 Repaid (40,661) - - (40,661) Foreign currency adjustment (1) 706 - - 706 Balance as of September 30, 2025 12,488 - - 12,488 No restrictions as to use $ 12,488 $ - $ - $ 12,488 Interest rate as of September 30, 2025 (%) (2) 10.00 N/A N/A Interest rate as of June 30, 2025 (%) (2) 10.25 N/A N/A Movement in utilized indirect and derivative facilities: Balance as of June 30, 2025 $ - $ 1,864 $ 119 $ 1,983 Foreign currency adjustment (1) - 53 3 56 Balance as of September 30, 2025 $ - $ 1,917 $ 122 $ 2,039 Facilities Lesaka A Lesaka B Asset backed CCC Total Included in current $ - $ 8,448 $ 3,508 $ - $ 11,956 Included in long-term 120,375 47,873 3,671 16,894 188,813 Opening balance as of June 30, 2025 120,375 56,321 7,179 16,894 200,769 Facilities utilized - - 1,791 972 2,763 Facilities repaid - - (1,148) - (1,148) Non-refundable fees paid - - - (33) (33) Non-refundable fees amortized 75 - 2 3 80 Foreign currency adjustment (1) 3,384 1,582 218 482 5,666 Closing balance as of September 30, 2025 123,834 57,903 8,042 18,318 208,097 Included in current - 8,685 3,896 - 12,581 Included in long-term 123,834 49,218 4,146 18,318 195,516 Unamortized fees (990) - - (31) (1,021) Due within 2 years - 11,581 2,521 - 14,102 Due within 3 years - 17,371 1,313 - 18,684 Due within 4 years 124,824 20,266 312 18,349 163,751 Due within 5 years $ - $ - $ - $ - $ - Interest rates as of September 30, 2025 (%): 10.25 10.15 11.25 11.45 Base rate (%) 7.00 7.00 10.50 10.50 Margin (%) 3.25 3.15 0.75 0.95 (2) (3) (4) (5) Interest rates as of June 30, 2025 (%): 10.54 10.44 11.50 11.70 Base rate (%) 7.29 7.29 10.75 10.75 Margin (%) 3.25 3.15 0.75 0.95 Footnote number (2) (3) (4) (5) (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. (2) Interest on Facility A and Facility B is based on the JIBAR in effect from time to time plus an initial margin of 3.25 % per annum until June 30, 2025. From July 1, 2025, the margin on Facility A is determined with reference to the Net Debt to EBITDA Ratio, and the margin will be either (i) 3.25 %, if the Net Debt to EBITDA Ratio is greater than or equal to 2.5 times; or (ii) 2.5 %, if the Net Debt to EBITDA Ratio is less than 2.5 times. (3) Interest on Facility B is calculated based on JIBAR from time to time plus an initial margin of 3.15 % per annum until June 30, 2025. From July 1, 2025, the margin on Facility B is determined with reference to the Net Debt to EBITDA Ratio, and the margin will be either (i) 3.15 %, if the Net Debt to EBITDA Ratio is greater than or equal to 2.5 times; or (ii) 2.4 %, if the Net Debt to EBITDA Ratio is less than 2.5 times. (4) Interest is charged at prime plus 0.75 % per annum on the utilized balance. (5) Interest is charged at prime plus 0.95 % per annum on the utilized balance. Interest expense incurred under the Company’s South African long-term borrowings and included in the caption interest expense on the condensed consolidated statement of operations during the three months ended September 30, 2025 and 2024, was $ 3.8 million and $ 4.2 million, respectively. Prepaid facility fees amortized included in interest expense during the three months ended September 30, 2025 and 2024, respectively, were $ 0.1 million and $ 0.1 million, respectively. Interest expense incurred under the Company’s South African long-term borrowings to fund its Consumer lending book (for the three months ended September 30, 2025) and interest incurred under the Company’s CCC and K2020 facilities relates to borrowings utilized to fund a portion of the Company’s merchant finance loans receivable were $ 1.6 million and $ 0.4 million, respectively, and is included in the caption cost of goods sold, IT processing, servicing and support on the condensed consolidated statement of operations f or the three months ended September 30, 2025 and 2024. (2) RMB GBF interest is set at prime less 0.50 %. Interest expense incurred under the Company’s South African short-term borrowings and included in the caption interest expense on the condensed consolidated statement of operations during the three months ended September 30, 2025 and 2024, was $ 0.8 million and $ 0.6 million, respectively. 9. Borrowings (continued) Movement in long-term borrowings Summarized below is the movement in the Company’s long-term borrowing from as of June 30, 2025 to as of September 30, 2025:

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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