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Operating Segments | 3 Months Ended
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Sep. 30, 2025
Operating Segments [Abstract] |
Operating Segments | 18. Operating segments Operating segments The Company discloses segment information as reflected in the management information systems reports that its chief operating decision maker uses in making decisions and to report certain entity-wide disclosures about products and services, and the countries in which the entity holds material assets or reports material revenues. A description of the Company’s operating segments is contained in Note 21 to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2025. Previously reported information for the three months ended September 30, 2024, has been recast for the change to the Company’s internal reporting structure in the second quarter of fiscal 2025 as described in Note 21 to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2025. The Company’s chief operating decision maker is the Company’s Executive Chairman. During the second quarter of fiscal 2025, he changed the Company’s operating and internal reporting structures to present a new segment, Enterprise, separately. The Company currently has three reportable segments: Merchant, Consumer and Enterprise. The Company’s chief operating decision maker (“CODM”) is the Company’s Executive Chairman. The CODM analyzes the Company’s operating performance primarily based on these three operational lines, namely, (i) Merchant, which focuses on both formal and informal sector merchants. Formal sector merchants are generally in urban areas, have higher revenues and have access to multiple service providers. Informal sector merchants, which are often sole proprietors and usually have lower revenues compared with formal section merchants, operate in rural areas or in informal urban areas and do not always have access to a full-suite of traditional banking products; (ii) Consumer, which primarily focuses on individuals who have historically been excluded from traditional financial services and to whom we offer transactional accounts (banking), insurance, lending (short-term loans), payments solutions (digital wallet) and various value-added services; and (iii) Enterprise, which comprises large-scale corporate and government organizations, including but not limited to banks, mobile network operators (“MNOs”) and municipalities, and, through Recharger, landlords utilizing Recharger’s prepaid electricity metering s olution. 18. Operating segments (continued) Types of products and services from which each segment derives its revenues The Merchant segment includes revenue generated from the sale of Alternative Digital Products (“ADP”) (select prepaid solutions, supplier-enabled payments, international money transfer and other) and card-acquiring services to informal sector merchants. It also includes activities related to the provision of goods and services provided to corporate and other juristic entities. The Company earns fees from processing activities performed (including card acquiring and the provision of a payment gateway services) for its customers, and rental and license fees from the provision of point of sales (“POS”) hardware and software to the hospitality industry. The Company also provides cash management and payment services to merchant customers through a digital vault which is located at the customer’s premises and through which the Company is able to provide the services which generate processing fee revenue. The Merchant segment includes interest earned from the provision of loans to its customers, refer to Note 16. The Consumer segment includes activities related to the provision of financial services to customers, including a bank account, loans and insurance products. The Company charges monthly administration fees for all bank accounts. Customers that have a bank account managed by the Company are issued cards that can be utilized to withdraw funds at an ATM or to transact at a merchant POS. The Company earns processing fees from transactions processed for these customers. The Company also earns fees on transactions performed by other banks’ customers utilizing its ATM (until June 30, 2023) or POS. The Company provides short -term loans to customers in South Africa for which it earns initiation and monthly service fees, and interest revenue from the second quarter of fiscal 2025, refer to Note 16. The Company writes life insurance contracts, primarily funeral-benefit policies, and policy holders pay the Company a monthly insurance premium. The Company also earns fees from the provision of physical and digital prepaid and secure payout solutions for South African businesses. The Enterprise segment provides its business and government-related customers with transaction processing services that involve the collection, transmittal and retrieval of transaction data. Through Recharger, Enterprise offers landlords access to Recharger’s prepaid electricity metering solution through which Enterprise earns commission revenue from prepaid electricity voucher sales to tenants recharging prepaid meters. This segment also includes sales of hardware and licenses to customers. Hardware includes the sale of POS devices, SIM cards and other consumables which can occur on an ad hoc basis. Licenses include the right to use certain technology developed by the Company. Segment measure of profit or loss The Company evaluates segment performance based on segment earnings before interest, tax, depreciation and amortization (“EBITDA”), adjusted for items mentioned in the sentences below (“Segment Adjusted EBITDA”), the Company’s reportable segments’ measure of profit or loss. The Company obtained a general lending facility in February 2025, which has been partially used to fund a portion of its Consumer lending during the three months ended September 30, 2025, and interest related to these borrowings have been allocated to Consumer. The Company also included an intercompany interest expense in its Consumer Segment Adjusted EBITDA for the three months ended September 30, 2024. The Company does not allocate once-off items, stock-based compensation charges, depreciation and amortization, impairment of goodwill or other intangible assets, other items (including gains or losses on disposal of investments, fair value adjustments to equity securities), interest income, certain interest expense, income tax expense or loss from equity-accounted investments to its reportable segments. Group costs generally include: employee related costs in relation to employees specifically hired for group roles and related directly to managing the US-listed entity; expenditures related to compliance with the Sarbanes-Oxley Act of 2002; non- employee directors’ fees; legal fees; group and US-listed related audit fees; and directors and officer’s insurance premiums. Once-off items represent non-recurring expense items, including costs related to acquisitions and transactions consummated or ultimately not pursued. Unrealized (loss) gain for currency adjustments represents foreign currency mark-to-market adjustments on certain intercompany accounts. Interest adjustment represents the intercompany interest expense included in the Consumer Segment Adjusted EBITDA during fiscal 2025. The Stock-based compensation adjustments reflect stock-based compensation expense and are excluded from the calculation of Segment Adjusted EBITDA and are therefore reported as reconciling items to reconcile the reportable segments’ Segment Adjusted EBITDA to the Company’s loss before income tax expense. Our CODM does not review the components of segment selling, general and administration expenses and is presented with reports which include revenue, net revenue (a non-GAAP measure) and Segment Adjusted EBITDA. 18. Operating segments (continued) The table below presents the reconciliation of revenue from external customers to the reportable segment’s revenue, significant expenditures, the Company’s reportable segment’s measure of profit or loss, and certain other segment information for the three months ended September 30, 2025 and 2024, respectively, is as follows: Three months ended September 30, 2025 Merchant Consumer Enterprise No allocated Total Revenue from external customers $ 126,313 $ 30,576 $ 14,559 $ - $ 171,448 Intersegment revenues 637 - 294 - 931 Segment revenue 126,950 30,576 14,853 - 172,379 Less segment-related expenses: Cost of goods sold, IT processing, servicing and support 98,413 10,437 10,521 - 119,371 Selling, general and administration (1)(2) 19,347 11,646 3,063 - 34,056 Segment adjusted EBITDA $ 9,190 $ 8,493 $ 1,269 $ - $ 18,952 Merchant Consumer Enterprise Group costs Total Depreciation and amortization $ 3,365 $ 309 $ 86 $ 9,134 $ 12,894 Expenditures for long-lived assets $ 4,325 $ 281 $ 513 $ - $ 5,119 Three months ended September 30, 2024 Merchant Consumer Enterprise No allocated Total Revenue from external customers $ 123,063 $ 21,072 $ 9,433 $ - $ 153,568 Intersegment revenues 588 - 2,450 - 3,038 Segment revenue 123,651 21,072 11,883 - 156,606 Less segment-related expenses: Cost of goods sold, IT processing, servicing and support 104,703 8,373 9,702 - 122,778 Selling, general and administration (1)(3) 11,394 8,303 1,819 - 21,516 Segment adjusted EBITDA $ 7,554 $ 4,396 $ 362 $ - $ 12,312 Merchant Consumer Enterprise Group costs Total Depreciation and amortization $ 2,227 $ 202 $ 100 $ 3,747 $ 6,276 Expenditures for long-lived assets $ 3,886 $ 131 $ 121 $ - $ 4,138 18. Operating segments (continued) (1) Selling, general and administration includes human capital-related expenses (including base salary and bonus), IT-related expenses (including software licenses, hardware maintenance, hosting, and communication expenses), professional fees (including audit, legal, consulting and other fees), lease and utilities expenses, the allowance for credit losses and other operating and support expenses. (2) Segment Adjusted EBITDA for the three months ended September 30, 2025, includes retrenchment costs for Merchant of $ 0.2 million (ZAR 3.8 million) and Consumer of $ 0.1 million (ZAR 2.6 million). (3) Segment Adjusted EBITDA for the three months ended September 30, 2024, includes retrenchments costs for Consumer of $ 0.06 million (ZAR 1.1 million) and for Merchant, costs of $ 0.01 million (ZAR 0.2 million). The reconciliation of the reportable segments’ measures of profit or loss to loss before income tax expense for the three months ended September 30, 2025 and 2024, is as follows: Three months ended September 30, 2025 2024 Reportable segments measure of profit or loss $ 18,952 $ 12,312 Operating loss: Group costs (3,611) (2,949) Once-off costs (267) (1,805) Interest adjustment - 831 Unrealized Gain FV for currency adjustments 64 219 Stock-based compensation charge adjustments (1,861) (2,377) Depreciation and amortization (12,894) (6,276) Loss on impairment of equity-accounted investment (584) - Interest income 539 586 Interest expense (4,898) (5,032) Loss before income tax expense $ (4,560) $ (4,491) The segment information as reviewed by the chief operating decision maker does not include a measure of segment assets per segment as all of the significant assets are used in the operations of all, rather than any one, of the segments. The Company does not have dedicated assets assigned to a particular operating segment. Accordingly, it is not meaningful to attempt an arbitrary allocation and segment asset allocation is therefore not presented.

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- Definition The entire disclosure for reporting segments including data and tables. 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