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Operating Segments | 6 Months Ended
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Dec. 31, 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. 18. Operating segments (continued) Operating segments (continued) The Company’s chief operating decision maker (“CODM”) is the Company’s Executive Chairman. The Company currently has three reportable segments: Merchant, Consumer and Enterprise. 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 solution. 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. The Company 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. 18. Operating segments (continued) 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 and six months ended December 31, 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 and six months ended December 31, 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 December 31, 2025 and 2024, respectively, is as follows: Three months ended December 31, 2025 Merchant Consumer Enterprise Total Revenue from external customers $ 131,142 $ 33,118 $ 14,474 $ 178,734 Intersegment revenues 777 - 322 1,099 Segment revenue (z) 131,919 33,118 14,796 179,833 Less segment-related expenses: Cost of goods sold, IT processing, servicing and support (y) 101,613 10,533 10,792 122,938 Selling, general and administration (1)(2) 11,422 4,782 1,312 17,516 Segment adjusted EBITDA $ 18,884 $ 17,803 $ 2,692 $ 39,379 (z) includes interest revenue of: $ 2,104 $ 5,323 $ - $ 7,427 (y) includes interest expense of: $ 481 $ 1,295 $ - $ 1,776 Operating segments Merchant Consumer Enterprise Group costs Total Depreciation and amortization $ 3,688 $ 311 $ 88 $ 9,481 $ 13,568 Expenditures for long-lived assets $ 4,148 $ 87 $ 695 $ - $ 4,930 Three months ended December 31, 2024 Merchant Consumer Enterprise Total Revenue from external customers $ 144,615 $ 22,929 $ 8,672 $ 176,216 Intersegment revenues 594 - 261 855 Segment revenue (z) 145,209 22,929 8,933 177,071 Less segment-related expenses: Cost of goods sold, IT processing, servicing and support (y)(A) 104,703 8,373 9,702 122,778 Selling, general and administration (A)(1)(3) 30,417 10,214 (738) 39,893 Segment adjusted EBITDA (A) $ 10,089 $ 4,342 $ (31) $ 14,400 (z) includes interest revenue of: $ 1,610 $ 120 $ - $ 1,730 (y) includes interest expense of: $ 374 $ 757 $ - $ 1,131 Operating segments Merchant Consumer Enterprise Group costs Total Depreciation and amortization $ 3,027 $ 235 $ 94 $ 4,867 $ 8,223 Expenditures for long-lived assets $ 5,899 $ 575 $ 272 $ - $ 6,746 (A) Cost of goods sold, IT processing, servicing and support and Selling, general and administration for Merchant and Total for the three months ended December 31, 2024 have each increased by $ 0.17 million and $ 0.06 million, respectively, as a result of the correction discussed in Note 1. Segment Adjusted EBITDA for Merchant and Total for the three months ended December 31, 2024 have each decreased by $ 0.23 million as a result of the correction discussed in Note 1. (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 December 31, 2025, includes retrenchment costs for Merchant of $ 0.2 million (ZAR 3.7 million). (3) Segment Adjusted EBITDA for the three months ended December 31, 2024, includes retrenchments costs for Consumer of $ 0.01 million (ZAR 0.1 million). 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 six months ended December 31, 2025 and 2024, respectively, is as follows: Six months ended December 31, 2025 Merchant Consumer Enterprise Total Revenue from external customers $ 257,455 $ 63,694 $ 29,033 $ 350,182 Intersegment revenues 1,414 - 616 2,030 Segment revenue (z) 258,869 63,694 29,649 352,212 Less segment-related expenses: Cost of goods sold, IT processing, servicing and support (y)(A) 200,026 20,970 21,313 242,309 Selling, general and administration (A)(1)(2) 39,959 24,921 5,644 70,524 Segment adjusted EBITDA (A) $ 18,884 $ 17,803 $ 2,692 $ 39,379 (z) includes interest revenue of: $ 4,391 $ 10,237 $ - $ 14,628 (y) includes interest expense of: $ 972 $ 2,367 $ - $ 3,339 Operating segments Merchant Consumer Enterprise Group costs Total Depreciation and amortization $ 7,053 $ 620 $ 174 $ 18,615 $ 26,462 Expenditures for long-lived assets $ 8,473 $ 368 $ 1,208 $ - $ 10,049 Six months ended December 31, 2024 Merchant Consumer Enterprise Total Revenue from external customers $ 267,678 $ 44,001 $ 18,105 $ 329,784 Intersegment revenues 1,182 - 2,711 3,893 Segment revenue (z) 268,860 44,001 20,816 333,677 Less segment-related expenses: Cost of goods sold, IT processing, servicing and support (y)(A) 221,137 17,040 16,908 255,085 Selling, general and administration (A)(1)(3) 30,304 18,223 3,577 52,104 Segment adjusted EBITDA (A) $ 17,419 $ 8,738 $ 331 $ 26,488 (z) includes interest revenue of: $ 3,286 $ 120 $ - $ 3,406 (y) includes interest expense of: $ 766 $ 1,588 $ - $ 2,354 Operating segments Merchant Consumer Enterprise Group costs Total Depreciation and amortization $ 5,254 $ 437 $ 194 $ 8,614 $ 14,499 Expenditures for long-lived assets $ 9,785 $ 706 $ 393 $ - $ 10,884 (A) Cost of goods sold, IT processing, servicing and support and Selling, general and administration for Merchant and Total for the six months ended December 31, 2024 have each increased by $ 0.34 million and $ 0.12 million, respectively, as a result of the correction discussed in Note 1. Segment Adjusted EBITDA for Merchant and Total for the six months ended December 31, 2024 have each decreased by $ 0.45 million as a result of the correction discussed in Note 1. Cost of goods sold, IT processing, servicing and support and Selling, general and administration for Merchant and Total for the six months ended December 31, 2025 have each increased by $ 0.18 million and $ 0.06 million, respectively, as a result of the correction, as discussed in Note 1, to the amount included in the captions Cost of goods sold, IT processing, servicing and support and Selling, general and administration for the three months ended September 30, 2025. Segment Adjusted EBITDA for Merchant and Total for the six months ended December 31, 2025 have each decreased by $ 0.25 million as a result of the correction, as discussed in Note 1, to the amount included in the caption Segment Adjusted EBITDA for the three months ended September 30, 2025. 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 six months ended December 31, 2025, includes retrenchment costs for Merchant of $ 0.4 million (ZAR 7.4 million) and Consumer of $ 0.1 million (ZAR 2.6 million). (3) Segment Adjusted EBITDA for the six months ended December 31, 2024, includes retrenchments costs for Consumer of $ 0.1 million (ZAR 1.2 million) and Enterprise of $ 0.0 million (ZAR 0.2 million). The reconciliation of the reportable segments’ measures of profit or loss to income (loss) before income tax expense for the three and six months ended December 31, 2025 and 2024, is as follows: Three months ended Six months ended December 31, December 31, 2025 2024 2025 2024 Reportable segments' measure of profit or loss (A) $ 20,673 $ 14,400 $ 39,379 $ 26,488 Operating loss: Group costs (2,896) (2,820) (6,507) (5,769) Once-off costs (247) (488) (514) (2,293) Interest adjustment - 757 - 1,588 Unrealized Gain (Loss) FV for currency adjustments 133 (435) 197 (216) Stock-based compensation charge adjustments (1,945) (2,644) (3,806) (5,021) Depreciation and amortization (13,568) (8,223) (26,462) (14,499) Loss on disposal of equity-accounted investments - (161) (584) (161) Change in fair value of equity securities 2,971 (33,731) 2,971 (33,731) Other income 3,883 - 3,883 - Loss on disposal of equity securities (730) - (730) - Interest income 508 721 1,047 1,307 Interest expense (A) (4,591) (6,266) (9,604) (11,382) Income (Loss) before income tax expense (A) $ 4,191 $ (38,890) $ (730) $ (43,689) (A) Reportable segments’ measure of profit or loss for the three and six months ended December 31, 2024, have decreased by $ 0.23 million and $ 0.45 million, respectively, as a result of the correction discussed in Note 1. Interest expense for the three and six months ended December 31, 2024, have increased by $ 0.09 million and $ 0.18 million, respectively, as a result of the correction discussed in Note 1. Net income (loss) before taxes for the three and six months ended December 31, 2024, have decreased by $ 0.63 million and $ 0.63 million, respectively, as a result of the correction discussed in Note 1. Reportable segments’ measure of profit or loss and Net income (loss) before taxes for the six months ended December 31, 2025, have decreased by $ 0.25 million and $ 0.36 million, as a result of the correction, as discussed in Note 1, to the amount included in the captions Reportable segments’ measure of profit or loss and Net income (loss) before taxes for the three months ended September 30, 2025. Interest expense for the six months ended December 31, 2025, has increased by $ 0.12 million, as a result of the correction, as discussed in Note 1, to the amount included in the caption Interest expense for the three months ended September 30, 2025. 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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