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Equity-Accounted Investments And Other Long-Term Assets | 6 Months Ended
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Dec. 31, 2025
Equity-Accounted Investments And Other Long-Term Assets [Abstract] |
Equity-Accounted Investments And Other Long-Term Assets | 6. Equity-accounted investments and other long-term assets Refer to Note 9 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 equity -accounted investments and other long-term assets. Equity-accounted investments The Company’s ownership percentage in its equity-accounted investments as of December 31, 2025, and June 30, 2025, was as follows: December 31, June 30, 2025 2025 Sandulela Technology (Proprietary) Limited (“Sandulela”) 49.0 % 49.0 % SmartSwitch Namibia (Proprietary) Limited (“SmartSwitch Namibia”) 50.0 % 50.0 % SmartSwitch Namibia The Company recorded a loss on impairment of equity-accounted investment of $ 0.6 million during the six months ended December 31, 2025, which primarily includes the release of accumulated other comprehensive loss (refer to Note 12). Other long-term assets Summarized below is the breakdown of other long-term assets as of December 31, 2025, and June 30, 2025: December 31, June 30, 2025 2025 Total equity investments $ 250 $ - Investment in Cell C (June 30, 2025: 5 %) at fair value (Note 5) (1) - - Investment in 10 % of Cowdi at fair value (2) 250 - Investment in 87.5 % of CPS (June 30, 2025: 87.5 %) at fair value (2)(3) - - Policy holder assets under investment contracts (Note 8) 136 125 Reinsurance assets under insurance contracts (Note 8) 2,020 1,837 Other long-term assets 1,975 1,847 Total other long-term assets $ 4,381 $ 3,809 (1) The Company disposed of its entire shareholding in Cell C in December 2025, refer to Note 5 for additional information. (2) The Company determined that Cowdi and CPS do not have a readily determinable fair value and therefore elected to record its investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ( 3) On October 16, 2020, the High Court of South Africa, Gauteng Division, Pretoria ordered that CPS be placed into liquidation. 6. Equity-accounted investments and other long-term assets (continued) Other long-term assets (continued) During the three and six months ended December 31, 2025, the Company invested $ 0.3 million to acquire a 10 % interest in Cowdi Limited (“Cowdi”), an entity incorporated in England and Wales, with operations through a Kenyan wholly-owned subsidiary offering digital loans to customers in that country. The Company also extended a $ 0.75 million credit facility to Cowdi. The facility was undrawn as of December 31, 2025. The Company previously owned 6,215,620 equity shares of One MobiKwik Systems Limited (“MobiKwik”). MobiKwik listed on the National Stock Exchange of India (“NSE”) on December 18, 2024. Up until its listing MobiKwik did not have a readily determinable fair value and the Company elected to measure its investment in MobiKwik at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer (“cost plus or minus changes in observable prices equity securities”). From the date of MobiKwik’s listing, the Company used MobiKwik’s closing price reported on the NSE on the last trading day related to last day of the Company’s reporting period to determine the fair value of the equity securities owned by the Company. The Company determined a fair value per MobiKwik share of $ 6.85 (INR 586.15 per share at the USD: INR exchange rates applicable as of December 31, 2024). The Company used this valuation as the basis for its adjustment to decrease the carrying value of its investment in MobiKwik by $ 33.7 million from $ 76.3 million to $ 42.6 million as of December 31, 2024. The change in the fair value of MobiKwik for the three and six months ended December 31, 2024, of $ 33.7 million, is included in the caption “Change in fair value of equity securities” in the consolidated statement of operations for the three and six months ended December 31, 2024. The Company disposed of its entire shareholding in MobiKwik in June 2025. Summarized below are the components of the Company’s equity securities without readily determinable fair value and held to maturity investments as of December 31, 2025: Cost basis Unrealized holding Unrealized holding Carrying gains losses value Equity securities: Investment in Cowdi $ 250 $ - $ - $ 250 Investment in CPS - - - - Total $ 250 $ - $ - $ 250 Summarized below are the components of the Company’s equity securities without readily determinable fair value and held to maturity investments as of June 30, 2025: Cost basis Unrealized holding Unrealized holding Carrying gains losses value Equity securities: Investment in CPS $ - $ - $ - $ - Held to maturity: Investment in Cedar Cellular notes - - - -

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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