v3.25.4
Equity-Accounted Investments And Other Long-Term Assets
 6 Months Ended
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
-
-
-
-