Lesaka Technologies delivered a meaningful quarterly and full-year performance in QQ4 2024, underscored by accelerating EBITDA gains, improving cash generation, and successful integration of acquisitions that broaden the group’s scale and addressable market. In USD terms, revenue for the quarter stood at 146.0 million with EBITDA of 8.38 million and a net loss of 5.04 million, reflecting ongoing investments and a higher concentration of growth initiatives within the merchant and consumer ecosystems. Management emphasized the Adumo acquisition close in October 2024 and the strategic restructuring to create a three-pillar merchant platform (micro-merchant, merchant, and enterprise) with Prism Switch and EasyPay as core enablers. The consumer franchise showed pronounced profitability acceleration, with consumer segment adjusted EBITDA up 361% for the year to 274 million ZAR, highlighting durable cross-sell dynamics across lending and micro-insurance. Importantly, Lesaka reiterated FY2025 guidance (in ZAR) of 10-11 billion revenue and 900 million to 1 billion EBITDA, underscoring an explicitly higher-growth, more scalable platform post-Adumo. The callout on leverage targets and capital allocation signals a disciplined path to a mid-teens to low-20s percent revenue growth and like-for-like EBITDA expansion, contingent on Adumo timing and macro conditions. Investors should monitor: (i) Adumo integration progress and cross-sell momentum into the non-grant customer base, (ii) normalize EBITDA trajectory excluding one-off items and Nuets/Kazang Pay Advance effects, (iii) working capital and cash flow from operations, and (iv) currency effects given Rand-USD translation dynamics.