Highlights

  • Adveritas lifted annualised Recurring Revenue 47% to A$17.9 million at 30 September 2026 from a year earlier.
  • Customer receipts rose 11% on the prior-year quarter to A$1.7 million but fell 21% from the June quarter.
  • Existing shareholders backed a A$2 million Placement at A$0.08 per share, a 42.9% premium to the prior close.
  • The SME self-serve platform signed up 1,704 users and converted 271 to paid accounts since its April launch.

Adveritas Limited (ASX:AV1) has turned to existing shareholders to bolster a thin cash position, raising A$2 million at a 42.9% premium in October 2026 as its TrafficGuard ad-fraud Business works through delayed payments from Brazil and broadens beyond sports betting.

Its Sep-2026 quarter update, released on 26 October, showed annualised recurring revenue (ARR) of A$17.9 million, up 47% year on year, alongside softer quarterly cash receipts.

ARR Growth Meets Softer Collections

ARR reached A$17.9 million at 30 September 2026, compared with A$12.2 million a year earlier and A$6.5 million two years earlier. Customer receipts were A$1.7 million in the quarter, up 11% on the September 2025 quarter but down 21% from A$2.1 million in the June quarter. The company attributed the decline to contract renewal timing and deferred payments from Brazil, where government measures have significantly curtailed sports betting and gaming Advertising and the market's status remains uncertain.

Net operating cash outflow was A$2.44 million, with staff costs the largest item. Cash fell to A$2.0 million at quarter-end, equal to an estimated 0.82 quarters of funding before the placement.

Diversifying Beyond Sports Betting

Existing clients include Disney Streaming, William Hill, Singtel and Coinbase. US channel partner Vaudit delivered new clients for Google Search and Meta products in telecommunications, retail and other sectors, and several large non-sports-betting brands are in trials that management describes as very positive so far.

The SME self-serve platform, launched on 1 April 2026, recorded 1,704 sign-ups, 774 trial connections and 271 paid accounts by 30 September. The company cites an addressable market of more than 200 million SME digital advertisers globally. The company also deployed its first LLM-driven capability across its Google Search and Affiliate products and extended ad-fraud detection to ChatGPT advertising, covering ads served in ChatGPT and the clicks and conversions it refers. Commercial terms for the ChatGPT capability have not been finalised.

Placement Funds and the December Quarter Focus

The placement of 25 million shares at A$0.08 was priced at a 42.9% premium to the 14 October close of A$0.058 and 27.6% above the 30-day VWAP. Bell Potter Securities acted as sole lead manager, and the shares were issued on 26 October under existing placement capacity. Proceeds are earmarked for product development and commercialisation, Marketing to diversify the customer base, and working capital. The company expects the placement and customer collections to fund its stated objectives.

Management's stated focus is a strong December 2026 quarter, with plans to pursue SME strategic partnerships, commercialise ChatGPT ad-fraud detection with initial customers, convert Brand trials and expand into e-commerce, retail, telecommunications and agency partnerships. The company is also pursuing outstanding Brazilian fees.

Shares were priced at A$0.048 on 2 November 2026, down 5.88% on the day, giving a Market Capitalisation of A$45.68 million, and were down 68% over 12 months.