Key Highlights

  • Change Financial (ASX:CCA) shares traded at $0.043 on 11 September 2026, down 4.44% ($0.0020) for the day, and down 46.25% over the past year.
  • Change Financial is a payments technology company operating a Platform-as-a-Service (PaaS) model through its Vertexon and PaySim products.
  • FY26 Revenue reached US$18.2 million (A$26.0 million), up 21%, delivering the company's maiden full-year profit of US$0.5 million.
  • Recurring revenue represented 73% of FY26 revenue, with PaaS gross Margin improving 600 basis points to 32%.

Change Financial Limited (ASX:CCA) shares traded at $0.043 on 11 September 2026, down 4.44%, or $0.0020, for the day. Over the past year, the stock is down 46.25%. Change Financial is a payments technology company that operates a Platform-as-a-Service model, providing card issuing and payment processing infrastructure to clients through its Vertexon and PaySim products.

Latest Developments: FY26 Results

Maiden Profit and EBITDA Turnaround

Change Financial reported FY26 revenue of US$18.2 million (A$26.0 million), up 21% on the prior corresponding period, representing a 3-year revenue compound annual growth rate of 28%. Underlying EBITDA was US$3.3 million (A$4.7 million), an approximately 17-fold increase on FY25, translating into the company's maiden full-year profit of US$0.5 million (A$0.7 million). Approximately 73% of FY26 revenue was derived from recurring income streams, and the company reported positive net Cash Flow from Operating Activities of US$1.5 million (A$2.1 million).

PaaS Platform Momentum

The PaaS platform was identified as the key driver of growth, with the company entering FY27 currently onboarding four contracted PaaS clients and a further four in final contracting phase. PaaS gross margin improved 600 basis points during FY26 to reach 32%, with the company targeting a medium-term range of 40% to 45% as the platform scales. Change said it expects to be net cash flow positive for FY27, building on the positive Operating Cash Flow delivered during FY26.

Catalysts on Investors' Watch

  • Onboarding of four currently contracted PaaS clients, all forecast to be live and transacting in the first half of FY27.
  • A further four clients in final contracting phase, alongside a maturing sales pipeline, particularly in the Australian market.
  • The company's medium-term PaaS gross margin target of 40-45%, up from 32% achieved in FY26.
  • Continued growth in recurring revenue, which represented 73% of FY26 revenue.

Risks to Watch

  • 27% of FY26 revenue remains derived from non-recurring project and licence income.
  • The pace at which newly contracted PaaS clients transition to live, transacting status could affect near-term growth.
  • PaaS gross margin of 32% remains below the company's medium-term target range of 40-45%.
  • The company's small Market Capitalisation can be associated with higher share price volatility.

Conclusion

Change Financial's share price on 11 September 2026 remains well below its level of a year ago, even as the company delivered its maiden full-year profit in FY26. The daily price movement and the FY26 result are separate developments, with the stock's annual performance reflecting trading over the full 12-month period.