Highlights

  • IODM recorded September 2026 Revenue of A$375,908, up 79.9% on the same month a year earlier.
  • University accounts rose to 43 from 15 a year earlier, including 21 in implementation across three regions.
  • FY26 revenue increased 16.6% to A$3.22 million, while the net loss improved 12.9% to A$2.56 million.
  • Shareholders elected Paul Masi and re-elected Karen Penney as directors at the 29 October 2026 AGM.

IODM (ASX:IOD) is preparing to switch on its first group of US universities after a record month in its core UK education business. The Accounts Receivable software company said 15 US universities are in implementation through payments partner TransferMate, which has indicated they will be live by 31 December 2026.

The cohort is the first Tranche of a 283-university portfolio covered by a platform agreement announced in April 2026, giving IODM its initial foothold in a market far larger than its established UK base.

UK Universities Drive a Record Month

September 2026 revenue reached A$375,908, up 79.9% on September 2025 and 18.6% above the previous monthly record set in October 2025. Established universities contributed A$216,814 and newly added universities A$159,094. Total UK revenue for the September quarter was A$827,469, a 21% increase on the prior corresponding period, with new universities providing 42%.

Growth has come from customer additions rather than existing accounts. In the calendar year to 31 August 2026, like-for-like revenue slipped 2.7% even as like-for-like student transactions rose 9.4%, while UK international student visa applications fell 22.4% and a Convera minimum payment ceased.

Partner Channels Expand the University Base

IODM's cloud platform, IODM Connect, automates invoicing, query management, payment reminders and analytics, and integrates with accounting and ERP systems. It reaches universities through payment partners. Through Convera, IODM added two substantial UK university contracts, one by competitive tender. In June 2026, its TransferMate revenue-share framework was widened to UK and European universities, with a 30% share across onboarded institutions.

The company now counts 43 university accounts: 15 established, seven newly onboarded and 21 in implementation across the UK, Europe and the US, including its first continental European university in Italy. For FY26, the year to 30 June 2026, revenue rose 16.6% to A$3.22 million and cash receipts increased 29.1% to A$3.43 million.

Funding and Implementation Priorities

In the September quarter, customer receipts were A$765,000 and net operating cash outflow was A$611,000. Equity issues raised A$928,000, and cash stood at A$747,000 at 30 September, equal to an estimated 1.2 quarters of funding. IODM also has A$1.4 million of fully drawn loans maturing in March 2027, including a A$1 million Riverfort Facility that the lender may choose to have repaid in equity. An R&D grant of about A$500,000 is expected in the December quarter.

Management expects all current implementations to contribute before the end of Q2 FY27, with October traditionally its largest revenue month and related receipts expected in November. Priorities include completing implementations, deepening adoption within existing universities, advancing the US rollout and improving operating leverage. IODM cautions that implementation activity is not a revenue forecast. All five resolutions passed at the 29 October AGM, with the remuneration report receiving 85.17% support. Shares were unchanged at A$0.081 on 2 November 2026, with a Market Capitalisation of A$52.31 million, down 52.35% over 12 months.