Highlights

  • Management reported about A$7 million in annualised cost savings, including headcount and infrastructure reductions since 1 May 2026.
  • Spenda sold its Ledger technology platform to APG Pay while keeping existing customer relationships under a four-year licence.
  • Capricorn Society took up its full entitlement and lifted its holding to approximately 19.99% during the 2026 recapitalisation.
  • The company estimates its FY26 R&D tax offset will exceed A$1.75 million, subject to lodgement of registration and returns.

A leaner Spenda Limited (ASX:SPX) has spent the middle of 2026 stripping out costs, selling non-core technology and rebuilding its balance sheet, with management stating plainly that its priority is to reach Cash Flow positive operations.

The business-to-business payments and software group combined a capital consolidation, an entitlement offer and a board refresh with a cost programme that management says has removed about A$7 million a year from the cost base.

A Turnaround Built on Cost Removal and Asset Sales

Spenda describes itself as an integrated platform that helps businesses sell better and get paid faster, acting as both software provider and payment processor across software, payments and lending. Its Revenue streams span SaaS, business-to-business and consumer payments, and supply chain finance.

In May 2026, the company agreed to divest its Ledger platform to APG Pay for A$1.8 million. The sale removes the underlying cost base while Spenda retains existing customer relationships through a four-year licence. During the Jun-2026 quarter, monthly savings reached about A$400,000. The board is also working to divest other non-core or underperforming assets.

Recapitalisation and a New Chair

Spenda completed a consolidation of capital on 21 May 2026 and launched an accelerated pro-rata renounceable entitlement offer in June, raising A$1.85 million from its institutional component before the retail offer completed in July. Capricorn Society, a major Shareholder and customer, accepted its entitlement and increased its holding to approximately 19.99%.

Niv Dagan was appointed non-executive chairman in July 2026, and Bill Pavlovski joined the board as an independent non-executive director during the June quarter. Management noted that Dagan has invested more than A$400,000 personally and taken fees in equity.

Cash Position at the End of FY26

In the Jun-2026 quarter, customer receipts were A$2.07 million, taking FY26 receipts to A$9.44 million. Net operating cash outflow for the quarter was A$2.38 million. Cash rose to A$2.58 million at 30 June 2026 from A$2.19 million three months earlier, supported by A$1.82 million in net financing inflows and asset sale proceeds.

Loan facilities totalled A$6.5 million, of which A$4.31 million was drawn. The company calculated about two quarters of funding at that date. Monthly recurring payments Volume stood at about A$65 million, and Spenda secured contracts with 10 Carpet Court stores paying monthly SaaS fees from head office.

Outlook: R&D Refund and New Product Pushes

In July 2026, the company estimated that its FY26 R&D tax offset would exceed A$1.75 million, with the cash expected in late September or early October 2026. The figure is preliminary, unaudited and subject to lodging the registration and income tax returns.

Management has said the Business is being reset towards sustainable, cash-generative growth by simplifying operations and focusing capital on core revenue-generating products. In late September 2026, Spenda announced that its AI-returns platform had signed its first major FMCG customer, and in early October it positioned the Spenda Gateway towards ATO Credit card payments.

Shares were unchanged at A$0.002 on 2 November 2026, with a Market Capitalisation of about A$2.48 million, and were down 83.33% over 12 months.