Key Highlights

  • Spectur's customer cash receipts for the June 2026 quarter were A$2.44 million, up 36 per cent from A$1.79 million in the March quarter.
  • Cash at 30 June 2026 was A$1.362 million, and the Appendix 4C implied a runway of 7.16 quarters.
  • The company has started proceedings in the Supreme Court of Western Australia over an estimated A$1.0 million of annual recurring revenue losses from its Perth camera rental fleet.

Spectur (ASX:SP3) reported a June 2026 quarter that combined higher cash receipts with two significant developments: a legal dispute over a lost customer base and a rebuild of its software. The figures are drawn from the company's report for the quarter ended 30 June 2026, released on 31 July 2026.

What Spectur does

Spectur provides security, safety, environmental monitoring and visual AI solutions. It designs and manufactures solar-powered, remotely connected hardware and develops the firmware, software and cloud applications that run it. The company sells and rents surveillance and sensing platforms and also earns revenue from subscriptions and field services. It is based in Sunshine West, Melbourne, and has about 23 employees.

June quarter results

Customer cash receipts for the quarter were A$2.44 million, up 36 per cent from A$1.79 million in the March quarter, bringing the financial-year total to A$8.34 million. Revenue was A$2.023 million, compared with A$1.889 million in the previous quarter and A$2.117 million a year earlier. Recurring revenue accounted for A$1.240 million of the quarter's total.

Net operating cash outflow was A$190,000, a figure that included A$480,000 of one-off software rebuild and legal costs. On that basis the company put underlying operating cash flow at a positive A$290,000, although the adjustment reflects management's own framing. Quarterly payments included A$935,000 for staff, A$869,000 for manufacturing and operating costs and A$434,000 for administration and corporate costs.

Cash and funding

Cash at 30 June 2026 was A$1.362 million, down from A$1.776 million at the start of the quarter. The Appendix 4C implied a runway of 7.16 quarters, calculated by dividing cash by the quarter's operating outflow. Year-to-date financing included A$2.3 million of equity raised, and borrowings were limited to A$257,000 of facilities, including a A$192,700 advance secured against the FY25 research and development tax refund at 16 per cent a year.

The company expects an R&D loan advance of more than A$600,000 by the end of August 2026 and a residual R&D claim of more than A$100,000 in November 2026. These are company expectations rather than funds received. Spectur has also guided to significantly lower operating expenses entering FY27.

The legal dispute

Spectur estimates annual recurring revenue losses of about A$1.0 million from its Perth construction camera rental fleet. It attributes the losses to a former employee who allegedly breached post-employment restraints by starting a competing rental business, and it has begun proceedings in the Supreme Court of Western Australia. Legal and claim preparation costs were about A$135,000 in the quarter. These are the company's allegations, and the outcome, cost and timetable remain uncertain.

Commercial developments

Spectur reported completing the first tranche of a technology modernisation program and launching an enterprise customer portal. Recent contract wins include about A$200,000 from Banana Shire Council for waste transfer station monitoring and about A$110,000 from Mt Isa Regional Council for surveillance trailers. It also has an ongoing proof-of-concept trial with Telstra (ASX:TLS) and further orders from Optus. Announced contract values are not the same as recognised revenue, and a proof-of-concept is not a purchase commitment.

What's Next

The items to follow are receipt of the expected R&D funding, progress on the software rebuild and the Supreme Court proceedings. Risks include customer concentration in councils and carriers, competition from other camera providers, execution of the software rebuild, the litigation and the possible need to raise more capital, which would dilute holders.