Key Highlights

  • Spenda reported FY2026 revenue of A$8.78 million, up 10 per cent, and a loss attributable to owners of A$24.0 million.
  • The company's entitlement offer targeted up to A$8.545 million but had raised about A$3.55 million by 9 July 2026.
  • On 6 October 2026 Spenda promoted Spenda Gateway, which would let businesses pay the ATO and suppliers by credit card for a fee of 1.2 to 1.7 per cent.

Spenda (ASX:SPX), a Melbourne-based provider of payments and workflow software for business supply chains, is attempting a turnaround. The company has cut costs, sold or written down assets and is now promoting new AI-driven payables and returns products. Its FY2026 accounts, however, show a large loss, net liabilities and a going-concern warning.

The FY2026 numbers

Spenda's results for the year to 30 June 2026, released on 31 August 2026, show revenue of A$8.78 million, up 10 per cent. The loss attributable to owners was A$24.0 million, including an impairment of A$6.46 million and a A$8.7 million loss from discontinued operations. Net liabilities were A$3.74 million, and intangibles fell to nil. Operating cash outflow was A$7.26 million, and cash stood at A$2.58 million, of which A$1.47 million was restricted. The auditor included an emphasis of matter on a material uncertainty about going concern.

Management reported cost savings, including a run-rate of about A$400,000 a month from 1 May 2026. Debt drawn was about A$4.2 million against a A$6.5 million limit. According to the company's results, it also has a A$3.5 million convertible note facility with Obsidian at a weighted average rate of 24 per cent.

Restructuring and capital raising

Several events reshaped the company during 2026. On 8 May it sold the Spenda Ledger platform to APG Pay for A$1.8 million, and shareholders approved a 1-for-20 share consolidation that took effect on 21 May.

In June Spenda announced an accelerated renounceable entitlement offer targeting up to A$8.545 million at A$0.004 per share, offering seven new shares and a free option for each share held. By 9 July only about A$3.55 million had been raised, and the remaining retail entitlements, worth around A$5 million, became a shortfall offer that closed on 30 September 2026.

An ASX filing dated 25 September 2026 put quoted shares at about 1.24 billion, plus roughly 934 million options. Capricorn Society, a major shareholder and customer, was scaled back to keep its voting power at or below 19.99 per cent. On 7 July 2026 Niv Dagan became chairman, replacing Karim Razak.

New products

On 28 September 2026 Spenda said a top-10 Australian dairy company had signed to use its Amenda AI returns platform, going live in October 2026. No commercial terms were disclosed, so the effect on revenue is unknown.

On 6 October 2026 the company promoted Spenda Gateway, which would let businesses pay the Australian Taxation Office and suppliers by credit card for a fee of 1.2 to 1.7 per cent. The release said the ATO will stop accepting card payments after 30 November 2026 and described a market of A$14.6 billion in card payments to the ATO in 2024-25. These are company-stated figures, and the release disclosed no customer numbers or revenue forecasts. A signed contract or a product launch is not the same as recognised revenue.

Key Insights

The outcome of the shortfall offer and the take-up of the new products are the next points of interest. Risks include further dilution, debt repayment, the 24 per cent cost of convertible funding, regulatory change affecting card surcharging and the company's ability to convert pilots into paid usage. The date of the annual general meeting has not yet been confirmed.