A smaller, more focused group

Bridge SaaS Limited (ASX:BGE) provides software and workflow tools for the employment services and National Disability Insurance Scheme (NDIS) sectors, and also runs NDIS provider businesses. In mid-2026 it sold its 51% holding in Brightside Disability Support & Respite Pty Ltd, a stake it described as non-core, to concentrate on its wholly owned New South Wales disability services operation and its own software.

The Brightside sale

Bridge said the sale followed a strategic review. The annual report, published on 30 September 2026, records the sale as effective on 30 June 2026 for $1,500,000 gross. After an $80,000 legal-fee holdback, net proceeds of $1,420,000 were received on 10 July. The company recorded an accounting loss of $482,674 on disposal. The June Quarterly Report gives completion as 13 July, so the documents differ on timing.

Results and operations

The preliminary final report of 28 August 2026 showed Revenue for the year to 30 June 2026 of $11.5 million, up 57.4%, which included Brightside. The Annual Report gives the loss attributable to owners as $1,748,953, against $1,120,229 a year earlier. The annual report states that SaaS revenue was nil because external commercialisation of the platform was paused while the legacy system was modernised. Continuing revenue therefore came from NDIS care activities.

Bridge's wholly owned subsidiary, Bridge Disability Support Pty Ltd, opened its first supported independent living residence in Southwest Sydney in November 2025. It is also researching AI uses such as rostering and documentation and said it was seeking joint venture talks with US-based humanoid robotics developers. These are early-stage; no commercial AI product launch has been disclosed.

Cash, funding and dilution

Financial disclosures show a thin balance sheet. The annual report gives cash of $17,341 at 30 June 2026, down from $561,811, and net liabilities of $33,439. Current liabilities of $1,720,346 exceeded current Assets of $1,665,594. The June quarterly report separately showed cash of $35,682, customer receipts of about $2.56 million (including Brightside), an operating outflow of $268,000 and an estimated runway of 0.1 quarters, which the company said predated the Brightside proceeds. The accounts note a material uncertainty about going concern. Directors say they are confident of raising capital, including from major shareholders, but no binding commitments exist.

Shareholders approved a Placement on 26 June 2026 of up to $3.5 million through up to 233,333,334 shares at $0.015, plus placement and broker options. The 31 July quarterly report said it had not been completed. The shares have recently traded at about $0.007, below that approved price. With roughly 200 million shares on issue, an issue of that scale would be substantially dilutive.

Risks and what to watch

The main risks are funding, with limited cash and no committed financing visible; execution in a regulated disability services market; and the unproven nature of the AI and robotics ambitions. The next confirmed milestone is the Annual General Meeting on 24 November 2026. No breakeven guidance has been given.