Key Highlights

  • Spenda relaunched Spenda Gateway as an AI-assisted Accounts Payable platform after the ATO stops accepting Credit card payments on 30 November 2026.
  • Customer receipts rose to $2.47 million in the September quarter from $2.07 million in the June quarter.
  • Cash fell from $2.58 million to $877,000, and the company estimates 2.1 quarters of funding.
  • The company says annualised savings now total about $4.2 million, and it is confident of group-level Cash Flow positivity in 2027.

Spenda (ASX:SPX) is trying to reach positive cash flow on two fronts. It is cutting costs across its payments and software businesses, and it has relaunched a product aimed at a specific deadline. On 6 October 2026 it relaunched Spenda Gateway as an AI-assisted accounts payable platform for businesses affected by the Australian Taxation Office's decision to stop accepting credit card payments after 30 November 2026.

Its September quarter report, released on 30 October 2026, shows higher customer receipts and lower costs. It also shows cash falling sharply. Management says it is "confident" of group-level cash flow positivity in 2027. That is company guidance.

What Spenda does

Spenda sells software and payment services to businesses. Its products include:

  • Spenda Pay, an accounts payable and card-payment platform
  • Spenda Retail, which serves Carpet Court stores
  • SwiftStatement, which had 137 paying members at quarter end
  • Amenda, a white-labelled returns-management platform.

The company describes the September quarter as its first full quarter under a reset operating model. It is also selling underperforming divisions and running a strategic review that includes post-quantum encryption.

Recent developments

On 28 September 2026 Spenda said Amenda had signed its first major fast-moving consumer goods customer. It described the customer as one of Australia's ten largest dairy companies, due to go live in October. The contract value was not disclosed.

Spenda Gateway lets businesses keep paying ATO liabilities and supplier invoices by credit card for a fee of 1.2% to 1.7% per transaction. Citing ATO figures, the company says more than $14.6 billion of ATO payments were made by credit card in 2024–25. That is the size of the total payment flow, not Spenda's Revenue opportunity. How many customers sign up after the cut-off is yet to be seen.

The numbers

According to the Appendix 4C, customer receipts rose to $2.47 million in the September quarter from $2.07 million in the June quarter. Staff costs fell to $1.37 million and corporate costs to $428,000. The company says annualised savings now total about $4.2 million. Net operating cash outflow in item 1.9 was $1.17 million, compared with $2.38 million in the previous quarter.

Cash still fell from $2.58 million to $877,000, after $970,000 of financing inflows, including $210,000 of borrowings. The 4C's cash reconciliation section records an operating outflow of $2.67 million, a larger figure than item 1.9. Spenda reported $1.61 million of unused Loan facilities, within total facilities of $6.71 million that include a $3.5 million convertible note. On that basis it estimated 2.1 quarters of funding. If the larger outflow figure were used, that estimate would be lower.

Risks and upcoming events

The company relies heavily on Debt facilities and a convertible note, and has a very large number of shares on issue. Any future Equity raising at these prices would be highly dilutive. The turnaround depends on revenue growing as costs fall, on Gateway winning Business around the ATO deadline, and on selling non-core divisions at acceptable prices.

The Annual General Meeting is set for 2:00pm AEDT on 26 November 2026 in Melbourne. The ATO's credit card cut-off follows on 30 November. The December quarter 4C, due by the end of January 2027, will be the first chance to see whether the lower cash outflow continues.