Solar-powered site security with a recurring-revenue model

Spectur Limited (ASX:SP3) designs, manufactures, sells, installs and maintains solar-powered security, surveillance, warning and environmental monitoring systems, linked to cloud software and AI, for government, utilities, construction and civil customers. In a 17 July 2026 notice the company said it had more than 600 active customers and close to 3,000 camera systems deployed.

FY2026 results

Spectur's Appendix 4E for the year to 30 June 2026, dated 31 August, reported Revenue of $7.87 million, down 10 per cent from $8.71 million. Subscriptions were $3.6 million, system sales $1.9 million (up 11 per cent), rentals $1.7 million (down 30 per cent) and field services $0.6 million (down 32 per cent); subscriptions and rentals made up 68 per cent of revenue.

The loss after tax widened to $978,051 from $778,999, and the EBITDA loss was $1.19 million against $0.64 million. Gross Margin was about 60 per cent, hit by inventory write-offs and one-off costs. The 4E labels the loss change a "decrease" of 26 per cent, but the loss grew by about that amount. Net Assets rose to $1.38 million from $0.10 million.

The Perth rental dispute

Spectur attributes the fall in Western Australian rental income to former employees it says breached restraint of trade obligations. In its 31 July 2026 Quarterly Report it said it had started proceedings in the Supreme Court of Western Australia over lost revenue from its Perth construction camera rental fleet, estimating about $1.0 million of annual Recurring Revenue lost, and that it spent about $135,000 on legal costs in the quarter. These are the company's allegations and estimates, and the outcome is uncertain.

Cash, runway and funding

The June quarter Appendix 4C showed cash receipts of $2.44 million, up 36 per cent on the March quarter's $1.79 million. Cash ended the quarter at $1.362 million, from $1.776 million. Operating outflow was $190,000, which the company said included about $480,000 of one-off software rebuild and legal costs, implying underlying Operating Cash Flow of about $290,000 positive. The company calculated a runway of 7.16 quarters.

That sits alongside a going-concern note in the Annual Report disclosing a material uncertainty: forecasts depend on a significant improvement in revenue and cash flow and may need additional funding. After year end the company drew $630,000 under an R&D funding Facility at 13.5 per cent interest, secured against its expected R&D tax incentive refund. On 17 July 2026 it also issued 1,189,387 shares to its chief executive in place of June net salary, a small source of dilution.

Outlook and risks

Stated FY27 priorities are more sales capacity, larger deployments, a Mining and resources focus and the next-generation STA9 edge platform. The board expects improved financial performance in FY27, subject to market and operating risks; this is company guidance, not verified.

Risks include falling rental and field services revenue, margin pressure, litigation cost and outcome, reliance on government and construction spending, and funding if the turnaround is slow.

Upcoming milestones

No confirmed dates were found. The company has said it will update shareholders as the legal matter progresses, and the next Appendix 4C for the September quarter would normally be due by the end of October 2026.