Key Highlights

  • The $5.53 million secured Facility with Pure Asset Management was extended by 12 months to March 2028, at 11% interest.
  • The company has 15 customers across 27 sites, with 7,536 rooms contracted and 4,040 devices live at 30 September.
  • Cash was $1.05 million at 30 September, with an estimated 0.9 quarters of funding, and the facility is fully drawn.
  • The qualified pipeline has a total contract value of $77.1 million, which is potential Business rather than contracted revenue.

Swift TV (ASX:STV), formerly Swift Networks Group, supplies in-room entertainment and communication systems to Mining camps, aged care homes and, more recently, hotels. It earns most of its Revenue from subscriptions. On 19 October 2026 it agreed with its secured lender and largest shareholder, Pure Asset Management, to extend its $5.53 million Debt facility by 12 months to March 2028.

That extension buys time on the Balance Sheet while the company tries to convert a large sales pipeline into recurring revenue. Swift's September quarter Appendix 4C, released on 30 October 2026, shows $1.05 million in cash and estimates 0.9 quarters of funding. The facility is fully drawn.

The refinancing terms

Under the amended facility, Swift pays interest of 11.0% a year, payable quarterly, and a 3.0% amendment fee of about $166,000 that is added to the loan, lifting principal to about $5.70 million. Pure also receives 100 million warrants exercisable at $0.02 and expiring on 30 June 2029. Swift can repay the facility early without penalty. Because Pure holds about 19.45% of the shares, the amendments needed an ASX Waiver of Listing Rule 10.1 or Shareholder approval; the company released a waiver announcement on 22 October. In July, Pure converted $430,000 of debt into shares. If exercised, the warrants would add to the share count.

Contracts and pipeline

Swift says it has 15 customers for its Swift TV platform across 27 sites, with 7,536 rooms contracted and 4,040 devices live at 30 September. Rosewood Aged Care adopted the system at two facilities on 29 October. On 4 November Aegis Aged Care signed three-year agreements at two Western Australian facilities, worth a minimum of about $141,000. Swift launched into hospitality in September, generating proposals covering 2,476 rooms. A 1,900-room deployment for Chevron at Barrow Island and Wheatstone slipped by a quarter because of Chevron's on-site scheduling.

The company reports a qualified pipeline with a total contract value of $77.1 million. Pipeline figures are potential business, not contracts or recognised revenue. The company itself notes long sales cycles in its markets.

Cash flow and funding

For FY26, Swift reported revenue of $13.9 million, down from $17.7 million, and a net loss of $1.7 million. Part of the fall came from the wind-down of services to Mineral Resources, which the company expects to cut a further $2.1 million from revenue in FY27. In the September quarter, receipts of $3.2 million were outweighed by payments, giving a net operating outflow of $1.23 million. Swift says several outflows will not recur, including a $300,000 device prepayment and transitional Superannuation payments. It is expecting a $200,000 final Chevron payment and an FY26 R&D tax refund of about $1.5 million within two quarters. The refund is also earmarked to clear about $1.3 million of outstanding PAYG tax. These are company expectations, not received funds.

Risks and milestones

Demand for upgraded connectivity in resources accommodation and aged care gives Swift a defined market. Even so, its risks are clear: a thin cash buffer, reliance on a single secured lender, possible dilution from warrants, the declining Mineral Resources revenue and the lag between pipeline and contract. The Annual General Meeting is at 10.00am (AWST) on 27 November 2026 in West Perth. Completing the Chevron deployment and receiving the R&D refund are the next items the company has pointed to.