Spenda Limited (AU:SPX)
ASX:SPX
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Spenda Limited
(Sydney:SPX)
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Rating:43Neutral
Price Target:
AU$0.02
â–²(60.00% Upside)
Action:Reiterated
Date:06/10/26
The score is primarily constrained by weak financial quality: ongoing losses, negative margins, negative operating/free cash flow, and negative ROE outweigh strong revenue growth. Technicals add caution due to an extremely overbought RSI, while valuation is also pressured by a negative P/E and no dividend yield data.
Positive Factors
Revenue Growth
Sustained triple-digit revenue growth indicates clear product-market fit in B2B payments. This durable top-line momentum gives the company runway to scale distribution, build network effects in payments flows, and invest in margin-improving automation and product enhancements over the next 2-6 months and beyond.
Negative Factors
Profitability
Persistent negative margins across gross, EBIT, EBITDA and net lines show the company is not yet converting revenue into operating profits. Without structural margin improvement—through pricing, product mix, or cost discipline—the business will struggle to achieve sustainable profitability and generate shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained triple-digit revenue growth indicates clear product-market fit in B2B payments. This durable top-line momentum gives the company runway to scale distribution, build network effects in payments flows, and invest in margin-improving automation and product enhancements over the next 2-6 months and beyond.
Read all positive factors
Spenda Limited (SPX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$7.32M
Dividend YieldN/A
Average Volume (3M)1.78M
Price to Earnings (P/E)―
Beta (1Y)-0.34
Revenue Growth35.38%
EPS Growth-21.46%
CountryAU
Employees78
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding2,441,434,000
10 Day Avg. Volume1,789,535
30 Day Avg. Volume1,782,141
Financial Highlights & Ratios
PEG Ratio-0.43
Price to Book (P/B)41.29
Price to Sales (P/S)57.45
P/FCF Ratio-331.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)AU$23.10M
Spenda Limited Business Overview & Revenue Model
Company Description
Spenda Limited, an Australian technology enterprise based in North Sydney, focuses on enhancing business IT systems by developing and commercializing solutions that facilitate the conversion, migration, and ongoing management of legacy server-base...
How the Company Makes Money
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Spenda Limited Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q2-2026)
| Next Earnings Date:Aug 27, 2026
Earnings Call Sentiment Neutral
The call delivered a mix of clear operational progress and measurable improvements (product consolidation, payments volume, cost savings, leadership stabilization and board strengthening) while also highlighting material near-term financial risks (tight cash balance, reliance on an R&D refund, limited sales headcount and concentration on cornerstone customers). Management articulated credible execution initiatives — product relaunches, sales/marketing focus and structural cost savings — but concrete near-term funding runway and adoption timelines remain key uncertainties.Positive Updates
Payments Volume Growth
Payments volume increased to $227 million from $204 million in prior quarter (presented as a quarter-on-quarter uplift). Management highlighted continued month-on-month growth across products and expects the trend to continue.
Negative Updates
Cash Position and Runway Risk
Company reported $1.5 million cash at quarter end with a monthly burn cited at ~$360,000. Management is reliant on a $2.5 million R&D refund expected in Q3 and is focused on getting cash-flow positive — runway remains a material investor concern.
Read all updates
Q2-2026 Updates
Positive
Negative
Payments Volume Growth
Payments volume increased to $227 million from $204 million in prior quarter (presented as a quarter-on-quarter uplift). Management highlighted continued month-on-month growth across products and expects the trend to continue.
Read all positive updates
Company Guidance
Management guided that after simplifying the business from 13 products to 3 and cutting headcount from 90 to 50, the company will focus on sales and marketing to scale from Feb/Mar (Spenda Pay relaunch end‑Feb/early‑Mar) with one new salesperson, aiming to get cash‑flow positive while expanding a higher‑margin SaaS/lending/payments mix; they cited beating December targets (revenue $2.8B vs $2.4B target; total payment flow $227M vs $208M target, up 33% QoQ from $204M), SME funding pilot growth of 33% (vs 9% expected), APG Pay processing ~$50M in Q2 and ~135 SWIFT customers, and material cost wins (monthly savings rising from $171k to $320k, ~21% average burn reduction, ~$3.85M annualized savings), with quarter‑end cash of ~$1.5M, a ~$360k monthly burn and a ~$2.5M R&D refund expected in Q3.Spenda Limited Financial Statement Overview
Summary
Income Statement
30
Negative
Balance Sheet
40
Negative
Cash Flow
35
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.35M | 11.08M | 5.38M | 3.11M | 2.25M | 877.78K |
| Gross Profit | -4.03M | -654.41K | -7.25M | -8.28M | -9.26M | -978.04K |
| EBITDA | -8.73M | -11.67M | -8.68M | -6.89M | -53.14M | -11.24M |
| Net Income | -20.96M | -24.31M | -13.21M | -11.00M | -50.24M | -11.41M |
Balance Sheet | ||||||
| Total Assets | 24.27M | 25.78M | 51.05M | 53.38M | 54.33M | 87.19M |
| Cash, Cash Equivalents and Short-Term Investments | 1.50M | 3.69M | 9.84M | 8.35M | 7.61M | 21.39M |
| Total Debt | 5.92M | 4.76M | 13.89M | 12.26M | 8.27M | 28.47K |
| Total Liabilities | 13.22M | 10.36M | 16.54M | 15.20M | 10.93M | 5.89M |
| Stockholders Equity | 11.04M | 15.42M | 34.50M | 38.19M | 43.40M | 81.30M |
Cash Flow | ||||||
| Free Cash Flow | -4.47M | -1.92M | -7.91M | -2.41M | -10.57M | -3.06M |
| Operating Cash Flow | -4.44M | -1.87M | -5.85M | -2.33M | -10.48M | -3.05M |
| Investing Cash Flow | -7.46M | -7.15M | -1.32M | 787.79K | -2.48M | -2.99M |
| Financing Cash Flow | 6.23M | 2.87M | 8.66M | 2.27M | -814.74K | 27.15M |
Spenda Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | AU$50.23M | -1.88 | -64.64% | 4.99% | -63.89% | -609.31% | |
52 Neutral | AU$28.37M | 0.85 | 350.35% | ― | 4.71% | ― | |
51 Neutral | AU$14.89M | -3.36 | -15.64% | ― | -19.91% | 35.34% | |
43 Neutral | AU$7.32M | -0.66 | -158.38% | ― | 35.38% | -21.46% | |
40 Underperform | AU$8.44M | -2.32 | -429.54% | ― | 1.42% | 71.28% |
* Technology Sector Average
AU:SPX
Spenda Limited
0.02
>-0.01
-32.00%
AU:FCT
FirstWave Cloud Technology
0.01
0.00
0.00%
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Senetas Corporation Limited
3.02
1.40
86.08%
AU:QFE
QuickFee Ltd.
0.08
0.06
368.75%
AU:BEO
SkyFii Limited
0.08
-0.11
-57.45%
Spenda Limited Corporate Events
Spenda Shares Resume ASX Trading After Institutional Entitlement Offer
Jun 10, 2026
Spenda Limited has had its securities reinstated to trading on the ASX after the exchange confirmed the company had released an announcement on the completion of the institutional component of its entitlement offer. The lifting of the suspension r...
Spenda secures $1.85m in institutional leg of $8.5m recapitalisation
Jun 10, 2026
Spenda Limited has raised approximately $1.85 million from the institutional component of its $8.545 million pro-rata accelerated renounceable entitlement offer, issuing seven new shares for each existing share at $0.004 with one free attaching op...
Spenda launches discounted $8.5m entitlement offer to fund turnaround and reduce debt
Jun 9, 2026
Spenda Limited has launched an accelerated pro-rata renounceable entitlement offer to raise up to $8.545 million at $0.004 per new share, with one free attaching option for each share issued, representing a steep discount to the pre-halt trading p...
Spenda Plans Major Equity and Options Raising via Entitlement Offer and Placement
Jun 9, 2026
Spenda Limited has outlined a substantial capital raising initiative through an accelerated renounceable entitlement offer and a separate placement, involving the proposed issue of more than 4.9 billion new ordinary shares and associated options e...
Spenda launches highly speculative $8.5m accelerated entitlement offer
Jun 9, 2026
Spenda Limited has released a prospectus outlining an accelerated renounceable entitlement offer to raise up to about $8.545 million from eligible shareholders. The offer is priced at $0.004 per new share on a 7-for-1 basis, with one free option a...
Spenda Issues 1 Million Unquoted Options Under Appendix 3G
Jun 8, 2026
Spenda Limited has notified the market of the issue of 1,000,000 unquoted options, each exercisable at $0.14 and expiring on 31 January 2030, under an Appendix 3G filing with the ASX. These options form part of a previously announced transaction a...
Spenda Director Lifts Stake with $100,000 Buy in Share Placement
Jun 2, 2026
Spenda Limited director Irshad Mulla has significantly increased his direct shareholding through participation in the company’s March equity placement, which was approved by shareholders on 8 May 2026. Mulla acquired 2.5 million SPX shares a...
Spenda Issues 12.99 Million Unquoted Options in Targeted Capital Move
Jun 1, 2026
Spenda Limited has notified the market of the issue of 12,985,000 unquoted options, each exercisable at $0.10 and expiring on 31 January 2028. The options, which were previously flagged in an earlier capital transaction notice, are not intended to...
Spenda Redeems Convertible Notes, Trimming Convertible Debt Exposure
Jun 1, 2026
Spenda Limited has notified the market of the cessation of 277,053 SPXAG convertible notes, which were repaid or redeemed without conversion on 22 May 2026. The move reduces the volume of outstanding convertible debt securities on the company̵...
Spenda Completes 1-for-20 Capital Consolidation and Updates Security Structure
May 21, 2026
Spenda Limited has completed a 1-for-20 consolidation of its securities, as approved by shareholders earlier in May, resulting in a significantly reduced number of ordinary shares and various options on issue. The company has rounded up any fracti...
Spenda investors back capital raisings and related-party share issues
May 8, 2026
Spenda Limited shareholders approved all resolutions tabled at the 8 May 2026 general meeting, including ratifications of prior December and March share placements and the approval of associated options. The meeting also backed several related-par...
Spenda Sells Ledger Platform to APG in $1.8m Deal to Cut Costs and Refocus on Core Products
May 8, 2026
Spenda Limited has agreed to divest its Spenda Ledger technology platform to APG Pay for approximately $1.8 million, while retaining all existing Spenda Ledger customers and securing a four-year licence to keep using the technology. The deal trans...
Spenda Reschedules Investor Webinar to 8 May 2026
May 7, 2026
Spenda Limited has postponed its scheduled investor webinar from 12:30 pm AEST on 7 May 2026 to 1 pm AEST on Friday 8 May 2026, with existing registrations remaining valid and a new registration link provided for interested participants. The resch...
Spenda to Host March Quarter Investor Webinar to Outline Results and Planned Changes
May 4, 2026
Spenda Limited, an Australian provider of workflow software, embedded finance and payment solutions for supply chains, delivers end-to-end e-invoicing, payments and lending capabilities. Its platform integrates multiple disparate systems into a si...
Spenda pivots to sales-led growth as Spenda Pay launch drives record payment volumes
Apr 29, 2026
Spenda Limited has shifted from a product-led phase to a sales and marketing-led growth strategy, underpinned by stable platforms and disciplined cost management. The company now focuses on accelerating customer adoption and recurring revenue acro...
Spenda clears resale conditions for 20.3 million newly issued shares
Apr 16, 2026
Spenda Limited has issued 20,301,169 new ordinary shares and confirmed these securities can be freely traded under the Corporations Act’s Section 708A(5) exemption. The company stated the shares were issued without a prospectus, but affirmed...
Spenda Seeks ASX Quotation for 20.3 Million New Shares
Apr 16, 2026
Spenda Limited has applied to the ASX for quotation of 20,301,169 new ordinary fully paid shares under the ticker SPX, with an issue date of 16 April 2026. The securities form part of a previously announced transaction, signalling an expansion of ...
Spenda Plans New Share Placement to Fund Growth Initiatives
Apr 14, 2026
Spenda Limited has announced a proposed issue of up to 20,301,169 new fully paid ordinary shares via a placement, with the securities expected to be issued on 15 April 2026. The additional capital from this placement is intended to support the com...
Spenda to Consolidate Shares and Options in May Capital Reorganisation
Apr 7, 2026
Spenda Limited has announced a consolidation of its ordinary fully paid shares and a range of listed options, reorganising its capital base under a single corporate action. The consolidation will be implemented in May 2026, with trading in the pos...
Spenda seeks shareholder ratification of major December share placement at May 2026 meeting
Apr 7, 2026
Spenda Limited has called a general meeting of shareholders to be held in Sydney on 8 May 2026, with a record date of 6 May 2026 to determine voting eligibility. Shareholders can vote in person or by submitting proxy instructions via online, post,...
Spenda Clears Regulatory Path for On-Sale of 110 Million New Shares
Mar 23, 2026
Spenda Limited has issued 110 million new ordinary shares, dated 20 March 2026, under provisions allowing issuance without a full disclosure document. The company has formally notified the market that these securities qualify for on-sale under the...
Spenda Seeks ASX Quotation for 35 Million New Shares Under Incentive Plan
Mar 23, 2026
Spenda Limited has applied to the ASX for quotation of 35 million new fully paid ordinary shares, issued on 20 March 2026 under an employee incentive scheme. The move expands the company’s quoted share base and signals a continued focus on u...
Spenda Seeks ASX Quotation for 75 Million New Shares
Mar 20, 2026
Spenda Limited has lodged an application with the ASX for quotation of 75 million new ordinary fully paid shares, with an issue date of 6 March 2026. The move formalises the listing of securities previously flagged to the market and expands the co...
Spenda clears resale of 345 million new shares under Corporations Act exemption
Mar 15, 2026
Spenda Limited has issued 345 million ordinary shares on 13 March 2026 and notified the market that these securities can be freely on-sold under the exemption provisions of Section 708A(5) of the Corporations Act 2001. The company confirmed it has...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.