ASX-listed Spenda ends the September 2024 Quarter with record cash receipts
Spenda Limited, an innovative software company with embedded electronic payment solutions for supply chains and trading networks, have announced its Quarterly Activities and Cash Flow report for the quarter ended 30 September 2024 (“Q1 FY25”).
Key highlights of the quarter include:
- Cash receipts from customers hit $1.92 million: A record quarter to date, up 157% compared to the prior comparable period (pcp) and an increase of 6% quarter-on-quarter (qoq). The launch of SwiftStatement and the impact of the Limepay acquisition will enable accelerated growth in the future.
- Payment Volumes of $74 million up 20% on pcp: Total Payment Volumes (PV) of $74 million in Q1 FY25, up from $62 million in Q1 FY24. This excluded $34 million that Limepay processed in the quarter.
- Completion of Limepay acquisition: Spenda’s shareholders approved the acquisition of Limepay on 17 September 2024 and all Conditions Precedent were satisfied to complete the acquisition on 20 September 2024.
- Limepay financial metrics: Limepay’s PV for Q1 FY25 was $40 million, generating revenue of $664,000. They also entered a MSA with Lessn during the quarter, to process all Lessn’s PV, with onboarding expected imminently (currently ~$50 million pa).
- Cash and cash equivalent: $6.5 million as at 30 September 2024, excluding the $1.6 million R&D rebate received subsequent to quarter end ($9.8 million as at 30 June 2024, NET cash movement ($3.3 million)).
- Event subsequent to close of quarter: Commercial launch of SwiftStatement with Capricorn in November 2024 to generate $1.4 million license fee and up to $18 million in ARR by September 2025, assuming an adoption rate of 50% amongst +30,000 strong membership base.
GM of Corporate Development at Spenda, Francis deSouza said, “In the past quarter, our focus has been on the effective execution of our record pipeline of work across all partnerships. Despite ongoing resource constraints, I am pleased to report that all programs remain on track. We are planning for the commercial launch of our new payments infrastructure with Capricorn which has the potential to significantly increase the payment volumes on our platform and we expect to launch the SOE for the Carpet Court network which will enable the scaling of payment volume through their network.”
