Spenda Ltd (ASX:SPX) has reported a record full-year cash receipt of A$11.5 million for FY25, marking a 114% year-on-year increase. Quarterly receipts also hit a new high of A$3.65 million, up 100% on the previous corresponding period. Operating costs fell 39% year-on-year to A$5.64 million.
These results were underpinned by key milestones, including the acquisition of Limepay, the launch of the APG Pay platform, and the rollout of SwiftStatement and Spenda Operating Environment (SOE) to major client networks.
Spenda ended the year with a strong cash balance of A$3.69 million and has outlined plans for accelerated growth into FY26.
“The June quarter was a pleasing end to a very big financial year. We have had some significant challenges put to us that we have risen to. The release of Swift Statement, the acquisition of Lime Pay, transitioning AirPlus and launching APGPay were all significant achievements. We continue to do more with less, operating costs fell 39% across the year and revenue grew by more than 114%,” SPX MD Adrian Floate said.
APG Pay partnership drives revenue momentum
Spenda secured a 10-year exclusive agreement with APG Pay to co-develop a closed-loop corporate payments platform. APG committed A$50 million in funding, with the platform targeting over A$10 million in payments for July 2025.
Spenda expects recurring payments gross profit of approximately A$140,000 per month and generated A$1.5 million in implementation fees. Further revenues will be driven by transaction fees and platform licensing. The platform is being rolled out to customers including former AirPlus clients and Carpet Court supply chain users.
Progress with SwiftStatement and SOE deployment
The SwiftStatement solution for Capricorn members saw continued rollout, with enhancements and AI-based invoice capture developed in collaboration with Fresh Supply Co. Spenda is working closely with Capricorn to boost adoption, which currently sits at around 120 paying customers.
Simultaneously, deployment of SOE at Carpet Court is progressing, with commercial release version 2.3 on track for Q4 CY2025. Broader implementation across franchisees is expected to support further revenue growth and product maturity.
Strengthened financial position and cost efficiency
Spenda posted A$3.65 million in customer receipts for Q4 FY25, a 101% increase year-on-year. Payment volumes reached A$135 million for the quarter, up 94% on the prior period. Monthly cash burn fell 44% to A$235,000, supported by predictable cost structures and revenue growth.
A term loan facility of A$3 million was secured from Capricorn Society Ltd, providing additional working capital flexibility. The facility is secured against specific intellectual property assets and is repayable over three years.
Strategic focus for FY26
Spenda will prioritise sustainable positive cashflow in FY26, supported by continued deployment of SwiftStatement and SOE, expansion of APG Pay’s virtual card product, and completion of the A$2.3 million R&D tax claim.
The company also aims to meet its third Limepay acquisition milestone and launch its accounts payable solution across financial app marketplaces.
Leadership and regulatory developments
Two non-executive directors stepped down during the quarter, and Spenda was granted an Australian Financial Services licence, enabling it to offer financial services to both wholesale and retail clients.