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Spenda Limited (SPX) AI Stock Analysis
Spenda Limited
(ASX:SPX)
The stock receives the lowest possible score of 37, driven by a complete breakdown in financial health. The company is insolvent, deeply unprofitable, and burning cash at an accelerating rate. The lack of any meaningful technical or valuation support, with no dividends and a negative P/E, confirms a high-risk profile with no identifiable positive catalysts.
Spenda Limited (SPX) vs. iShares MSCI Australia ETF (EWA)
Not enough price history over this period.
- Market Cap
- AUD 2.48M
- Dividend Yield
- ―
- Average Volume (3M)
- ―
- Price to Earnings (P/E)
- -0.1
- Beta (1Y)
- 0.07
- Revenue Growth
- -20.78%
- EPS Growth
- 8.05%
- Country
- Australia
- Employees
- 78
- Sector
- Technology
- Sector Strength
- 61
- Industry
- Software - Infrastructure
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-based d...
How the Company Makes Money
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Spenda Limited Earnings Call Summary
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.
Q2-2026 Updates
Positive Updates
Negative 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
Financial health is critically poor. Revenue is declining sharply (-15.2%), gross margins are deeply negative (-55.0%), and the company is insolvent with negative equity. Operating cash flow is an accelerating burn of -$7.3M, indicating a high-risk, non-viable core business.
Income Statement
8Very NegativeBalance Sheet
5Very NegativeCash Flow
10Very Negative| Breakdown | TTM | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.78M | 8.78M | 11.08M | 5.38M | 3.11M | 2.25M |
| Gross Profit | -5.31M | -4.83M | -654.41K | -7.25M | -8.28M | -9.26M |
| EBITDA | -7.33M | -7.33M | -7.01M | -7.11M | -6.89M | -53.14M |
| Net Income | -24.02M | -24.02M | -24.31M | -13.21M | -11.00M | -50.24M |
Balance Sheet | ||||||
| Total Assets | 6.09M | 6.09M | 25.78M | 51.05M | 53.38M | 54.33M |
| Cash, Cash Equivalents and Short-Term Investments | 2.58M | 2.58M | 3.69M | 9.84M | 8.35M | 7.61M |
| Total Debt | 3.75M | 3.75M | 4.76M | 13.89M | 12.26M | 8.27M |
| Total Liabilities | 9.82M | 9.82M | 10.36M | 16.54M | 15.20M | 10.93M |
| Stockholders Equity | -3.74M | -3.74M | 15.42M | 34.50M | 38.19M | 43.40M |
Cash Flow | ||||||
| Free Cash Flow | -7.26M | -7.26M | -1.92M | -7.91M | -2.41M | -10.57M |
| Operating Cash Flow | -7.26M | -7.26M | -1.87M | -5.85M | -2.33M | -10.48M |
| Investing Cash Flow | 1.10M | 1.10M | -7.15M | -1.32M | 787.79K | -2.48M |
| Financing Cash Flow | 5.04M | 5.04M | 2.87M | 8.66M | 2.27M | -814.74K |
Spenda Limited Peers Comparison
Overall Rating
AU:RKN89Outperform
AU:CCA70Outperform
AU:TYR61Neutral
AU:QFE52Neutral
AU:EML45Neutral- AU:SPX37Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| AU:RKN | 89Outperform | AUD 45.31M | 6.01 | 27.21% | 6.25% | 4.58% | 39.54% |
| AU:CCA | 70Outperform | AUD 30.38M | 37.33 | 6.26% | ― | 15.94% | ― |
| Sector * | 61Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
| AU:TYR | 61Neutral | AUD 370.53M | 17.12 | 8.60% | ― | 0.78% | 19.76% |
| AU:QFE | 52Neutral | AUD 30.04M | 0.79 | 265.43% | 108.97% | -24.21% | ― |
| AU:EML | 45Neutral | AUD 84.12M | -4.24 | -14.16% | ― | -6.74% | 64.64% |
| AU:SPX | 37Underperform | AUD 2.48M | -0.08 | -657.63% | ― | -20.78% | 8.05% |
* Technology Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| AU:SPX | Spenda Limited | ― | ― | ― | |
| AU:CCA | Change Financial Ltd | 0.04 | -0.03 | -39.73% | |
| AU:EML | EML Payments Ltd. | 0.21 | -0.74 | -77.60% | |
| AU:RKN | Reckon Limited | 0.40 | -0.16 | -28.44% | |
| AU:QFE | QuickFee Ltd. | 0.08 | 0.04 | 105.26% | |
| AU:TYR | Tyro Payments Ltd. | 0.69 | -0.38 | -35.05% |
Spenda Limited Corporate Events
Spenda Files 2026 Corporate Governance Statement with ASX
Spenda Limited has lodged its corporate governance statement for the year to 30 June 2026, complying with ASX requirements and making its governance framework accessible through its investor website. The company’s board charter and related disc...
Spenda lifts revenue but posts $24m loss and faces going concern warning
Spenda Limited reported a 10% increase in revenues from ordinary activities to $8.78 million for the year ended 30 June 2026, up from $7.99 million a year earlier, while its net loss after tax narrowed slightly to $24.0 million. Despite the revenue g...
Spenda Limited Seeks ASX Quotation for New Shares and Long-Dated Options
Spenda Limited has lodged an application with the ASX for quotation of 15,622,500 new ordinary fully paid shares under the code SPX. The company is also seeking quotation for an equal number of options, expiring on June 30, 2031, all issued on August...
Spenda slashes costs and reshapes strategy in push to positive cash flow
Spenda Limited has undertaken a major reset of its operations in the June quarter, implementing headcount, infrastructure and insurance cost reductions that now total about $7 million in annualised savings and divesting its Spenda Ledger technology p...
Spenda flags $1.75m FY26 R&D tax boost to bolster balance sheet
Spenda Limited has received confirmation that its estimated FY26 research and development tax offset will exceed A$1.75 million, providing a substantial cash benefit relative to its current market value. The estimate remains preliminary and subject t...
ASX Reinstates Trading in Spenda’s SPXOB Securities
The Australian Securities Exchange has reinstated Spenda Limited’s SPXOB security class to quotation, allowing trading to resume from the start of today’s session. The move follows the company’s compliance with ASX Listing Rule 2.5...
Spenda Reveals Highly Concentrated Register of Long-Dated Listed Options
Spenda Limited has disclosed the top 20 holders of its listed options (SPXOB) exercisable at $0.006 and expiring on 30 June 2031, highlighting a highly concentrated register. The largest holder, Invia Custodian Pty Limited on behalf of Capricorn Soci...
Spenda seeks ASX quotation for over 849 million new securities
Spenda Limited has applied for quotation on the ASX of 424,849,140 new ordinary fully paid shares and an equal number of options expiring in June 2031. The move significantly increases the number of listed securities on issue, potentially broadening...
Spenda Advances Capital Raise with Completion of Retail Entitlement Offer
Spenda Limited, a provider of integrated workflow, payments and embedded finance solutions for supply chain and trading network participants, operates a platform that unifies software vendors and enables seamless data sharing across disparate systems...
Spenda bolsters board and capital markets push with appointment of Niv Dagan
Spenda Limited has appointed Niv Dagan as a director effective 6 July 2026, reinforcing its board with an individual closely tied to its capital markets activities. The appointment reflects the company’s ongoing efforts to strengthen governance...
Spenda Director Karim Razak Steps Down but Retains Significant Indirect Stake
Spenda Limited has announced that director Karim Razak ceased to be a member of the company’s board on 6 July 2026, as disclosed in its Final Director’s Interest Notice to the ASX. The filing shows Razak holds no shares directly but retai...
Spenda appoints new chair as major shareholder boosts stake in turnaround push
Spenda Limited, an ASX-listed financial technology firm that delivers payment and business solutions to commercial clients, is supported by institutional investors and major customer-shareholder Capricorn Society. The company is focused on restructur...
Spenda Secures Key Backing as Retail Entitlement Offer Completes
Spenda Limited has completed the retail component of its $8.545 million pro-rata accelerated renounceable entitlement offer, the final stage of a broader capital raising initiative. Major shareholder and customer Capricorn Society fully subscribed to...
ASX Suspends Specific Class of Spenda Securities from Quotation
The Australian Securities Exchange has suspended from quotation a specific class of Spenda Limited securities, identified under the code SPXOB, in accordance with Listing Rule 17.3.4. The move follows a determination that the company must first satis...
Spenda Ramps Up Turnaround With Cost Cuts and New Strategic Options
Spenda Limited has accelerated its strategic turnaround by implementing substantial cost-cutting measures and operational efficiencies while maintaining service continuity for its customers. Since early May, the company has reduced headcount, restruc...
Spenda Extends Retail Entitlement Offer to Support Turnaround and Debt Reduction
Spenda Limited has extended the closing date of its retail entitlement offer, part of an $8.545 million pro-rata accelerated renounceable entitlement raising, from 26 June to 1 July 2026 to give eligible retail shareholders more time to participate....
Spenda discloses shareholding of departing director Irshad Mulla
Spenda Limited has announced that director Irshad Mulla has ceased his role on the company’s board as of 19 June 2026, in a formal notice lodged with the ASX. The filing discloses that Mulla holds 2,512,358 ordinary shares in the company, with...
Spenda appoints new director with no declared shareholdings
Spenda Limited has appointed Bill Pavlovski as a director effective 19 June 2026, according to an initial director’s interest notice lodged with the ASX. The filing confirms that Pavlovski currently holds no relevant interests in the company...
Spenda refreshes board with capital markets expert as new non-executive director
Spenda Limited has strengthened its board by appointing capital markets veteran Bill Pavlovski as an independent non-executive director, bringing more than 15 years of experience across banking, stockbroking and funds management, including prior gove...
Spenda Investor Ceases to Be Substantial Holder After Share Issue
Spenda Limited has disclosed that investor Karim Razak has ceased to be a substantial holder in the company following dilution from a share issue. The notice indicates that Razak’s relevant interest and voting power were reduced through the new...
NAB Group Ceases to Be Substantial Holder in Spenda After Share Dilution
National Australia Bank Limited and its associated entities have ceased to be substantial shareholders in Spenda Limited, following a dilution of their relevant interest on 15 June 2026 due to a new share issue by the company. The change, which affec...
Spenda opens retail leg of $8.5m equity raising to fund turnaround and cut debt
Spenda Limited has opened the retail component of its $8.545 million pro-rata accelerated renounceable entitlement offer, following the completion of the institutional phase, as part of a broader turnaround strategy. The capital raise is intended to...
Spenda Shares Resume ASX Trading After Institutional Entitlement Offer
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 rest...
Spenda secures $1.85m in institutional leg of $8.5m recapitalisation
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 optio...
Spenda launches discounted $8.5m entitlement offer to fund turnaround and reduce debt
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 pric...
Spenda Plans Major Equity and Options Raising via Entitlement Offer and Placement
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 exer...
Spenda launches highly speculative $8.5m accelerated entitlement offer
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 atta...
Spenda Issues 1 Million Unquoted Options Under Appendix 3G
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 and...
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.
Date of analysis: Sep 06, 2026