Spenda Limited

Reported December-quarter revenue was $2.8 million versus a target of $2.4 million. Payments volume was $227 million versus $204 million in the first quarter, up 33% quarter-on-quarter, and total payment flow beat the $208 million target. Management also said the business achieved about $3.85 million in annualized cost savings, reduced average burn by about 21%, and ended the quarter with $1.5 million in cash, with a $360,000 monthly burn and a $2.5 million R&D refund expected in Q3. Looking ahead, management expects payments volume to continue rising month-on-month, Spenda Pay to be ready to scale around February to March, and the business to move toward cash-flow positivity as sales and marketing investment is funded largely by existing cost savings.

Corrie Hassan’s message was that the company has finished its stabilization phase and is now ready to scale a narrower set of products with a clearer sales story. She emphasized simplification, tighter cost control, and a shift from custom, lumpy projects toward repeatable recurring revenue across retail, payments/lending, and ledger. Her tone was upbeat but practical, with repeated focus on execution, accountability, and getting to cash-flow positive.

The financial commentary focused on structural cost reduction and runway discipline. Management said monthly savings increased from $171,000 in the first quarter to $320,000 in the last quarter, average burn fell by about 21%, and the company achieved about $3.85 million in annualized cost savings through staff reductions, office changes, subscriptions, audit costs, platform costs, and R&D-related savings. On capital allocation, Corrie said sales and marketing spend is already considered in the budget and will largely be repurposed from ongoing savings rather than requiring a massive new outlay; she also said managing capital debt and dilution are key priorities.

Analysts focused on cash runway, margin expansion, customer adoption, and whether the company’s simplification strategy had reduced scope too far. Management said the priority is to get cash-flow positive, that margins should improve as the mix shifts toward SaaS, lending, and payments, and that SWIFT statement/Capricorn uptake should improve once Spenda Pay adds features such as supplier payments and points. They also said existing customers and new wins will both matter, that APG and Capricorn remain important, and that the business is targeting marketplaces first for Ledger before moving further into fintech.