Spenda Limited

Spenda reported revenue of $2.8 billion, above its $2.4 billion target, and total payment flow of $227 million versus a $208 million target. Payments volume was $227 million, up from $204 million in the first quarter, which management said was a 33% increase. Management also said monthly cost savings increased from $171,000 in the first quarter to $320,000 in the latest quarter, and average burn fell by about 21%. Looking ahead, the company said it expects payments volume to continue rising month-on-month through the next financial year, Spenda Pay build-out remains on track for end-February/beginning-March scaling, and management is focused on getting cash flow positive as soon as possible.

Corrie Hassan framed the quarter as evidence that the turnaround plan is working: simplify the business, stabilize the products, and then scale. She emphasized narrowing the product suite to three core offerings, aligning the team and board, and building a tighter sales and marketing engine after previously having little to no dedicated sales function. Her tone was constructive and confident, but still operationally focused, repeatedly stressing execution, repeatability, and consistency over one-off projects.

Hassan focused on the financial reset: structural cost reductions, lower burn, and a clearer path to profitability. She said the business saved $171,000 per month in the first quarter and $320,000 per month in the latest quarter, with average burn down about 21%, and described the savings as structural, including staff, office leases, subscriptions, audit, platform, and R&D costs. She also said any sales and marketing spend would mainly be repurposed from existing savings rather than requiring a major new outlay, and that management is prioritizing cash flow positive status, capital debt, and dilution.

Analysts pressed management on cash runway, margin expansion, the 135 SWIFT statement customers, and whether the product simplification was real or just a re-bucketing of the business. Hassan answered that cash is being managed to get to cash-flow positive, that higher-margin SaaS, lending, and payments should improve gross profit and profitability, and that SWIFT adoption should accelerate once Spenda Pay adds features such as supplier payments and points. On other questions, management said the cost cuts are structural, only one salesperson is being hired for now, and the company is broadening beyond Capricorn and APG into other verticals such as marketplaces, sport, education, and similar retail cohorts.