Swift Networks Unveils New Aged Care Feature Amid $740k Iluka Contract Win

Financial Stability and Operational Cash Flow

Swift Networks Group Limited (ASX:SW1) closed the December 2024 quarter with a solid cash position of $2.0 million, supplemented by $235,000 in term deposits. The company generated $4.7 million in customer receipts during the quarter, resulting in positive operational cash flow of $0.3 million after interest expenses. This steady financial footing underpins Swift’s ongoing investments in product development and market expansion.

Despite a slight dip in quarterly receipts compared to the previous period, Swift’s disciplined cost management, spending $4.4 million on operating costs including $2.1 million directly tied to revenue delivery, has maintained positive cash flow momentum. The receipt of a $1.5 million R&D tax refund in January 2025 further bolsters the company’s liquidity and capacity to fund innovation.

Contract Wins Drive Market Penetration

Swift’s strategic focus on the mining and aged care sectors yielded notable contract wins this quarter. The $740,000 contract with Iluka Resources for its Balranald site marks the third Iluka location to adopt Swift Access, reinforcing Swift’s position as a preferred technology provider in mining. Additionally, new aged care contracts with Christadelphian Aged Care and HammondCare expand Swift’s footprint in this rapidly evolving market.

Christadelphian Aged Care’s 12-month agreement to trial Swift Access at Ashburn House Care facility signals potential for broader rollout across multiple residential aged care homes in Sydney and Brisbane. Meanwhile, HammondCare’s Sinclair Cottage facility joins 14 other HammondCare sites already utilizing Swift’s platform, underscoring growing adoption within the sector.

Innovating for New Aged Care Legislation

Anticipating the introduction of Higher Everyday Living Fees (HELF) from July 2025, Swift has accelerated development of its Swift Concierge feature. This new ordering functionality integrated into Swift Access is designed to help aged care providers generate additional revenue streams by enabling residents and their families to purchase services such as premium entertainment, food, excursions, and appointments directly through the platform.

By transforming Swift Access from a cost center into a revenue-generating tool, Swift Concierge addresses critical financial pressures faced by aged care providers under the new legislative framework. The feature also enhances family communication and engagement, offering a competitive edge in a sector where service innovation is increasingly vital.

Subscription Growth and Future Outlook

Swift’s subscription base continues to expand robustly, with a compound annual growth rate (CAGR) of 46% in mining and an impressive 300% in aged care since launch. Total subscriptions have grown at a 62% CAGR, reflecting successful market penetration and customer retention.

Looking ahead, Swift plans to prioritize commercializing Swift Concierge and further enhancements to Swift Access. The company remains focused on converting contracted project work into recurring subscription revenues, underpinning sustainable growth. With a secured $7.4 million financing facility maturing in September 2025, Swift is well-positioned to support its development and sales initiatives.