Jayride Group Limited reports a narrower quarterly loss amid revenue challenges, secures $200,000 through convertible notes, and inks a new SaaS agreement with Thailand’s Drivemate to expand its mobility platform.
- Quarterly loss reduced to $399,026 from $853,411
- Revenue declined sharply due to pricing changes and supplier payment delays
- Operating expenses cut by more than half to $508,521
- Raised $200,000 via convertible notes from investors and director
- Signed SaaS platform deal with Drivemate for Thailand rollout
Financial Performance and Cost Management
Jayride Group Limited (ASX, JAY) has released its interim financial report for the quarter ended 30 September 2025, revealing a significant reduction in its quarterly loss to $399,026, down from $853,411 in the prior corresponding period. This improvement was achieved despite a steep decline in total revenue and other income, which fell to $109,495 from $1.1 million a year earlier. The revenue drop was primarily driven by strategic pricing model changes implemented in the quarter that eliminated unprofitable bookings, alongside a reduction in supplier listings due to delayed payments.
In response to the revenue contraction, Jayride aggressively cut operating expenses, which dropped to $508,521 from nearly $2 million in the previous period. The company scaled back technology spending and other costs, reflecting a disciplined approach to managing cash burn during a challenging market environment.
Capital Raising and Share Issuances
To bolster its financial position, Jayride raised $200,000 through the issue of convertible notes, split evenly between a sophisticated investor and Chairman Brett Partridge. These unsecured notes carry a 15% annual interest rate and are convertible into shares at a discounted price, subject to shareholder approval. Additionally, the company issued 25 million shares to its CEO Randy Prado and former Director of Finance Ram Navaratnam in lieu of accrued consulting fees, further aligning management incentives with shareholder interests.
Strategic SaaS Partnership in Thailand
Jayride continues to pivot towards a technology-led business model, signing a new Software-as-a-Service (SaaS) agreement with Drivemate, Thailand’s leading peer-to-peer car-sharing platform. Under this deal, Jayride will design and deploy an enterprise-grade mobility platform starting with a pilot of over 2,000 vehicles in Bangkok, followed by expansion to Phuket, Pattaya, and Chiang Mai over the next year. This partnership marks a key milestone in Jayride’s transition from a marketplace operator to a SaaS provider, aiming to enhance scalability and operational efficiency for transport operators.
Going Concern and Future Outlook
Despite these positive developments, Jayride’s balance sheet remains under pressure with net liabilities of $6.65 million as at 30 September 2025 and net current liabilities of $6.65 million. The company acknowledges material uncertainty regarding its ability to continue as a going concern, contingent on securing additional funding, generating new revenue streams, and executing a planned debt-to-equity restructuring via a Special Purpose Vehicle (SPV). Recent capital raises, including a $735,000 share placement in December 2025, provide some runway, but the company’s financial health will require close monitoring.
Jayride’s management remains confident that the ongoing SaaS platform rollout and corporate restructuring will position the company for sustainable growth, but investors should remain alert to execution risks and funding needs in the near term.
Bottom Line?
Jayride’s strategic shift and capital raises offer hope, but its path to profitability hinges on successful SaaS deployment and financial restructuring.
Questions in the middle?
- Will Jayride secure shareholder approval and successfully issue the convertible notes?
- How quickly can the SaaS platform rollout with Drivemate translate into meaningful revenue growth?
- What are the detailed plans and timelines for the proposed debt-to-equity restructuring via the SPV?