Spenda's FY26 R&D Tax Offset to Exceed AUD 1.75 Million

Significant R&D Tax Offset Expected

Spenda Limited (ASX:SPX) has revealed a preliminary estimate that its FY26 research and development (R&D) tax offset will exceed AUD 1.75 million. This anticipated cash inflow, expected in late September or early October, represents a substantial boost relative to the company’s current market capitalisation of roughly AUD 4 million. While the figure remains unaudited and contingent on the completion of the R&D Tax Incentive registration and income tax returns, it signals a meaningful injection of liquidity.

Progress Towards Cash-Flow Neutrality

Non-Executive Chairman Niv Dagan highlighted ongoing efforts to steer Spenda towards cash-flow neutrality. The company has made notable strides in reducing operational burn and increasing merchant fees, actions that aim to stabilise its financial footing. These measures are complemented by active discussions around divesting non-core assets, a move intended to further strengthen the group’s cash position.

Context of Capital Raising and Cost Reduction

This development arrives on the back of recent capital raising initiatives, including a retail entitlement offer and a shortfall bookbuild, which collectively have raised millions to support Spenda’s turnaround strategy. The company has also been aggressively cutting monthly costs by approximately AUD 400,000 through headcount and infrastructure reductions, aiming to sustain its core transaction volumes while improving operational efficiency.

Uncertainties Remain on Final Amount and Timing

Despite the positive outlook, the R&D tax offset remains a preliminary estimate. The final amount and timing of the cash receipt depend on regulatory approvals and tax return lodgement processes. Investors should note the inherent uncertainty until these formalities are completed, which could influence the company’s near-term liquidity and financial flexibility.