Bridge SaaS Funding Plan Hinges on Delayed NDIS Receivables

Cash Position Leaves Almost No Reported Runway

Bridge SaaS Limited (ASX:BGE) has disclosed a cash position that leaves little room for delay: the disability services and software company held A$31,000 at 30 September after using A$1.455 million in operating cash during the quarter. With no unused financing facilities, its Appendix 4C calculated estimated funding of just 0.02 quarters.

The updated filing was issued after ASX asked Bridge SaaS to expand its explanations for the September quarter. The cash flow figures themselves are unchanged. Group cash stood at A$30,549 on 31 October, while the board maintained that the company was solvent and able to pay debts as they fall due, subject to the assumptions set out in its cash flow forecast.

One-Off Costs Reduced the Quarter's Cash Result

Bridge SaaS said the quarter included A$275,000, including GST, in consulting costs linked to the Brightside disposal, along with A$80,000 in legal fees withheld from the sale proceeds. It also cleared older expenses and liabilities dating back to November 2025 and restructured development of its software suite.

The quarter's A$1.5 million investing inflow came from the sale of an entity, following the Brightside stake sale, which had been reported as a disposal of the non-core investment. Bridge SaaS said it does not expect the exceptional costs to recur as it focuses on its care business and intends to fund platform development from cash-flow-positive revenue rather than sustain onerous technology development costs.

NDIS Receivables Hold the Solvency Case Together

Revenue currently comes from wholly owned subsidiary Bridge Disability Support, which provides supported independent living, respite and community support services to seven NDIS participants under written agreements. The software platform remains in development and does not yet generate revenue.

Bridge Disability Support's weekly billings rose to about A$51,800 in the three weeks to 4 November, from A$34,600 to A$38,000 in early October. October revenue was A$183,800, compared with a monthly average of A$118,500 during the September quarter. But at 4 November, receivables had reached A$323,900, including about A$205,000 relating to three participants whose claims were under manual NDIS payment review. About A$129,900 was at least three months overdue, with the two figures overlapping.

Potential Funding Still Requires Approval and Execution

Shareholders will be asked at the 24 November annual general meeting to approve a placement of up to A$2 million. That is authority to raise capital, not committed funding: major shareholders have expressed non-binding support, and Bridge SaaS said it cannot be certain the placement will proceed. The company may also consider debt facilities of up to A$1 million secured against Bridge Disability Support and its receivables.

The immediate funding question is tied to weekly collections. Bridge Disability Support has commitments including payroll of about A$24,500 a week, ATO payments of A$2,500 a week and a A$44,500 PAYG withholding payment due in November. The group's liabilities also include about A$242,700 owed to the ATO and trade creditors of roughly A$90,500. Management's forecast to February 2027 assumes billing remains near current levels and the receivables under review are collected; if those receipts are delayed or insufficient, the company says it would need equity or debt funding to pay debts as they fall due.