Spenda cuts monthly costs by $400,000
- Spenda reported achieving approximately $400,000 in monthly operational savings through headcount reductions, contractor changes, and lower infrastructure spend.
- Following the announcement, the company's share price rose 20% to $0.003.
- The cost reduction initiatives are part of a strategic turnaround aimed at improving capital allocation and streamlining operations.
Spenda (ASX:SPX) has implemented a turnaround plan that reduced its monthly operating costs by approximately $400,000.
The measures follow a recent institutional entitlement offer that raised $1.9 million in gross equity capital.
The company achieved these savings through headcount reductions, contractor adjustments, and decreased spending on subscriptions and infrastructure.
An additional $97,600 in annualised savings was identified through an insurance review.
Following the announcement, the Spenda share price was up at $0.003.
The company reported that monthly recurring payment transaction volumes remain steady at approximately $65 million.
Furthermore, the business recently secured software contracts with 10 Carpet Court retail stores to generate monthly recurring revenue.
