Change Financial Hits Record Q1 Revenue, Expands PaySim Reach in Asia and Middle East

Record Revenue and Operating Leverage

Change Financial Limited (ASX – CCA) has kicked off FY26 with a strong performance, announcing a record revenue quarter of US$4.6 million, a 25% increase compared to the same period last year. This growth was largely driven by the scaling of its Payments as a Service (PaaS) platform, Vertexon, and new license sales across its product suite.

Underlying EBITDA for the quarter rose to US$0.9 million, reflecting the company’s ability to leverage its fixed cost base as revenues grow. CEO Tony Sheehan highlighted this as evidence of an inflection point in operating leverage, signaling improved profitability as Change scales its business.

Expanding Client Base and Geographic Reach

Change Financial secured several new Vertexon and PaySim licenses during the quarter, including sales to two Asian banks and the addition of a new PaySim sales partner in the Middle East. This partnership is a strategic move to tap into a region with growing demand for payments testing and simulation solutions, broadening Change’s global footprint.

The company also signed five new projects across its product lines, contributing approximately US$0.9 million in new project work. The ongoing success of a credit card product for a Southeast Asian on-premises client, which features tiered pricing based on cardholder numbers, further underscores Change’s growing market traction.

Scaling Payments as a Service Platform

Vertexon PaaS continues to gain momentum, with active cards on the platform surpassing 89,000, a 48% increase year-on-year and 22% quarter-on-quarter. This growth is a key driver of recurring revenue, which accounted for approximately 70% of total revenue in Q1 FY26. The company’s focus on recurring income streams such as support, maintenance, and transaction fees is expected to enhance revenue stability and predictability.

New client onboardings are progressing well, including a New Zealand fintech client that recently launched publicly, and an embedded finance client in Australia and New Zealand preparing for a mid-2026 migration to Change’s platform. These developments position Change to capitalize on increasing transaction volumes and card issuance.

Financial Position and Outlook

Change Financial ended the quarter with US$3.7 million in cash and no debt, supported by an additional US$0.9 million in cash-backed security guarantees. The company generated positive net operating cash flow of US$0.2 million, a significant improvement from prior periods, driven by higher customer receipts and controlled operating costs.

Looking ahead, Change expects FY26 revenue between US$16.5 million and US$18.0 million, with underlying EBITDA forecasted between US$2.5 million and US$3.5 million. The company remains focused on expanding its sales pipeline, particularly in Oceania and Southeast Asia, while continuing to enhance operational efficiencies and scale its recurring revenue base.

Investors are invited to join a live webinar with CEO Tony Sheehan and Executive Director Tom Russell to discuss the quarterly results and outlook in more detail.