Jayride Faces Going Concern Uncertainty Despite Cost Cuts and Fundraising

Improved Losses but Revenue Challenges Persist

Jayride Group Limited (ASX, JAY), a technology-driven mobility platform specialising in airport and destination ground transportation, has released its interim financial report for the quarter ended 30 September 2025. The company reported a total comprehensive loss of $399,026, a significant improvement from the $853,411 loss recorded in the same period last year. However, total revenue and other income fell sharply to $109,495 from $1.1 million, reflecting the impact of recent pricing model adjustments that eliminated unprofitable bookings and a decline in supplier listings due to delayed payments.

Cost Cutting and Capital Raises Bolster Liquidity

Jayride has actively reduced operating and business improvement costs, with total expenses dropping to $508,521 from nearly $2 million in the prior corresponding period. This cost discipline aligns with the company’s efforts to stabilize its financial position amid ongoing operational challenges. During the quarter, Jayride raised $200,000 through the issuance of convertible notes, half from a sophisticated investor and half from Chairman Brett Partridge. Post-quarter, the company secured an additional $735,000 through a share placement priced at $0.006 per share, strengthening its liquidity as it continues its ASX reinstatement process.

Strategic SaaS Partnership in Southeast Asia

In a notable development, Jayride entered into a Software-as-a-Service (SaaS) agreement with Drivemate, Thailand’s leading peer-to-peer car-sharing platform. This partnership will see Jayride design and deploy an enterprise-grade mobility platform initially for over 2,000 vehicles in Bangkok, with plans to expand nationally to Phuket, Pattaya, and Chiang Mai over the next year. This move signals Jayride’s strategic pivot towards a SaaS and managed-services model, aiming to license its technology to third-party operators and enhance scalability and service quality.

Going Concern Uncertainty and Restructuring Plans

The company’s financial statements highlight a material uncertainty related to its ability to continue as a going concern, given net current liabilities of approximately $6.65 million and net liabilities of the same magnitude as at 30 September 2025. The independent auditor, RSM Australia Partners, confirmed no material misstatements but emphasized this uncertainty. The directors, however, remain confident, citing recent capital raises, cost reductions, and a proposed restructuring involving a Special Purpose Vehicle (SPV) to address historical obligations through a debt-for-equity conversion mechanism. This restructuring is a key component of the board-supported pathway to restore financial stability.

Outlook Amid ASX Reinstatement

Jayride continues to engage with the ASX regarding its reinstatement and is focused on executing its technology-led business transformation. The company’s ability to secure further funding, successfully implement the SPV restructuring, and grow its SaaS platform will be critical to its future viability. Investors will be watching closely as Jayride navigates these challenges and opportunities in the coming months.