Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation. WRK has delivered a record cash receipts quarter ($4.0m), +74% on the previous corresponding period (pcp) and +30% on Q4 FY25, aided by milestone payments and some overdue receipts from Q4 FY25 ($0.4m). Total costs increased 24% on Q4 FY25 as WRK prepares for client onboarding and continues product development. Cash at bank finished at $18.8m following the $15m capital raise conducted in August. All-in cash burn was $0.9m for the quarter. While Q1 FY26 EBITDA was likely close to breakeven, negative EBITDA has been flagged for the balance of the year as additional costs are required to onboard key clients in a short timeframe. We have adjusted our cost numbers accordingly and make modest changes to our FY27 estimates. Our DCF valuation remains $0.11/share, driven by the revenue and earnings impacts of client onboarding in FY26 to future years.
