BSA revenue drops 74% to $4.4m in September quarter after nbn contract ends
BSA Ltd booked $4.4 million of revenue and an underlying EBITDA loss of $0.6 million for the September quarter, with its nbn work gone. It is buying drone firm Eonetics, subject to a shareholder vote planned for 25 November 2026.
BSA Ltd (ASX: BSA) said quarterly revenue to 30 September 2026 fell 74 per cent to $4.4 million, as the end of its nbn contract worked through the business. Underlying EBITDA moved from a $4.0 million profit in the same quarter a year earlier to a $0.6 million loss.
The nbn contract expired on 30 September 2025, and BSA has yet to replace the revenue it generated. Revenue a year earlier was $17.1 million. BSA said that quarter had been boosted by one-off transition out payments from nbn and other projects, which it described as "significantly supported by non-recurring transition out payments received from nbn and other projects". Reported EBITDA was a $1.7 million loss, with $1.0 million of that made up of non-cash share-based payments.
Operating cash outflow was $1.7 million, and net cash at the end of September stood at $14.6 million, compared with $16.4 million at the end of June. BSA has drawn no external borrowings. Customer receipts were $4.0 million, against $5.8 million paid to suppliers and staff. The outflow was well below the $4.7 million of a year earlier, a figure that included $5.6 million of redundancy-related payments.
The Appendix 4C puts estimated funding at nine quarters at the current burn rate, using available funding of $15.4 million that counts unused facilities. BSA holds a $2.1 million bank guarantee facility, with $1.7 million used at quarter end; it needs 25 per cent cash backing, which locks up $0.4 million.
BSA has entered a binding agreement to buy 100 per cent of drone technology business Eonetics Pty Ltd, announced on 21 October. The purchase is meant to extend BSA into infrastructure inspection, surveillance and connectivity technology. Completion still hinges on legal due diligence, shareholder and regulatory approvals and other customary conditions, and a shareholder meeting is planned for 25 November 2026.
Chief executive Sasho Kacevski called the quarter a transitional period and said results were affected by "the lower revenue base and timing of new work". He said BSA's priority was to "convert the current pipeline into sustainable revenue and improved earnings".