Wrkr (WRK) Investor Update summary

Recent client wins and project updates

• Successfully concluded a pilot with REST, receiving top quartile user experience feedback and improving client data quality through rigorous error detection and correction.

• Final commercial agreements with REST and MUFG are expected to conclude soon, with a detailed transition plan for onboarding approximately 40,000 businesses.

• Secured AustralianSuper as a major client after a detailed RFP process, moving directly into implementation using the same core platform as REST, with configuration and data migration underway.

• Full onboarding of AustralianSuper is targeted for completion by June next year, with all implementation and licensing fees in place.

Revenue model and financial outlook

• SaaS contracts with REST and AustralianSuper are more valuable than previous models, with ARPU targets around $7, not including potential upside from Payday Super reforms.

• Implementation and data migration fees are significant, especially for AustralianSuper, providing upfront cash flow.

• Transaction revenue is expected to ramp up as clients are onboarded, with a focus on long-term, sticky relationships.

• Sufficient funding and early talent hires position the company to deliver on current projects without major new investment.

Platform development and strategic direction

• Platform deployments for new clients are now primarily configuration and UX iteration rather than new builds, reducing R&D risk.

• Ongoing R&D focuses on payroll integration and high-value features, with potential for M&A to accelerate growth.

• AI is seen as a future driver of efficiency, particularly through user-facing agents and reporting.

• Interest income is shared with super funds, and the company is positioned to benefit from industry-wide transitions such as the sunsetting of SCH Online.