It's just the beginning for Spenda!, page-1067

Also just looking at EBev.

Very new company est. 2015.

700 retailers. Onboarded over 1000 new venues in second half of 2021.

SPX only finalised the platform with EBev on 24 December.

$150M of orders per annum at present.

Again, applying same assumptions based on order value - $150m x 20% penetration (by Spenda) x 0.5% (provided by Warnie) = $150,000 pa. (Warnie - can you check, I clearly lack in the maths department!!).

Maybe of some note in regard to this calculation and Capricorn etc:

• I believe this is only the transaction revenue, not the trade financing.
• It's clear how important the 'penetration' rate is and how success depends largely on the take up of Spenda by suppliers / members / venues etc. That the 'hub' and 'spoke' approach (imo) does give the potential for relatively quick / strategic penetration if the package on offer is both the SaaS and trade financing, but most importantly that the masthead organisation (ie: Ebev / Capricorn etc) are the ones selling this package to their members / venues as part of the 'membership' or similar. In the instance where this drive / support is provided to 'members / venues' (in my opinion) Spenda penetration will be well in excess of 20%.
• By way of example - if you apply the SPX target of 80% penetration into the Capricorn membership, you arrive at a revenue figure (just from transactions alone (not trade finance) of ~$10M per annum.
• That Ebev and Whola (and of course Capricorn and Agri), were not materialy active at all prior to December 31, so (for me) no surprise on quarterly revenue result.

But, can SPX pull this off!?...

EB