Weekly Reports | 10:00 AM
Two tasty micro-caps in this week's In Brief with a winning SaaS company shifting the rules of engagement with AI.
- Wrkr recurring revenue momentum builds ahead of payday super reforms
- Emyria first mover in regulated psychedelic therapy with insurer backing
- TechnologyOne's AI-powered “plus” platform underpins next growth phase
By Danielle Ecuyer
This week's quote comes from Michael Howell, CrossBoarder Capital, The Gold-Bitcoin Axis extract:
"This contest between America’s digital-institutional collateral (”trust our system and technology”) and China’s tangible-commodity collateral (”trust our gold”) is more than an economic rivalry.
Rather, it is a financial front-line in the broader Capital War to win global geopolitical power, accelerated by both nations’ escalating debt and strategic use of State-led industrial policies."
Building a Recurring Revenue One-Stop Shop for Workers
Wrkr Ltd ((WRK)) is a Sydney-based fintech and regtech (regulatory technology) company focused on simplifying workforce compliance from hire to retire.
Formerly known as Integrated Payment Technologies, Wrkr provides cloud-based solutions for payroll, superannuation, and employee onboarding through its Wrkr Platform, Wrkr Pay, SMSF Hub, and Wrkr Ready products.
The company describes itself as a one-stop shop for compliance management across wage payments, super contributions, single touch payroll (STP) and the ATO, including onboarding and compliance checks.
The company services employers, payroll providers, and super funds, helping them meet complex Australian compliance and reporting requirements. Although still loss-making, Wrkr is benefiting from growing regulatory and digitalisation trends, with management aiming to expand its footprint through new partnerships and technology integrations.
MST Access shone a light on the fintech this week following the company's 1Q26 update, where a third consecutive quarter of positive cash flow was achieved at over $0.6m.
Upcoming milestones include the integration and go-live schedule for AustralianSuper and REST, two of Australia’s largest super funds, which are targeted to be ready ahead of the government’s Payday Super reforms due in July 2026. The reforms will require employers to pay super at the same time as wages.
The ClickSuper migration and the launch of a Wrkr small business clearing house solution are also positive developments. ClickSuper was a super-clearing house and superannuation contributions platform in Australia that enabled employers, payroll providers, and super funds to process contributions and administrative tasks in a compliant way. It was acquired by Wrkr.
The analyst commends management for adopting robust cost controls to date. The $15m equity raising at 9c a share in August provided cash for working capital needs, with total cash on hand now around $18.8m.
Wrkr’s headcount rose by 24 to 66 as it invested in engineering and business roles, which are imperative to achieving management's growth strategy. MST sees Wrkr as well-positioned to grow recurring revenue and earnings, assisted by the expected rise in market share as it onboards large super funds, such as AustralianSuper, via the partnership with MUFG Retirement Solutions.
The partnership, awarded following a highly competitive selection process, will provide Wrkr’s platform access to all of MUFG’s superannuation fund customers (around 7m members) both domestically and in Hong Kong ahead of the Payday Super reforms. The AustralianSuper integration follows the earlier REST Superannuation partnership.
Management expects investment will increase negative earnings (EBITDA), with the analyst forecasting -$1.8m in FY26 from -$0.2m in FY25. MST ascribes a target of 15c, up from 13c.
Psychedelic Therapy Clinics Gaining Traction
Euroz Hartley initiated coverage of Emyria ((EMD)), a Perth-based healthcare company involved in the rollout of specialised clinics known as Empax Centres, which deliver psychedelic-assisted therapy (PAT) for Post-Traumatic Stress Disorder (PTSD) and treatment-resistant depression (TRD).
Founded in 2018, it was listed in 2020 and by 2024, following a strategic review, the company moved to focus on mental healthcare.
The industry is heavily regulated and tightly controlled by the Therapeutic Goods Administration (TGA). Reimbursement is critical due to the high treatment cost of around $22,000–$33,000 per course. Emyria is the only provider to have achieved funding arrangements with a private health insurer, Medibank Private ((MPL)).
Mental health continues to worsen globally, and Australia is no exception. In 2024, Medibank Private spent -$219m on mental health hospitalisations, while life insurers paid out over -$2.2bn in mental health-related claims. The Productivity Commission estimates the economic impact of mental ill-health at up to $220bn per annum, or around -$8,800 in lost economic opportunity per Australian each year.
Emyria’s psychedelic-assisted therapy combines substances such as MDMA, psilocybin, or LSD; hallucinogens that alter perception, mood, and cognition. The company is rolling out its Empax clinic network to offer these therapies, with two in Perth and a newly opened site in Brisbane.
Clinics are either leased or operated in partnership with hospitals. The broker expects the partnership model to become the preferred approach. Patients are screened for eligibility, with MDMA-assisted therapy for PTSD and psilocybin-assisted therapy for TRD costing around $11,000 per session, typically requiring two or three sessions.
Clinics are expected to be fully functional by 4Q2025, with capacity for 35 funded dosing sessions per week (1,680 per year). At full utilisation and average pricing, annual revenue could reach $18.5m. Euroz Hartley estimates the total addressable market at $1.4bn, viewing this as conservative.
For the analyst, Emyria’s investment appeal lies in its first-mover advantage in a small, fragmented market with high barriers to entry and secured reimbursement. Executive Chair Greg Hutchinson, former CEO of Sonic HealthPlus and Deputy CEO of Sonic Clinical Services, brings extensive experience.
The stock is rated Buy with a 15c target. Earnings and valuation assumptions include the rollout of around 10 Empax Centres nationally over the next decade, each achieving 80% occupancy.
Each centre adds an incremental 2c to the analyst’s valuation.
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