WRKR LIMITED (WRK)
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02/11/2026

1

Speculative Buy

$0.12

50.00%

Wrkr delivered annual recurring revenue growth for the first time in the September quarter. There were no receipts from new clearing-house transactions although Bell Potter notes activity is building quickly.

Cash conversion was weak, as the company worked through purchase orders with its strategic partner.

From November, Wrkr is expected to begin processing STN contribution messages which account for 50% of transaction revenue and should bridge the gap to revenue expectations, the broker notes.

Speculative Buy. Target is 12c.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.10 cents.
Bell Potter forecasts a full year FY28 dividend of 0.00 cents and EPS of 0.20 cents.

07/05/2026

-1

No Rating

50.00%

Wrkr's Q3 update shows continued investment ahead of growth, Research as a Service (RaaS) highlights. This includes onboarding of new clients, contributions from the PaidRight acquisition, and product development linked to Payday Super.

Onboarding progress is mixed, the broker observes, with larger employers showing strong uptake, while mid-sized clients are slower, prompting a delay to full onboarding assumptions into FY27.

The analyst makes modest revenue forecast downgrades, partly offset by higher float income. RaaS maintains a valuation of $0.125 per share, noting longer-term growth potential from compliance-driven tailwinds and client migration initiatives.

Research as a Service (RaaS) research doesn't carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.

FORECAST
Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.56 cents.