- 01Record UK revenue: $376k in September, up 80% y/y.
- 02New universities drove 42% of quarterly revenue.
- 0321 rollouts, including 15 US sites, target December.
IODM Limited (ASX: IOD) has delivered record September revenue from its UK education business as new universities begin contributing to its payments platform.
September revenue climbed 79.9% from a year earlier to $375,908, surpassing the previous monthly record set in October 2025 by 18.6%.
UK education revenue for the September quarter reached $827,469, up 21% from $682,400 in the corresponding period last year.
New university customers contributed $159,094 for the month, alongside $216,814 from established institutions, demonstrating the growing importance of recent implementations.
The performance comes as IODM advances 21 university implementations across the UK, Europe and the US, with the entire cohort expected to contribute by the end of December.
New Universities Drive Growth
Universities newly implemented on the platform accounted for 42% of quarterly UK revenue, extending the contribution beyond the established customer base.
Six more institutions moved into implementation across the UK and Europe during the quarter as IODM pursued expansion through partner relationships and a more flexible commercial model.
The company’s university account base reached 43 at September-end, comprising 15 established institutions, seven onboarded universities, and 21 undergoing implementation.
“Record September revenue demonstrates the progress IODM is making in building a more diversified and scalable education business,” chief executive officer Mark Reilly said.
“As we move through the Northern Hemisphere peak revenue and collection period, our focus remains on disciplined delivery and converting this expanding platform footprint into sustained operating momentum.”
US Rollout Implementation
15 universities in the US began implementation with payments partner TransferMate, marking the first disclosed deployment cohort from a previously identified portfolio of 283 institutions.
The rollout uses a model intended to deploy the IODM Connect platform across multiple universities through one partner relationship rather than negotiating separately with each institution.
TransferMate has indicated that the first 15 US institutions are expected to go live by 31 December, providing an initial base for the North American business.
Management is prioritising completion of implementations and wider adoption within existing universities during the Northern Hemisphere student payment and collection season.
Cash Flow and Funding
Customer receipts totalled $765,000 for the quarter, compared with $850,000 a year earlier and $803,000 in the preceding three months.
IODM attributed the timing difference partly to September revenue being settled in October, while October is traditionally its strongest revenue month and is expected to support November receipts.
Net operating cash outflow was $611,000, leaving $747,000 in cash at 30 September and an estimated 1.2 quarters of funding at the current expenditure rate.
Equity issues provided $928,000 during the quarter, while $1.4 million of loan facilities was fully drawn and no unused financing capacity remained.
The company expects a research and development tax incentive of approximately $500,000 during the December quarter and plans to manage liquidity closely as university collections and the US rollout progress.
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