No revenue yet, but MOSAIC now has live evidence across every freight mode and direction
Yojee (ASX:YOJ) has signed Wayfinder Cargo Solutions as the second commercial customer on its MOSAIC freight forwarding platform. It is the second signing this quarter, and it lands ahead of MOSAIC’s full commercial release.
On paper, Wayfinder is a small Australian multi-modal forwarder out of northern New South Wales. The reason it matters is what it adds to MOSAIC’s operational footprint, not what it pays. The early adopter period runs from 8 June to 31 August 2026, with no fees during onboarding, and the parties intend to flip into a revenue generating SaaS contract from 1 September 2026.
Yojee has been upfront that fees under this contract are not material revenue. What is material is that MOSAIC now operates across air export, air import, ocean export and ocean import. That is the full freight matrix a forwarder works in, and it is the proof point Yojee needs before it opens the gates on broader commercial rollout.
For investors who have watched MOSAIC move from Beta in September 2025 to first commercial customer in April 2026 to this signing in June 2026, the cadence is the story.
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Why a smaller customer is the right customer right now
Wayfinder is, in the CEO’s own words, smaller by design. Yojee did not need a large enterprise forwarder at this stage. It needed a customer that would push MOSAIC into modes the platform had not yet operated in commercially.
Wayfinder delivers exactly that. The first commercial customer was running live sea imports. Wayfinder adds air import and ocean export to the live stack, which means every quadrant of the freight matrix now has real-world data behind it.
The skeptical read is that this is execution theatre rather than commercial traction, and we think that critique has weight until the September 2026 paid contracts are signed. But strategically, broadening the customs message types validated through the Australian Integrated Cargo System before opening the gates is the right sequencing.
The September 2026 transition is now the number that matters
The contract itself is a usage-based SaaS agreement, but it is structured in two phases. The early adopter phase is free while Yojee onboards and integrates. The intent is to transition to a fully loaded, revenue generating contract from 1 September 2026.
That date is now the live catalyst. Two commercial customers signed, both due to flip into paid SaaS, and a full commercial release sitting behind them. If both transitions land cleanly, Yojee enters FY27 with a small but real recurring revenue base and a marketable case study across every freight mode.
If either slips or terminates under the 30-day convenience clause, the commercialisation narrative gets harder to defend. There is no in-between outcome here.
The Investors Takeaway for Yojee
The next three months are about onboarding execution rather than sales. Yojee has deliberately throttled customer intake to refine onboarding, training and customer success before the gates open. That is a defensible strategy if the September transitions land. It is a slow drip of news flow if they do not.
We think investors should watch two things between now and the September commercial release. First, whether either early adopter exercises the 30-day termination clause. Second, what the pricing on the fully loaded SaaS contracts actually looks like once disclosed, because that sets the unit economics for every customer that follows.
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