Highlights

  • PainChek describes a wider opportunity of up to 20,000 licences, but that is not contracted demand.
  • The first site went live at the end of September, and the second is targeted for 1 November 2026.
  • On the outflow excluding grants, the runway would be shorter, and a simple calculation gives roughly 1.5 quarters.
  • It says cost-saving initiatives are in progress but gave no amounts, and it provided no financial forecast.

PainChek (ASX:PCK) has reported its quarter to 30 September 2026, pairing growth in licences and recurring revenue with new US and UK contract wins and a cash balance that the company's own figures show is limited. The company, which sells a smartphone-based pain assessment tool for people with dementia and communication difficulties, says much of its current reported performance reflects contracts signed in the first half of 2026 rather than its most recent signings.

Operating Metrics

Activated licences rose 1.2 per cent over the quarter to 91,323, a net gain of 1,125, and activated annualised recurring revenue was A$4.514 million. Activated customer sites reached 2,076, retention improved to 90 per cent from 85 per cent, and cumulative assessments reached 24.49 million, including 3.11 million in the quarter. Unaudited customer revenue for the quarter was A$1.210 million.

By region, activated annualised recurring revenue was A$2.54 million in Australia and New Zealand, A$1.87 million in the UK and about A$0.04 million in the US, where 811 licences are active. The company has changed its reporting to show activated licences, sites and revenue, with signed but not yet activated business reported separately.

New Contracts And Pilots

After quarter-end, the company said Sabra expanded from two to 23 contracted sites across five operators, covering 808 memory care licences, with activation targeted by 31 December 2026. PainChek describes a wider opportunity of up to 20,000 licences, but that is not contracted demand.

In the UK, Hallmark Luxury Care Homes signed for all 23 of its homes in England and Wales, about 1,800 licences. Implementation starts in late January 2027, with full rollout expected by 30 June 2027, and none of it is in the September figures.

In the US, a two-site paid pilot with Silverado covers 203 licences. The first site went live at the end of September, and the second is targeted for 1 November 2026. A wider rollout of up to 2,500 licences depends on evaluation and new agreements. A paid Canadian pilot with AgeCare is targeting activation on 1 December 2026.

Cash And Funding

Customer receipts were A$1.045 million, down 18.6 per cent on the June quarter. Net operating outflow was A$1.714 million, but that included A$1.136 million of government grants and tax incentives; without them the outflow would have been A$2.850 million. Staff payments rose to A$1.854 million on timing, transition overlap and new hires.

Cash at 30 September was A$4.269 million, down from A$5.995 million. The Appendix 4C states about 2.5 quarters of funding on the September outflow, though the company notes this includes the grant benefit and is not a forecast. On the outflow excluding grants, the runway would be shorter, and a simple calculation gives roughly 1.5 quarters.

PainChek also has A$5.5 million of unsecured convertible notes issued in May 2026, fully drawn, with a 12-month maturity, 12 per cent interest paid monthly and a conversion price of A$0.195 per share. It says cost-saving initiatives are in progress but gave no amounts, and it provided no financial forecast.

Leadership And Product

Karen Holzberger became chief executive on 17 August 2026, based in the US, and Lil Bianchi has been non-executive chair since 25 May 2026. Two directors have retired, and a search is under way for directors with US healthcare commercialisation experience.

Next Milestones

The company's stated milestones are the Silverado second-site go-live on 1 November 2026, AgeCare activation targeted for 1 December 2026, Sabra activation by 31 December 2026 and the Hallmark rollout from late January to 30 June 2027.