Highlights

  • CurveBeam AI shares rose 5.56% to AUD 0.019 during the morning session on 8 July 2026 after the company released its Q4 FY26 activity report.
  • Customer receipts increased 80% quarter-on-quarter to AUD 2.58 million, compared with AUD 1.43 million in Q3 FY26.
  • The company secured purchase orders for two HiRise systems during Q4 FY26, including one in the US and one for WEGO in China.
  • CurveBeam AI continues to expect China NMPA clearance for HiRise during the second half of calendar year 2026.
  • The company closed the quarter with AUD 1.64 million in cash.

CurveBeam AI Ltd (ASX:CVB) shares moved higher during the morning session on 8 July 2026 after the company released its Appendix 4C and quarterly activity report for the period ended 30 June 2026. The stock rose 5.56% to AUD 0.019, gaining AUD 0.0010 on the day, although it remains down 76.25% over the past year.

The update can be viewed as mixed but broadly constructive, with improved customer receipts, continued China commercialisation progress and validation work for robotic surgery platforms offset by a limited number of purchase orders, ongoing cash outflows and a low quarter-end cash runway. The market reaction suggests investors focused on the sequential improvement in receipts, active sales opportunities and regulatory milestones expected over the coming periods.

About CurveBeam AI

CurveBeam AI develops, manufactures and sells specialised medical imaging CT scanners and AI-enabled SaaS-based clinical assessment solutions. Its technology is designed to support medical practitioners in the assessment and management of musculoskeletal conditions.

The company’s flagship product, HiRise, is a CT scanner capable of performing both weight-bearing and traditional non-weight-bearing CT scans. The platform is positioned for use across orthopaedic and musculoskeletal applications, including areas linked to joint replacement planning and bone health assessment.

CurveBeam AI has its corporate office, AI and intellectual property functions in Melbourne, Australia, while its global operations headquarters are located in Hatfield, Pennsylvania, in the United States. The company has more than 70 employees and is pursuing commercial opportunities across the US, China and other markets.

Customer Receipts Improve Despite Limited New Orders

A key point from the quarterly update was the improvement in customer receipts. CurveBeam AI generated AUD 2.58 million in receipts from customers during Q4 FY26, representing an 80% increase from AUD 1.43 million in Q3 FY26. However, the figure remained below the comparative quarter in FY25, when receipts stood at AUD 5.61 million.

During the quarter, the company secured purchase orders for two HiRise devices. One order was from the US and the other was for WEGO in China. CurveBeam AI noted that several advanced sales opportunities did not close before the end of the quarter but remain active. The company expects these opportunities to contribute positively to purchase orders during Q1 FY27.

CurveBeam AI also carried AUD 4.2 million of purchase orders and receivables into Q1 FY27, compared with AUD 4.8 million carried into Q4 FY26. The company highlighted that revenue recognition typically takes two to six months from purchase order to installation and full payment, meaning quarterly revenue may not always reflect underlying sales progress in the same period.

China Strategy Remains a Key Near-Term Focus

CurveBeam AI continued to progress its China commercialisation strategy during the quarter through its partnership with Weiying and WEGO Orthopaedics. The company submitted responses to feedback from China’s National Medical Products Administration regarding its HiRise application and continues to expect NMPA clearance during the second half of calendar year 2026.

This remains an important milestone for the company. Regulatory clearance would trigger a AUD 1.0 million milestone payment from Weiying/WEGO and is expected to be followed by an initial order for US-manufactured HiRise systems for distribution in China.

Additional milestone payments are also linked to future sales. CurveBeam AI said a further AUD 1.0 million would become payable upon the sale of the first 10 HiRise systems, while AUD 2.0 million would be payable upon the sale of the first 50 systems. These milestone payments would be in addition to revenue generated from product sales.

During the quarter, commercial launch preparations in China also continued. Activities included outreach to key opinion leaders, identification of prospective reference sites and training of personnel across HiRise manufacturing, assembly and service processes. These activities are intended to support market launch preparations once regulatory approval is received.

HiRise Validation Work Advances with Robotic Surgery Platforms

Another important element of the quarterly update was CurveBeam AI’s work with robotic surgery platforms. The company continued to collaborate with the R&D team of a leading robotic surgery platform during Q4 FY26.

As part of the process, the vendor evaluated five HiRise datasets, including four total knee arthroplasty cases and one total hip arthroplasty case. According to the company, all datasets met the vendor’s image quality requirements, with segmentation and landmark detection performing at a level comparable with supine multi-detector CT data.

However, the update also noted that three of the four knee datasets triggered the vendor’s motion rod assessment algorithm during evaluation. CurveBeam AI believes this was linked to imaging artefact associated with the metal rod rather than patient motion. In response, the company has implemented software and hardware refinements aimed at removing the artefact.

The company is now moving into the final phase of patient data collection to complete the validation file with the latest performance metrics. It is also validating product enhancements across two clinical sites, including improved patient stabilisation capabilities and software-based alignment refinements.

CurveBeam AI is also progressing a collaboration with a second leading robotic surgery platform and has expanded validation activities from total knee arthroplasty to include total hip arthroplasty. This broadens the potential market opportunity for HiRise within robotic-assisted orthopaedic surgery.

BMD Software Regulatory Pathway Moves Ahead

CurveBeam AI also provided an update on its Bone Mineral Density software regulatory strategy. The company is now targeting initial FDA clearance for its MDCT BMD software module in Q2 FY27.

The company had submitted its initial FDA 510(k) Class II application for the MDCT BMD module in Q2 FY26. Following feedback from the FDA during the review process, CurveBeam AI is undertaking additional clinical data work to further validate the automated region-of-interest selection functionality.

The strategy is to use the initial MDCT BMD clearance as the basis for a second regulatory submission to expand the BMD capability onto the HiRise platform. This planned Special 510(k) submission will be supported by targeted data collection currently being scoped and budgeted.

CurveBeam AI said the MDCT BMD module offers an opportunity to address rapid fracture risk assessment for elderly patients in acute care settings. The initial target market includes approximately 300,000 hip fracture patients annually across 2,000 to 2,400 acute care hospitals in the US, equal to an estimated 135 patients per site per year.

Cash Outflows Reduce, But Runway Remains Tight

CurveBeam AI reported net cash used in operating activities of AUD 2.429 million for Q4 FY26, down from AUD 4.209 million in Q3 FY26. This represented a 42% reduction in operating cash outflows.

The company ended the quarter with AUD 1.64 million in cash, down from AUD 4.31 million at the start of the period. Based on Q4 operating cash use, estimated available funding stood at 0.67 quarters at quarter-end.

CurveBeam AI addressed this position by noting its announced AUD 5.0 million placement. On a proforma basis, the placement would increase cash to AUD 6.64 million, excluding any funds from the share purchase plan. Based on this proforma position, the company said this would represent approximately 2.7 quarters of cash.

The company also said it is prioritising installations and customer receipt collections in Q1 FY27. It expects net cash outflows to reduce in coming quarters as customer collections increase and as China NMPA clearance progresses.

For the full FY26 year-to-date period, CurveBeam AI recorded AUD 7.784 million in customer receipts and net operating cash outflows of AUD 12.788 million. Payments during Q4 included AUD 2.999 million in staff costs, AUD 1.011 million in product manufacturing and operating costs, AUD 774,000 in administration and corporate costs, AUD 275,000 in research and development and AUD 168,000 in advertising and marketing.

Capital Raise and Milestone Payments Remain Important

The quarterly cash flow report highlighted the importance of the company’s near-term funding position and expected commercial milestones.

CurveBeam AI confirmed it had announced a capital raise expected to generate at least AUD 5.0 million before costs. The company also referred to potential milestone payments from WEGO Orthopaedics. These include AUD 1.0 million linked to NMPA clearance for US-manufactured HiRise and further payments linked to HiRise sales targets.

While the company expects to continue operations and meet its business objectives, the update makes clear that execution on customer collections, installations, China regulatory clearance and purchase order conversion will be central to its near-term position.

What This Means for Investors

CurveBeam AI’s Q4 FY26 update showed several favourable developments, including an 80% quarter-on-quarter rise in customer receipts, continued China regulatory progress, active HiRise purchase opportunities and validation progress with robotic surgery platforms. However, investors are also likely to monitor the company’s cash runway, timing of the AUD 5.0 million placement, conversion of active sales opportunities and delivery of expected China milestones. The share price rise on 8 July 2026 appears connected to the more constructive parts of the update, particularly improved receipts, continued NMPA progress and the company’s expectations for purchase order momentum in Q1 FY27.

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