Enlitic (ASX:ENL) Ended the September 2026 Quarter with US$9.45m in Cash

Aditi Sarkar

29 October 2026 04:31 PM AEDT

Enlitic (ASX:ENL) Ended the September 2026 Quarter with US$9.45m in Cash

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Enlitic (ASX:ENL), Inc. said in its report for the third quarter of its 2026 financial year, the quarter ended 30 September 2026 and released on 29 October 2026, that cash rose to US$9.45m from US$2.05m, mainly because of a A$15m placement, a A$739,000 share purchase plan and convertible note activity. The figures are unaudited. Enlitic's securities trade on the ASX as CHESS Depositary Interests, and it develops artificial intelligence software that manages and standardises medical imaging data.

Revenue, ARR and cash flow

Revenue was about US$0.9m in the quarter, flat on the second quarter. Annual recurring revenue for the Ensight product was about US$760,000 at quarter end, with a further US$360,000 contracted but waiting to go live. Operating cash outflow was US$2.45m, which the company attributed to lower customer receipts of US$0.55m; year-to-date outflow of about US$6.0m to US$6.1m is around 25 per cent lower than a year earlier. Quarterly operating expenditure was about US$3.0m, unchanged on the previous quarter.

The Appendix 4C estimates 3.85 quarters of funding at the current burn rate, although the company said the placement should carry it through to cash-flow break-even. Convertible notes were converted into CDIs, leaving the company debt-free, and its shares were consolidated 10-for-1.

Contracts and customers

Enlitic signed 10 new agreements in the quarter, compared with 17 in the second quarter, with total contract value of about US$1.0m (A$1.4m). Rolling 12-month total contract value was about US$8.34m, down from US$9.39m. The largest contract was a US$806,000 migration project with University of Michigan Health-Sparrow covering about 10.6 million studies, which the company expects to complete within 12 months.

Ensight went live at Radiology Imaging Associates in Colorado and Radiology Consultants of Iowa during the quarter, in addition to RHCNZ in New Zealand earlier, making three go-lives through the Intelerad channel since May 2026.

Product and partnerships

Version 2.3 of Ensight was released on 6 October 2026, after quarter end, expanding the platform from eight to 12 commercial applications. Intelerad remains an established original equipment manufacturer partner, and Sectra was added as a second major OEM. A third OEM integration is in final validation, with details expected before the end of 2026.

How the quarter compares

The report points to a mixed operating picture alongside the stronger balance sheet. Revenue was unchanged on the second quarter and quarterly operating spending held at about US$3.0m, while new agreement signings and rolling contract value both declined. Against that, the company highlighted year-to-date cash outflow roughly a quarter lower than the prior year, the removal of convertible note debt and a growing set of go-lives through OEM channels. The contracted but not yet live annual recurring revenue of about US$360,000 is the portion that would be added to the reported US$760,000 as deployments complete.

Risks and what comes next

The report does not mention any FDA clearances; it says only that the technology meets applicable regulatory requirements across the United States, United Kingdom, European Union, New Zealand and Australia. The company pointed to lumpy contract values, because the timing and size of large enterprise migrations can drive quarter-to-quarter volatility. The US$806,000 University of Michigan Health-Sparrow engagement is a data migration, so its revenue is expected to be recognised as the work is delivered over the coming year. Because the company reports in US dollars while raising funds in Australian dollars, exchange-rate movements are one of the risks it lists. The company also cited the usual forward-looking risks, including product development delays, pipeline conversion, changes in demand and regulation.

Milestones named include delivering contracted migration projects, expanding Ensight go-lives and selling the new version 2.3 applications into the existing customer base, announcing the third OEM integration before the end of 2026, securing larger enterprise contracts and reaching operational cash-flow break-even.

FAQs

Q: What did Enlitic report?

A: The medical imaging software company reported flat quarterly revenue of about US$0.9m and said its recent placement should fund it to cash-flow break-even.

Q: What developments are outlined in the update?

A: Milestones named include delivering contracted migration projects, expanding Ensight go-lives and selling the new version 2.3 applications into the existing customer base, announcing the third OEM integration before the end of 2026, securing larger enterprise contracts and reaching operational cash-flow break-even.

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