Key Highlights

  • The Head CT human imaging pilot study commenced at the Royal Melbourne Hospital during the quarter
  • Micro-X received $1.5 million in Head CT project milestone payments and a further $1.6 million ARPA-H milestone payment
  • Cash balance stood at $3.1 million as at 30 June 2026, following net cash outflows of $0.3 million for the quarter
  • Product sales receipts declined to $0.2 million for the quarter, though $0.6 million of additional Rover sales were confirmed after quarter-end

Shares in Micro-X Ltd (ASX:MX1) fell 7.69% to $0.024 on 3 September 2026, down 0.2 cents, as at 12:09pm AEST. Recently, the company released its Appendix 4C quarterly cashflow report and activities update for the quarter ended 30 June 2026, which detailed a decline in cash balance alongside progress across the company's Head CT and Full Body CT development programs.

Head CT and Full Body CT Progress

During the quarter, Micro-X commenced its Head CT human imaging pilot study at the Royal Melbourne Hospital, the first phase of its clinical validation study involving fine-tuning of algorithms using data from the initial human head images captured with the device. The second phase will involve recruitment of over 100 patients for a blind reading comparison between the Micro-X Head CT and a conventional hospital-based CT device.

The company also completed its second Head CT test bench ahead of installation at the Royal Adelaide Hospital, its second pilot study site, marking completion of Milestones 6b and 7b under the Medical Research Future Fund development program and triggering a $0.4 million payment. Separately, Micro-X completed Milestone 2 of the Industry Growth Program work to develop an ambulance-mounted Head CT device, resulting in a $1.1 million receipt.

The Full Body CT development program advanced to the manufacture of a full-sized engineering prototype after completing its critical design review, a milestone that triggered a $1.6 million payment under the ARPA-H program, received during the quarter.

Checkpoint Security Contract

The US Department of Homeland Security awarded Micro-X a $1.3 million contract extension to accelerate software and Machine Learning activities related to the Micro-X Checkpoint's threat detection capabilities, running concurrently with the department's ongoing laboratory testing. The company completed manufacture of its second and third Checkpoint units ahead of delivery to the DHS, which will join the first prototype unit for evaluation of the Passenger Checkpoint solution by the US Government. Micro-X noted that the resolution of US Government-wide shutdowns did not materially impact the overall timelines of the development program.

Commercial Activity

Micro-X hosted a visit from senior representatives of the Malaysian Ministry of Health together with its distributor, IMS, following IMS's successful tender to Supply Rover Plus units to the Malaysian Government. The company also exhibited the Rover Plus at WHX Miami and the National Athletic Trainers' Association conference in Philadelphia, targeting healthcare and sports market opportunities.

Micro-X completed the first Rover sale to a hospital under its supply agreement with a major US healthcare group, with further sales under discussion. The company continues to pursue several other large Rover sales opportunities, though it noted the outcomes of these remain uncertain.

Financial Position

Product sales receipts from customers declined to $0.2 million for the quarter, though the company confirmed $0.6 million of additional Rover sales after 30 June 2026, comprising $0.4 million received in cash and $0.2 million invoiced for payment. Net cash used in Operating Activities was $3.2 million for the quarter, up from $2.7 million in the March 2026 quarter, reflecting lower product sales receipts partly offset by higher project milestone payments.

Financing cashflows were $2.9 million positive for the quarter, primarily from $3.0 million in proceeds from borrowings, partly offset by Lease principal repayments and transaction costs. Micro-X held cash of $3.1 million at 30 June 2026 following net cash outflows of $0.3 million for the quarter. The company stated it has $8.1 million of contracted development program receipts due from FY27 onwards, subject to meeting development milestones.

Conclusion

Micro-X's June 2026 quarter combined tangible clinical and development progress, including the commencement of human imaging trials for its Head CT device and completion of a critical design review milestone for its Full Body CT program, with a continued decline in product sales receipts and a modest reduction in cash reserves. The $1.5 million in Head CT milestone payments and $1.6 million ARPA-H payment reflect ongoing government-funded support for the company's development pipeline, while the $8.1 million of contracted receipts expected from FY27 onward provides visibility into future funding, subject to milestone achievement. The company's near-term trajectory will likely depend on converting its pipeline of Rover sales discussions into completed transactions alongside continued execution of its Head CT and Checkpoint programs.