PainChek (ASX:PCK) Reports Activated Annual Recurring Revenue of A$4.5m and Signed UK

Aditi Sarkar

29 October 2026 04:31 PM AEDT

PainChek (ASX:PCK) Reports Activated Annual Recurring Revenue of A$4.5m and Signed UK

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PainChek (ASX:PCK) Limited , which sells an AI-powered pain assessment app to aged care and healthcare providers, said in its report for the quarter ended 30 September 2026 that activated annual recurring revenue (ARR) reached A$4.514m, up from A$4.462m at 30 June. Activated licences rose to 91,323 from 90,198 and activated customer sites to 2,076 from 1,990. After the quarter ended, the company signed Hallmark Luxury Care Homes in the UK, covering all 23 of its homes.

Operating metrics

The company said quarterly customer revenue, which is unaudited, was A$1.210m compared with A$1.072m in the June quarter. Customer retention was 90 per cent against 85 per cent three months earlier, and cumulative assessments reached 24.49 million. By region, activated licences were 55,734 in Australia and New Zealand, 33,183 in the UK, 811 in the US and 1,595 in Canada. PainChek now reports only activated licences and ARR, with signed business awaiting activation reported separately.

Contracts won and still to activate

Much of the commercial news concerns contracts that have not yet reached the activated base. The company said Hallmark covers about 1,800 licences, with implementation beginning in late January 2027 and full rollout by 30 June 2027. PainChek expects roughly five to six months between signing and cash collection, so Hallmark revenue is not expected until 2027.

In the US, an announcement on 13 October expanded the Sabra relationship to 23 contracted sites across five operators, covering 808 memory care licences, with activation targeted by 31 December 2026. The company says the wider Sabra opportunity of up to 20,000 licences across 192 sites is not contracted. A two-site paid pilot with Silverado covers 203 licences: the first site went live in late September, and the second is targeted for 1 November 2026. The wider Silverado opportunity of up to 2,500 licences depends on the pilot's evaluation. A two-site paid pilot in Canada with AgeCare is targeted to activate on 1 December 2026. The company said discussions with the eight largest US groups are ongoing, with none signed.

Cash flow and funding

Customer receipts were A$1.045m, down from A$1.284m in the prior quarter, which the company attributed to renewal timing. Net operating cash outflow was A$1.714m, compared with A$1.791m in the June quarter. That figure includes A$1.136m of government grants and tax incentives, and excluding them the outflow would have been A$2.850m. Staff payments rose to A$1.854m, reflecting superannuation timing, a CEO transition overlap and new technology and sales hires.

Cash at quarter end was A$4.269m, down from A$5.995m. The Appendix 4C estimates about 2.5 quarters of funding, a historical calculation that includes the grant receipt and is not a forecast. The company has A$5.5m of unsecured convertible notes issued in May 2026, fully drawn, with a 12-month maturity, interest of 12 per cent a year paid monthly and conversion into ordinary shares at A$0.195 before maturity. Conversion could dilute shareholders. PainChek has not issued formal revenue or earnings guidance.

Leadership and other developments

Karen Holzberger started as chief executive on 17 August 2026, and Lil Bianchi has been non-executive chair since 25 May 2026. Directors Ross Harricks and John Murray have retired, and the company has begun a search for directors with US healthcare commercialisation experience.

A PainChek Infant pilot started on 1 July 2026 across 10 to 12 community pharmacies in South Australia. The company said it will review the commercial case for home care once US reimbursement changes are clearer, expected by calendar second quarter 2027.

Next milestones

Dates the company has set include the second Silverado site go-live on 1 November 2026, AgeCare activation on 1 December, Sabra activation by 31 December, the Hallmark rollout start in late January 2027 and its completion by 30 June 2027. The main risks it identified are the lag between signing and billing, pilots without firm commitments, ongoing operating outflows against the cash balance and dilution from the convertible notes.

FAQs

Q: What did PainChek report?

A: The aged care pain-assessment app developer's September quarter report shows steady licence growth, new contracts yet to activate and cash of A$4.27m.

Q: What developments are outlined in the update?

A: Dates the company has set include the second Silverado site go-live on 1 November 2026, AgeCare activation on 1 December, Sabra activation by 31 December, the Hallmark rollout start in late January 2027 and its completion by 30 June 2027. The main risks it identified are the lag between signing and billing, pilots without firm commitments, ongoing operating.

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