Key Highlights

  • Cash was $143,000 at 30 September, against an Appendix 4C estimate of only 0.17 quarters of funding.
  • The company says collections were more than $1.6 million between 1 and 23 October, with more than $1.12 million in the bank on 23 October.
  • ARR and expansion Revenue rose 5.5% to $6.67 million in FY26, making up 93% of customer revenue.
  • Convertible notes at 12% interest mature on 17 June 2027, creating a clear future funding requirement.

Global Health (ASX:GLH), a Melbourne-based healthcare software company, finished the September 2026 quarter with $143,000 in cash and an Appendix 4C estimate of only 0.17 quarters of funding. Even so, in its answers to the ASX funding questions it said it does not expect to need to raise further cash.

The company's explanation is timing. It says customers pay their subscriptions in a seasonal pattern, with September usually its weakest quarter for collections. According to its 26 October 2026 report, it received more than $1.6 million between 1 and 23 October and had more than $1.12 million in the bank on 23 October. That claim, and the trend in its costs, are the central issues for investors.

What Global Health does

Global Health sells software to healthcare providers and consumers. Its products include:

  • MasterCare Plus, a multi-tenant SaaS platform for providers
  • HotHealth, a patient portal
  • ReferralNet, a secure messaging service
  • Lifecard, a personal health record app.

In its FY2026 results on 27 August 2026, the company said it had finished a major upgrade that moved its three on-premises provider applications onto MasterCare Plus. During the September quarter it improved the links between MasterCare and HotHealth and released an upgraded Lifecard app.

FY2026 results and the cost base

For the year to 30 June 2026, the company reported annual Recurring Revenue (ARR) and expansion revenue up 5.5% to $6.67 million, 93% of customer revenue. Total customer revenue fell 2% to $7.18 million because professional services revenue dropped by $530,000. Operating expenses including R&D fell by $880,000 to $8.58 million. The EBITDA loss narrowed to $545,000 from $760,000, and the loss before tax to $758,000 from $866,000. Revenue is recognised over the contract period and is separate from the cash received in any one quarter.

The September 4C shows customer receipts of $2.07 million, against payments of $1.37 million for product and operating costs and $1.19 million for staff. Net operating outflow was $828,000, better than $1.07 million a year earlier. The company says rolling 12-month operating outflow fell 57% to $553,000, partly because AI tools have allowed it to employ fewer staff and contractors. That is the company's own explanation.

Debt and facilities

Financing added a net $235,000 in the quarter, including $346,000 of new borrowings. The company had no unused facilities at quarter end. Its financing facilities total $1.91 million and include convertible notes from sophisticated investors at 12% interest, maturing on 17 June 2027, as well as equipment and insurance premium funding. The convertible note Maturity in mid-2027 is a clear future funding requirement. Whether it is repaid or converted will matter for both cash and dilution.

Risks and upcoming events

The company still has a small cash buffer between seasonal collection peaks, depends on new customers signing and going live on time, and must refinance or settle its convertible notes. Its statement that it does not need new Capital is a forecast that relies on collections continuing as described. A quarter-end balance of $143,000 leaves little room if sales or collections fall short. The company also Issued Shares to an employee in October as a reward.

The Annual General Meeting is scheduled for 2:00pm (AEDT) on Wednesday 25 November 2026. The December quarter 4C, due in late January 2027, will show whether the October collections fed through to a better quarter.