Q1 FY27 results: Micro-X outlines early progress on its strategic reset
In its 4 November 2026 quarterly results presentation, Micro-X (ASX: MX1) outlined 10 Rover units ordered in the September quarter and 7 units ordered in October 2026. The presentation highlighted this as the strongest quarter of Rover orders outside the Malaysian tender.
The presentation covered the September 2026 quarter (Q1 FY27), including developments to 4 November 2026. Management said the strategic reset under new leadership was being implemented from the beginning of FY27, making this the first set of results measured against it.
Key points from the quarter at a glance:
- $1.6M ARPA-H milestone payment received
- US$0.75M (approximately A$1.05M) Department of Homeland Security (DHS) contract extension
- $3M+ annualised cost savings implemented
- $4.4M cash at 30 September
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Strategic reset priorities and Rover sales momentum
Four priorities under new leadership
Management detailed four priorities:
- Grow Rover Sales: establish a scalable and profitable business to generate revenue and support future CT.
- Focus on Medical CT: prioritise Head CT, advance it to a Clinical Imaging Validation trial, and continue Full Body Medical CT funded by the US Advanced Research Projects Agency for Health (ARPA-H).
- Deliver Funded Development Programs: continue delivering funded programs to help meet revenue goals.
- Reduce and Control Costs: reduce the cost base and introduce stronger financial controls.
Rover orders and RoverX launch
Management highlighted orders across the US, EMEA and Asia Pacific, with examples including the Philippines (2 units) and a US Professional Hockey Team (2 units). The Rover pipeline has increased threefold, and management cited a Rover demonstration in South America as an example.
Unit counts are purchase orders received. Product sales receipts of $1.2M in Q1 FY27 include payments for prior-quarter orders, September quarter orders and prepayments, so they do not align directly with units ordered.
RoverX was released in October, with new features focused on customer feedback. The presentation pointed to higher margins and a more cost-effective manufacturing process, and framed the product around four themes: More Confidence, More Protection, More Ease and More Reliability.
The launch plan includes a roadshow demonstration in Las Vegas focused on Radiographer Appreciation week, an appearance at RSNA from 29 November to 3 December, and direct demonstrations with early customers lined up.
Why carbon nanotube X-ray and CT matter
Carbon nanotube (CNT) X-ray technology is the core of Micro-X’s NEX Technology Platform. The company’s stated goal is advanced imaging wherever a patient requires care, which is the aim behind its Rover mobile system and its CT programs.
Head CT in an ambulance and Full Body CT are the focus because Rover revenue is intended to support future CT. Management listed the following credentials:
- Vertically integrated manufacturing of all components in the imaging system, at its own production base in Adelaide
- 11 patent jurisdictions
- 400+ X-ray systems sold
- $90M+ partnership funding
Medical CT and funded development progress
Head CT
The Australian Stroke Alliance presented the first de-identified human Head CT images at the World Stroke Congress in Seoul, South Korea. Images from the Royal Melbourne Hospital pilot study show an infarct consistent with conventional CT.
The Royal Melbourne images sit within a 108-patient clinical study spanning four brain pathology conditions, with the data intended to feed algorithm refinement and shape the regulatory pathway.
Management also said a new tube design was demonstrated to improve manufacturability at scale, and that design work for integration into a real ambulance is progressing on track. It noted that spatial and contrast resolution in human imaging must improve further before clinical validation.
Full Body CT
The company received a $1.6M ARPA-H milestone payment in the September 2026 quarter. The engineering prototype has produced CT images of phantoms since October, and Sandia National Laboratories evaluated it on 16 to 18 October.
The prototype follows an earlier Critical Design Review that validated four core subsystems: the CT detector array, multi-tube potted array, high-speed tube switching and system control.
Security development
DHS granted a US$0.75M (approx. A$1.05M), eight-month extension to deliver an upgraded, more manufacturable CT Baggage Scanner. A two-booth self-screening checkpoint has been completed in Seattle, and the original Miniaturised CT Baggage Scanner is installed at the Transportation Security Administration (TSA) test facility in Washington DC for workflow testing.
Financial results and cost reductions
The presentation reported quarter-end cash of $4.4M, based on the Appendix 4C for the quarters ended 30 June and 30 September 2026 (unaudited, and figures may not add due to rounding).
| A$M | Jun 2026 qtr | Sep 2026 qtr |
|---|---|---|
| Product sales receipts | $0.2M | $1.2M |
| Total receipts | $4.6M | $4.9M |
| Operating payments | ($7.8M) | ($9.2M) |
| Net operating cash flow | ($3.2M) | ($4.4M) |
| Net financing cash flow | $2.9M | $5.7M |
| Cash at end of quarter | $3.1M | $4.4M |
Pro forma cash of $8.6M, before other post-quarter cash flows, comprises:
- Cash at 30 September: $4.4M
- Note tranches: +$1.85M, net proceeds from the October and December 2026 convertible note tranches after the 7.5% underwriting fee
- R&D refund: +$2.3M, expected in the December 2026 quarter, net of repaying the $3.03M R&D loan facility, subject to ATO timing
The 4C item 8.5 funding measure shows 1.0 quarter based on 30 September cash only. On pro forma cash, this rises to 2.0 quarters at the September quarter outflow, with a further $5.3M of contracted receipts, subject to milestones.
September operating payments included $0.5M of one-off restructuring costs, the $0.3M final quarterly superannuation payment and $0.9M of ARPA-H funded pass-through payments.
Underlying staff costs were $3.7M, down 5% on the June quarter. The reported figure of $4.7M excludes $0.5M restructuring, $0.3M final quarterly superannuation and $0.2M pay-run timing in arriving at the underlying number. Because roles left progressively through the quarter, the full benefit of the $3M+ annualised savings is expected to flow from the December 2026 quarter (Q2 FY27).
What happens next for Micro-X
Management listed the following milestones, noting that dates are current expectations and may change:
- Early November 2026: ARPA-H decision on progression to Phase II for Full Body CT.
- 12 November 2026: Annual General Meeting.
- November 2026: first fully integrated Head CT ambulance model.
- 29 November to 3 December 2026: RoverX launch at RSNA (Radiological Society of North America) in Chicago, after commercial release in October.
- 1 December 2026: final $1M convertible note tranche, $0.925M net of fees.
- December 2026 quarter: R&D Tax Incentive refund anticipated, about $2.3M net of the R&D loan, subject to ATO timing.
- This quarter: DHS testing of the two-booth checkpoint.
Management closed by pointing to Rover orders, the first human Head CT images and cost savings already delivered. Its stated execution priorities are converting Rover momentum into sales receipts and improving Head CT image quality ahead of clinical validation.
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