Want to see AU:MX1 full AI Analyst Report?
Top Page
Micro-X Ltd.
(Sydney:MX1)
Select Model
Select Model
Rating:50Neutral
Price Target:
AU$0.05
▲(80.00% Upside)
Action:Reiterated
Date:10/02/26
The score is held down primarily by weak financial performance: persistent losses, unstable gross profitability, sustained cash burn, and rising leverage as equity shrinks. Technicals provide a meaningful offset, with the stock trading above key moving averages and positive momentum, though RSI suggests it may be stretched short term. Valuation is also a limiter due to negative earnings (negative P/E) and no dividend yield provided.
Positive Factors
Proprietary compact X-ray platform
The proprietary cold cathode platform gives Micro-X a defined technology foundation across imaging products. Its potential size, weight and power advantages are relevant to portable medical and security applications, supporting durable differentiation if customers continue adopting compact systems.
Negative Factors
Persistent unprofitability
The company remains far from break-even, with losses large relative to sales and unstable gross profitability. This weak earnings base limits internally funded investment, makes operating performance sensitive to cost changes, and leaves future growth dependent on achieving substantial margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Proprietary compact X-ray platform
The proprietary cold cathode platform gives Micro-X a defined technology foundation across imaging products. Its potential size, weight and power advantages are relevant to portable medical and security applications, supporting durable differentiation if customers continue adopting compact systems.
Read all positive factors
Micro-X Ltd. (MX1) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$43.64M
Dividend YieldN/A
Average Volume (3M)3.02M
Price to Earnings (P/E)―
Beta (1Y)0.18
Revenue Growth15.58%
EPS Growth37.17%
CountryAU
Employees7,935
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.01
Shares Outstanding752,436,800
10 Day Avg. Volume2,236,112
30 Day Avg. Volume3,021,840
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)4.98
Price to Sales (P/S)1.62
P/FCF Ratio-2.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.06Price Target Upside100.00% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)AU$22.96M
Micro-X Ltd. Business Overview & Revenue Model
Company Description
Micro-X Limited designs, develops, manufactures, and commercializes imaging products for healthcare, defense, and security markets through cold cathode X-ray technology. The company provides carbon nanotube-based X-ray products, including core X-r...
How the Company Makes Money
Micro-X makes money primarily by selling imaging products and related services that incorporate its X-ray source technology. Key revenue streams include: (1) Product sales of X-ray imaging systems: Revenue is generated from the sale of complete im...
Micro-X Ltd. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
44
Neutral
Cash Flow
21
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 15.09M | 13.05M | 15.22M | 15.01M | 8.97M |
| Gross Profit | -9.15M | 10.32M | 5.74M | -7.11M | -12.33M |
| EBITDA | -15.80M | -11.76M | -14.35M | -15.54M | -19.02M |
| Net Income | -9.88M | -13.89M | -9.77M | -10.75M | -17.09M |
Balance Sheet | |||||
| Total Assets | 19.72M | 22.11M | 26.89M | 30.30M | 31.28M |
| Cash, Cash Equivalents and Short-Term Investments | 3.14M | 3.24M | 3.23M | 5.22M | 10.30M |
| Total Debt | 6.48M | 6.53M | 3.99M | 4.77M | 5.38M |
| Total Liabilities | 14.81M | 14.56M | 12.63M | 13.17M | 12.05M |
| Stockholders Equity | 4.91M | 7.55M | 14.26M | 17.13M | 19.22M |
Cash Flow | |||||
| Free Cash Flow | -9.07M | -8.69M | -6.80M | -11.77M | -19.22M |
| Operating Cash Flow | -8.92M | -8.59M | -6.43M | -10.99M | -18.11M |
| Investing Cash Flow | -144.00K | -100.00K | -369.00K | -779.00K | -1.11M |
| Financing Cash Flow | 8.96M | 8.71M | 4.81M | 6.69M | -612.00K |
Micro-X Ltd. Technical Analysis
Positive
0.03
Price Trends
0.04
Positive
0.04
Positive
0.05
Positive
Market Momentum
<0.01
Positive
67.00
Neutral
37.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MX1, the sentiment is Positive. The current price of 0.03 is below the 20-day moving average (MA) of 0.06, below the 50-day MA of 0.04, and below the 200-day MA of 0.05, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 67.00 is Neutral, neither overbought nor oversold. The STOCH value of 37.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:MX1.
Micro-X Ltd. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | AU$48.94M | 218.18 | 0.93% | ― | 18.54% | ― | |
55 Neutral | AU$2.31B | -9.67 | -288.42% | ― | 20.64% | -457.40% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | AU$43.64M | -4.06 | -188.06% | ― | 15.58% | 37.17% | |
50 Neutral | AU$145.94M | -16.87 | -46.84% | ― | ― | 20.40% | |
41 Neutral | AU$46.52M | -2.31 | -62.14% | 0.64% | 12.05% | -31.71% | |
40 Underperform | AU$493.04M | -8.19 | -184.93% | ― | -68.64% | 36.40% |
* Healthcare Sector Average
AU:MX1
Micro-X Ltd.
0.06
-0.04
-42.00%
AU:CMP
Compumedics Limited
0.24
-0.11
-32.39%
AU:CYC
Cyclopharm Limited
0.36
-0.30
-45.04%
AU:EMV
EMvision Medical Devices Ltd.
1.53
-0.34
-18.01%
AU:4DX
4DMedical Ltd
3.77
1.79
90.40%
AU:IMR
Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh
1.34
-0.11
-7.90%
Micro-X Ltd. Corporate Events
Micro-X Director Patrick O’Brien Adds 500,000 Convertible Notes to Indirect Holdings
Oct 9, 2026
Micro-X Limited has reported a change in director Patrick O’Brien’s interests, with the acquisition of 500,000 convertible notes through two private entities in which he is both a director and beneficiary. The notes, priced at $1.00 ea...
Micro-X director increases stake through convertible note purchase
Oct 9, 2026
Micro-X Limited has disclosed a change in director Andrew Hartmann’s interests, noting his acquisition of 10,000 convertible notes at $1.00 per note while retaining his existing holding of 357,143 fully paid ordinary shares. The transaction,...
Micro-X Director Jim McDowell Increases Holdings via Convertible Notes
Oct 9, 2026
Micro-X Limited has disclosed a change in the interests of director Jim McDowell, as required under ASX listing rules. The notice details both his direct and indirect holdings, including those held through McDowell Family Super Pty Ltd, reflecting...
Micro-X Director Boosts Stake With Convertible Notes Purchase
Oct 9, 2026
Micro-X Limited has disclosed a change in director Ilona Meyer’s interests, reporting the acquisition of 60,000 convertible notes at $1.00 each while retaining her existing holding of 589,043 fully paid ordinary shares. The transaction, cond...
Micro-X Issues 1.67 Million Unquoted Convertible Notes to Support Capital Needs
Oct 9, 2026
Micro-X Limited has notified the market of the issue of 1,670,000 unquoted convertible notes, recorded under the ASX security code MX1AE. The notes, which are not intended to be quoted on the ASX, were issued on October 9, 2026, as part of previou...
Micro-X Secures $7m in Convertible Notes to Drive CT and Mobile Imaging Push
Oct 9, 2026
Micro-X Ltd. has secured $7 million of its previously announced $8 million convertible note financing, following shareholder approval and participation from company Directors and Thorney Investment Group’s TIGA Trading. The funding structure...
Micro-X Shareholders Approve Key Convertible Note Financing Resolutions
Sep 28, 2026
Micro-X Limited shareholders have approved a series of resolutions at an extraordinary general meeting enabling the ratification and issuance of convertible notes to unrelated investors, specific individuals including Mr Patrick O’Brien, Ms ...
Micro-X Wins DHS Extension to Advance Mini CT Baggage Scanner Toward Market
Sep 28, 2026
Micro-X’s U.S. subsidiary has secured a US$0.75 million extension from the Department of Homeland Security’s Science and Technology Directorate to advance its Miniaturised CT Baggage Scanner toward scalable manufacturing. The eight-mon...
Micro-X director Patrick O’Brien lifts indirect shareholding
Sep 24, 2026
Micro-X Limited has disclosed a change in the indirect holdings of director Patrick O’Brien, reflecting an on-market purchase of additional fully paid ordinary shares. The transaction, conducted through entities where O’Brien is both a...
Micro-X denies undisclosed news behind share volatility as chairman boosts stake
Sep 23, 2026
Micro-X has responded to an ASX price query by stating it is not aware of any undisclosed information that could explain recent trading activity in its shares, which have seen elevated volumes at historically low levels before a recovery to prices...
Micro-X Showcases Strategic Reset and CT Imaging Push at Investor Open Day
Sep 10, 2026
Micro-X has briefed investors on a strategic reset under new leadership, emphasising a refined focus on medical imaging and leveraging its proprietary Nano Electronic X-ray platform across Head CT, full-body CT and security CT programs. The Invest...
Micro-X Flags Expiry of More Than 7 Million Performance Rights
Sep 9, 2026
Micro-X Ltd. has notified the market of the cessation of 7,033,725 performance rights (ASX code MX1AG), following their expiry without being exercised or converted on 9 September 2026. The expiration of these unexercised performance rights reduces...
Micro-X Issues New Shares Under Incentive Plan, Confirms Regulatory Compliance
Sep 9, 2026
Micro-X Ltd. has issued 111,050 fully paid ordinary shares under its incentive plan, expanding its share capital as part of remuneration or performance-based awards. The company confirmed the shares were issued without a prospectus, relying on pro...
Micro-X Seeks ASX Quotation for Additional Ordinary Shares
Sep 9, 2026
Micro-X Limited has lodged a new application with the ASX for quotation of additional ordinary fully paid shares. The filing relates to 111,050 MX1 securities, which are to be admitted to trading as part of its ongoing capital management activitie...
Perennial Exits Substantial Holder Position in Micro-X
Sep 3, 2026
Perennial Value Management has lodged a notice that it has ceased to be a substantial shareholder in Micro-X Ltd., following a series of on‑market share disposals executed through HSBC and Citicorp Nominees during August and early September ...
Micro-X Calls Extraordinary Meeting to Approve $8m Convertible Note Raise
Aug 28, 2026
Micro-X Limited has called an extraordinary general meeting for 28 September 2026 to seek shareholder approval for a series of capital-raising measures via convertible notes. The company has issued 5.33 million notes to sophisticated and professio...
Micro-X Narrows Annual Loss as Revenue Rises but Balance Sheet Weakens
Aug 28, 2026
Micro-X Limited reported a 16% rise in revenue from ordinary activities to $15.1 million for the year ended 30 June 2026, signalling increased commercial traction in its imaging technologies. Despite the top-line growth, the company remained loss-...
Micro-X to showcase medical CT strategy at 2026 Investor Open Day
Aug 18, 2026
Micro-X Ltd, a leader in cold cathode X-ray technology, is pushing into global healthcare and security markets with compact, mobile imaging systems designed at its vertically integrated Adelaide facility and supported by a technical and commercial...
Micro-X Updates Market on Expiry of 10.8m Performance Rights
Aug 14, 2026
Micro-X Ltd. has notified the ASX of the cessation of 10,805,135 performance rights, recorded under the MX1AG security code, following their expiry without being exercised or converted on 14 August 2026. The lapse of these rights reduces the pool ...
Micro-X Issues Incentive Plan Shares and Affirms Regulatory Compliance
Aug 14, 2026
Micro-X Ltd has issued 4,292,841 fully paid ordinary shares under its incentive plan, expanding its share capital base to reward or retain eligible participants. The issuance is part of the company’s ongoing use of equity-based compensation,...
Micro-X Seeks ASX Quotation for Additional Ordinary Shares
Aug 14, 2026
Micro-X Ltd. has applied for quotation of 4,292,841 ordinary fully paid shares on the ASX, with an issue date of August 14, 2026. The application, lodged as a new announcement under Appendix 2A of the ASX Listing Rules, formalizes the admission of...
Micro-X Issues 5.33m Convertible Notes Under Corporations Act Exemption
Aug 12, 2026
Micro-X Ltd. has issued 5,330,000 convertible notes, expanding its capital structure through an instrument that can be converted into equity at a later date. The company disclosed that the notes were issued without a prospectus under the relevant ...
Micro-X Raises Capital Through Unquoted Convertible Notes Issue
Aug 12, 2026
Micro-X Ltd. has notified the market of the issue of 5,330,000 unquoted convertible notes, formalised under an Appendix 3G filing with the ASX. The new notes, which are not intended to be quoted on the exchange, represent a fresh layer of converti...
Micro-X outlines NEX-based medical imaging strategy with strict disclosure limits
Aug 3, 2026
Micro-X Limited has released a board-approved presentation outlining its strategy to apply its NEX Technology to transform medical CT and broaden access to advanced medical imaging. The document emphasizes that the material is a high-level summary...
Micro-X plans 8 million convertible note issue
Aug 3, 2026
Micro-X Limited has lodged an Appendix 3B with the ASX outlining a proposed placement of new securities in the form of convertible notes. The company plans to issue up to 8,000,000 convertible notes under a new class, with an expected issue date o...
Micro-X installs new CEO, refocuses on medical CT and locks in $8m funding
Aug 3, 2026
Micro-X is reshaping its leadership and strategic direction, appointing longtime technologist Brian Gonzales as group CEO while pivoting its development priorities toward medical CT, its largest future market. Gonzales, who has led key U.S. contra...
Micro-X Advances CT and Security Projects as Funded Milestones Offset Weak Sales
Jul 31, 2026
Micro-X reported progress across its funded development programs in the June quarter, highlighted by the start of a human imaging pilot study for its Head CT device at the Royal Melbourne Hospital. A second test bench was completed for the Royal A...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.