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Micro-X Ltd.
(Sydney:MX1)
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Rating:40Underperform
Price Target:
AU$0.02
â–¼(-20.00% Downside)
Action:Downgraded
Date:08/29/26
The score is primarily constrained by weak financial performance, driven by persistent operating losses, recurring cash burn, and a weakening balance sheet as equity has eroded and leverage increased. Technical indicators add further pressure, with the stock trading below all major moving averages and bearish momentum signals. Valuation is also limited by negative earnings (negative P/E) and no dividend yield data to provide support.
Positive Factors
Proprietary compact X-ray technology
A proprietary cold cathode platform can support differentiated imaging products where size, weight and power consumption matter. If successfully commercialised, the technology may underpin multiple product generations and create longer-term OEM or licensing opportunities.
Negative Factors
Persistent unprofitable operations
Large recurring losses show that revenue growth has not yet translated into a sustainable operating model. Unless product volumes, pricing or costs improve materially, continued losses could constrain investment, weaken negotiating power and require additional funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Proprietary compact X-ray technology
A proprietary cold cathode platform can support differentiated imaging products where size, weight and power consumption matter. If successfully commercialised, the technology may underpin multiple product generations and create longer-term OEM or licensing opportunities.
Read all positive factors
Micro-X Ltd. (MX1) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$18.81M
Dividend YieldN/A
Average Volume (3M)579.42K
Price to Earnings (P/E)―
Beta (1Y)0.68
Revenue Growth15.58%
EPS Growth37.17%
CountryAU
Employees7,935
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.01
Shares Outstanding752,325,800
10 Day Avg. Volume492,935
30 Day Avg. Volume579,420
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$23.00M
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
Neutral
0.03
Price Trends
0.03
Negative
0.04
Negative
0.06
Negative
Market Momentum
>-0.01
Positive
50.25
Neutral
41.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MX1, the sentiment is Neutral. The current price of 0.03 is above the 20-day moving average (MA) of 0.03, below the 50-day MA of 0.03, and below the 200-day MA of 0.06, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 50.25 is Neutral, neither overbought nor oversold. The STOCH value of 41.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
61 Neutral | AU$50.94M | 218.18 | 0.93% | ― | 18.54% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | AU$155.24M | -19.28 | -46.84% | ― | ― | 20.40% | |
50 Neutral | AU$706.39M | -12.12 | -184.93% | ― | -68.64% | 36.40% | |
46 Neutral | AU$2.18B | -8.68 | -288.42% | ― | 20.64% | -457.40% | |
42 Neutral | AU$64.75M | -3.44 | -62.14% | ― | 12.05% | -31.71% | |
40 Underperform | AU$18.81M | -1.89 | -180.06% | ― | 15.58% | 37.17% |
* Healthcare Sector Average
AU:MX1
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Micro-X Ltd. Corporate Events
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...
Micro-X issues new shares on conversion of notes, affirms regulatory compliance
Jun 30, 2026
Micro-X Ltd. has issued 50,000 fully paid ordinary shares at $0.40 each following the conversion of convertible notes, modestly expanding its share capital base. The company confirmed the shares were issued without a prospectus under Australian la...
Micro-X adds 50,000 new shares to ASX quotation
Jun 30, 2026
Micro-X Ltd. has applied for quotation of 50,000 new ordinary fully paid shares on the Australian Securities Exchange, with the securities issued on June 30, 2026. The relatively small issuance, arising from the exercise or conversion of existing ...
Micro-X Seeks ASX Quotation for 18.75 Million New Shares
Jun 25, 2026
Micro-X Limited has applied to the ASX for quotation of 18,750,000 new fully paid ordinary shares issued on June 16, 2026, under its existing capital management program. The move expands the company’s listed share base and may provide additi...
Micro-X outlines nanotube CT vision while reinforcing investor disclosure limits
Jun 25, 2026
Micro-X Limited is an Australian medical imaging technology company developing advanced X-ray and CT systems based on proprietary carbon nanotube technology. Listed on the ASX as MX1, it focuses on providing compact, high-performance imaging solut...
Micro-X Raises Capital Through Placement of 18.75 Million New Shares
Jun 16, 2026
Micro-X Ltd has issued 18,750,000 fully paid ordinary shares at $0.08 per share, expanding its capital base through a placement conducted without a prospectus under the Corporations Act. The move signals ongoing capital management efforts as the c...
Micro-X Secures $1.3m to Advance Miniaturised Lung CT Research
Jun 16, 2026
Micro-X has entered a research agreement with the University of Sydney in a $1.9 million partnership to explore miniaturised lung CT scanners using its Nano Electronic X-ray technology. The company will receive $1.3 million to supply existing NEX ...
Micro-X Advances ARPA-H Full Body CT Project with Key Design Milestone
Jun 9, 2026
Micro-X has completed the critical design review for its Full Body CT system, a key engineering milestone under its development agreement with U.S. government research agency ARPA-H. The milestone, which validates subsystem design and testing for ...
Micro-X outlines portable CT vision and compliance limits at HealthInvest
Jun 3, 2026
Micro-X presented an investor-focused update at the HealthInvest event in Sydney on 3 June 2026, outlining its vision for transforming medical imaging via portable CT systems. The company emphasised that the materials were informational only, high...
Micro-X begins human imaging trial of miniature Head CT scanner
Jun 3, 2026
Micro-X has commenced a multi-centre pilot study of its miniature Head CT scanner, achieving what it describes as the world’s first carbon nanotube cone beam CT human imaging using its curved array system at the Royal Melbourne Hospital. The...
Micro-X Options Expire, Simplifying Capital Structure
Jun 1, 2026
Micro-X Ltd. has notified the market of the cessation of 31,118,256 listed options with an exercise price of $0.135, which expired on May 30, 2026. The expiry of these options simplifies the company’s capital structure and removes a potentia...
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.