Micro-X Ltd. (AU:MX1)
ASX:MX1
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Micro-X Ltd.
(Sydney:MX1)
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Rating:41Neutral
Price Target:
AU$0.05
â–¼(-46.00% Downside)
Action:ReiteratedDate:03/28/26
The score is primarily constrained by weak financial performance (declining revenue, ongoing losses, negative cash flow, and rising leverage). Technicals also remain bearish with the stock trading below major moving averages and negative MACD. Valuation provides limited support because the negative P/E reflects losses and there is no dividend yield data.
Positive Factors
Proprietary CNT X-ray Technology
Micro-X's proprietary carbon-nanotube cold-cathode X-ray source is a durable technological moat. It enables lightweight, portable diagnostic systems tailored to point-of-care and mobile settings, supporting product differentiation, higher adoption in niche markets, and licensing or OEM opportunities over time.
Negative Factors
Declining Revenue
A recent revenue decline of 9.5% signals demand or execution issues in commercialization. Persistent top-line contraction undermines scale economics and makes it harder to leverage high gross margins into profit; sustained declines could threaten market footholds and partner confidence.
Read all positive and negative factors
Positive Factors
Negative Factors
Proprietary CNT X-ray Technology
Micro-X's proprietary carbon-nanotube cold-cathode X-ray source is a durable technological moat. It enables lightweight, portable diagnostic systems tailored to point-of-care and mobile settings, supporting product differentiation, higher adoption in niche markets, and licensing or OEM opportunities over time.
Read all positive factors
Micro-X Ltd. (MX1) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$39.93M
Dividend YieldN/A
Average Volume (3M)189.28K
Price to Earnings (P/E)―
Beta (1Y)0.70
Revenue Growth-14.25%
EPS Growth-22.83%
CountryAU
EmployeesN/A
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.01
Shares Outstanding726,076,900
10 Day Avg. Volume131,613
30 Day Avg. Volume189,275
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)3.96
Price to Sales (P/S)2.29
P/FCF Ratio-3.44
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.16Price Target Upside60.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)AU$28.16M
Micro-X Ltd. Business Overview & Revenue Model
Company Description
Micro-X Limited designs, develops, and manufactures lightweight carbon nano tube-based X-ray products for the healthcare and security imaging markets in Australia. The company offers rover veterinary, a mobile X-ray machine to diagnose and treat a...
How the Company Makes Money
Micro-X makes money primarily by commercialising its X-ray imaging technology through the sale (or supply) of portable X-ray systems and associated components, and by generating recurring revenue from consumables and service/support tied to instal...
Micro-X Ltd. Financial Statement Overview
Summary
Income Statement
35
Negative
Balance Sheet
40
Negative
Cash Flow
30
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.76M | 13.05M | 15.22M | 15.01M | 8.97M | 3.77M |
| Gross Profit | 402.00K | 10.32M | 5.74M | -7.11M | -12.33M | -12.96M |
| EBITDA | -13.47M | -11.76M | -14.35M | -15.54M | -19.02M | -13.61M |
| Net Income | -11.83M | -13.89M | -9.77M | -10.75M | -17.09M | -14.73M |
Balance Sheet | ||||||
| Total Assets | 17.41M | 22.11M | 26.89M | 30.30M | 31.28M | 44.68M |
| Cash, Cash Equivalents and Short-Term Investments | 4.90M | 3.24M | 3.23M | 5.22M | 10.30M | 30.14M |
| Total Debt | 5.13M | 6.53M | 3.99M | 4.70M | 5.31M | 5.84M |
| Total Liabilities | 11.82M | 14.56M | 12.63M | 13.17M | 12.05M | 10.53M |
| Stockholders Equity | 5.59M | 7.55M | 14.26M | 17.13M | 19.22M | 34.15M |
Cash Flow | ||||||
| Free Cash Flow | -9.77M | -8.69M | -6.80M | -11.77M | -19.22M | -10.76M |
| Operating Cash Flow | -9.72M | -8.59M | -6.43M | -10.99M | -18.11M | -9.86M |
| Investing Cash Flow | -42.00K | -100.00K | -369.00K | -779.00K | -1.11M | -901.00K |
| Financing Cash Flow | 12.27M | 8.71M | 4.81M | 6.69M | -612.00K | 22.57M |
Micro-X Ltd. Technical Analysis
Negative
0.10
Price Trends
0.08
Negative
0.08
Negative
0.08
Negative
Market Momentum
>-0.01
Negative
37.59
Neutral
37.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MX1, the sentiment is Negative. The current price of 0.1 is above the 20-day moving average (MA) of 0.06, above the 50-day MA of 0.08, and above the 200-day MA of 0.08, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 37.59 is Neutral, neither overbought nor oversold. The STOCH value of 37.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | AU$3.61B | -3.16 | -890.76% | ― | 55.91% | 22.60% | |
48 Neutral | AU$23.07M | -1.40 | -98.14% | ― | 14.84% | 39.64% | |
44 Neutral | AU$90.60M | -6.27 | -54.48% | ― | 34.20% | -23.90% | |
44 Neutral | AU$144.05M | -10.00 | -70.29% | ― | ― | -257.32% | |
43 Neutral | AU$36.71M | 7.24 | 8.71% | ― | 25.72% | 84.69% | |
41 Neutral | AU$39.93M | -2.66 | -180.06% | ― | -14.25% | -22.83% |
* Healthcare Sector Average
AU:MX1
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Micro-X Ltd. Corporate Events
Micro-X taps seasoned finance executive as new CFO to support global growth
Mar 26, 2026
Micro-X has appointed experienced finance executive Peter Dickman as Chief Financial Officer, effective 30 March 2026, bolstering its senior leadership as it scales its health and security technology businesses. Dickman, formerly Group Chief Perfo...
Micro-X shareholders back multi-tranche placement at extraordinary meeting
Mar 24, 2026
Micro-X Limited secured strong shareholder backing at its extraordinary general meeting for three capital-raising resolutions tied to a multi-tranche share placement. Investors approved the ratification of Tranche 1 placement shares and the issuan...
Micro-X Secures $1.6m ARPA-H Milestone with Full Body CT Test Bench
Mar 9, 2026
Micro-X has completed the first full body CT laboratory test bench under its development agreement with U.S. government agency ARPA-H, triggering a A$1.6 million milestone payment. The engineering achievement follows a successful preliminary desig...
Micro-X issues 1H FY26 financial results and operational update
Feb 27, 2026
Micro-X Limited has released a presentation covering its financial results and operational update for the half year ended 31 December 2025. The document, approved by the board, is positioned as a high-level summary of the company’s assets, l...
Micro-X Narrows Half-Year Loss as Revenue Surges but Going Concern Risk Flagged
Feb 27, 2026
Micro-X Limited reported a 155% surge in revenue to $10.1 million for the half-year to 31 December 2025, driven by growing sales of its X-ray technologies, while its net loss narrowed to $6.6 million, a 24% improvement on the prior corresponding p...
Micro-X Clarifies Status of $1.5m Australian Government Technology Grant
Feb 22, 2026
Micro-X has acknowledged that it has been listed on an Australian Government website as a project partner for an approved $1.5 million technology development grant. The company clarified that while negotiations with the named partners are at an ad...
Micro-X Activates First Human Trial Site for Portable Head CT Stroke Scanner at Royal Melbourne Hospital
Feb 4, 2026
Micro-X has activated its first human pilot site for its Head CT stroke scanner at the Royal Melbourne Hospital, a leading comprehensive stroke centre and home to the Melbourne Brain Centre, marking the start of installation and commissioning ahea...
Micro-X Issues New Shares Under Incentive Plan, Confirms Ongoing Compliance
Jan 13, 2026
Micro-X Ltd has issued 2,255,927 fully paid ordinary shares under its incentive plan, expanding its share capital as part of its employee and executive remuneration structure. The company has confirmed that the shares were issued without a prospec...
Micro-X Seeks ASX Quotation for 1.45 Million New Shares
Jan 13, 2026
Micro-X Ltd has applied to the ASX for quotation of 1,453,664 new fully paid ordinary shares under its existing issuer code MX1. The additional shares, issued on 14 January 2026 following the exercise or conversion of existing securities, will mod...
Micro-X Seeks ASX Quotation for New Shares Issued Under Employee Scheme
Jan 13, 2026
Micro-X Limited has applied to the ASX for quotation of 802,263 new fully paid ordinary shares issued under its employee incentive scheme. The move modestly increases the company’s quoted capital base and reflects ongoing use of equity-based...
Micro-X Issues 26.9 Million Performance Rights Under Employee Incentive Scheme
Jan 13, 2026
Micro-X Limited has issued 26,874,854 unquoted performance rights under its employee incentive scheme, as disclosed in an Appendix 3G filing dated 13 January 2026. The grant of a substantial volume of performance rights indicates an ongoing use of...
Micro-X Cancels 580,293 Performance Rights in Capital Structure Adjustment
Jan 13, 2026
Micro-X Ltd., listed on the ASX under code MX1, has notified the market of changes to its issued capital structure. The announcement does not provide additional information on the company’s industry, products, or market focus.The company has...
Micro-X Director Ilona Meyer’s Performance Rights Expire, Updating Equity Position
Jan 13, 2026
Micro-X Limited has reported a change in the interests of director Ilona Meyer, as required under ASX listing rules. The company disclosed that Meyer’s holding of 127,877 unlisted performance rights has lapsed due to expiry, leaving her with...
Micro-X Performance Rights Lapse, Trimming Potential Future Dilution
Jan 13, 2026
Micro-X Limited has announced the cessation of 4,103,330 performance rights (ASX code MX1AG) following their expiry without exercise or conversion on 13 January 2026. The lapse of these unexercised performance rights slightly simplifies the compan...
Micro-X Issues 18.75 Million New Shares at $0.08 Under Placement
Dec 30, 2025
Micro-X Ltd has issued 18.75 million fully paid ordinary shares at $0.08 per share, expanding its share capital without providing a disclosure document under the fundraising provisions of the Corporations Act. The company has advised that it remai...
Micro-X Seeks ASX Quotation for 18.75 Million New Shares
Dec 30, 2025
Micro-X Ltd has applied for quotation on the ASX of 18.75 million new fully paid ordinary shares, expanding the number of its listed securities. The new shares, issued on 30 December 2025 under a previously announced transaction, represent a capit...
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.