Micro-X Ltd. (AU:MX1)
ASX:MX1
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Micro-X Ltd.
(Sydney:MX1)
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Rating:40Underperform
Price Target:
AU$0.03
▼(-69.00% Downside)
Action:Downgraded
Date:06/12/26
Overall score is pressured primarily by weak financial performance (declining revenue, ongoing losses, negative cash flows, and higher leverage). Technicals add further downside risk with a clear downtrend and negative momentum, while valuation is difficult to support given negative earnings and no dividend yield data.
Positive Factors
Proprietary X-ray tube technology
Micro‑X's carbon nanotube cold cathode X‑ray tube is a structural competitive advantage: it enables genuinely compact, lightweight systems for field use, creates IP barriers, and supports product differentiation, licensing or component sales over multiple years.
Negative Factors
Revenue decline and unprofitability
A recent revenue decline of -9.5% combined with persistent negative EBITDA and net margins indicates the business has not yet converted product strength into profitable scale. Continued losses erode capital and limit reinvestment capacity over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Proprietary X-ray tube technology
Micro‑X's carbon nanotube cold cathode X‑ray tube is a structural competitive advantage: it enables genuinely compact, lightweight systems for field use, creates IP barriers, and supports product differentiation, licensing or component sales over multiple years.
Read all positive factors
Micro-X Ltd. (MX1) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$24.68M
Dividend YieldN/A
Average Volume (3M)189.28K
Price to Earnings (P/E)―
Beta (1Y)0.60
Revenue Growth74.74%
EPS Growth4.32%
CountryAU
Employees7,935
SectorHealthcare
Sector Strength45
IndustryMedical - Specialties
Share Statistics
EPS (TTM)-0.02
Shares Outstanding747,983,000
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$0.15Price Target Upside50.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)AU$26.90M
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 X-ray imaging products and related solutions that incorporate its proprietary cold cathode X-ray tube technology. Key revenue streams include: (1) Product and system sales: revenue from supplying complete p...
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
0.05
Negative
0.06
Negative
0.08
Negative
Market Momentum
>-0.01
Positive
20.71
Positive
22.62
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 0.04, above the 50-day MA of 0.05, and above the 200-day MA of 0.08, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 20.71 is Positive, neither overbought nor oversold. The STOCH value of 22.62 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% | |
49 Neutral | AU$35.02M | -4.13 | -98.14% | ― | 14.88% | 35.94% | |
46 Neutral | AU$31.70M | 17.48 | 8.71% | ― | 17.32% | ― | |
45 Neutral | AU$2.72B | -15.03 | -890.76% | ― | -0.80% | -249.48% | |
44 Neutral | AU$137.57M | -12.60 | -70.29% | ― | ― | -62.15% | |
42 Neutral | AU$63.03M | -3.04 | -54.48% | ― | 17.24% | -20.00% | |
40 Underperform | AU$24.68M | -1.82 | -180.06% | ― | 74.74% | 4.32% |
* Healthcare Sector Average
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Micro-X Ltd. Corporate Events
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...
Micro-X Advances Head CT Trials and Rover X-Ray Sales as Cash Position Strengthens
Apr 30, 2026
Micro-X reported steady operational and commercial progress for the March 2026 quarter, highlighting growing market interest in its upgraded Rover 2026 mobile X-ray model, particularly following its debut at a major radiology conference. The new R...
Micro-X Director Patrick O’Brien Lifts Indirect Stake via Share Placement
Apr 27, 2026
Micro-X director Patrick O’Brien has increased his indirect shareholding in the company through participation in a shareholder-approved placement. The transaction saw associated entities TLFTC Pty Ltd and Dickens Pty Ltd acquire 2.5 million ...
Micro-X Issues 2.5 Million New Shares to Approved Investor
Apr 27, 2026
Micro-X Ltd has issued 2,500,000 fully paid ordinary shares to Patrick O’Brien, a move that was previously approved by shareholders and increases the company’s capital base. The issuance was conducted without a disclosure document unde...
Micro-X Seeks ASX Quotation for 2.5 Million New Shares
Apr 27, 2026
Micro-X Limited has applied for the quotation of 2,500,000 new ordinary fully paid shares on the Australian Securities Exchange, expanding its listed security base under the ticker MX1. The shares, issued on 24 April 2026 as part of previously ann...
Micro-X Issues Incentive Plan Shares and Confirms Regulatory Compliance
Apr 20, 2026
Micro-X Ltd has issued 612,545 fully paid ordinary shares under its incentive plan, expanding its share capital as part of its employee or management remuneration structure. The company has confirmed that the issuance was conducted without a prosp...
Micro-X Seeks ASX Quotation for Additional Ordinary Shares
Apr 20, 2026
Micro-X Limited has applied for quotation on the ASX of 612,545 new ordinary fully paid shares under code MX1, with an issue date of April 20, 2026. The additional securities, arising from exercised options or converted instruments, marginally exp...
Micro-X trims potential dilution as 1.6 million performance rights lapse
Apr 20, 2026
Micro-X Ltd. has notified the market that 1,605,067 MX1AG performance rights have lapsed following the expiry of these securities without being exercised or converted. The cessation of these rights marginally reduces the company’s potential ...
Micro-X Issues 400,000 Unquoted Performance Rights Under Employee Incentive Plan
Apr 20, 2026
Micro-X Limited has notified the market of the issue of 400,000 unquoted performance rights under its employee incentive scheme. The securities, designated as MX1AG performance rights, were issued on April 20, 2026, and are not intended to be quot...
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.