Dear Shareholders,
As 2025 comes to an end, I have reflected on all that Micro-X has achieved this year while also looking towards some of the exciting milestones for 2026. This year we worked to execute our short-term business objectives of building Rover sales, progressing towards Head CT imaging trials and building partnerships to monetise our security division.
Our commercial team has progressed Micro-X’s focus on securing larger contracts this year, with the recent award of a $3.3 million contract to supply Rover Mobile DR X-ray devices to the Malaysian Ministry of Health, the single largest sale in our company’s history. I’m pleased to inform you that all the Rover units have now been delivered and are being installed in health facilities across Malaysia. Beyond the current contract, our Malaysian distributor IMS has been actively seeking further opportunities, including the presentation of the Rover at a recent healthcare expo in Kuala Lumpur.
Our commercial team attended the Radiological Society of North America (RSNA) conference again this year, one of the major global conferences for the industry. We were pleased to launch our new and updated Rover 2026 model at the conference, drawing a strong amount of interest in our cutting-edge technology. The Rover remains a category changer for mobile X-ray, with its lightweight, ergonomic design and next-generation technology now amplified with the latest glass-free Varex Lumen detector, in-bin detector charging and simplified chassis.
Building our momentum, this year we entered into a supply agreement with a major US healthcare group which means that Micro-X is on the approved list to bypass tender requirements. This was a significant achievement for us, and we expect to see the benefits flow over the medium term as our sales team engages with prospective buyers across their health network.
In 2025 our Head CT program achieved significant milestones, with the completion of the first test bench of the product and the achievement of the pre-hospital imaging milestone. While we are eagerly awaiting the installation of our first test bench in an Australian hospital for human imaging trials in the new year, the team is already developing the second test bench which will also be used for trials in a second Australian hospital. The human imaging trial will mark the first time that a human has received CT imaging using NEX Technology and we are very excited to demonstrate its capabilities to our peers in the medical and academic communities.
We were also delighted to secure $4.4 million from the Australian Government for an additional trial in ambulances, which are scheduled to commence next year in South Australia. This trial will gather important data that will support the commercialisation of our system, prove the roadworthiness of the device, and provide for the integration of Head CT with telestroke technology. We are grateful for the ongoing support from the Australian and South Australian Governments, with strong continued engagement with both arms of government for the potentially lifesaving stroke technology we are developing. Beyond our shores, we continue to receive strong interest in Head CT from other emergency service providers, including a recent visit by senior leadership from Norwegian helicopter emergency medical service Norsk Luftambulanse.
In a major feat for Micro-X, late last year we were formally awarded up to $25 million under US Government health research body ARPA-H to develop a full body CT for a mobile health platform. One of the major selling points ofMicro-X’s NEX Technology is its ability to miniaturise X-ray tubes, providing new opportunities to create CT that moves beyond the conventional CT design of a large spinning gantry. We are proving this through the Head CT project and now are progressing to a full body CT that will be light and robust enough to be transported by vehicle.
We have been working diligently through the design process, with a major milestone met in December with completion of the preliminary design and subsequent review.
In 2026, the team will move into the next phase of the contract with the development of a test bench. In November, I travelled to the US and attended an ARPA-H event showcasing the projects funded for the mobile health platform, which impressed upon me how well positioned our advanced imaging technology is to take advantage of these kinds of future diagnostic modalities.
We were proud to present the US Department of Homeland Security(DHS) with the first Passenger Self Screening Checkpoint in 2025, with our CT Baggage Scanners and Checkpoint prototypes undergoing continued testing in a US Government test lab. This testing saw the award of the optional $6 million contract extension in February and the award of up to $2.5 million in new funding for the development of detection algorithms.
We continue to have a strong working relationship with the DHS, who allowed us to transport one of the CT Baggage Scanners from the TSA labs to a global aviation conference in California to showcase our technology. It was the first time this security technology was exhibited, providing opportunities to educate the industry on our capabilities.
On top of our work with DHS, we were pleased to welcome Billion Prima as a new partner earlier in the year, with a $5.6 million partnership to develop a CT scanner for South-East Asian markets. Over the year, we have worked closely with Billion Prima, completing the prototype on site at Tonsley and shipping the unit to Malaysia. We continue to work closely with Billion Prima to refine the system’s design and capabilities.
This week we have extended this partnership, with Billion Prima investing a further $3 million into Micro-X as part of our $6.18 million capital raising. This is in no small part a reflection on our strong relationship and their appreciation of our technology.
Coming out of a successful capital raise this month, I would like to thank our shareholders for their ongoing support, with the company funded to accelerate commercial activities in medical imaging as well as manufacturing scale up. As we shift our focus towards 2026, I look forward to seeing the achievement of significant milestones for the company, with the commencement of human imaging and ambulance trials with our Head CT, the development of a full body CT test bench and first sales of the Rover 2026 update.
I remain grateful for your support as we continue to work towards building long-term shareholder value. I wish you and your family a safe and restful holiday season and look forward to sharing our company’s successes with you in 2026.
Kingsley Hall
Chief Executive Officer
Learn more:
2025 A Great Year for Prehospital Care
Micro-X to feature in world-first air ambulance study
In the final newsletter for 2025, we reflect on some of the achievements of the year, while looking towards what is to come in 2026.
The newly updated Rover Mobile DR X-ray system will be launched at the Radiological Society of North America (RSNA) Annual Meeting in Chicago this November, building on Rover's proven strengths in lightweight, motor-free mobile imaging.
Ahead of World Stroke Day on October 29, Stockhead’s host Fraser Palamara spoke with Australian Stroke Alliance co-chair Professor Stephen Davis about the massive global impact of stroke and the technology reshaping how it’s treated.
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