Newsletter 2, 2025

Dear Shareholders,

I’m pleased to share our second investor newsletter for 2025, highlighting significant recent progress across our commercial, development and operational activities.‍

Rover Plus gains momentum

We continue to advance our Rover Plus strategy, targeting high-value opportunities, growing our footprint in Europe, and expanding direct sales of our NEX Technology X-ray tubes and generators.

As such, we’re pleased to announce the appointment of UK distributor Vertec Scientific, who are actively pursuing new opportunities, including recently showcasing the Rover Plus at this year’s UK Imaging & Oncology (UKIO) conference, attended by around 2,000 radiology professionals. We have already sold 4 units to Vertec and look forward to further sales to expand our presence in UK hospitals. We have also recently completed in-country registrations for Malaysia and Taiwan which enables our distributors in those regions to commence direct sales activity.

In the United States, we have signed Lighthouse Imaging as a sales representative to identify opportunities for Rover Plus. Lighthouse has already exhibited Rover at World Health Expo in Miami, attended by more than 15,000 delegates.

We continue to build momentum in the sports medicine market, with Rover Plus now also in use by Major League Baseball team the Houston Astros, following earlier installations this year with the Cleveland Guardians and Los Angeles Angels. There are now 9 units installed at the grounds of 8 Major League teams, with another in use at the Arizona Cardinals football grounds. This follows Rover's use at premier US college basketball event, the NCAA Final Four, earlier this year.

While we have completed a successful trial with a major US hospital operator, those discussions are ongoing and we look forward to sharing more once these are finalised.

Full Body CT development on track

Development of our world-first portable Full Body CT remains on schedule and on budget. We recently completed the exploratory research phase of our ARPA-H contract, meeting the third milestone and unlocking a $1.4m payment, with $3.2m earned through the project to date. Work now shifts to product design, system architecture, and documentation, which make up the remaining deliverables for 2025.‍

Head CT refinement delivering strong outcomes

Work continues on refining the Head CT test bench in preparation for hospital imaging trials. Our engineering team is focused on final integration of core technology components and the optimisation of our novel sparse view cone beam CT reconstruction algorithms. Image quality is progressing nicely and is close to being able to resolve small features throughout the entire skull.

The next key milestone will be acceptance of image quality by the Australian Stroke Alliance clinical team to enable ethics submission and the commencement of human imaging hospital trials. Three trial systems are planned over the coming months and these trials will last around 9 months whilst our team progresses the medical device development of the in-ambulance system in preparation for future ARTG, FDA and MDR registrations.

Checkpoints prototype providing positive feedback

We have delivered our first Checkpoint prototype to the US Department of Homeland Security, a major milestone in the project timeline, which is undergoing rigorous testing by the TSA. Our prototype was included in an update by the DHS on security screening innovation this month. Feedback to date has been positive. Manufacturing of the next two Checkpoint units is currently underway at our facilities in Tonsley and Seattle.

Billion Prima visits to Tonsley

We’ve hosted multiple visits from our Malaysian partner Billion Prima, recently achieving our second design milestone, triggering a US$600,000 milestone payment.

These collaborative sessions have focused on knowledge-sharing around manufacturing and design functionality, and creating a project roadmap. Under our Commercialisation Agreement, Micro-X retains responsibility for suppling proprietary core technology components, including our NEX Technology X-ray tubes and high voltage generators.

Stakeholder engagement and recognition

In May, we welcomed shareholders on site for our annual Investor Open Day, offering guided tours of our Tonsley facility.Attendees had the opportunity to see live demonstrations of our Head CT testbench, Miniature Baggage Scanner, full-scale Checkpoint engineering rig, and the Rover Plus in action.

‍Take a look at Anthony Skeats’ Investor Open Day presentation  

We were also honoured to be recognised last month as one of Australia’s Top 10 Most Innovative Manufacturers in the 2025 AuManufacturing Awards, taking out Gold and the Collaborative R&D category. This is terrific recognition for our team following a national search and judgement process from a panel of six industry experts. It is testament to the high quality, robustness and reliability of our NEX Technology and Rover production systems.

Strong, strategic engagement with government is integral to Micro-X’s growth, helping us navigate regulation, secure support for innovation, and amplify our voice on issues that matter to healthcare and sovereign capability. A recent opportunity was the June reception in Seattle Washington where our CEO Americas, Brian Gonzales, joined Australian Prime Minister Anthony Albanese and Australia’s Ambassador to the United States, Kevin Rudd, to celebrate the deep commercial ties between our two nations. Being invited to such high-level forums underscores the credibility of our technology and the value of our government relations program, opening doors to policy insights, partnership opportunities and potential funding pathways that accelerate our mission to deliver world-leading imaging solutions.

Thank you once again for your continued support as we bring revolutionary X-ray imaging solutions to life.

Warm regards

Kingsley Hall
Chief Executive Officer
Micro-X Limited

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