Enlitic’s Ensight platform reached approximately US$760,000 in annualised recurring revenue as two more US deployments went live and a US$806,000 University of Michigan migration project progressed. The company also ended the quarter with US$9.453 million in cash after completing its capital raise and converting its notes into equity.
- Ensight ARR of approximately US$760,000 at 30 September
- Two additional US Intelerad deployments completed during Q3
- US$806,000 University of Michigan Health-Sparrow migration contract
- A$15 million placement and A$739,000 SPP completed
- US$2.454 million quarterly operating cash outflow
Ensight ARR reaches US$760,000
Enlitic, Inc. (ASX:ENL) has moved another step from product demonstration to commercial execution, reporting approximately US$760,000 in annualised recurring revenue for its Ensight medical imaging platform at 30 September 2026. A further approximately US$360,000 is contracted or live in the company’s pipeline but remains waiting to go live, so it is not yet part of reported ARR.
Two US customers, Radiology Imaging Associates in Colorado and Radiology Consultants of Iowa, deployed Ensight into live production environments during the quarter. The deployments came through Enlitic’s Intelerad integration, following an earlier US launch at RIA that generated initial recurring revenue, and bring the number of Intelerad go-lives since May to three.
University of Michigan project links migration to subscriptions
The quarter also included a US$806,000 migration contract with University of Michigan Health-Sparrow covering approximately 10.6 million imaging studies. The project combines Laitek migration services with Ensight data standardisation and is expected to be completed within 12 months. It also applies Sectra integration, giving Enlitic a second major OEM environment alongside Intelerad, subject to the project’s delivery and customer implementation schedule. The contract was previously reported as the University of Michigan migration project with a first active Sectra customer integration.
After the quarter closed, Ensight version 2.3 expanded the platform from eight to 12 commercial applications. The four additions include productivity and operational analytics, mass archive standardisation, integrated migration and archive standardisation, and standardised data for automated case allocation. Enlitic says the new applications can be sold as additional subscriptions to existing customers, while the migration module is intended to create a pathway from project revenue to recurring software revenue.
Contract value holds while cash receipts fall
Enlitic signed 10 new customer agreements during Q3, generating total contract value of approximately US$1.0 million, broadly matching the prior quarter despite fewer agreements. On a rolling 12-month basis, however, signed contract value declined to approximately US$8.34 million from US$9.39 million at the end of Q2, reflecting lower-value contracts signed over the past two quarters. Revenue was approximately US$0.9 million, with recognition still tied to migration milestones and software delivery schedules.
The cash flow picture was less comfortable. Appendix 4C figures show customer receipts of US$551,000 and net operating cash outflow of US$2.454 million for the quarter, compared with US$2.3 million of receipts and US$0.7 million of operating outflow in Q2. Enlitic attributed the change to collection timing, while pointing to year-to-date operating cash outflow of US$6.033 million, about 25% below the comparable period last year. Operating expenditure held at approximately US$3.0 million.
Capital raise leaves Enlitic debt-free
Funding risk eased during the quarter after Enlitic completed its A$15 million placement, raised a further A$739,000 through its non-underwritten Security Purchase Plan and converted its outstanding convertible notes into CDIs. The transactions followed the previously announced A$15 million placement, while the company also completed a 10-for-1 consolidation of its issued capital.
Enlitic reported US$9.453 million in cash at quarter-end and no drawn financing facilities. On the company’s current cash-burn measure, that represented an estimated 3.85 quarters of funding. Management says the placement proceeds should fund operations through cashflow break-even, but that remains a forward-looking expectation dependent on customer collections, project delivery and the pace at which contracted deployments convert into revenue.
Third OEM integration remains a near-term test
Enlitic enters Q4 with three markets hosting live or contracted Ensight work, 12 commercial applications and a third major OEM integration undergoing final customer validation. The company expects to provide details before the end of 2026. The more immediate test is whether the US$360,000 awaiting go-live becomes recurring revenue while the University of Michigan project delivers against its 12-month timetable and cash receipts recover from Q3’s low base.
Bottom Line?
The balance sheet has bought Enlitic time, but the investment case now turns on converting contracted deployments into collected cash and recurring revenue.
Questions in the middle?
- How quickly will the approximately US$360,000 awaiting go-live be added to Ensight ARR?
- Can customer collections recover while the University of Michigan migration project moves through its delivery milestones?
- Will the third OEM integration complete validation before the end of 2026 and generate additional deployments?