FOURTH QUARTER FY25 BUSINESS UPDATE

Q4 FY25 HIGHLIGHTS

• CARR2 of A$30.2M; ARR3 Run Rate of A$23.5M at 30 June 2025

• Q4 FY25 Sales orders of A$7.8M (TCV4); FY25 Sales Orders of A$29.1M5

• Operating cash flow positive in FY25 (A$0.7M) and Q4 FY25 (A$0.6M)

• Cash of A$23.1M at 30 June 2025 and no debt

• On-market share buy-back continued in Q4 FY25 with approximately 6.3M shares (A$2.2M)

bought back between 3 March and 30 June 20256

• FY25 guidance was updated on 10 July 2025.7 Revenue is expected to finalise at A$33M-

$34M, CARR at approximately A$30M-$31M and OPEX growth to be less than revenue

growth

Mach7 Technologies Limited (“Mach7” or the “Company”) (ASX:M7T), a company specialising in

innovative medical imaging software solutions, today provides a business update and quarterly

cashflow report for the quarter ended 30 June 2025 (Appendix 4C).

Mach7 CEO Teri Thomas said: “There is much to be pleased with as we conclude the 2025 financial

year. Mach7 recorded strong revenue growth demonstrating the value of our products and solutions

to our customers. Operating costs were carefully managed and OPEX growth will be less than revenue

growth in line with our FY25 guidance. With closing cash of A$23.1M and no debt, Mach7 is in a strong

financial position, and we delivered on our objective to be operating cash flow positive for the year.

This provides us with a solid foundation to move forward, and I am excited by the opportunities ahead.

“In my first month as CEO, I have acted decisively to position the Company for long-term growth and

sustained customer excellence. I have reshaped the leadership team, streamlined key roles, and

appointed a Chief Innovation Officer to sharpen our focus on delivering compelling customer value.

These changes are part of a deliberate strategy to redirect resources towards customer-facing

functions and build dedicated teams that ensure our solutions remain essential — driving deeper

adoption, expansion of use, and new sales. Together with increased investment in sales and

marketing, this creates a powerful customer–sales and marketing flywheel that will accelerate growth,

strengthen customer loyalty, and drive sustainable, profitable performance.

I view Teri's appointment as a good one, and an outcome similar to the one she achieved at Volpara would be acceptable to most shareholders I suspect.

CEO TRANSITION

Mach7 Technologies Limited (“Mach7” or the “Company”) (ASX:M7T), a company specialising in

innovative medical imaging software solutions, today announces that Mike Lampron will be stepping

down as Managing Director & Chief Executive Officer, effective 30 June 2025. The Board has appointed

Teri Thomas as incoming Managing Director & CEO, commencing on 1 July 2025.

Mach7 Chair Robert Bazzani said: “The Board would like to acknowledge and thank Mike for the

significant contribution he has made to Mach7 since joining the Company in 2017. As CEO since 2019,

he has been instrumental in driving the growth and strategic direction of the business, including the

transformative acquisition of Client Outlook. He leaves Mach7 in a strong financial position and we

wish him well in his future endeavours.

“We are delighted to welcome Teri Thomas to Mach7 as CEO. Her drive and energy, deep operational

and turnaround experience in healthcare technology, and strategic leadership will be invaluable as we

continue to execute our growth strategy and maximise shareholder value. Teri also has extensive

experience across global markets including the United States, Europe, Australia, New Zealand, and

South Korea. Given her proven track record, Teri is well positioned to lead Mach7 in its mission to

revolutionise healthcare imaging through innovation and strategic execution.”

Teri Thomas has a distinguished career in healthcare technology and executive leadership, and in

driving strategic growth. Most recently Ms Thomas was the CEO of Volpara Health Technologies Ltd

(ASX: VHT), a global leader in medical software for breast cancer screening, and Chief Business Officer

of Lunit, a market leader in AI-driven cancer detection and diagnostics.

At Volpara, Ms Thomas led a remarkable corporate turnaround where her strategic focus on

operational efficiencies, disciplined commercial strategies, US sales and strong cultural leadership

stabilised the company and positioned it for the successful acquisition by Lunit in May 2024.

An American citizen, Ms Thomas has extensive experience in healthcare technology, including a 20-

year executive career at leading US electronic medical record company, Epic. Ms Thomas was also an

Executive Vice President with NZ-headquartered healthcare software company, Orion Health, where

she supported their large-scale enterprise sales and corporate strategy.

Incoming Mach7 Managing Director and CEO Teri Thomas said: “I am honoured to join Mach7

Technologies at such a pivotal time in its journey. The Company’s commitment to transforming

medical imaging and data management aligns perfectly with my passion for healthcare innovation. I

look forward to working closely with the team to scale operations, drive sustained profitability, and

deliver cutting-edge solutions that enable exceptional patient care.”

Looks like PME got all the spoils from Trinity with their announcement this week, and M7T's involvement will roll off.

The contrast between these two couldn't be more stark. Meanwhile, Mike Lampron is paying himself generously.

Wilsons maintains its OW on M7T after the latest 4C. PT remains $1.05.

https://research.wilsonsadvisory.com.au/PARTNERS_TD_TRACK/external/download?q=265da7aee42eca0e6f124104b3873b1d29e20f62a_9rqabOSkhEi3keT0HVM3W7RUxoU91o4cFtBPIArMFFJ4okatpOyIiJpKxmAxXbxGlhUOKNZmyIlZ7aGUWGmVZkkTZsCn6-zilVODaA9AxTyRQm6tOFSESBdSOHhDn_olYGinIF_3TrPlrkzl6zHZmEyV9vqaI4BYZ1wJL0rFqxoQQLKbAqRY4qiWlmMvJag

Wilsons continues coverage, maintaining their $1.05 price target.

https://research.wilsonsadvisory.com.au/PARTNERS_TD_TRACK/external/download?q=2a43a5cf21388a3deed8688bc45754d4633ba57d0svUxj2QBGZhMYURyADyIc5vcfkbWJ9bf3EJi9SkgcKoBNndypbHWm9rpLC4i0g8xt9RMH6QkQGxDa0bxEEGfQsq08IkCTzQGHQwpfxzlU_oxLW6hw8sBtCrhPYg5JFT0sZ59hxeQ3X-IZvsDWyqtkkUr-JKPMjA1dS_NUB02a1cPB-cEBIYnuRsm1g5q40zv

Patent Infringement Case Dismissed

Mach7 Technologies Limited (“M7T” or “the Company”) (ASX:M7T), a company specialising in

innovative imaging software solutions, today advises that the patent infringement lawsuit brought by

AI Visualize, Inc. has been dismissed on appeal.

On 4 April 2024,1 the United States Court of Appeals for the Federal Circuit affirmed a lower court’s

dismissal of patent infringement claims asserted by AI Visualize, Inc., a Texas Corporation against

Nuance Communications, Inc. and Mach7 Technologies, Inc., a wholly-owned subsidiary of Mach7

Technologies Limited.2

In affirming the decision of the United States District Court for the District of Delaware, the Court of

Appeals held that the subject patent claims “are patent ineligible because they are directed to an

abstract idea and fail to transform that abstract idea into patent-eligible subject matter.”

In doing so, the Court confirmed that Mach7 Technologies, Inc. did not infringe on any patents.

M7T is pleased with the affirmation of this dismissal and the closure of this legal action.

---

Great! Now can the shares respond in kind, please? It's been a long wait!

After a promising set up, the post-4C price action has not been good.

Shares have now settled back into the range they broke out of, after rallying close to overhead resistance at $1 (the high was around 96c).

So back in the doghouse until there are material fundamental developments again (or the price starts moving ahead of those developments, as often tends to be the case especially in small cap land).

This is another medtech name that has been a laggard for a while, and is now gaining legs after the VHA contract announcement.

Technically, there has been good follow through, and the price has punched through a couple of resistance levels (which have held in the past couple of attempts) to sit at a new 52w high. Looks promising. Significant overhead resistance does exist around $1, and also at $1.20-25.

I had a top up order at 55c from a couple of weeks ago. That's been left hanging now.

Good to see a significant contract. Onwards and upwards!