MACH7 TECHNOLOGIES LIMITED — Interim / Quarterly Report 2025

Jul 28, 2025

ASX Announcement

29 July 2025

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FOURTH QUARTER FY25 BUSINESS UPDATE[1]

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• CARR[2] of A$30.2M; ARR[3] Run Rate of A$23.5M at 30 June 2025

• Q4 FY25 Sales orders of A$7.8M (TCV[4] ); FY25 Sales Orders of A$29.1M[5]

• 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 2025[6]

• 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.”

1 Unaudited financial information.

2 Contracted Annual Recurring Revenue (CARR)

3 Annual Recurring Revenue (ARR)

4 Total Contract Value (TCV): Capital Software Licence Fees, Professional Service Fees, Annual Subscription Fees plus Annual Maintenance and Support Fees over contract life.

5 FY25 Sales orders were A$29.4M in constant currency terms.

6 On 30 January 2025, Mach7 announced an on-market share buy-back program with a maximum value of A$5M. The buy-back began on 3 March 2025 and will continue for a period of up to 12 months. For further information, refer to the ASX announcement.

7 Refer to ASX announcement on 10 July 2025 for further information.

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ASX Announcement

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Sales orders for the fourth quarter of FY25 totalled A$7.8M (TCV) bringing FY25 sales orders to A$29.1M. In Q4 FY25, the majority of sales orders received were for ARR-type sales.

• Annual Recurring Revenue (ARR)-type sales of A$6.9M (88% of total sales orders) representing Subscription fees and Maintenance and Support fees which will be recognised as revenue over the contract term from the effective date of renewal or when the customer achieves First Productive Use (FPU).

• Capital software sales of A$0.7M (9% of total sales orders) which are immediately recognised as revenue upon delivery.

• Professional Services sales of A$0.2M (3% of total sales orders) to be recognised as revenue on a percent completion basis.

Chart 1 provides a summary of the Total Contract Value (TCV) of quarterly sales orders since Q1 FY22 and highlights the variable nature of sales orders over time. In Q4 FY25, expansions accounted for 56% and renewals for 39% of sales orders.

CHART 1: QUARTERLY SALES ORDERS ($AM) - TCV IN CONSTANT CURRENCY[8]

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A$M
35.0
30.0
25.0
20.0
15.0
10.0
5.0
-
1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
----- End of picture text -----

8 Constant currency – at average exchange rate for Q4 FY25 of AUD/USD of $0.64

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ASX Announcement

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Annual Recurring Revenue (ARR)

Mach7 is currently generating A$23.5M in ARR, a run rate calculated by annualising the revenue earned from Subscription and Maintenance and Support fees. This run rate has remained steady since 31 March 2025 in constant currency (A$23.5M) . ARR will grow as new customers achieve FPU[9] and existing customers expand, renew at increased rates or achieve FPU on add-ons.

Contracted Annual Recurring Revenue (CARR)

CARR was A$30.2M at 30 June 2025, a A$0.5M increase compared to 31 March 2025 in constant currency (A$29.7M) with growth from expansions and renewals offset by customer attrition. Mach7’s CARR consists of the A$23.5M ARR run rate for customers that have achieved FPU of the software, plus A$6.7M of Subscription and Maintenance and Support fees not yet recognised as revenue (A$6.2M at 31 March 2025 in constant currency).

The gap between CARR and ARR represents future revenue once FPU is achieved for new customers as well as additional revenue from existing customers from the effective date of renewal or once FPU is achieved for add-ons. CARR is based on contracts in hand as at 30 June 2025 and includes the revenue associated with Q4 FY25 contract wins.

Cash receipts from customers in Q4 FY25 were A$8.4M, down 20% compared to Q4 FY24 (A$10.5M) due to a timing difference with Q3 FY25 receipts 28% higher than Q3 FY24. Overall, FY25 customer receipts increased by 2.4% compared to FY24.

Following the implementation of an on-market buy-back program, Mach7 acquired approximately 4.4M shares (A$1.5M) in Q4 FY25.

Mach7 was operating cash flow positive in Q4 FY25 for a third consecutive quarter with operating cash inflows of A$0.6M. Mach7 also achieved its objective of being operating cash flow positive for FY25 (A$0.7M).

Mach7 capitalised A$0.2M in development costs during the quarter, which largely related to an R&D project which commenced in FY24 and is expected to be completed in 1H FY26 at a total cost of approximately A$0.7M. This project is expected to deliver annualised cost savings of approximately A$1.0M when it is fully implemented.

Refer to the Appendix 4C accompanying this update for details of the Company’s expenditure on its business activities during the quarter.

The financial position of the Company remains strong with no debt and A$23.1M cash on hand at 30 June 2025 (A$24.9M at 31 March 2025 and A$26.2M at 30 June 2024).

9 First Productive Use (FPU)

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ASX Announcement

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The payments to related parties and their associates as disclosed in section 6.1 of the Appendix 4C below relate to salaries, directors’ fees and superannuation payments. The payments comprised:

• A$77,267 for Directors’ fees and superannuation for the quarter

• A$161,879 for Executive Director’s salary and superannuation for the quarter

In July 2025, there were several changes to the leadership team with the departure of David Madaffri, Chief Operating Officer and Lisa Thompson, Vice President, Services, and the appointment of Paul Jensen as Mach7’s first Chief Innovation Officer.

Paul Jensen is a data-driven global IT executive known for driving effective change and operational excellence. With experience across sales, marketing, finance and strategic planning, he spent 20 years at Microsoft including leading major parts of the business from Singapore. Paul will be a US-based partner to the CEO, leading Mach7’s large engineering team to accelerate innovation and boost efficiency.

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In 1H FY26, the immediate priorities include the development of a comprehensive strategy following a thorough review of Mach7’s operations. This will focus on how the Company can accelerate the delivery of innovation and a compelling customer value proposition.

Mach7 reaffirms its revised FY25 guidance for revenue of A$33M-$34M, CARR of approximately A$30M-$31M and for OPEX growth to be less than revenue growth.

Mach7 will release its FY25 result in late August.

CEO Teri Thomas and CFO Dyan O’Herne will host a zoom webinar including a Q&A session with the investment community at 9:30am (AEST) today, 29 July 2025 .

Please use the link below to register for the webinar.

https://mach7t.zoom.us/webinar/register/WN_bg9f1_L8Rv2zISnFUH0Ehw

Investors can submit questions prior to the webinar to ir@mach7t.com or ask questions via the Q&A function during the webinar.

Released on authority of the Board by Teri Thomas, Managing Director and Chief Executive Officer.

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ASX Announcement

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For more information, contact:

Investor Relations Françoise Dixon +61 (0) 412 292 977 ir@mach7t.com

About Mach7 Technologies:

Mach7 Technologies (ASX:M7T) is a leading provider of medical imaging software, delivering advanced data management and diagnostic viewing solutions to healthcare organizations worldwide. The Mach7 Enterprise Imaging Solution (EIS) is a next-generation solution combining a powerful Vendor Neutral Archive (VNA), the eUnity Enterprise Diagnostic Viewer, and robust diagnostic workflow applications. Built for maximum flexibility and scalability, Mach7 empowers customers to implement a complete enterprise imaging ecosystem or deploy modular components that fit their unique needs. Today, Mach7 supports a diverse global network, from large integrated delivery networks (IDNs) and national health systems to independent provider groups and private radiology practices. Visit Mach7t.com for more information.

Forward-looking statements

This announcement may contain forward-looking statements regarding the Company’s financial position, business strategy and objectives (rather than being based on historical or current facts). Any forward-looking statements are based on the current beliefs of the Company’s management as well as assumptions made by, and information currently available to, the Company’s management. Forward-looking statements are inherently uncertain and must be read accordingly. There can be no assurance that some or all of the underlying assumptions will prove to be valid.

All data presented in this announcement reflects the current views of the Company with respect to future events. Forward-looking statements are subject to risk, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the Company. To the maximum extent permitted by law, the Company, its officers, employees and agents do not accept any obligation to release any updates or revisions to the information (including any forward-looking statements) in this announcement to reflect any change to expectations or assumptions; and disclaim all responsibility and liability for any loss arising from reliance on this announcement or its contents.

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Mach7 Technologies Limited (ASX:M7T) ABN: 26 007 817 192 Registered Office: Suite 2, Level 11, 385 Bourke St, Melbourne, VIC 3000 T: 03 9692 7222 www.mach7t.com

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Rule 4.7B

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Name of entity

Mach7 Technologies Limited

ABN

26 007 817 192

Quarter ended (“current quarter”)

30 June 2025

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) research and development (b) product manufacturing and operating costs (c) advertising and marketing (d) leased assets (e) staff costs1 (f) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	8,413 (500) (122) (51) (5,985) (1,225) - 111 - (16) - -	35,693 (1,810) (915) (187) (26,766) (5,767) - 501 - (68) - -
	625	681
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) businesses (c) property, plant and equipment (d) investments	- - (33) -	- - (755) -

1 Mach7 has capitalised A$181k of development costs in Q4 FY25.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
(e) intellectual property1 (f) other non-current assets 2.2 Proceeds from disposal of: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intellectual property (f) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (cash acquired in acquisition) 2.6 Net cash from / (used in) investing activities	(181) - - - - - - - - - -	(943) - - - - - - - - - -
	(214)	(1,698)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities)2 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 2 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	(1,497) - - (8) - - - - -	(2,231) - - (12) - - - - -
	(1,505)	(2,243)

2 Amounts represent the shares purchase price and brokerage fees for the Mach7 on-market share buy-back program that commenced 3 March 2025.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
4. 4.1 4.2 4.3 4.4 4.5 4.6	Net increase / (decrease) in cash and cash equivalents for the period Cash and cash equivalents at beginning of period Net cash from / (used in) operating activities (item 1.9 above) Net cash from / (used in) investing activities (item 2.6 above) Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held Cash and cash equivalents at end of period	24,859 625 (214) (1,505) (696)	26,175 681 (1,698) (2,243) 154
		23,069	23,069
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts		Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)		17,255 5,814 - -	17,452 7,407 - -
		23,069	24,859
6. Payments to related parties of the entity and their associates			Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 239 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.			239
			-

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6	Net cash from / (used in) operating activities (item 1.9) 625 Cash and cash equivalents at quarter end (item 4.6) 23,069 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.2 + item 8.3) 23,069 Estimated quarters of funding available (item 8.4 divided by item 8.1) N/A Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. If item 8.5 is less than 2 quarters, please provide answers to the following questions: 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	625 23,069 -
		23,069
		N/A
	Answer: N/A
	8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A
	8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: N/A
	Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: ....29 July 2025…..............................................................................

Authorised by: ..Board of Directors.................................................................................

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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