HITIQ Secures $1.5M Loans, Appoints Jennifer Tucker Ahead of PROTEQT Rollout
HITIQ Limited is pivoting towards grassroots athletes with its upcoming PROTEQT concussion management system, backed by strategic partnerships and fresh funding. The company aims for a cashflow positive future as it prepares for commercial rollout.
- Strategic pivot to consumer market targeting amateur and community athletes
- Three-year partnership secured with Victorian Amateur Football Association (VAFA)
- PROTEQT product launch scheduled for May 2025 with strong market validation
- Over $1.5 million in loans secured including R&D and shareholder facilities
- New board appointment of Jennifer Tucker enhances leadership with consumer sector expertise
Strategic Shift to Grassroots Sports
HITIQ Limited (ASX: HIQ), a leader in concussion management technology, has announced a significant strategic pivot towards the consumer market, focusing on amateur and community-level athletes. This move is anchored by the imminent commercial launch of PROTEQT, a consumer-friendly concussion management system designed to bring elite-level technology to grassroots sports.
PROTEQT integrates an instrumented boil-and-bite mouthguard with impact detection, symptom assessment, and teleconcussion services. This comprehensive approach addresses a critical gap in accessible concussion management for community athletes, where many sports-related concussions often go undetected.
Partnerships and Market Positioning
Central to HITIQ’s rollout strategy is a newly secured three-year sponsorship-style partnership with the Victorian Amateur Football Association (VAFA), representing 15,000 players aged 16 to 35. Additionally, a marketing agreement with Westfield Sports High targets younger athletes aged 12 to 18. These agreements provide immediate channels for PROTEQT’s market entry and sales acceleration post-launch.
HITIQ is also close to finalizing deals with other community and regional football leagues, as well as rugby organizations, aiming to reach a player base of 100,000 athletes aged 12 and above within the first year. Consumer research has validated strong demand, with feedback highlighting PROTEQT’s ease of use, comfort, and peace of mind for parents, supported by an exclusive partnership with Shock Doctor for high-quality mouthguards.
Financial Fortification and Leadership Enhancement
Financially, HITIQ has strengthened its position by securing a $1.02 million R&D loan from Rockford Pty Ltd and a $500,000 loan facility from its major shareholder, Harmil Angel Investments, carrying a 15% interest rate. The company is also in the process of completing a capital raise, expected to provide further runway for operations and growth.
Cash reserves stood at A$230,000 at the end of March 2025, with the company projecting continued cashflow negative operations in the short term but confident in achieving cashflow positive status through its new consumer-focused strategy.
Complementing these developments is the appointment of Jennifer Tucker as a Non-Executive Director. With over 20 years of senior executive experience in retail and branded consumer goods, Tucker’s governance expertise is expected to bolster HITIQ’s strategic execution as it navigates this pivotal growth phase.
Looking Ahead
As PROTEQT prepares for its May 2025 launch, HITIQ is positioning itself to set new safety standards in community sports concussion management. The scalable SaaS business model, combining initial product sales with annual subscriptions, aims to build recurring revenue and long-term customer retention.
While initial sales have yet to commence, the company’s strategic partnerships and marketing efforts are building momentum across multiple Australian states, signaling a promising trajectory for market penetration.
Bottom Line?
HITIQ’s consumer pivot and funding boost set the stage for a critical test of PROTEQT’s market impact and financial sustainability.
Questions in the middle?
- How quickly will PROTEQT convert partnerships into meaningful sales revenue post-launch?
- What will be the terms and scale of the upcoming capital raise, and how will it affect shareholder dilution?
- Can HITIQ sustain operations beyond the next two quarters given current cash reserves and burn rates?
