CurveBeam AI Posts $12.1M Revenue, Narrows Loss by $6.3M in FY25

Financial Performance and Operational Highlights

CurveBeam AI Limited has reported a significant 85% increase in revenue for the year ended 30 June 2025, reaching $12.1 million, up from $6.5 million in the previous year. This growth was accompanied by a reduction in the net loss after tax to $16.8 million, improving from a loss of $23.1 million in FY24. The company’s operating loss also narrowed to $11.13 million, reflecting a $5.16 million improvement driven by increased gross margins, lower human resource and consulting costs, and a higher research and development rebate.

These financial results underscore CurveBeam’s progress in scaling its specialised weight-bearing medical imaging (CT) equipment business and its AI-enabled SaaS clinical assessment solutions. The company’s enhanced HiRise™ device, designed for integration with robotic-aided surgical systems in knee and hip surgery, remains a focal point for future revenue growth.

Capital Raising and Funding Position

In August 2024, CurveBeam successfully completed a placement and accelerated non-renounceable entitlement offer (ANREO), raising $11.58 million before costs. This capital injection was critical in supporting ongoing operations and funding the validation efforts for the enhanced HiRise™ device. Despite this, the company continues to face cash outflows from operations, amounting to $11.17 million in FY25, though this is an improvement from $21.86 million in the prior year.

The directors have flagged a material uncertainty regarding the Group’s ability to continue as a going concern, citing the need to complete validation of the enhanced HiRise™, secure additional funding, and successfully commercialise its intangible assets. Management remains confident that these milestones will be achieved, enabling the company to meet its financial obligations and continue operations.

Executive Remuneration and Governance

CurveBeam’s remuneration framework for key management personnel (KMP) remains closely aligned with shareholder interests. No short-term incentive (STI) awards were paid in FY25 due to unmet performance targets, reflecting the company’s cautious approach amid challenging market conditions. Long-term incentives (LTI) continue to be structured as premium priced options, requiring significant share price appreciation before value is realised by executives.

The board and remuneration committee emphasize their commitment to linking executive rewards with value creation, particularly as the company prepares to launch its high-margin SaaS business model in 2026. Non-executive directors also receive share-based payments to align their interests with shareholders.

Risks and Outlook

CurveBeam operates in a complex regulatory and competitive environment, with key risks including regulatory clearances, reimbursement policies, market acceptance of new products, and the ability to scale manufacturing and distribution. The company’s success hinges on overcoming validation hurdles for the enhanced HiRise™ and expanding its US and international customer base.

While the auditor issued an unqualified opinion on the financial statements, they highlighted the material uncertainty related to going concern. Investors should monitor upcoming validation milestones, capital raising activities, and regulatory progress closely as indicators of the company’s trajectory.