Announcement PDF Capital Raising May 2025 1 All Rights Reserved © Copyright, Enlitic, Inc. 2025 IMPORTANT NOTICE AND DISCLAIMER The following notice and disclaimer apply to this investor presentation (Presentation) and you are therefore advised to read this carefully before reading or making any other use of this Presentation or any information contained in this Presentation. By accepting this Presentation, you represent and warrant that you are entitled to receive this Presentation in accordance with the restrictions, and agree to be bound by the limitations, contained within it. The information in this Presentation does not take into account the particular investment objectives, financial situation, taxation position or needs of any person. You should not rely on the Presentation, and in all cases, you should conduct your own investigations and analysis of the financial condition, assets and liabilities, financial position and performance, profits and losses, prospects and business affairs of the Company, and the contents of this Presentation and seek legal, financial, tax and other professional advice. This Presentation is not and should not be considered an offer or an invitation to acquire New CDIs or New Options of the Company or any other securities or financial products and does not and will not form any part of any contract for the acquisition of New CDIs or New Options of the Company in relation to the Equity Raising. This Presentation is intended as an outline only of the proposed Equity Raising and does not purport to list or summarise all of the final terms and conditions of the proposed Equity Raising, nor to identify or define all or any of the risks that would be associated with an investment in the Company. This Presentation is dated 5 May 2025 and has been prepared by Enlitic, Inc. (ARBN 672 254 027) (ASX: ENL, Enlitic or the Company) to provide summary information about the equity raising comprising a two-tranche institutional placement of new fully paid chess depository interests (New CDIs) in the Company to certain persons in Australia who are institutional, sophisticated and professional investors to be conducted in two tranches (the Equity Raising). Tranche two of the Equity Raising (including, for the avoidance of doubt, participation by any Director) is conditional on the approval of the Company's securityholders. Foreign restrictions Participants under the Equity Raising will be entitled to be made an offer by the Company to apply to receive (for no consideration) one new unquoted option with an exercise price of A$0.05 and expiry three years from the date of issue (and otherwise on standard terms) (New Option) for every two New CDIs subscribed for and issued under the Equity Raising. The offer of New Options will be subject to securityholder approval at the annual general meeting of the Company, expected to be held in lune 2025. The New Options will not be quoted on ASX, and will be non-transferrable (other than with the prior written consent of the Company). This Presentation does not constitute or form a part of any offer or solicitation to purchase, subscribe or sell securities in the United States or any other jurisdiction in which such an offer would be illegal. No public offering of the New CDIs will be made in the United States or in any other jurisdiction where such an offering is restricted or prohibited. Accordingly, this Presentation may not be reproduced in whole or in part, nor may any of its contents be divulged to any third party without the prior consent in writing of Enlitic. The distribution of this Presentation in jurisdictions outside Australia may be restricted by law and you should observe such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities law. The Equity Raising is not underwritten. The Equity Raising is lead by Taylor Collison Pty Ltd (Lead Manager). Determination of eligibility of investors for the purposes of the Equity Raising is determined by reference to a number of matters, including legal requirements and the discretion of the Company and the Lead Manager. You acknowledge and agree that you will rely on your independent assessment of any information, statements or representations contained in this Presentation and such reliance will be entirely at your own risk. By accepting this document, you acknowledge and agree to the terms set out below. The New CDIs and the New Options, and the shares of common stock underlying the New CDIs and the New Options referred to in this Presentation have not been, and will not be, registered under the U.S. Securities Act of 1933 (US Securities Act) or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold in the United States, to "U.S. persons" (as defined in Rule 902(k) under the US Securities Act) (U.S. Persons) or to persons acting for the account or benefit of U.S. Persons unless the securities are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the US Securities Act and any other applicable securities laws of any state or other jurisdiction of the United States. Summary information This Presentation contains only summary information about certain current activities of Enlitic as at the date of this Presentation. The information in this Presentation is of a general nature and does not purport to be complete, nor does it include all information that prospective investors would require to evaluate their investment in the Company, nor does it contain all of the information which would be required to be disclosed in a prospectus, product disclosure statement or other offer document under Australian law or under any other law. This Presentation has not been filed, registered or approved by regulatory authorities in any jurisdiction. The Company may, in its absolute discretion, but without being under any obligation to do so, update or supplement this Presentation or the announcement to which it is attached. Any further information will be provided subject to the terms and conditions in this notice and disclaimer. This Presentation should be read in conjunction with Enlitic’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au. Enlitic’s CDIs are traded on ASX in reliance on the safe harbour provisions of Regulation S under the US Securities Act of 1933 as amended, and in accordance with the procedures established pursuant to the provisions of a no action letter dated 7 January 2000 given to ASX by the staff at the US Securities and Exchange Commission. The relief was given subject to certain procedures and conditions described in the no action letter. One of the conditions is that the issuer provides notification of the Regulation S status of its securities in communications such as this Presentation. Disclaimer No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed upon, the currency, accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation or as to the reasonableness of any assumptions contained herein or in any other information made available (whether in writing or orally) to the recipient. None of the Company, its related bodies corporate, securityholders or affiliates, or any of their respective officers, directors, employees, affiliates, partners, representatives, consultants, agents or advisers (each a Limited Party) guarantees or makes any representations or warranties, express or implied, as to, or takes responsibility for, the currency, accuracy, reliability, completeness or fairness of this Presentation or the information, assumptions, opinions and conclusions contained in this Presentation. The Company does not represent or warrant that this Presentation is complete or that it contains all material information about the Company. To the maximum extent permitted by law, each Limited Party expressly disclaims any and all liability (whether direct, indirect, consequential or contingent), including, without limitation, any liability arising out of fault or negligence on the part of any person, for any expenses, damages, costs or loss arising from the use of information contained in this Presentation or in relation to the accuracy or completeness of the information, statements, opinions or matters, express or implied, contained in, arising out of or derived from, or for omissions from, this Presentation, including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom. Reliance should not be placed on information or opinions contained in this Presentation and, subject only to any legal obligation to do so, Enlitic does not have any obligation to correct or update the content of this Presentation. The information in this Presentation remains subject to change without notice. Enlitic reserves the right to withdraw or vary the transactions described in this Presentation without notice. Recipients should read the “Key Risks” section of this Presentation for a non-exhaustive summary of the key risks that may affect the Company, its financial and operating performance and key risks associated with the Equity Raising and an investment in the Company. Not a prospectus or an offer Nothing in this Presentation should be construed as either an offer or a solicitation of an offer to buy or sell securities in the Company (including New CDIs or New Options) in any jurisdiction or be treated or relied upon as a recommendation or advice by the Company to buy or subscribe for securities. The Presentation is for informational purposes only and is not a prospectus, disclosure document, product disclosure statement or other offering document under Australian law or the law of any other jurisdiction. Accordingly, it does not contain all the information required to be included in an offer document prepared in accordance with the requirement of the Corporations Act 2001 (Cth) (Corporations Act) and has not been lodged with the Australian Securities and Investments Commission or any other financial services or securities regulator. Any investor that intends to deal in any existing or prospective securities of the Company is required to make its own independent investigation and appraisal of the business and financial condition of the Company group and the nature of the securities at the time of such dealing. No one has been authorised to give any information or to make any representations other than those contained in this Presentation, and if given or made, such information or representations must not be relied upon as having been authorised by the Company, the Lead Manager or their respective affiliates. The information contained in this Presentation does not constitute investment or financial product advice (nor taxation, accounting, or legal advice) and is not intended to be used as the basis for making an investment decision. 2 None of the Company or any of the other Limited Parties act, or are responsible, as a fiduciary to you, your directors, officers, employees, affiliates, partners, representatives, consultants, agents, advisers, securityholders, creditors or any other person. You and each of the Company and the other Limited Parties expressly disclaim any fiduciary relationship. The Company and the other Limited Parties are relying on you complying with this important notice and disclaimer and on the truth and accuracy of the representations, warranties, undertakings and acknowledgments given by you. © Copyright, Enlitic, Inc. IMPORTANT NOTICE AND DISCLAIMER (cont) Future performance and forward-looking statements Any pro forma financial information does not purport to be in compliance with Article 11 of Regulation S-X of the Rules of the U.S. Securities and Exchange Commission and has not been prepared with a view towards compliance with the published guidelines of the U.S. Securities and Exchange Commission or the American Institute of Certified Public Accountants for the preparation and presentation of pro forma financial information. In addition, the historical and pro forma financial information is presented in abbreviated form and does not include all of the presentation and disclosures of general purpose financial statements prepared in accordance with applicable accounting standards and accounting interpretations. This Presentation may contain certain forward-looking statements, forecasts, estimates, projections and comments about future events, including the Company's beliefs, assumptions and expectations about the performance of its businesses and certain strategic transactions and the recovery of domestic and global airline booking levels. Forward looking statements can generally be identified by the use of forwardlooking words such as, "expect", "anticipate", "likely", "intend", "should", "could", "may", "predict", "plan", "propose", "will", "believe", "forecast", "estimate", "goals", "aims", "target" and other similar expressions. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Forward looking statements involve inherent risks and uncertainties, both general and specific, including the risk factors described under the “Key Risks” section of this Presentation, and there is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. A number of important factors, both known and unknown, could cause the Company's actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements, and many of these factors are beyond the Company's control, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. As such, there can be no assurance that actual outcomes will not differ materially from these statements. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and their differences may be material. Non-IFRS financial measures This Presentation contains a number of non-IFRS financial measures under ASIC Regulatory Guide 230: 'Disclosing non-IFRS financial information' published by ASIC and also 'non-GAAP financial measures' within the meaning of Regulation G under the U.S. Securities Exchange Act, as amended, and are not recognised under AAS and International Financial Reporting Standards (IFRS). The non-IFRS/non-GAAP financial information (if any) has not been subject to audit or review and includes pro forma EBITDA. Such non-IFRS financial information/non-GAAP financial measures do not have a standardised meaning prescribed by AAS or IFRS. Therefore, the non-IFRS financial information may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with AAS or IFRS. Although the Company believes this information provides useful information for investors and form key performance indicators for the Company investors are cautioned not to place undue reliance on any non-IFRS financial information/non-GAAP financial measures included in this Presentation. Any forward-looking statements are provided as a general guide only and should not be relied on as an indication or guarantee or predictions of future performance. As such, no undue reliance should be placed on any forward-looking statement, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the aftereffects of COVID-19 pandemic and certain geopolitical tensions. Past performance is not necessarily a guide to future performance, and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Nothing contained in this Presentation, or any other information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of the Company. None of the Company or any other Limited Party makes any representation or warranty as to the accuracy of any forward-looking statements contained in this Presentation. Forward looking statements speak only as at the date of this Presentation, and the Limited Parties disclaim any obligations or undertakings to release any update of, or revisions to, any forward-looking statements in this Presentation, except as required by law or regulation (including the ASX Listing Rules). Third party information Certain market and industry data (including industry forecasts, projections, market sizes, market shares and market positions) included in this Presentation has been obtained from public filings, research, surveys or studies conducted by third parties, including industry and general publications, which has not been independently verified by the Company, as well as from the Company's own internal estimates and research. The Company cannot warrant or guarantee the adequacy, fairness, accuracy or completeness of such information. You should note that market data and statistics are inherently predictive and subject to uncertainty and not necessarily reflective of actual market conditions. There is no assurance that any of the industry or market forecasts, including management estimates, which are referred to in this Presentation will be achieved. In addition, such data involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. In addition, while the Company believes its own estimates and research are reliable, such estimates and research have not been verified by any independent source. Financial data Financial information contained in this Presentation (if any) is unaudited, unless otherwise stated, and is therefore subject to change. You should be aware that this Presentation has been prepared at a time when the review of the financial information contained in the Presentation has not been completed and, accordingly, the Company takes no responsibility for, and can provide no assurance as to the reliability of, any information relating to the financial condition and/or financial and operating performance of the Company. Recipients of this Presentation are cautioned therefore to not place any reliance on the financial (or other) information included in the Presentation. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation. This Presentation may contain trademarks and trade names of third parties, which are the property of their respective owners. Third party trademarks and trade names used in this Presentation belong to the relevant owners and use is not intended to represent sponsorship, approval or association by or with the Company. Effect of rounding A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation. Pro forma financial information This Presentation contains pro forma financial information reflecting the Equity Raising. The pro forma financial information provided in this Presentation is for illustrative purposes only and is not represented as being indicative of the Company's (or anyone else's) views on the Company's future financial position and/or performance. The pro forma financial information has been prepared by the Company in accordance with the measurement and recognition requirements, but not the disclosure requirements, of applicable accounting standards and other mandatory requirements in Australia and the United States. 3 © Copyright, Enlitic, Inc. IMPORTANT NOTICE AND DISCLAIMER (cont) Key investment risks There are a number of risks specific to the Equity Raising, Enlitic and of a general nature which may affect the future operating and financial performance of Enlitic and the value of an investment in Enlitic, including solvency, concentration of customers, future profitability, approval of technology, perception of AI and the failure to realise benefits from product research and development. An investment in New CDIs under the Equity Raising is subject to known and unknown risks, some of which are beyond the control of Enlitic. Enlitic does not guarantee any particular rate of return or the performance of the Company. Investors should have regard to the risk factors outlined in this Presentation under Appendix: ”Key Risks” when making their investment decision. 4 © Copyright, Enlitic, Inc. Executive Summary Enlitic is a software development company that uses artificial intelligence to develop software products that manage medical imaging data in radiology and licences such products to healthcare providers. Acquisition of Laitek has expanded the Enlitic portfolio to include data migration capabilities. Enlitic is at the forefront of empowering healthcare providers with its advanced data standardisation and AI-enabled solutions for medical imaging. The progress Enlitic is making is reflected in the pipeline growth and business relationships it has developed, leveraging the 2024 acquisition of Laitek to aid in that growth. Equity Raise Raising an additional A$10m (~US$6.2m) to satisfy the GE HealthCare (GEHC) MOU1, and to be used as described on Use of Funds slide 12. 1. 2. Business Highlights GE HealthCare Relationship Pipeline has grown >A$90m (US$60m)2 since Laitek acquisition. GEHC announced the Genesis Portfolio. Actively engaged in discussions with >60% of the PACS OEM market. Revenue opportunity for Enlitic of up to A$50m (US$30m) over 5 years. The Memorandum of Understanding (MOU) between GEHC and Enlitic, while binding , is not a complete expression of the necessary terms between the parties, but rather, establishes the basis for developing a definitive agreement or agreements and or amending existing agreements between the Parties to establish such a complete expression of necessary terms. The MOU does, however, oblige GEHC to provide advance payment of US$2m upon confirmation by Enlitic that it has secured AUD (A$10,000,000) in funding from external sources. See slide 21 for further information on the MOU. The dollar values represent the Company’s estimate (based on initial discussions and assessments with each potential customer) of TCV (the total contracted minimum licence revenue to be charged over the term (generally 3 years of contracts entered into with customers) of the contract), migration project revenue to be charged based on completion of milestones under the migration project, plus ancillary revenue (as applicable) of each customer pipeline opportunity if every such opportunity was to result in a signed Licence Agreement (and the Company has assumed each such Licence Agreement has a term of 3 years) or having regard to the number and type of studies anticipated to be migrated in respect of relevant projects. There is no guarantee that any of the customer pipeline opportunities will result in any contracted clients or contracted revenue, and the dollar values indicated do not in any way represent an estimate of likely future revenue arising from those. It merely provides an indication of the potential size of the revenue opportunity presented by the customer pipeline opportunities. 5 © Copyright, Enlitic, Inc. 2025 Business Overview 6 © Copyright, Enlitic, Inc. 2025 Key Business Highlights SIGNIFICANT COMMERCIAL PROGRESS • Migration pipeline1 grown by more than US$60m since Laitek acquisition. • Secured US$1.6m (A$2.6m) of new revenue in 1Q25 to date, with 75% expected to be recognized in CY2025. GE HEALTHCARE COLLABORATION • Executed binding MOU with GE HealthCare under which Laitek will work in good faith to deliver between US$3-6m per year (A$5-10m) of annual migration capacity to GEHC for next 5 years (i.e. potentially up to US$30m (A$50m) of migration capacity). • Foundational collaborator for GE HealthCare Genesis Cloud Product Suite. BUSINESS INTEGRATION & STRATEGY • Technology integration incorporated into Product Roadmap. • Cost and revenue synergies ahead of expectations. • Drive growth and capture market share through AI Enabled Migrations. FINANCIALS OUTLOOK • Recognized Revenue in CY2025 anticipated to be in the order of US$9-11m (~A$14.5-17.5m). • Secured US$1.6m (A$2.6m) of new revenue in 1Q25 to date, with 75% expected to be recognized in CY2025. 1. The dollar values represent the Company’s estimate (based on initial discussions and assessments with each potential customer) of TCV (the total contracted minimum licence revenue to be charged over the term (generally 3 years of contracts entered into with customers) of the contract), migration project revenue to be charged based on completion of milestones under the migration project, plus ancillary revenue (as applicable)) of each customer pipeline opportunity if every such opportunity was to result in a signed Licence Agreement (and the Company has assumed each such Licence Agreement has a term of 3 years) or having regard to the number and type of studies anticipated to be migrated in respect of relevant projects. There is no guarantee that any of the customer pipeline opportunities will result in any contracted clients or contracted revenue, and the dollar values indicated do not in any way represent an estimate of likely future revenue arising from those. It merely provides an indication of the potential size of the revenue opportunity presented by the customer pipeline opportunities. 7 © Copyright, Enlitic, Inc. 2025 Key Business Updates Increased market awareness has raised interest from both OEM and healthcare providers alike. A concentrated sales focus on data migration has opened doors to include standardization in opportunities much easier than previous efforts. OEM interest has been sparked from the GE announcement. Material interest in combined Ensight and Migration Services offerings Active migration opportunities with PACS OEMs representing >60% of Global PACS market share. Initial focus to lead with Migration services as fastest path to revenue New migration services pipeline opportunities exceed US$70m (A$112m) over the next 3 years. Integrating and strengthening our technological advantage Integration of Enlitic’s AI solutions continues to enhance our migration services offering. Conversion of migration customers will drive future ARR growth 80% of Laitek OEM partners and end user customers are actively evaluating Ensight. 8 © Copyright, Enlitic, Inc. 2025 Equity Raise Details 9 © Copyright, Enlitic, Inc. 2025 Placement Overview Placement • Two-tranche placement seeking to raise $10.0 million via the issue of 250 million new chess depositary interests (New CDIs or Placement Securities) at the Offer Price to sophisticated and professional investors (Placement). o Tranche one will raise ~$5.8 million (~145.8 million New CDIs) and will be issued in accordance with the Company’s available placement capacity pursuant to ASX Listing Rule 7.1 and 7.1A (Tranche One). o Tranche two seeks to raise ~$4.2 million (~104.2 million New CDIs) and will be issued subject to securityholder approval to be obtained at Enlitic’s upcoming annual general meeting (“AGM”) which is expected to be held in June 2025 (Tranche Two). • Subject to securityholder approval, Chief Executive Officer and Executive Director, Michael Sistenich, has committed to subscribe for 1,250,000 New CDIs in Tranche Two. • The Placement is not underwritten. Options Participants under the Placement will be entitled to be made an offer by the Company to apply to receive (for no consideration) one New Option for every two (2) New CDIs subscribed for and issued under the Placement. Each New Option will have an exercise price of A$0.05 and will expire three (3) years from the date of issue (and are otherwise on standard terms). The offer of New Options will be subject to securityholder approval to be sought at the AGM of the Company, expected to be held in June 2025. New Options will not be quoted on the ASX, and will be non-transferable (other than with the prior written consent of the Company). Offer Price • New CDIs issued under the Placement will be issued at a price of A$0.04 per New CDI, representing: – a 15.8% discount to the last closing price of A$0.048 as at 30 April 2025 (A$0.0475); – a 17.4% discount to the 5-day VWAP (A$0.0484); – a 21.2% discount to the 15-day VWAP (A$0.0508). Use of Funds As noted on slide 12 Ranking All New CDIs issued under the Placement will rank equally with existing ENL CDIs from the date of issue. Lead Manager Taylor Collison Limited (Taylor Collison) is Lead Manager to the Placement. Co-Manager MST Financial Services Pty Ltd (MST). 10 © Copyright, Enlitic, Inc. 2025 Indicative Timetable Indicative Timetable Date (AEST) Offeror Trading Halt Thursday 1 May 2025 Trading Halt Lifted and Return to Trading on the ASX Monday 5 May 2025 Settlement of Tranche One Placement Securities Friday, 9 May 2025 Allotment of Tranche One Placement Securities Monday, 12 May 2025 AGM to approve Tranche Two Placement Securities and New Options Expected June 2025 Offer of New Options1 Expected June 2025 Settlement of Tranche Two Placement Securities and New Optio