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Reproductive biotech hopeful Memphasys (ASX: MEM) is shifting from promise to execution, with a string of regulatory lodgements and fresh orders positioning its flagship Felix™ System for commercial lift-off across multiple continents. From regulatory filings in Australia and India to anchor-client adoption in Qatar, the company’s dual-pronged strategy - clinical credibility paired with go-direct sales execution - appears to be bearing fruit.

Regulatory Milestones: Approvals in Sight for Australia and India

Memphasys has filed its long-anticipated regulatory submissions with the Australian Therapeutic Goods Administration (TGA) and India’s Central Drugs Standard Control Organisation (CDSCO). TGA approval is expected by April 2026, while Indian clearance is anticipated within six months - timelines which would enable commercial sales in two highly strategic markets.

Both submissions build on the company’s CE Mark certification, granted in December 2025, allowing Memphasys to leverage existing clinical data and quality systems to fast-track approval pathways.

UK Sales on the Fast Track via CE Mark Pathway

While others navigate the regulatory fog post-Brexit, Memphasys is taking the express lane. Under the UK’s transitional framework, devices with valid CE Mark approval can be sold without the UKCA mark - provided certain registration and labelling requirements are met.

The company is currently completing MHRA device registration, appointing a UK Responsible Person, and preparing UK-compliant labelling. With no formal UK sales agreements signed yet, discussions are actively progressing with IVF clinics and potential distributors.

Indian Deal Locked and Loaded, Pending CDSCO Tick

On the subcontinent, Memphasys has secured a non-exclusive supply agreement with Andro Diagnostics of Coimbatore. The deal includes a minimum of 1,800 cartridges in the first year, scaling to 2,700 in Year 2, distributed across a network of over 200 clinics.

Activation is contingent on CDSCO approval, but demand fundamentals are compelling: India performs around 300,000 IVF cycles annually, projected to grow to as many as 600,000, with male-factor infertility implicated in roughly half.

MENA Momentum: Qatar’s IVF Giant Commits to Felix™

In what could be a pivotal endorsement, Hamad Medical Corporation (HMC) - Qatar’s leading fertility institution - has begun ordering Felix™ cartridges for clinical use. The initial demand clocks in at around 100 cartridges per month, equating to 1,200 per annum. HMC alone covers nearly half of the minimum annual volume required under Memphasys’ distribution deal with International Technical Legacy (ITL).

This makes HMC the first major institutional reference customer in the MENA region - a critical foot in the door for broader adoption.

Follow-On Demand and Wider Middle East Traction

The MENA story doesn’t end with Qatar. ITL has placed an additional follow-on order for 200 cartridges, reflecting demand from clinics across the UAE and elsewhere in the region. According to Memphasys, late-stage contractual discussions are underway with prospective clients in five additional MENA countries.

Each target clinic is capable of generating A$100,000–A$300,000 in annual cartridge revenue, offering substantial scale potential.

Execution Strategy Backed by Boots on Ground

Adding to this momentum, Associate Professor Hassan Bakos, Memphasys’ Director of Clinical Partnerships, is on his second visit to the region in two months. The trip, backed by ITL, includes optimisation support at HMC, clinic onboarding meetings and a prominent presence at an ART conference in Egypt - a market forecast to exceed US$500 million in IVF spend.

Commercial Countdown Begins

Chair of the Commercialisation Committee Marjan Mikel summed it up succinctly: “Our go-direct commercial and regulatory strategies are working hand in glove... contracted demand continues to build, and these approvals are expected to further accelerate growth in Felix™ sales as execution progresses”.

Indeed, with regulatory filings in motion, cartridge orders building, and commercial talks advancing across three continents, Memphasys appears to be entering the revenue-generating phase of its global push.

Investors won’t have to wait long to see whether Felix™ can make the leap from clinical promise to commercial success - the true test lies just ahead.

If there was still any doubt that drones had reshaped the battlefield - and the boardroom - Bell Potter Securities’ Drone Report puts it to rest. Published on 21 January 2026 by analysts Baxter Kirk and Ritesh Varma, the 9-page report lays out the bullish case for unmanned aerial systems (UAS) and their countermeasures (C-UAS), positioning the ASX as a surprisingly rich source of exposure.

Driven by new legislation, surging defence budgets and real-time battlefield feedback - most visibly in Ukraine - Bell Potter sees 2026 as an inflection year for drone and counter-drone markets globally. Drones now account for 70-80% of daily combat losses in the Ukrainian conflict. That has tipped procurement scales from future-looking experiments to urgent acquisition programs.

The C-UAS Playbook

The legislative lever, at least in the US, has been firmly pulled. The Safer Skies Act, passed in December 2025, permits public safety agencies - including law enforcement and correctional facilities - to disable drones deemed a credible threat. This is a structural change. For the first time, state and local governments can procure and deploy C-UAS tools, unlocking an estimated 12% of the addressable market for non-kinetic countermeasures such as RF jammers.

DroneShield RFPatrol Mk2 (supplied)

DroneShield (ASX:DRO)’s DroneGun Mk4 and RFPatrol Mk2 units are already deployed in such scenarios. In fact, the report notes the US Air Force continues to single out DroneShield’s gear as the only proven option that meets its handheld requirements.

Directed energy weapons (DEWs) are another area of focus, where Electro Optic Systems (ASX:EOS) is gaining traction, having recently delivered its 100kW “Apollo” system into Dutch and Korean defence programs. Europe, meanwhile, is forging ahead with its “Drone Defence Initiative,” with Poland’s €2.5 billion “East Shield” and the Netherlands both identified as early movers.

Amid this surge, the value of adaptable, component-based supply chains has become clear. Bell Potter doesn’t highlight unlisted suppliers, but it notes that scalable defence engineering is increasingly a function of distributed, low-capex manufacturing. That’s a subtle nod to firms like KTEK Systems, a Tier-2 provider of UAV sub-assemblies and ruggedised airframes, which operates under an asset-light “Cordless Factory” model across Israel, the EU, and soon Australia.

Drones in Demand - Fast

On the offensive side of the ledger, the US Department of War is now targeting production of 340,000 small drones over two years, with unit prices capped at around US$5,000. This high-volume, low-cost procurement plan favours agile manufacturers - especially those already embedded in Tier-1 OEM programs.

KTEK, for instance, is a known supplier to UVision, whose Hero-120 loitering munition secured a US$982 million multi-year IDIQ contract from the US Army in October 2025. KTEK produces the composite fuselage and sub-systems for that platform - a position that could provide tailwinds without requiring direct contract attribution.

That’s the model. Support the primes, stay in the background, and scale as they scale.

Commercial Flight Path Also Clears

It’s not all battlefield firepower. The commercial drone market is quietly gearing up for a breakout, pending the long-awaited FAA Part 108 reform, which is expected to permit scalable Beyond Visual Line of Sight (BVLOS) operations. Bell Potter flags this as a potential game-changer for Elsight (ASX:ELS), whose Halo platform has already been validated for public safety use.

The report also notes the inflection point at Australian mine sites, where autonomous deployments are growing - RocketDNA (not rated) is rolling out over 20 xBot units. It’s another sign that the demand curve for smart UAV systems is steepening not just for platforms, but for the electromechanical and connectivity subsystems beneath them.

KTEK, which also supports ISR and C4I ground infrastructure projects via ruggedised racks, enclosures, and power distribution modules, stands quietly aligned with these commercial and dual-use trends.

Valuations and Market Positioning

One of the more compelling parts of the Bell Potter analysis lies in its relative valuation work. It compares ASX-listed drone and counter-drone companies with global peers like AeroVironment (NASDAQ:AVAV) and Kratos (KTOS), and finds a significant multiple discount. ASX names like DRO, ELS and EOS are trading at sub-30x FY28 EV/EBITDA, while their US peers are fetching multiples of 50x or more.

This pricing gap, in Bell Potter’s view, may present an opportunity - particularly for investors looking for exposure to a sector on the verge of structural expansion. The research note rates DRO, ELS, and EOS as “Buy” and flags a catalyst-rich six months ahead.

That optimism may also extend to IPO candidates orbiting the listed space. KTEK, for instance, has already completed an oversubscribed seed round backed by Regal Emerging Companies Fund and is planning an ASX listing later this year.

Risks Still Apply

Despite the tailwinds, Bell Potter isn’t blind to risk. The report highlights execution, regulatory approvals, R&D competitiveness and geopolitical stability as key pressure points. It also underscores the importance of diversifying revenue bases - an area where some ASX players still lean heavily on single customer relationships.

That said, for companies with proven capability, scalable production models, and Tier-1 integration credentials, the risk-reward trade-off in 2026 appears increasingly skewed to the upside.

Where It Leaves Investors

If The Drone Report is correct, drones are moving from the tactical edge to the strategic core of global defence policy - and the ASX is well positioned to ride the wave. Investors eyeing the sector would be wise to look not only at the headline names, but also at the specialised ecosystem forming beneath them.

Because in the new world of autonomous systems, the companies building the hardware, racks, and ruggedised frames - quietly, reliably - might just end up doing the heavy lifting.

ASX-listed hearing tech specialist Audeara (ASX: AUA) is striking all the right chords as it rounds out the first half of FY26, with surging revenues, fresh licensing deals, and a growing global footprint that has the company closing in on last year’s full-year sales haul in just six months.

Group revenue for Q2 FY26 came in at $1.43 million – flat quarter-on-quarter, but up a resounding 274% on the prior corresponding period. For the first half of the financial year, combined with a chunky $560k wholesale purchase order to be recognised in Q3, the company is already within spitting distance of its FY25 revenue of $3.8 million.

And while some small caps dream of operational cash flow breakeven, Audeara posted a $356,000 positive operating cash result for the quarter, buoyed by a $1.22 million R&D tax refund.

A ‘Hear’ and Now Opportunity in China

Arguably the most ear-catching news came out of China, where the company received its maiden licensing order from Eastech Co. Ltd, and more critically, cleared the last regulatory hurdle with certification from China’s National Medical Products Administration (NMPA). This opens the door to full commercial launch of its hearing aid technology into the vast Chinese market, via a local partner and under an established third-party brand.

This is no small beer. With manufacturing already underway and the product set to be distributed through China's dominant online health and retail platforms, the model is low capital intensity and high scalability – precisely what investors want to hear.

Australia Holding Its Own

Photo supplied by Audeara

\Back on home turf, the Australian wholesale business continues to hum along nicely. In fact, Audeara secured its largest ever local order in late November – a $560,000 commitment from a major customer. Once delivered in February and booked in Q3, that single deal will take FY26 wholesale revenue to $1.83 million – matching the entirety of FY25 and representing a 58% increase on the prior year half.

Licensing in Stereo: Japan, Taiwan, and Beyond

The company’s ambitions are firmly tuned to global markets. In Japan, a distribution agreement was inked with Eyear System Inc., setting the stage for its Auracast™-enabled products to enter one of Asia’s most advanced audiology markets. The two parties also showcased their wares at the Makuhari Messe event in Chiba – Japan’s healthcare tech mecca.

Photo supplied by Audeara

Meanwhile in Taiwan, Audeara’s partnership with Clinico Inc. bore fruit, with the jointly developed CS1 hearing buds snagging the SNQ National Quality Mark – a key stamp of approval as the product rolls out into retail channels.

Embedded Tech: AI on Chip

On the tech front, a licensing deal with Optek Microelectronics could prove to be a sleeper hit. The agreement allows Audeara’s AI-powered audio algorithms to be embedded at the chip level in Optek’s systems – think fee-per-chip royalties across major electronics brands. While not yet revenue generating, this agreement has the potential to open the floodgates, given Optek’s impressive client list (Sharp, Panasonic, Philips, Toshiba et al).

Crunching the Numbers

Aside from the standout revenue growth, the numbers tell a story of cautious momentum: operating cash receipts were $732k for the quarter, with $960k in receivables and pending orders due to land shortly. Cash at bank was $737k, down from $1.2m, primarily due to loan repayments following the R&D rebate. Related party payments were a steady $133k, with minimal capex outlay and modest financing costs.

For a company that began life selling headphones tailored for audiology, Audeara is now amplifying its presence on the global hearing stage. With a tech stack that’s resonating across continents and a revenue profile that’s becoming more balanced and resilient, it’s safe to say investors will be watching – and listening – closely as the second half of FY26 plays out.

Outlook: Sounding Off on the Second Half

CEO Dr James Fielding summed it up well: “The business is demonstrating tangible scale and consistency across both our wholesale and technology licensing channels. This momentum positions Audeara strongly as we move into the second half of FY26”.

The company’s to-do list for H2 includes converting development partnerships into recurring revenue, ramping China sales post-certification, and expanding Auracast distribution – all while keeping the cost base under control. If the first half of FY26 is anything to go by, the company is certainly not tone-deaf to the opportunities ahead.

Perth-based Pointerra (ASX:3DP) has delivered a December quarterly that's as cloud-based and analytics-driven as its 3D digital twin platform suggests - but also pleasantly grounded in that rarest of tech startup beasts: positive cashflow.

In its Q2 FY26 Appendix 4C and accompanying investor presentation released on 21 January, Pointerra posted customer receipts of A$2.61 million, a tidy 30% bump on Q1’s $2 million, and nearly double the $2.4 million generated across the entire second half of FY25. Net operating cashflow came in at a positive $472,000, reversing a $336,000 outflow in the prior quarter, and leaving the company with $2 million in the bank at year-end.

This upswing wasn’t merely a product of one-off wins - though some chunky milestones certainly helped. Pointerra has started booking revenue under a US$2 million contract with Georgia Power as part of the U.S. Department of Energy’s GRACI program. The project, focused on grid resilience, marks a new partnership with global energy consultants Baringa, and will contribute material revenue through calendar 2026.

Cloud Clout: Sector Traction Grows

Pointerra's digital twin platform, now sold under a tiered model of Core, Analytics, and Answers, continues to embed itself deeper into industries where physical asset management is no longer just about clipboards and CAD files. The company reported commercial wins and deeper integrations across its five key sectors - energy, mining, AECO (architecture, engineering, construction and operations), transport, and government.

The standout growth continues to come from the US energy utility market, where Pointerra nabbed a multi-year platform commitment from a major West Coast utility. This customer, notably, has implemented the Teledyne Optech Galaxy onboard bundle - the first such real-world deployment since the companies announced their partnership in early 2025.

Meanwhile, in the mining and oil & gas sector, a major hazard management pilot with a Tier 1 miner has gained momentum and now includes closure management tools - hinting at eventual enterprise rollout. Similarly, a proof-of-concept with a Tier 1 oil and gas operator concluded successfully, and contract discussions are underway to integrate Pointerra3D into the operator’s day-to-day inspection workflows.

Survey Says: Digital Twin Tech Hits the Masses

Not content with merely hunting Tier 1 whales, Pointerra is also cultivating a long-tail customer base through its Digital Surveyor package, targeting small UAV operators and surveyors. The model, coupled with its photogrammetry engine and new consumption-based pricing - where users buy Processing Units à la AWS - is finding traction. The company rightly sees this as a scalable annuity-style revenue stream as the sector continues to digitise.

In the AECO space, the recently completed pilot with Amazon - covering multiple sites across the US and UK - validated Pointerra’s ability to scale across a global logistics footprint. Amazon has now approved the Perth outfit as a direct supplier, smoothing the way for broader rollout in 2026 and beyond.

Back on home soil, Transport for NSW and Sydney Metro are exploring expanded use of Pointerra3D to manage tunnel inspections, station construction and broader digital asset management. Across the pond, various US State Departments of Transportation are trialling the platform too, highlighting growing appeal in the transport infrastructure sector.

R&D: New Data Models for a Multi-Modal World

Behind the scenes, the platform is evolving. A foundational overhaul of Pointerra3D’s data architecture is underway to better support complex, multi-modal datasets beyond point clouds - including time-based projects and more scalable automation. Additions like 360-degree video support and AI-assisted in-app help also hint at a UX glow-up that’s more Apple than Autodesk.

More functionally, the team is sharpening its edge in lidar-based vegetation analytics for utilities, streamlining orthoimagery workflows for drone and satellite data, and beefing up support for large unstructured 3D meshes - the sort often found in mining and terrain models.

Profitability on the Horizon?

While the path to sustainable profitability has previously felt more aspirational than assured, this quarter marks a concrete step forward. Management notes that positive cashflows are expected to continue in Q3, underpinned by over $2.5 million in receivables and contracted work at the end of December.

Pointerra’s software-as-a-service model, heavy on recurring revenue and low on physical infrastructure, is starting to show the leverage one expects from scale. Whether this momentum carries through into meaningful EBIT margin territory remains to be seen, but for now, the company has made its case: it’s not just building digital twins - it’s building a viable, cloud-based business to go with them.

Perth-based robotic technology company FBR Limited (ASX: FBR) has marked a major step in the commercial rollout of its Mantis® welding robot, announcing a $990,000 conditional sale to US-based industrial equipment dealer State Machinery & Equipment Sales. The deal represents Mantis’s first overseas order and a major endorsement of FBR’s strategy to expand beyond its better-known Hadrian® bricklaying system.

A Prototype with a Purchase Order

Though Mantis remains in its prototyping phase, State Machinery has placed a binding conditional purchase order - a clear vote of confidence in the robot’s potential. The Louisiana-based firm plans to deploy the unit in the manufacture of hopper barges at its Mississippi River facility. That’s no small task: barge construction requires precise, heavy-duty welding and high reliability, all of which Mantis promises to deliver.

But before any sparks fly in the US, Mantis must prove its chops back home. The purchase hinges on a successful Factory Acceptance Test (FAT) conducted at FBR’s Western Australian headquarters.

The FAT Test: A Trial by Fire (and Steel)

To secure the first $450,000 instalment of the contract, Mantis must weld a sub-assembly of a barge to rigorous technical standards. These include:

• A rapid traverse speed exceeding 10 metres per minute

• A linear weld speed of over 300 millimetres per minute

• Weld quality that passes non-destructive testing, per AWS D1.1 structural steel welding codes

Third-party inspectors will be brought in to verify the results. Should Mantis hit those marks, the remaining payments - $450,000 upon delivery (expected in the second half of calendar 2026) and $90,000 three months later - will follow. FBR is also responsible for installation and training on site in Louisiana.

High Hopes for High-Speed Welding

FBR CEO Mark Pivac is bullish on the Mantis’s performance capabilities, claiming it could surpass the FAT targets by a factor of four. “We have agreed the FAT welding speed based on AWS pre-qualified welding speeds,” he noted. “Our Mantis high deposition welding should be able to weld over four times faster, and we look forward to demonstrating that”.

This isn't mere marketing bravado. If Mantis performs as expected, it could disrupt heavy fabrication sectors like shipbuilding, defence manufacturing, and mining - industries where scale, safety, and consistency trump low-cost labour.

US Partner Sees Big Potential

State Machinery’s endorsement of Mantis carries weight. The company is a prominent dealer of construction and manufacturing equipment in the southern US, and has experience evaluating high-capacity machinery. President Ed Renton said the firm was drawn to FBR’s robotics after observing the capabilities of Hadrian®.

“We are very excited to get our hands on the first Mantis® in the world,” Renton said. “We are pleased to be working with the team to bring their robotic welding technology to the United States to boost our manufacturing capability”.

Diversifying Beyond Bricklaying

FBR’s reputation was built on Hadrian®, its bricklaying robot now used to deliver “Wall as a Service®” to residential builders. But Mantis marks a strategic shift into new verticals. Both systems run on FBR’s proprietary Dynamic Stabilisation Technology® (DST®), which allows precise robotic control in outdoor environments.

By targeting heavy welding jobs, FBR aims to expand its relevance in industrial sectors that have historically resisted automation due to complexity and variable conditions. Mantis could help bridge that gap.

The company has long been seen as a one-product story, but the Mantis order gives substance to its diversification strategy. Although the FAT still looms large as the next hurdle, the contract’s size and structure suggest this is more than a speculative toe-dip. It's a potential revenue stream with international legs - and, if successful, could open the door to other markets facing similar manufacturing bottlenecks.

While it's early days, this deal offers investors a rare concrete milestone. It's not a revenue promise years in the making, nor a speculative partnership. It's a real (albeit conditional) contract with staged payments, performance criteria, and a delivery date. The long lead time means cash won’t hit the books until late 2026, but for a company looking to convert R&D into revenue, the signal is clear: Mantis is more than just a lab project.

And it’s worth noting the strategic implications. This could be the start of a new leg of growth for FBR - one that sits alongside Hadrian but opens access to different industries, customers, and geographies. The Mississippi might just be the beginning.