ASX AI Stocks Where AI Is the Product
Samso has written about ASX companies using artificial intelligence (AI) since 2023, including ten pieces on Echo IQ alone since September 2025. Our recent work on the AI build-out looked at chips and data centres. This piece counts the ASX companies whose main product is AI, by sector and market value.
All prices in this piece are as at the close of ASX trading on 22 October 2026.
How Samso Counted the ASX AI Companies
We screened all 1,838 listings in the ASX company directory, downloaded on 23 October 2026 [R1]. We then checked each candidate against its website and its latest ASX reports. A company is counted when AI is what its main product does and it sells that product into an industry. That gave 25 companies (TABLE 01).
We left out companies where AI is one feature of a larger product. DroneShield, Pro Medicus, 4DMedical, Nuix, Enlitic, EMVision and HeraMED all use AI, but each sells something else first. Data centres and AI computing, covered in How to Buy the AI Build-Out on the ASX, are also out. Our AI in Healthcare piece counted Pro Medicus and 4DMedical because each sells software to hospitals and has a product cleared by the US Food and Drug Administration (FDA).
Some calls are close. Decidr AI Industries, Dubber, XPON Technologies, Beonic, Acusensus and TruScreen each describe AI as central, but each also sells hardware, services, consumer goods or a wider platform. We included them on their description.
Where the ASX AI Companies Sit by Sector and Market Value
Together the 25 companies are worth A$2.2 billion. The median is A$41 million. Artrya (A$434 million) and Echo IQ (A$337 million) are the largest, and the top five hold 68 per cent of the value. Six are worth more than A$100 million, five between A$50 million and A$100 million, and 14 less than A$50 million (FIG. 01).
On the ASX's sector classes, 16 sit in Information Technology and seven in Health Care. Decidr AI Industries is classed in Consumer Staples and Unith in Communication Services. By Samso's grouping, healthcare is the largest group, with eight companies worth A$1.1 billion, or 47 per cent of the total (FIG. 02). Echo IQ is one of them, even though the ASX classes it as Information Technology.
Most are small, and their market values can move sharply on a few trades. Of the 23 listed for the full year, four rose and 19 fell over the year to 22 October 2026.
Where AI Adds Value in Each Industry
In healthcare the AI reads a scan, a sample or a signal. Artrya's Salix software is FDA cleared and is earning its first US revenue [R3]. Echo IQ's EchoSolv AS, which flags a narrowed heart valve from ultrasound measurements, is FDA cleared [R2]. Clever Culture Systems reads microbiology culture plates and has eight large pharmaceutical customers [R4]. PainChek assesses pain from the face and is authorised by the FDA as a new type of device [R5]. InteliCare monitors aged care residents and reported its first positive operating cash flow in the June quarter [R6]. TruScreen is selling its cervical screening device [R17]. BlinkLab and Identifai Genetics are in trials and validation.
In business software the AI saves staff time or stops a loss. Adveritas's TrafficGuard catches advertising fraud, and its annual recurring revenue (ARR) rose 60 per cent to A$16.8 million [R7]. Dubber records and analyses calls, and its ARR at the end of the June quarter was A$29 million [R8]. Decidr AI Industries, Way2VAT, XPON Technologies, Blackpearl Group [R16] and Unith sell AI agents, invoice processing, marketing and sales tools, and digital avatars. Pathkey.AI is developing chip design and trial forecasting software.
In video analytics the AI watches cameras and sensors. SenSen Networks runs parking and enforcement systems, with ARR up 17 per cent to A$11.7 million [R9]. Acusensus detects phone use by drivers [R15], icetana flags unusual events on security cameras, and RocketBoots and Beonic measure how people move through stores and airports.
Three companies build the parts other AI is made from. Appen supplies training data and lifted first-half FY26 revenue 17 per cent to A$119.9 million [R10]. BrainChip licenses and sells the Akida low-power AI processor and expects AKD1500 chip shipments in the second half of 2026 [R11]. Nanoveu's EMASS chip has been taped out, which means the design has gone to the foundry for first samples [R12].
In media, AI-Media Technologies' LEXI captioning lifted ARR 50 per cent to A$36.0 million [R13]. In Samso's reading, the healthcare names lead on regulatory clearances and the software names lead on recurring revenue.
What Comes Next for the ASX AI Companies
Most of these companies report their September quarter by 31 October 2026. Artrya is targeting FDA clearance for its Coronary Flow product by the end of 2026 [R3]. BlinkLab is recruiting for its FDA study [R14], and BrainChip's first AKD1500 shipments are due [R11]. Those reports will show which of the smaller names are closest to sales covering costs.
Samso Concluding Comments
We count 25 ASX companies that sell AI as the product, worth A$2.2 billion together. It is a small group, and most are worth less than A$50 million.
Where the value is showing up, the AI sits inside work a customer already pays for. Monitoring aged care residents, catching fake advertising clicks and live captioning are examples. Several are growing recurring revenue, while 19 of the 23 share prices fell over the year.
SAMSO TAKE If the AI is adding value in the industries it serves, will the market price that into the smaller names? |
THE OTHER WAY TO READ THIS The count is a judgement. A wider definition would add DroneShield, Pro Medicus and others, and lift the total value many times. Recurring revenue is each company's measure and is not audited the way revenue is. Many of the smaller names are still spending more than they earn. The top five hold 68 per cent of the value, so the total says little about the other 20. |
Previous Samso Coverage of ASX AI Companies
Newest first. Gold rows are Coffee with Samso interviews rather than written pieces.
AI ACROSS THE ASX
21 OCTOBER 2026 AI in Healthcare - Will It Get Bigger on the ASX? Four ASX healthcare companies selling software with FDA clearance.
24 SEPTEMBER 2026 Identifai Genetics (ASX: ID1) - An IPO Built on Non-Invasive Prenatal Testing The Identifai Genetics prospectus.
21 AUGUST 2026 SCX.ai IPO: A$40 Million to Build Australia's AI Compute Challenger An AI computing float.
10 AUGUST 2026 Five ASX Small Caps With AI Data Centre Optionality Small caps holding land and power that AI data centres need.
7 AUGUST 2026 What Is a Token in AI? The Jargon of AI Explained for Investors AI terms explained for investors.
30 JULY 2026 How to Buy the AI Build-Out on the ASX Semiconductors and data centres on the ASX.
26 JULY 2026 The Paradox: The Price Fell, The Bill Rose - AI Agent Economics What AI agents cost to run.
6 JULY 2026 When the Smartest AI Model Is Worth the Least AI model economics.
25 JUNE 2026 When the Web Learned to Lie: AI Agents AI agents and the web.
27 APRIL 2026 AI and The NVIDIAs AI Revolution Why NVIDIA is more than a chip company.
24 APRIL 2026 AI and Dementia: How Artificial Intelligence Is Changing Diagnosis, Care and Early Detection AI in dementia care.
14 JANUARY 2026 ASX Healthcare Companies Snapshot, including 4DMedical Four ASX healthcare companies.
24 NOVEMBER 2025 AlgoraeOS v2 Sets New Benchmark for AI Drug Discovery Algorae's AI drug discovery platform.
12 NOVEMBER 2025 icetana AI Secures Its Largest Australian Sale icetana video analytics.
9 OCTOBER 2025 Pathkey.AI: The New Name in Smarter Trials and Drug Innovation Pathkey.AI and clinical trials.
25 JULY 2025 COFFEE WITH SAMSO Coffee with Samso - A Beginners Guide to Understanding AI Interview with Eric Starling of AWS. |
16 JULY 2025 Samso ASX AI Technology Radar: Weekly Review Weekly AI radar.
10 JULY 2025 icetana Limited (ASX: ICE) - AI Surveillance Footprint Expands icetana in Iraq and Japan.
18 JUNE 2025 Samso AI Radar - Weekly Review Weekly AI radar.
18 JUNE 2025 SuperAI 2025 Singapore - The Pulse of Global AI Innovation The SuperAI conference.
21 MAY 2025 OpenLearning (ASX: OLL): Reinventing Education Through AI OpenLearning and AI in education.
4 MAY 2024 BrainChip Holdings pivots to Edge AI as demand soars BrainChip and edge AI.
31 MARCH 2024 Enlitic accelerates commercialisation strategy with ASX listing The Enlitic listing.
20 MAY 2023 Venture Minerals (ASX: VMS) - Golden Grove North Goes AI with SensOre AI in mineral targeting.
ECHO IQ
22 SEPTEMBER 2026 EchoIQ Limited (ASX: EIQ) The Samso Research Workup.
30 APRIL 2026 Echo IQ - EchoSolv AS Enters Mount Sinai Health System
16 APRIL 2026 COFFEE WITH SAMSO Echo IQ - AI Diagnostics, Mayo Clinic & Hypergrowth Interview with Dustin Haines. |
26 NOVEMBER 2025 Echo IQ Limited - EchoSolv HF Validated at Mayo Clinic Platform
7 SEPTEMBER 2025 COFFEE WITH SAMSO Coffee with Samso - An AI Solution to a Cardiovascular Problem Interview with Dustin Haines. |
References and Sources
All market values are as at the close of 22 October 2026. Company figures are as published in the document named. FIG. 01, FIG. 02 and TABLE 01 are original Samso illustrations of sourced data.
[R1] ASX company directory and company key statistics (shares on issue), asx.com.au, read 23 October 2026. Link.
[R2] Echo IQ, Quarterly Activities Report and Appendix 4C, 27 July 2026 (copy of the ASX release). Link.
[R3] Artrya, Annual Report 2026 and Appendix 4E, 19 August 2026 (copy of the ASX release). Link.
[R4] Clever Culture Systems, Quarterly Activities and Cashflow Report, 30 July 2026 (copy of the ASX release). Link.
[R5] PainChek, Quarterly Activities Report and Appendix 4C, 29 July 2026 (copy of the ASX release). Link.
[R6] InteliCare, Operations Update June 2026 Quarter, 29 July 2026. Link.
[R7] Adveritas, Quarterly Activities Report and Appendix 4C, 31 July 2026. Link.
[R8] Dubber, Q4 FY26 Quarterly Activities Report and Appendix 4C, 29 July 2026. Link.
[R9] SenSen Networks, Quarterly Activities Report and Appendix 4C (Revised), 23 July 2026. Link.
[R10] Appen, half-year results announcement, 27 August 2026. Link.
[R11] BrainChip, Quarterly Activities Report and Appendix 4C, 27 July 2026. Link.
[R12] Nanoveu, Half-Year Report (Appendix 4D), 24 August 2026 (copy of the ASX release). Link.
[R13] AI-Media Technologies, FY26 Results Announcement, 27 August 2026 (copy of the ASX release). Link.
[R14] BlinkLab, Quarterly Activities Report and Appendix 4C, 27 July 2026 (copy of the ASX release). Link.
[R15] Acusensus, company website, Heads-Up product description, read 23 October 2026. Link.
[R16] Blackpearl Group, company website, About page and FY26 results post, 28 May 2026. Link.
[R17] TruScreen, company website, read 23 October 2026. Link.
[R18] Share prices, daily closes from the Yahoo Finance chart service for each ASX code, to 22 October 2026.
Cover photo: Discover Supercomputer 1, the NASA Center for Climate Simulation at NASA Goddard Space Flight Center, photographed by Pat Izzo for NASA in 2010. Public domain, via Wikimedia Commons. The photograph is shown under the Samso News blue glass on the article cover.
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