Three ASX microcaps taking on the world

But beneath the surface of the index, a different story is playing out. A group of ASX listed microcaps have quietly built products and platforms that compete globally, selling into markets many times larger than Australia. These are not speculative pre-revenue mining explorers or concept stage biotechs. They are profitable businesses with real customers, rapidly growing revenues and expanding international footprints. They just happen to be listed on a stock exchange that rarely looks beyond its own borders.

Racing and Sports Technology (RTH)

The numbers tell the story of an Aussie business going global. 1H26 revenue hit $13.9m up 38%, and FY26 will mark the fifth consecutive year of revenue growth above 30%. While still growing modestly in the core domestic Australian market, the strength is coming from RTH’s UK office, tapping into an expanding roster of global wagering operators who need racing content and pricing data to compete:

To further boost global growth, in April 2025 RTH completed the acquisition of six racing publications in Hong Kong for $4m, establishing a new subsidiary Racing and Sports Asia. Hong Kong is the world's highest turnover racing jurisdiction, with further growth expected as mainland China racing is set to commence in October this year. RTH is positioned as the data backbone for this expansion, with management commenting in a recent trading update that the Asian subsidiary is “seeing strong momentum” and “performing ahead of expectations”.

xReality Group (XRG)

The company now has 104 agencies using the platform, but has expanded well past its Australian roots with 95 of those customers in the US. Two weeks ago, XRG also announced their first European customer, an end-user within the Swedish military. This follows their first Asian customer in Japan back in February of this year.

Rather than use distributors to grow in the US, XRG established their own sales and support team and after some time required to build and scale, they have hit their straps in recent years. XRG is now winning 10-15 new law enforcement agencies every quarter, directly driving steady growth in their recurring revenue:

Nova Eye Medical (EYE)

Nova Eye manufactures the iTrack Advance, a single use catheter used in interventional glaucoma treatment. It is implant free, tissue sparing and can be repeated, with the procedure taking just minutes and often paired with cataract surgery, the most common surgical procedure in the world.

EYE has seen its strongest growth in the US where the economics work for everyone involved: the surgical facility receives reimbursement of ~$2,200, pays Nova Eye ~$1,000 for the device and the surgeon receives ~$500 for minutes of their time. On the back of the strong reimbursement economics EYE has delivered six consecutive halves of sales growth in the US at a 40% CAGR:

What makes EYE’s future particularly compelling is the production economics. The company has capacity to manufacture 100,000 iTrack units annually but is currently producing around 25,000. Scaling up requires only weeks of training per new employee and an industrial microscope. There is no factory to build, no major capex required and revenue can quadruple on the existing manufacturing footprint.

Outside of the US, the picture is expanding. China's NMPA approved iTrack Advance in September 2025 and EU MDR certification was secured in March 2026 with sales expected to commence in FY27. Each new regulatory clearance opens a market of millions of glaucoma patients.

After record sales in April, EYE upgraded their FY26 revenue guidance to $22-23m USD (from $21-22m USD) and re-iterated the guidance for positive EBITDA in 2H26. After the inflection into operating profitability in the current half, EYE trades on just 14x EV/EBITDA in FY27.

The Common Thread

What connects these three businesses is not their industry but their ambition. Each has built a product with genuine global applicability and is systematically expanding beyond Australia into markets where the addressable opportunity dwarfs the domestic economy.

The ASX produces more globally competitive microcap companies than it gets credit for. The challenge for investors is that these businesses are often easy to overlook. They are too small for institutional mandates, too illiquid for index inclusion, and too unfamiliar for the retail investors who dominate ASX microcap trading. But for those willing to look beyond the large cap banks, retailers and industrials, it’s clear the ASX's most compelling growth stories are not playing out in Australia at all. They are playing out in police precincts in Houston, trackside at Cheltenham and in ophthalmologist chairs in Los Angeles . Built by Australian companies that most of the market has never heard of.