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NNOX

Nano-X Imaging Ltd.

NNOX

Nano-X Imaging Ltd. • NASDAQ
$4.48 ▼ -1.54% (-0.07)
Market Cap $285.65 M
52w High $11.00
52w Low $2.78
Dividend Yield 0%
P/E -5.09
Volume 1.23M
Outstanding Shares 63.76M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.447M ▲ $11.253M ▲ $-13.684M ▲ -396.983% ▲ $-0.21 ▲ $-10.82M ▲
Q2-2025 $3.04M ▲ $11.251M ▲ $-14.722M ▼ -484.276% ▼ $-0.23 ▼ $-11.542M ▼
Q1-2025 $2.815M ▼ $11.041M ▼ $-13.239M ▲ -470.302% ▼ $-0.21 ▲ $-11.147M ▲
Q4-2024 $3M ▼ $12.085M ▲ $-14.061M ▼ -468.7% ▼ $-0.23 $-11.22M ▼
Q3-2024 $3.031M $11.327M $-13.639M -449.984% $-0.23 $-11.208M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $45.186M ▼ $176.087M ▼ $19.378M ▼ $156.709M ▼
Q2-2025 $51.949M ▼ $184.232M ▼ $20.674M ▲ $163.558M ▼
Q1-2025 $62.459M ▼ $196.738M ▼ $19.573M ▼ $177.165M ▼
Q4-2024 $73.206M ▲ $210.002M ▲ $20.883M ▲ $189.119M ▲
Q3-2024 $56.71M $183.941M $20.054M $163.887M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-13.684M ▲ $-12.033M ▼ $1.505M ▼ $6.004M ▲ $-4.718M ▼ $-13.917M ▼
Q2-2025 $-14.722M ▼ $-9.311M ▲ $18.949M ▲ $583.406 ▼ $9.531M ▲ $-10.363M ▲
Q1-2025 $-13.239M ▲ $-10.327M ▲ $11.267M ▲ $121K ▼ $1.069M ▼ $-10.854M ▲
Q4-2024 $-14.061M ▼ $-10.532M ▼ $-26.242M ▼ $37.838M ▲ $1.111M ▲ $-11.569M ▼
Q3-2024 $-13.639M $-8.128M $5.736M $1.621M $-789K $-8.862M

Five-Year Company Overview

Income Statement

Income Statement Nano-X still looks very much like an early-stage, pre‑commercial company. Revenue has been tiny for several years, and the business is effectively being run as a development-stage project rather than a mature operating company. Gross profit has been negative, meaning the limited sales to date do not yet cover the direct costs tied to them. Operating losses have been steady and sizable every year, reflecting ongoing spending on research, product development, regulatory work, and building out the commercial infrastructure. Net losses follow the same pattern, with no sign yet of break-even. Overall, the income statement shows a company investing heavily ahead of meaningful revenue, with the financial story still dominated by expenses rather than sales growth.

Balance Sheet

Balance Sheet The balance sheet shows a modest asset base, with cash and other assets shrinking from earlier years as losses accumulate. Cash is still present but not abundant, and has come down from much higher levels after the IPO period. Debt is very low, so the company is not heavily leveraged. Most of the funding is in the form of shareholder equity, which remains positive but has been gradually eroded by recurring losses. In simple terms, Nano-X has a relatively clean but thin balance sheet: little debt, some remaining cash, and a cushion of equity that is slowly being used up as the company spends ahead of revenue.

Cash Flow

Cash Flow Cash flow from day‑to‑day operations has been consistently negative, showing ongoing cash burn to fund development, regulatory efforts, and early commercialization. The level of operating cash outflow has been fairly stable over the last several years rather than accelerating sharply, which suggests some cost discipline but still no self‑funding business. Capital spending has been relatively small and has actually eased over time, so the bulk of cash use comes from operating expenses, not large investments in facilities or equipment. Free cash flow has been negative every year, meaning the company depends on external financing, such as equity raises or other funding, to keep advancing its plans until revenue meaningfully ramps.

Competitive Edge

Competitive Edge Competitively, Nano-X is trying to disrupt a very entrenched industry dominated by large, well‑funded players like Siemens Healthineers, GE Healthcare, and Philips. Its strategy is to go after parts of the market that are under‑served by traditional high‑cost imaging systems, especially in lower‑resource settings. The proposed edge lies in lower‑cost hardware, a pay‑per‑scan model that reduces upfront costs for clinics, and an integrated platform that connects hardware, cloud, and remote radiology services. These ideas, if broadly adopted, could carve out a distinctive niche. However, the moat is still at an early stage: real‑world adoption, reliability, service quality, and regulatory acceptance across many countries are not yet proven at scale. The company is competing against incumbents with deep customer relationships, large service networks, and strong reputations, which raises execution risk.

Innovation and R&D

Innovation and R&D Innovation is the core of Nano-X’s story. The company is betting on a new type of X‑ray source that aims to be smaller, cheaper, and easier to deploy than conventional systems, packaged into its Nanox.ARC device. On top of this hardware, it is building an ecosystem that includes AI‑driven image analysis, a cloud platform, and a marketplace for remote radiology services. Several AI tools already have regulatory clearances, and more are in the pipeline, indicating active and ongoing R&D. Spending on development is high relative to the current size of the business, which is typical for a company at this stage but also raises the stakes if commercialization is slower than expected. Technological success, further regulatory approvals, and proof that these tools improve outcomes and workflow in real clinical settings will be critical to turn innovation into durable economic value.

Summary

Nano-X today is best viewed as a high‑innovation, high‑uncertainty healthcare technology venture rather than a mature medical device manufacturer. Financially, it remains pre‑scale: revenue is minimal, losses are recurring, and cash burn is steady, with a balance sheet that is still mostly equity‑funded and lightly leveraged. Strategically, the company aims to change the economics of medical imaging with lower‑cost systems, a usage‑based business model, and AI‑enabled services. This creates a potentially attractive story, especially for regions that lack access to advanced imaging, but it also pits Nano-X against powerful incumbents and complex regulatory and adoption hurdles. The key things to watch going forward are: real‑world deployment of Nanox.ARC units, evidence of sustained scan volume and usage, traction and monetization of the AI and cloud offerings, management of cash burn and funding needs, and the depth of partnerships that can help with distribution and service. The upside scenario is disruptive growth; the downside is prolonged cash burn without sufficient adoption. At this stage, execution and timing remain the central uncertainties.

NEWS

November 25, 2025 · 8:10 AM UTC

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