Nano-X Imaging (NNOX) AI Stock Analysis

• Market Cap: $255.37M
• Dividend Yield: N/A
• Average Volume (3M): 1.96M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.05
• Revenue Growth: 15.19%
• EPS Growth: -3.32%
• Country: US
• Employees: 165
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.21
• Shares Outstanding: 63,762,000
• 10 Day Avg. Volume: 3,833,338
• 30 Day Avg. Volume: 1,955,007
• PEG Ratio: 0.50
• Price to Book (P/B): 2.23
• Price to Sales (P/S): 37.41
• P/FCF Ratio: -10.72
• Enterprise Value/Market Cap: 0.79
• Enterprise Value/Revenue: 16.31
• Enterprise Value/Gross Profit: -16.51
• Enterprise Value/Ebitda: -4.49
• 1Y Price Target: $6.50
• Price Target Upside: 54.03% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: $4.00 ▼(-5.21% Downside)

Nano-X Imaging's overall stock score reflects its growth potential and strategic initiatives, balanced against significant financial challenges and valuation concerns. The company's efforts in global expansion and technology development are promising, but profitability and cash flow issues remain critical risks.

Positive Factors

Global Expansion

The expansion into new European markets strengthens Nano-X's global presence, potentially increasing revenue streams and market influence.

AI Integration

AI integration in imaging systems positions Nano-X at the forefront of technological innovation, enhancing product differentiation and future growth potential.

Strategic Partnerships

Partnerships with established entities like Althea France can accelerate market penetration and adoption of Nano-X's solutions, driving long-term growth.

Negative Factors

Profitability Challenges

Ongoing financial losses highlight operational inefficiencies, posing a risk to long-term sustainability and necessitating improved cost management.

Regulatory Delays

Regulatory delays can hinder market entry and expansion, affecting revenue growth and competitive positioning in the medical imaging sector.

Negative Cash Flow

Persistent negative cash flow indicates reliance on external financing, which can limit financial flexibility and impact long-term operational viability.

Nano-X Imaging Business Overview & Revenue Model

Company Description

Nano-X Imaging (NNOX) is a medical technology company focused on revolutionizing the field of medical imaging through its innovative imaging technology. The company operates primarily in the healthcare sector, developing and commercializing a novel imaging platform that utilizes advanced nanotechnology to provide high-quality, cost-effective imaging solutions. Nano-X aims to democratize access to medical imaging services, enhancing diagnosis and treatment capabilities in various medical fields.

How the Company Makes Money

Nano-X Imaging generates revenue through the sale of its proprietary imaging systems, which are designed to reduce the costs associated with traditional imaging equipment. The company also earns income from service contracts, maintenance agreements, and consumables related to its imaging technology. Additionally, Nano-X is involved in partnerships with healthcare providers and institutions, which can lead to collaborative research projects and joint ventures, further contributing to its revenue. The strategic focus on expanding its market presence and establishing relationships with key players in the healthcare sector positions Nano-X to capitalize on the growing demand for advanced medical imaging solutions.

Nano-X Imaging Financial Statement Overview

Summary

Nano-X Imaging shows revenue growth but struggles with profitability, negative cash flows, and reliance on external financing. The strong equity position provides some stability, but operational inefficiencies and financial management challenges persist.

Income Statement

Nano-X Imaging has shown an increasing trend in revenue over the years, with a notable increase in TTM (Trailing-Twelve-Months) revenue. However, the company continues to report negative gross profit margins, net profit margins, and EBIT margins, indicating ongoing challenges in achieving profitability. The revenue growth rate is positive, but the persistent negative margins highlight significant operational inefficiencies and cost management issues.

Balance Sheet

The balance sheet reflects a strong equity position with a high equity ratio, suggesting financial stability. However, the debt-to-equity ratio has increased slightly, indicating a rise in leverage, which could pose potential risks if not managed properly. Return on Equity (ROE) remains negative due to the company's losses, but the overall equity strength provides some buffer against financial volatility.

Cash Flow

The company's cash flow statement shows a challenging situation with negative operating and free cash flows. The free cash flow growth rate is negative, reflecting ongoing cash burn. The operating cash flow to net income and free cash flow to net income ratios are also negative, underscoring the company's reliance on external financing to sustain operations. This highlights the need for improved cash management and operational efficiency.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	12.30M	11.28M	9.90M	8.58M	1.30M	0.00
Gross Profit	-12.16M	-10.61M	-6.59M	-6.88M	-1.51M	-208.00K
EBITDA	-44.73M	-45.01M	-47.69M	-75.70M	-59.27M	-43.61M
Net Income	-55.71M	-53.52M	-60.78M	-105.24M	-61.80M	-43.50M
Balance Sheet
Total Assets	176.09M	210.00M	218.65M	253.93M	363.17M	236.15M
Cash, Cash Equivalents and Short-Term Investments	45.19M	73.21M	82.38M	77.62M	88.71M	213.47M
Total Debt	7.88M	7.45M	8.40M	4.62M	5.77M	1.44M
Total Liabilities	19.38M	20.88M	23.13M	29.25M	71.02M	5.40M
Stockholders Equity	156.71M	189.12M	195.51M	224.68M	292.15M	230.75M
Cash Flow
Free Cash Flow	-46.70M	-39.37M	-48.08M	-50.56M	-61.23M	-35.42M
Operating Cash Flow	-42.20M	-36.60M	-44.78M	-43.38M	-38.07M	-21.49M
Investing Cash Flow	5.48M	-20.05M	35.43M	14.61M	-116.32M	-13.94M
Financing Cash Flow	43.96M	39.50M	27.25M	804.00K	7.38M	240.99M

Nano-X Imaging Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.22
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NNOX, the sentiment is Negative. The current price of 4.22 is above the 20-day moving average (MA) of 3.55, above the 50-day MA of 3.77, and below the 200-day MA of 4.71, indicating a neutral trend. The MACD of 0.14 indicates Negative momentum. The RSI at 51.78 is Neutral, neither overbought nor oversold. The STOCH value of 49.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NNOX.

Nano-X Imaging Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VMD	76 Outperform	$261.18M	20.78	10.53%	―	18.90%	29.22%
NNOX	54 Neutral	$255.37M	―	-34.75%	―	15.19%	-3.32%
TLSI	54 Neutral	$322.27M	―	―	―	49.52%	19.34%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
MASS	45 Neutral	$220.42M	―	-42.72%	―	4.49%	3.61%
OM	43 Neutral	$76.52M	―	-92.33%	―	4.65%	68.71%

Nano-X Imaging Corporate Events

Nano-X Imaging Secures $15 Million in Direct Offering

On November 23, 2025, Nano-X Imaging Ltd entered into a securities purchase agreement with an institutional investor, selling 3,826,530 ordinary shares at $3.92 each, raising approximately $15 million. The offering, which closed on November 25, 2025, was facilitated by Titan Partners Group LLC as the sole placement agent. The proceeds are intended for working capital and general corporate purposes, with certain restrictions on further share issuance for 10 days post-agreement. This strategic financial move is expected to bolster Nano-X’s operational capabilities and market positioning.

Nano-X Imaging Secures $15 Million in Direct Offering to Boost Growth

On November 23, 2025, Nano-X Imaging Ltd announced a securities purchase agreement with a single institutional investor for a registered direct offering of 3,826,530 ordinary shares, expected to generate approximately $15 million in gross proceeds. The funds will be used to strengthen the company’s balance sheet and accelerate growth initiatives, including advancing technology, expanding market presence, and enhancing AI infrastructure. This capital raise is expected to support Nanox’s mission to make high-quality medical imaging more accessible globally.

Nano-X Imaging Reports Q3 2025 Results and Strategic Advances

On November 20, 2025, Nano-X Imaging Ltd announced its financial results for the third quarter ending September 30, 2025, reporting a revenue increase to $3.4 million from $3.0 million in the same period in 2024. The company highlighted strategic advancements, including acquiring Vaso Healthcare IT and securing new commercial collaborations to accelerate the global commercialization of its Nanox.ARC and AI solutions. Despite a net loss of $13.7 million, Nano-X continues to focus on expanding its market presence and improving operational efficiency, with plans to deploy over 100 units worldwide by the end of 2025.

Nanox Imaging to Acquire VasoHealthcare IT for U.S. AI Expansion

On November 19, 2025, Nanox Imaging Ltd announced an agreement to acquire VasoHealthcare IT from Vaso Corporation, aiming to enhance the deployment of its AI solutions in U.S. healthcare facilities. This acquisition, valued at up to $800,000, will integrate VHC IT’s infrastructure with Nanox.AI’s solutions, facilitating faster adoption and reducing time-to-value for healthcare providers. The transaction is expected to accelerate Nanox’s U.S. commercial expansion by leveraging VHC IT’s expertise and customer relationships.

Nano-X Imaging Schedules Annual General Meeting for December 2025

Nano-X Imaging Ltd announced it will hold its Annual General Meeting of Shareholders on December 22, 2025, in Petach Tikva, Israel. The meeting will address the re-election of directors and the re-appointment of its independent auditors. Shareholders will also have the opportunity to discuss the company’s financial statements for the year ended December 31, 2024. This meeting is significant for stakeholders as it will shape the company’s governance and financial oversight for the coming years.