Nano-X Imaging Ltd. (NNOX)
NASDAQ:NNOX
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Nano-X Imaging
(NASDAQ:NNOX)
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Rating:47Neutral
Price Target:
$2.00
▼(-52.61% Downside)
Action:ReiteratedDate:04/28/26
The score is held down primarily by weak financial performance (negative gross profit, large net losses, and significant cash burn) and bearish technicals with the stock well below key moving averages. The earnings call adds some support via reiterated FY2026 growth targets and a sizable deployment pipeline, but near-term margin pressure, restructuring impacts, and timing risk keep the overall outlook speculative. Valuation provides limited help due to negative earnings and no dividend yield data.
Positive Factors
Large commercial distribution frameworks and pipeline
Material channel agreements and a multi-hundred system pipeline create durable demand optionality versus one-off sales. Large frameworks can drive multi-year placement schedules, enabling recurring service revenue, scale for software/teleradiology, and potential unit-cost improvements as deployments expand.
Negative Factors
Persistent negative gross profit and substantial cash burn
Sustained negative gross profit and large operating cash outflows indicate the core business is not yet cash-generative. Continued cash burn will require funding rounds or material margin improvement; until unit economics flip, equity is being eroded and long-term viability depends on execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Large commercial distribution frameworks and pipeline
Material channel agreements and a multi-hundred system pipeline create durable demand optionality versus one-off sales. Large frameworks can drive multi-year placement schedules, enabling recurring service revenue, scale for software/teleradiology, and potential unit-cost improvements as deployments expand.
Read all positive factors
Nano-X Imaging (NNOX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$130.13M
Dividend YieldN/A
Average Volume (3M)852.21K
Price to Earnings (P/E)―
Beta (1Y)1.46
Revenue Growth15.40%
EPS Growth-25.87%
CountryUS
Employees165
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.15
Shares Outstanding69,590,225
10 Day Avg. Volume1,057,948
30 Day Avg. Volume852,210
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)1.30
Price to Sales (P/S)13.93
P/FCF Ratio-4.03
Enterprise Value/Market Cap0.64
Enterprise Value/Revenue6.39
Enterprise Value/Gross Profit-8.05
Enterprise Value/Ebitda-1.75
Forecast
1Y Price Target
$6.00Price Target Upside42.18% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.47
Revenue Forecast (FY)$33.83M
Nano-X Imaging Business Overview & Revenue Model
Company Description
Nano-X Imaging Ltd. develops a commercial-grade tomographic imaging device with a digital X-ray source. The company provides teleradiology services and develops artificial intelligence applications to be used in real-world medical imaging applicat...
How the Company Makes Money
Nano-X Imaging’s revenue model is designed around providing imaging capability as an ongoing service rather than relying solely on one-time equipment sales. The company aims to generate revenue from (1) recurring fees tied to usage of its imaging ...
Nano-X Imaging Earnings Call Summary
Earnings Call Date:Apr 20, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 27, 2026
Earnings Call Sentiment Neutral
Balanced/Neutral — The call highlighted meaningful commercial progress: large distribution frameworks (including a 300-system Howard agreement), an expanded sales pipeline (~400 systems potential), regulatory advances, product awards, and an acquisition that immediately contributed revenue and IT capabilities. However, these operational and commercial positives are offset in the near term by significant financial headwinds: a large GAAP loss driven by a $17.5M impairment tied to a manufacturing restructuring, deteriorated non-GAAP gross margins (32% vs 9% prior), continued losses on early hardware deployments, and elevated operating expenses. Management expects a revenue inflection in the second half of 2026, but deployment timing and conversion of the pipeline into sustainable revenue remain key risks.Positive Updates
Significant Commercial Agreements and Deployment Pipeline
Signed a framework with Howard Technology Solutions expected to deploy 300 Nanox.ARC systems over 3 years (60 in year 1); management also cited multiple agreements totaling ~360 systems over 2–3 years and stated potential present/future placements up to ~400 systems globally. Approximately 38 systems are at various stages of deployment and ~15 systems are expected to be installed in the next few months — representing material pipeline depth and a shift toward more CapEx-driven placements.
Negative Updates
Large GAAP Net Loss Driven by Significant Impairment
GAAP net loss for Q4 2025 was $33.4M vs $14.1M in Q4 2024 (≈+137% y/y). The increase was largely driven by a noncash impairment of long-lived assets of $17.5M related to the restructuring of the South Korea fab.
Read all updates
Q4-2025 Updates
Positive
Negative
Significant Commercial Agreements and Deployment Pipeline
Signed a framework with Howard Technology Solutions expected to deploy 300 Nanox.ARC systems over 3 years (60 in year 1); management also cited multiple agreements totaling ~360 systems over 2–3 years and stated potential present/future placements up to ~400 systems globally. Approximately 38 systems are at various stages of deployment and ~15 systems are expected to be installed in the next few months — representing material pipeline depth and a shift toward more CapEx-driven placements.
Read all positive updates
Company Guidance
Management reiterated a FY2026 revenue target of $35.0 million, saying most of the ramp is expected in H2 2026; commercial bookings include a Howard Technologies framework to deploy 300 Nanox.ARC systems over 3 years (60 in year one) plus recent agreements totaling roughly 360–400 systems globally over 2–3 years (with ~38 systems currently in demo/installation/regulatory stages and ~15 expected to be installed in the next few months). Q4 2025 financials referenced in the guidance: revenue $3.7M (up 23% YoY), GAAP net loss $33.4M, non‑GAAP net loss $11.2M, non‑GAAP gross loss $1.2M (≈32% margin); teleradiology revenue $3.1M (non‑GAAP gross margin ≈48%), AI/software revenue $0.5M, system sales $49k. Balance sheet and restructuring metrics cited: cash and equivalents ≈$60M, $3.1M short‑term loan, ~69.6M shares outstanding (4.2M shares sold for ≈$15.5M net), and a $17.5M noncash impairment tied to a Korea fab restructuring expected to be largely completed in FY2026 to reduce OpEx and cash burn.Nano-X Imaging Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
58
Neutral
Cash Flow
22
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 13.02M | 11.28M | 9.90M | 8.58M | 1.30M |
| Gross Profit | -12.79M | -10.61M | -6.59M | -6.88M | -1.51M |
| EBITDA | -49.00M | -45.01M | -47.69M | -75.70M | -59.27M |
| Net Income | -75.02M | -53.52M | -60.78M | -105.24M | -61.80M |
Balance Sheet | |||||
| Total Assets | 162.16M | 210.00M | 218.65M | 253.93M | 363.17M |
| Cash, Cash Equivalents and Short-Term Investments | 59.61M | 73.21M | 82.38M | 77.62M | 88.71M |
| Total Debt | 7.85M | 7.45M | 8.40M | 4.62M | 5.77M |
| Total Liabilities | 22.43M | 20.88M | 23.13M | 37.25M | 71.02M |
| Stockholders Equity | 139.73M | 189.12M | 195.51M | 216.68M | 292.15M |
Cash Flow | |||||
| Free Cash Flow | -45.00M | -39.37M | -48.08M | -50.56M | -61.23M |
| Operating Cash Flow | -40.79M | -36.60M | -44.78M | -43.38M | -38.07M |
| Investing Cash Flow | 29.37M | -20.05M | 35.43M | 14.61M | -116.32M |
| Financing Cash Flow | 21.37M | 39.50M | 27.25M | 804.00K | 7.38M |
Nano-X Imaging Technical Analysis
Positive
4.22
Price Trends
2.44
Positive
2.84
Positive
3.50
Negative
Market Momentum
0.04
Negative
69.51
Neutral
89.84
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NNOX, the sentiment is Positive. The current price of 4.22 is above the 20-day moving average (MA) of 2.40, above the 50-day MA of 2.44, and above the 200-day MA of 3.50, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 69.51 is Neutral, neither overbought nor oversold. The STOCH value of 89.84 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NNOX.
Nano-X Imaging Risk Analysis
Nano-X Imaging disclosed 73 risk factors in its most recent earnings report. Nano-X Imaging reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Nano-X Imaging Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $364.82M | 12.52 | 10.87% | ― | 20.52% | 33.18% | |
58 Neutral | $244.84M | 11.38 | 13.25% | ― | -5.76% | 51.00% | |
55 Neutral | $80.14M | -0.85 | -54.99% | ― | 5.09% | 81.77% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $273.29M | -8.38 | 137.18% | ― | 53.41% | -37.31% | |
47 Neutral | $130.13M | -1.41 | -47.09% | ― | 15.40% | -25.87% |
* Healthcare Sector Average
NNOX
Nano-X Imaging
1.87
-3.06
-62.07%
VMD
Viemed Healthcare
9.48
2.08
28.11%
OM
Outset Medical
4.33
-7.21
-62.48%
MASS
908 Devices
6.55
1.24
23.35%
TLSI
TriSalus Life Sciences
4.45
-0.69
-13.42%
Nano-X Imaging Corporate Events
Nano-X Imaging Posts Wider Q4 Loss but Accelerates U.S. Rollout and CFO Transition
Apr 20, 2026
On April 20, 2026, Nano-X Imaging reported fourth-quarter 2025 revenue of $3.7 million, up from $3.0 million a year earlier, driven mainly by growth in teleradiology and AI and software services following the November 19, 2025 acquisition of Vaso ...
Nano-X Imaging Secures FDA 510(k) Clearance for TAP2D Image Enhancement on Nanox.ARC Systems
Feb 3, 2026
On February 3, 2026, Nano-X Imaging announced it had received U.S. FDA 510(k) clearance for TAP2D, a new cloud-enabled image enhancement capability for the Nanox.ARC and Nanox.ARC X digital tomosynthesis systems. TAP2D generates a clear 2D image d...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.