Nano-X Imaging (NNOX) AI Stock Analysis

• Market Cap: $173.43M
• Dividend Yield: N/A
• Average Volume (3M): 1.05M
• 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: 1,114,379
• 30 Day Avg. Volume: 1,046,822
• 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: 0.72
• Enterprise Value/Revenue: 10.18
• Enterprise Value/Gross Profit: -10.30
• Enterprise Value/Ebitda: -2.80
• 1Y Price Target: $7.00
• Price Target Upside: 65.88% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $2.50 ▼(-40.76% Downside)

The score is primarily held down by weak financial performance—negative gross profit, large ongoing losses, and sustained cash burn—despite a low-debt balance sheet. Technicals also remain soft with the stock below key moving averages and negative MACD. Positive earnings-call guidance and expansion initiatives provide some upside, but are tempered by continued losses and regulatory/expense headwinds.

Positive Factors

Low leverage / strong solvency buffer

Very low debt (debt-to-equity ~0.05) provides durable financial flexibility, reducing near-term solvency risk and giving management optionality to fund deployments, R&D, or M&A without immediate refinancing pressure. This supports multi-quarter commercialization efforts despite operating losses.

AI and product expansion via acquisition

Acquiring Vaso Healthcare IT and integrating its infrastructure materially strengthens Nano‑X's AI deployment capabilities in the U.S., shortening implementation cycles and improving customer value delivery. This is a structural move that enhances the company's software/service moat and accelerates commercialization of AI offerings.

Recurring, higher-margin service revenue growth

Growth in teleradiology revenue with a ~25% gross margin demonstrates the company can generate recurring, higher-margin services alongside hardware. Over time, scaling usage-based (pay-per-scan) and software/service revenue can improve overall margins and reduce reliance on low-margin hardware sales.

Negative Factors

Negative gross profit / poor unit economics

A TTM gross margin near -99% indicates current product and service economics fail to cover direct costs. Without durable improvements to gross margins (pricing, yields, cost of goods), scaling revenue will structurally worsen losses, making sustainable profitability unlikely until unit economics are fixed.

Persistent cash burn and funding reliance

Consistent negative operating and free cash flow (tens of millions annually) creates ongoing financing needs. Even with a recent $15M registered direct offering, sustained cash burn requires continual capital access, constraining strategic choices and risking dilution or curtailed deployment if markets tighten.

Regulatory approvals lag commercial roll-out

Pending approvals and slow international regulatory progress are structural barriers to scaling installations and recurring revenue. Regulatory delays lengthen sales cycles, limit market access, and increase per-deal costs, materially delaying pathway to break-even even as product and AI capabilities mature.

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 applications. Its X-ray source is based on a digital micro-electro-mechanical systems semiconductor cathode. The company develops a prototype of the Nanox.ARC, a medical imaging system incorporating its digital X-ray source; and Nanox.CLOUD, a companion cloud-based software that would allow for the delivery of medical screening as a service. It also offers Nanox.MARKETPLACE, which connects imaging facilities with radiologists and enables radiologists to provide, as well as customers to obtain remote interpretations of imaging data; artificial intelligence (AI)-based software imaging solutions to hospitals, health maintenance organizations, integrated delivery networks, pharmaceutical companies, and insurers that are designed to identify or predict undiagnosed or underdiagnosed medical conditions through the mining of data included in images of existing computed tomography scans for osteoporosis and cardiovascular disease; Teleradiology Services, which provide imaging interpretation services for radiology practices, hospitals, medical clinics, diagnostic imaging centers, urgent care facilities; and multi-specialty physician groups, contracts, and radiology readings. The company was founded in 2011 and is headquartered in Neve Ilan, Israel.

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

Income statement and cash flow are major weaknesses: gross profit remains negative (TTM gross margin ~-99%), losses are very large versus revenue (TTM net margin ~-453%), and free cash flow is persistently negative (TTM FCF about -$47M). The balance sheet is a relative support with low leverage (debt-to-equity ~0.05), but equity/assets have trended down amid ongoing losses.

Income Statement

Revenue is scaling (TTM (Trailing-Twelve-Months) revenue up ~3.5% vs. 2024 and materially above earlier years), but profitability remains deeply challenged. Gross profit is negative across all periods provided (TTM gross margin ~-99%), indicating product/service economics are not yet covering direct costs. Losses remain very large relative to revenue (TTM net margin ~-453% and EBIT margin ~-459%), with only modest improvement versus 2022–2023, which keeps the income statement quality weak despite top-line progress.

Balance Sheet

The balance sheet is a relative strength: leverage is very low (TTM debt-to-equity ~0.05), providing flexibility and lowering near-term solvency risk. However, equity and total assets have trended down from 2021–2024 levels, consistent with ongoing losses consuming capital. Returns on equity are meaningfully negative (TTM ~-32%), highlighting that the company is not yet generating shareholder returns despite the conservative debt profile.

Cash Flow

Cash generation is weak, with negative operating cash flow and negative free cash flow in every period shown (TTM operating cash flow about -$42M; free cash flow about -$47M). Free cash flow burn has improved versus 2022–2023 but worsened versus 2024 (TTM more negative than 2024), suggesting funding needs remain elevated. A positive indicator is that free cash flow tracks net income closely (TTM free cash flow is roughly 1.1x net loss), implying the losses are broadly reflected in cash flow rather than being masked by large non-cash gains—but the absolute cash burn remains the key risk.

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: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 2.99, above the 50-day MA of 3.27, and above the 200-day MA of 4.21, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 34.44 is Neutral, neither overbought nor oversold. The STOCH value of 9.13 is Positive, 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	72 Outperform	$304.14M	23.99	10.53%	―	18.90%	29.22%
TLSI	54 Neutral	$255.32M	-2.50	―	―	49.52%	19.34%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
MASS	50 Neutral	$224.03M	-3.76	-42.72%	―	4.49%	3.61%
OM	48 Neutral	$90.12M	-0.39	-92.33%	―	4.65%	68.71%
NNOX	47 Neutral	$173.43M	-2.88	-34.75%	―	15.19%	-3.32%

Nano-X Imaging Corporate Events

Nano-X Imaging Shareholders Approve All Proposals at 2025 Annual Meeting

On December 23, 2025, Nano-X Imaging Ltd held its Annual General Meeting of Shareholders at its offices in Petach Tikva, Israel, where shareholders approved, by the required majority, all proposals presented in the company’s previously distributed notice and proxy materials. The approved matters have been incorporated by reference into Nano-X’s existing shelf and employee equity registration statements, a procedural step that aligns the company’s corporate and securities documentation with the latest shareholder authorizations and supports its ability to raise capital and administer equity-based compensation going forward.

The most recent analyst rating on (NNOX) stock is a Buy with a $7.00 price target. To see the full list of analyst forecasts on Nano-X Imaging stock, see the NNOX Stock Forecast page.

Nano-X Imaging Adjourns Annual Shareholders’ Meeting by One Day for Lack of Quorum

Nano-X Imaging Ltd., a medical imaging technology company headquartered in Petach Tikva, Israel, focuses on developing and commercializing innovative X-ray imaging systems for healthcare providers worldwide.

On December 22, 2025, Nano-X Imaging convened its Annual General Meeting of Shareholders in Petach Tikva, but the meeting was adjourned for one day due to a lack of quorum and rescheduled to reconvene on December 23, 2025, at the same time and location, indicating a temporary procedural delay in shareholder decision-making but no change to the company’s ongoing regulatory reporting obligations.

The most recent analyst rating on (NNOX) stock is a Buy with a $7.00 price target. To see the full list of analyst forecasts on Nano-X Imaging stock, see the NNOX Stock Forecast page.

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.

The most recent analyst rating on (NNOX) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Nano-X Imaging stock, see the NNOX Stock Forecast page.

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.

The most recent analyst rating on (NNOX) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Nano-X Imaging stock, see the NNOX Stock Forecast page.

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.

The most recent analyst rating on (NNOX) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Nano-X Imaging stock, see the NNOX Stock Forecast page.

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.

The most recent analyst rating on (NNOX) stock is a Sell with a $3.00 price target. To see the full list of analyst forecasts on Nano-X Imaging stock, see the NNOX Stock Forecast page.

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.

The most recent analyst rating on (NNOX) stock is a Sell with a $3.00 price target. To see the full list of analyst forecasts on Nano-X Imaging stock, see the NNOX Stock Forecast page.