Nano-X Imaging (NNOX) AI Stock Analysis

• Market Cap: $189.37M
• Dividend Yield: N/A
• Average Volume (3M): 1.17M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.03
• 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: 926,470
• 30 Day Avg. Volume: 1,172,132
• 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: 0.00
• Enterprise Value/Revenue: 0.00
• Enterprise Value/Gross Profit: 0.00
• Enterprise Value/Ebitda: 0.00
• 1Y Price Target: $7.00
• Price Target Upside: 65.88% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -0.51
• Revenue Forecast (FY): $31.60M

• Rating: 47 Neutral
• Price Target: $3.00 ▼(-28.91% 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 / balance sheet flexibility

A very low debt-to-equity ratio materially reduces near-term solvency risk and preserves financial optionality. This balance sheet flexibility supports continued R&D, regulatory work and commercial rollouts without immediate refinancing pressure, helping sustain operations during the cash burn phase.

Scaling deployments and revenue runway

Aggressive system deployments expand the installed base and create recurring service, maintenance and consumables revenue streams. Broad deployment also validates product-market fit, strengthens provider relationships, and lays groundwork for durable revenue growth as installations drive follow-on revenue over multiple years.

AI infrastructure bolstered by acquisition

Acquiring Vaso Healthcare IT accelerates AI integration and U.S. commercialization by bringing infrastructure and customer relationships in-house. This reduces time-to-value for AI offerings, enhances product stickiness, and supports a strategic shift toward higher-margin software and services over the medium term.

Negative Factors

Deeply negative gross margins

Sustained negative gross margins indicate the core product and service economics do not yet cover direct costs. Without material improvements in manufacturing costs, pricing or utilization, the company cannot scale profitably, undermining any path to operational breakeven and long-term shareholder value creation.

Persistent cash burn and negative operating cash flow

Consistent negative operating and free cash flow depletes resources and forces reliance on external financing. Over the next 2–6 months this raises dilution and execution risk, constraining investments in commercial scale-up, regulatory approvals, and production capacity unless cash-generation or funding improves.

Regulatory delays limit market expansion

Regulatory bottlenecks slow deployments, delay revenue recognition and increase commercialization costs. For a medical-device company, multi-jurisdiction approvals are structural timing risks that can materially extend payback periods and hinder scaling in key markets over the medium term.

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

Nano-X Imaging shows revenue growth but struggles with profitability, negative cash flows, and increased leverage. The strong equity position offers some stability, yet persistent losses and reliance on external financing highlight operational inefficiencies.

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: Negative
• 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 2.99, above the 50-day MA of 3.31, and below the 200-day MA of 4.32, indicating a neutral trend. The MACD of -0.12 indicates Negative momentum. The RSI at 45.48 is Neutral, neither overbought nor oversold. The STOCH value of 66.45 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	72 Outperform	$277.53M	21.93	10.53%	―	18.90%	29.22%
TLSI	54 Neutral	$293.29M	-2.93	―	―	49.52%	19.34%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NNOX	47 Neutral	$189.37M	―	-34.75%	―	15.19%	-3.32%
OM	45 Neutral	$101.00M	-0.39	-92.33%	―	4.65%	68.71%
MASS	44 Neutral	$198.34M	-3.14	-42.72%	―	4.49%	3.61%

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.