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Nano-X Imaging
(NASDAQ:NNOX)
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Rating:44Neutral
Price Target:
$0.40
▼(-54.77% Downside)
Action:Reiterated
Date:10/20/26
NNOX scores low primarily due to very weak financial performance (deep losses, negative margins, and ongoing cash burn) and a clearly bearish technical trend (price below major moving averages with negative MACD). The earnings call adds some support via commercialization and reimbursement progress plus financing and cost actions, but these are outweighed by delays, negative gross margins, impairment-driven losses, declining cash, and continued funding needs. Valuation is difficult to assess given the negative P/E and lack of dividend yield data.
Positive Factors
Revenue Growth
Revenue growth shows that Nanox is converting its imaging, teleradiology, AI and software offerings into expanding commercial activity. Continued top-line progress can improve operating leverage over time, although the company still needs to translate growth into sustainable margins and cash generation.
Negative Factors
Going-Concern Liquidity Risk
The projected cash position and explicit going-concern warning indicate that Nanox may need substantial additional financing to maintain current operations. If capital is unavailable, management may have to delay development, reduce commercialization activity or grant product rights to others.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Revenue growth shows that Nanox is converting its imaging, teleradiology, AI and software offerings into expanding commercial activity. Continued top-line progress can improve operating leverage over time, although the company still needs to translate growth into sustainable margins and cash generation.
Read all positive factors
Nano-X Imaging (NNOX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$29.27M
Dividend YieldN/A
Average Volume (3M)905.88K
Price to Earnings (P/E)―
Beta (1Y)1.67
Revenue Growth31.52%
EPS Growth-89.07%
CountryUS
Employees197
SectorGeneral
Sector StrengthN/A
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.70
Shares Outstanding78,588,640
10 Day Avg. Volume925,336
30 Day Avg. Volume905,875
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 Cap1.98
Enterprise Value/Revenue3.70
Enterprise Value/Gross Profit-1.09
Enterprise Value/Ebitda-0.64
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-1.05
Revenue Forecast (FY)$20.87M
Nano-X Imaging Business Overview & Revenue Model
Company Description
Nano-X Imaging Ltd. specializes in developing a commercial-grade tomographic imaging device that incorporates an innovative digital X-ray source, which leverages a digital micro-electro-mechanical systems (MEMS) semiconductor cathode. Beyond its h...
How the Company Makes Money
Nano-X Imaging’s revenue model is designed around commercializing medical imaging hardware and generating ongoing revenue from software and service offerings tied to imaging workflows. Revenue sources may include (1) sales or deployment of imaging...
Nano-X Imaging Earnings Call Summary
Earnings Call Date:Sep 09, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 19, 2026
Earnings Call Sentiment Neutral
The call contained substantial commercialization, deployment, clinical, reimbursement, partnership, and cost-reduction progress, including 37% year-over-year revenue growth and $8.5 million of post-quarter-end financing. However, these positives were offset by commercialization delays, a $40.7 million impairment, materially higher GAAP net loss, negative gross loss margins, increased operating expenses, a lower cash balance, and the need for continued fundraising. Overall sentiment was cautiously balanced.Positive Updates
Quarterly Revenue Increased 37%
Q2 2026 revenue was $4.2 million, compared to $3 million in Q2 2025, representing a year-over-year increase of 37%. Revenue included $3 million from teleradiology services, $1 million from AI and software solutions, and $0.2 million from imaging systems and OEM services. Nanox Health IT contributed $0.9 million of Q2 revenue.
Negative Updates
Commercialization Took Longer Than Expected
Management stated that commercialization has taken longer than expected. The main friction points were operational, including permitting, shielding, construction timelines, and integration requirements at small and medium-sized imaging centers.
Read all updates
Q2-2026 Updates
Positive
Negative
Quarterly Revenue Increased 37%
Q2 2026 revenue was $4.2 million, compared to $3 million in Q2 2025, representing a year-over-year increase of 37%. Revenue included $3 million from teleradiology services, $1 million from AI and software solutions, and $0.2 million from imaging systems and OEM services. Nanox Health IT contributed $0.9 million of Q2 revenue.
Read all positive updates
Company Guidance
Management said the impact of recent commercialization progress should be seen “in the next few months, as previously indicated already,” while Nanox.AI’s G0680 reimbursement is “already right now” and expected to be affected “in the very near future”; the Nanox Imaging Network has paid claims in the range of $200 to $700 per claim and, based on the preliminary business model, each site may have the potential to generate annual revenue in the range of $0.5 million to $1 million, depending on utilization, reimbursement, payer mix, and site-level execution. Cost-reduction steps, including a 15% headcount reduction of Israeli-based employees and an approximately 67% reduction in headcount in Korea, are expected to produce approximately $2 million in annualized cost savings beginning in 2027, with most expenses reflected in operating expenses and some in COGS; management provided no specific additional operating-expense reduction number and said it intends to continue raising funds from various sources to improve its cash balance and support its activities.Nano-X Imaging Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
52
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.63M | 13.02M | 11.28M | 9.90M | 8.58M | 1.30M |
| Gross Profit | -52.87M | -12.79M | -10.61M | -6.59M | -6.88M | -1.51M |
| EBITDA | -90.94M | -49.00M | -45.01M | -47.69M | -75.70M | -59.27M |
| Net Income | -116.81M | -75.02M | -53.52M | -60.78M | -105.24M | -61.80M |
Balance Sheet | ||||||
| Total Assets | 91.19M | 162.16M | 210.00M | 218.65M | 253.93M | 363.17M |
| Cash, Cash Equivalents and Short-Term Investments | 31.02M | 59.61M | 73.21M | 82.38M | 77.62M | 88.71M |
| Total Debt | 7.73M | 7.85M | 7.45M | 8.40M | 4.62M | 5.77M |
| Total Liabilities | 18.72M | 22.43M | 20.88M | 23.13M | 37.25M | 71.02M |
| Stockholders Equity | 72.47M | 139.73M | 189.12M | 195.51M | 216.68M | 292.15M |
Cash Flow | ||||||
| Free Cash Flow | -53.28M | -45.00M | -39.37M | -48.08M | -50.56M | -61.23M |
| Operating Cash Flow | -47.79M | -40.79M | -36.60M | -44.78M | -43.38M | -38.07M |
| Investing Cash Flow | 7.34M | 29.37M | -20.05M | 35.43M | 14.61M | -116.32M |
| Financing Cash Flow | 22.15M | 21.37M | 39.50M | 27.25M | 804.00K | 7.38M |
Nano-X Imaging Technical Analysis
Negative
0.88
Price Trends
0.69
Negative
0.98
Negative
1.66
Negative
Market Momentum
-0.10
Positive
18.44
Positive
8.44
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 0.88 is above the 20-day moving average (MA) of 0.53, above the 50-day MA of 0.69, and below the 200-day MA of 1.66, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 18.44 is Positive, neither overbought nor oversold. The STOCH value of 8.44 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $32.27B | 20.53 | 15.16% | 0.20% | 6.52% | -11.06% | |
58 Neutral | $26.22B | 20.58 | 10.05% | 3.68% | ― | ― | |
56 Neutral | $782.18M | 35.09 | 4.60% | ― | 5.31% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | $76.82M | -1.89 | -100.30% | ― | 53.16% | 27.17% | |
46 Neutral | $32.93M | -1.43 | -2156.12% | ― | 219.99% | 25.98% | |
44 Neutral | $29.27M | -0.22 | -94.35% | ― | 31.52% | -89.07% |
* General Sector Average
NNOX
Nano-X Imaging
0.37
-3.66
-90.77%
PHG
Koninklijke Philips
26.89
-1.08
-3.85%
VREX
Varex Imaging
18.42
6.50
54.53%
HYPR
Hyperfine
0.72
-0.53
-42.08%
QTI
QT Imaging Holdings
2.25
-3.94
-63.65%
GEHC
GE Healthcare Technologies Inc
71.45
-6.74
-8.62%
Nano-X Imaging Corporate Events
Nanox Imaging Posts Q3 2026 Preliminary Revenue Rise But Warns on Going-Concern Risk
Oct 16, 2026
Nanox Imaging Ltd, headquartered in Petach Tikva, Israel and listed on Nasdaq as NNOX, operates in the medical imaging and healthcare technology sector, offering an end-to-end platform that blends cost-effective imaging hardware with AI-based diag...
Nano-X Imaging Faces Nasdaq Bid-Price Compliance Deadline After Shares Fall Below $1
Oct 2, 2026
On September 28, 2026, Nano-X Imaging received notice from Nasdaq that its ordinary shares had closed below $1.00 for 30 consecutive business days, putting the company out of compliance with the minimum bid price requirement for continued listing ...
Nano-X Imaging Shareholders Approve Amended Articles at September 29 AGM
Sep 29, 2026
On September 29, 2026, Nano-X Imaging Ltd. held an adjourned Annual General Meeting of shareholders at its Petach Tikva headquarters, where investors approved all proposals in the August 18, 2026 proxy statement except one withdrawn item. As a res...
Nano-X Imaging Adjourns AGM and Presses Shareholders on Critical Capital Increase Vote
Sep 17, 2026
Nano-X Imaging Ltd’s 2026 Annual General Meeting of Shareholders, convened on September 17, 2026 in Petach Tikva, Israel, was adjourned without conducting business due to a lack of quorum, with less than 25% of voting rights represented. The...
Nano-X Imaging Posts Wider Q2 Loss as It Restructures Korea Operations and Launches First Imaging Network Site
Sep 9, 2026
Nano-X Imaging reported results for the quarter ended June 30, 2026, on September 9, highlighting 37% year-over-year revenue growth to $4.2 million, driven largely by the consolidation of its Nanox Health IT business and contributions from telerad...
Nano-X Imaging Sets September 17, 2026 Shareholder Meeting to Approve Directors and Share Capital Increase
Aug 18, 2026
Nano-X Imaging Ltd has called its 2026 annual general meeting of shareholders for September 17, 2026, at its Petach Tikva headquarters in Israel. Shareholders of record as of August 18, 2026 will be able to vote in person or by proxy on a series o...
Nano-X Imaging Sets September 17, 2026 AGM to Vote on Share Capital Increase and Governance Matters
Aug 13, 2026
Nano-X Imaging Ltd, the Israel-based medical imaging company, has called its 2026 Annual General Meeting of Shareholders for September 17, 2026, at its Petach Tikva headquarters, with shareholders of record as of August 18, 2026 eligible to vote. ...
Nano-X Imaging Raises $8 Million in Registered Direct Offering Completed on August 7, 2026
Aug 7, 2026
On August 7, 2026, Nano-X Imaging Ltd completed a registered direct offering to a single long-term institutional investor, issuing 8 million ordinary shares or pre-funded warrants along with 8 million ordinary share purchase warrants at a combined...
Nano-X Imaging Prices $8 Million Registered Direct Offering as It Conducts Broad Impairment Review
Aug 6, 2026
On August 5, 2026, Nano-X Imaging Ltd. entered into a securities purchase agreement with a single long-term institutional investor for a registered direct offering of 8,000,000 ordinary shares or equivalents and accompanying warrants, priced at $1...
Nano-X Imaging Files Legal Opinion Backing Remaining $53.9 Million ATM Share Issuance
Jul 23, 2026
Nano-X Imaging Ltd. filed a Form 6-K on July 23, 2026, to furnish a legal opinion from its Israeli counsel, Meitar Law Offices, on the validity of ordinary shares to be issued under its existing at-the-market equity offering program. The opinion r...
Nanox Issues Preliminary Q2 2026 Results as Cash Crunch Raises Going-Concern Doubts
Jul 23, 2026
On July 23, 2026, Nanox reported preliminary unaudited results for the quarter ended June 30, 2026, alongside a business update that underscores both commercial traction and financial strain. The company highlighted growing revenue streams from te...
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.