Nano-X Imaging Ltd. (NNOX)
NASDAQ:NNOX
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Nano-X Imaging
(NASDAQ:NNOX)
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Rating:43Neutral
Price Target:
$1.00
▼(-41.86% Downside)
Action:Reiterated
Date:06/27/26
Overall score is pressured primarily by weak financial performance (negative gross profit, ongoing losses, and persistent cash burn) and bearish technicals (price below key moving averages with negative MACD). The earnings call adds incremental risk due to withdrawn guidance and going-concern commentary despite noted operational traction. Valuation is also constrained by negative earnings and lack of dividend support.
Positive Factors
Recurring service revenue & margin trends
Nano-X's commercial mix is shifting toward recurring, service-oriented revenues (teleradiology and AI/software) with rapid AI growth and improving teleradiology gross margins. Durable expansion of software and per-scan revenue can increase margins and predictability as adoption scales across installed sites.
Negative Factors
Negative gross margins
Persistent negative gross profit shows the business currently fails to cover direct costs of delivered services and systems. Until gross margins turn positive, scaling revenue will enlarge operating losses and require ongoing funding; margin recovery is essential for sustainable cash generation and durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring service revenue & margin trends
Nano-X's commercial mix is shifting toward recurring, service-oriented revenues (teleradiology and AI/software) with rapid AI growth and improving teleradiology gross margins. Durable expansion of software and per-scan revenue can increase margins and predictability as adoption scales across installed sites.
Read all positive factors
Nano-X Imaging (NNOX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$75.85M
Dividend YieldN/A
Average Volume (3M)1.21M
Price to Earnings (P/E)―
Beta (1Y)1.57
Revenue Growth25.74%
EPS Growth-26.25%
CountryUS
Employees165
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.14
Shares Outstanding69,590,225
10 Day Avg. Volume1,021,708
30 Day Avg. Volume1,211,491
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 Cap1.04
Enterprise Value/Revenue5.45
Enterprise Value/Gross Profit-6.36
Enterprise Value/Ebitda-1.50
Forecast
1Y Price Target
$6.00Price Target Upside248.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.66
Revenue Forecast (FY)$30.75M
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 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:Jun 25, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Neutral
The call presented a mix of operational progress and commercial momentum — including deployments at RadNet, large partner agreements (~360 potential systems), accelerating teleradiology and AI revenues, and cross-division integrations — but these positives are offset by material near-term financial challenges: cash decline, substantial doubt about going concern, continued quarterly cash burn, increased operating losses, withdrawal of 2026 revenue guidance, and timing delays converting agreements into recognized revenue. The tone is cautiously constructive on execution and long-term opportunity but guarded on short-term financial health.Positive Updates
Quarterly Revenue Growth
Total revenue of $4.3M in Q1 2026 vs. $2.8M year-ago, an increase of ~$1.5M (+53.6%), driven by consolidation of Nanox Health IT (VasoHealthcare) and higher teleradiology volumes.
Negative Updates
Withdrawal of 2026 Revenue Guidance
Management withdrew its previously issued 2026 revenue target (previously $35M) due to longer-than-expected timelines between signed agreements and revenue recognition, and will no longer provide annual revenue guidance.
Read all updates
Q1-2026 Updates
Positive
Negative
Quarterly Revenue Growth
Total revenue of $4.3M in Q1 2026 vs. $2.8M year-ago, an increase of ~$1.5M (+53.6%), driven by consolidation of Nanox Health IT (VasoHealthcare) and higher teleradiology volumes.
Read all positive updates
Company Guidance
The company withdrew its prior 2026 revenue target (previously cited as $35 million) and will no longer provide annual revenue guidance, instead focusing on operational milestones; Q1 revenue was $4.3M (up from $2.8M), with teleradiology $3.1M (GAAP gross profit $0.7M, ~24% margin; non‑GAAP gross profit $1.1M, ~36% margin), AI/software $1.0M, and imaging systems $167K (including two Nanox.CONNECT sales of $118K); GAAP net loss was $14.3M (non‑GAAP loss $11.1M), GAAP gross loss $2.6M (non‑GAAP gross loss $2.2M), R&D $4.8M, S&M $2.2M, G&A $5.2M. Commercially, the company has partner agreements representing ~360 potential CapEx system sales over 2–3 years (partner estimate ~60 this year), plans to deploy 21 Nano‑X Imaging Network sites (one retail site scanning; two systems recently delivered), and has an operational RadNet ARC; international expansion includes Greece, Romania, Peru, Argentina, Czech Republic and France. Cash and equivalents plus short‑/long‑term deposits totaled $44.2M as of 3/31/26 (prelim cash net of short‑term bank loan ~ $27M), negative operating cash flow was $14M, capex was $1.8M, PPE net $30.6M, shares outstanding ~69.6M and ~1.0M RSUs granted; management expects Q2 to be better than Q1, a Q3–Q4 deployment ramp, AI gross margins “in the 80s” with cash‑breakeven now more likely in early 2027 (may be delayed a quarter), and anticipates sequential expense reductions from restructurings (including ~15 headcount reductions in Israel), while noting cash is sufficient for at least one year but substantial doubt about going concern remains.Nano-X Imaging Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
27
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
Negative
1.72
Price Trends
1.81
Negative
2.12
Negative
2.82
Negative
Market Momentum
-0.17
Positive
32.07
Neutral
21.34
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 1.72 is above the 20-day moving average (MA) of 1.69, below the 50-day MA of 1.81, and below the 200-day MA of 2.82, indicating a bearish trend. The MACD of -0.17 indicates Positive momentum. The RSI at 32.07 is Neutral, neither overbought nor oversold. The STOCH value of 21.34 is Neutral, 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 (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $407.90M | 27.46 | 10.66% | ― | 23.10% | 22.75% | |
57 Neutral | $332.00M | -8.96 | -25.50% | ― | -5.89% | 53.75% | |
54 Neutral | $84.80M | -1.10 | -55.88% | ― | 2.01% | 85.71% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $290.50M | -3.35 | 162.57% | ― | 39.64% | -25.99% | |
43 Neutral | $75.85M | -0.96 | -47.09% | ― | 25.74% | -26.25% |
* Healthcare Sector Average
NNOX
Nano-X Imaging
1.09
-4.08
-78.92%
VMD
Viemed Healthcare
11.63
4.72
68.31%
OM
Outset Medical
4.58
-14.63
-76.16%
MASS
908 Devices
8.78
1.65
23.14%
TLSI
TriSalus Life Sciences
4.73
-0.72
-13.21%
Nano-X Imaging Corporate Events
Nanox Posts Higher Q1 2026 Revenue, Deepens Nanox.ARC Rollout and Reviews South Korea Exit Options
Jun 25, 2026
Nano-X Imaging reported that first-quarter 2026 revenue rose to $4.3 million from $2.8 million a year earlier, driven mainly by teleradiology services, initial sales and deployments of its imaging systems and growing AI and software revenue. The c...
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 ...
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.