Nano-X Imaging Q4 Earnings Call Highlights

Key Points

• Nano‑X struck multiple commercial deals totaling roughly 360–400 systems over the next 2–3 years — including a Howard Technology Solutions agreement for 300 Nanox.ARC systems (60 in year one) — and reiterated a $35 million revenue target for 2026, though management expects most revenue to ramp in the second half of the year.
• The company is restructuring manufacturing by closing its chip line in South Korea, shifting production to external partners (including a Switzerland-based partner) and converting the Korea site into an R&D center to reduce overhead, cash burn and improve efficiency.
• Q4 revenue rose to $3.7 million (+23% year-over-year) but GAAP net loss widened to $33.4 million mainly due to a $17.5 million impairment; non‑GAAP loss was $11.2 million, cash and marketable securities totaled about $60 million, and the company raised ~$15.5 million from a share sale.

Nano-X Imaging NASDAQ: NNOX executives highlighted new commercial partnerships, manufacturing restructuring actions, and early-stage revenue growth during the company’s fourth quarter 2025 earnings call, while reiterating a full-year 2026 revenue target of $35 million.

Commercial partnerships aimed at scaling U.S. deployments

Chief Executive Officer and acting Chairman Erez Meltzer said the company’s primary focus remains expanding its commercial presence, while also spending effort amid geopolitical uncertainty to “secure our supply chain and strengthen our financial positions as well.”

Meltzer said Nano-X recently entered into an agreement with Howard Technology Solutions, a division of Howard Industries, which he described as having “a national reach and an established presence in healthcare and public sector markets.” Under the framework, Howard is expected to deploy 300 Nanox.ARC systems over three years, with 60 indicated for the first year.

He added that Nano-X “recently announced multiple commercial agreements,” which together total “roughly 360 systems over a 2- to 3-year period.” Meltzer characterized the agreements as a “fundamental shift” toward scaling deployments “in a meaningful volume,” and said the company sees a move “toward a growing CapEx portion.”

In the U.S., Meltzer also outlined distribution agreements and collaborations intended to expand coverage. He cited a distribution agreement with Imperial Imaging Technology for the Southeast and additional distributor arrangements with Integrity Medical Service Inc., Elite Surgical Technologies, Digital X-Ray Imaging, and NewRx.

On the direct sales side, Meltzer said Nano-X has “five direct salespeople” in the U.S. plus a director of national sales, and uses clinical education specialists to train sites and build awareness with referring physicians. He said the company is adding two channel-management roles to support coordination with “almost 10 business partners.”

Deployment pace and 2026 revenue target

Meltzer acknowledged that deployment timing has been affected by external processes, including “import licenses, construction timeline, and regulatory requirements in certain markets.” While saying the company is “not satisfied with the pace,” he called it the “current operating reality” and said the process can be complex when introducing new medical technology.

The company reiterated its full-year 2026 revenue goal. “We continue to target $35 million in revenue for the full year of 2026, based on the execution of our current plans,” Meltzer said.

He said Nano-X had signed commercial agreements that “could result in present and future placements of about 400 systems globally over the next two to three years.” Of that total, Meltzer said about 38 systems were at various deployment stages, including demonstrations, commercial installations, and systems pending construction and/or regulatory approval. He also said approximately 15 systems were expected to be installed “over the next few months” as part of the Nanox Imaging Network initiative.

However, Meltzer emphasized that the revenue base is still early. He noted that part of the deployed base is not yet generating revenue and that ramp timing will depend on system activation and partner deployment execution.

In Q&A, CFO Ran Daniel said investors should not expect “a big ramp” in revenue in the first quarter, and suggested “most of it” will come “towards the second half of 2026.” Meltzer added that many partner agreements were signed in recent weeks and that the company is beginning onboarding processes now.

Manufacturing restructuring and Korea facility changes

Meltzer and Daniel detailed a restructuring plan intended to align manufacturing costs with Nano-X’s long-term model. Meltzer said the company is closing its chip manufacturing line in South Korea, downsizing fabrication facilities, and shifting production to established international manufacturing partners, including Switzerland-based System.

He said Nano-X holds “substantial emitter inventory” and plans to work through it during the transition, with the goal of reducing overhead costs, lowering cash burn, and improving efficiency. In Q&A, management said the Korea facility is expected to be converted into more of an R&D center for ceramic tubes and potentially other products.

AI, Health IT acquisition, clinical and regulatory updates

Meltzer highlighted momentum in the company’s AI and software business and the integration of its newly acquired Health IT operations. During the quarter, Nano-X completed its acquisition of Vaso Healthcare IT, now Nanox Health IT, which Meltzer said is contributing to revenue “from day one.” He also said the Health IT platform enhances workflow integration and supports lead generation for USARAD, Nanox.AI, and Nanox.ARC.

On clinical and regulatory updates, Meltzer said the company advanced milestones including TAP2D clearance in the U.S., describing TAP2D as a 2D image output that can help radiologists build confidence when evaluating digital tomosynthesis images. He also said the company updated AMAR approval for Nanox.AI in Israel based on an existing CE Mark, enabling use “without adjunctive limitations,” while “removal of the adjunctive use limitation in the U.S.” remains a key priority.

In R&D and validation efforts, Meltzer said Cedars-Sinai Medical Center is joining a trial studying a Nanox.AI aortic valve calcification measurement solution under development. He said an on-site evaluation across about 600 retrospective cases “exceeded our expectations,” with six cases of severe calcification identified and roughly 100 cases showing clinically relevant findings.

Meltzer also said the company secured its first institutional review board approval for a U.S. clinical trial through a collaboration with MBS Health & Wellness Clinic in Michigan, focused on lung cancer screening of high-risk patients and evaluating Nanox.ARC applicability.

Separately, Meltzer cited conference presence at RSNA and ECR, noting the company showcased the Nanox.ARC live in Europe for the first time and presented clinical and AI data. He also said Nano-X received the Red Dot Award for Product Design 2026 for the Nanox.ARC X and a Newcomer Award at ECR 2026.

Financial results: higher net loss due to impairment; revenue up 23%

Daniel reported a GAAP net loss for the fourth quarter of 2025 of $33.4 million, compared with a net loss of $14.1 million in the fourth quarter of 2024. He attributed the increase primarily to a $17.5 million impairment of long-lived assets tied to the manufacturing restructuring plan, along with higher gross loss, higher sales and marketing expense, and higher other expenses.

Revenue for the quarter was $3.7 million, up from $3.0 million a year earlier, an increase Daniel said was driven by higher teleradiology revenue and the consolidation of Nanox Health IT following the acquisition completed Nov. 19, 2025.

• Teleradiology services revenue: $3.1 million vs. $2.8 million; GAAP gross profit $0.9 million (27% margin) vs. $0.6 million (21%). Daniel said the increase reflected “customer retention, increased rates, and increased volume.”
• Imaging systems sales and deployment revenue: $49,000 vs. $136,000; gross loss of $2.6 million vs. $1.5 million. Daniel said the revenue stemmed from deployments of Nanox Health systems and OEM services sales in the U.S.
• AI and software solutions revenue: $0.5 million vs. $0.1 million, including $0.4 million from Nanox Health IT post-acquisition.

On expenses, Daniel reported R&D of $4.8 million, down from $5.4 million, while sales and marketing rose to $2.0 million from $0.9 million, reflecting increased commercialization efforts and RSNA-related costs. G&A was $6.0 million, up slightly from $5.8 million, driven mainly by acquisition-related expenses. Other expenses were $1.4 million, which Daniel said was largely due to a non-cash settlement with a shareholder.

Non-GAAP net loss attributable to ordinary shares was $11.2 million, compared with $10.0 million in the year-ago quarter.

As of Dec. 31, 2025, Nano-X reported cash, cash equivalents, and marketable securities of about $60 million, compared with $55.5 million as of Sept. 30, 2025. The company also reported a $3.1 million short-term bank loan. Nano-X ended the quarter with 69.6 million shares outstanding, and Daniel said the company sold about 4.2 million ordinary shares during the quarter, generating net proceeds of approximately $15.5 million after issuance expenses.

In closing remarks, Meltzer announced a CFO transition: Daniel will step down after five years and remain during a transition period. Meltzer said Guy Nathanzon will join as CFO effective Aug. 1, citing his background in finance leadership roles at publicly traded companies and experience in med-tech commercialization and capital markets.

About Nano-X Imaging NASDAQ: NNOX

Nano-X Imaging Ltd. is a medical technology company developing and commercializing a digital X-ray imaging platform designed to lower the cost and increase the accessibility of diagnostic imaging. Its flagship product, the Nanox.ARC, leverages a proprietary micro-electromechanical system (MEMS) based digital X-ray source and advanced image processing software to provide 2D and 3D imaging capabilities on a compact footprint. The system aims to streamline radiology workflows and facilitate point-of-care diagnostics in hospitals, clinics and outpatient settings.

The Nanox.ARC platform integrates a novel cold cathode X-ray source, which enables multiple emission points without the need for rotating anode tubes.

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