Nano-X Imaging (NNOX) Q1 2025 earnings summary

Executive summary

• Achieved progress in commercializing end-to-end imaging solutions, integrating AI and teleradiology, and expanding global reach.

• Revenue for Q1 2025 was $2.8M, up from $2.6M in Q1 2024, driven by teleradiology, imaging systems, and AI solutions.

• Net loss increased to $13.2M from $12.2M year-over-year, mainly due to higher gross loss.

• Over 60 Nanox.ARC units in various deployment stages; targeting over 100 units by year-end 2025, with most in the U.S.

• Achieved FDA 510(k) clearance for Nanox.ARC X and signed multiple commercial agreements for Nanox.ARC and Nanox.AI.

Financial highlights

• Q1 2025 GAAP net loss was $13.2M, compared to $12.2M in Q1 2024.

• Revenue for Q1 2025 was $2.8M, up from $2.6M year-over-year.

• GAAP gross loss was $3.0M (gross loss margin of -108%), compared to $2.1M (-80%) in Q1 2024.

• Non-GAAP gross loss was $0.4M (gross loss margin of -15%), versus non-GAAP gross profit of $0.6M (22%) last year.

• Cash, equivalents, and marketable securities totaled $72.9M as of March 31, 2025, down from $83.5M at year-end 2024.

Outlook and guidance

• Targeting over 100 ARC systems deployed by end of 2025, majority in the U.S., 15-20% in Europe, and 10% in other regions.

• Inflection point for revenue growth expected in the second half of 2025 as more units become operational.

• AI business expected to break even in 2026; ARC business in 2027, with break-even requiring 1,500-2,000 units deployed.