Nano-X Imaging (NNOX) Q1 2026 earnings summary

Executive summary

• Revenue grew to $4.3 million in Q1 2026, up from $2.8 million in Q1 2025, driven by teleradiology, Health IT, imaging systems, and AI/software solutions.

• Commercial focus shifted to partnerships, multi-channel sales, and high-visibility deployments, including RadNet and the Nano-X Imaging Network.

• Restructuring initiatives underway to optimize cost structure, improve capital efficiency, and evaluate South Korea operations.

• Progress in AI business with new commercial deployments, clinical validation partnerships, and strong gross profit margins.

• Transition in CFO role, with Guy Nathansohn joining.

Financial highlights

• Q1 2026 revenue was $4.3 million (Q1 2025: $2.8 million), with teleradiology contributing $3.1 million and AI/software $1 million.

• GAAP gross loss was $2.6 million (margin -60%), improved from $3 million (-108%); non-GAAP gross loss was $0.2 million (-4%).

• GAAP net loss was $14.3 million, compared to $13.2 million; non-GAAP net loss was $11.1 million, up from $9.4 million.

• Cash and equivalents were $44.2 million as of March 31, 2026, down from $60 million at year-end 2025.

• Negative cash flow from operations was $14 million in Q1 2026.

Outlook and guidance

• No longer expects to achieve previously announced 2026 revenue target due to longer-than-anticipated commercialization and deployment timelines.

• Annual revenue guidance withdrawn; focus will shift to operational and commercial milestones such as deployments, activations, and utilization growth.

• Expects Q2 2026 to be better than Q1, with ramp-up anticipated in Q3 and Q4 as new agreements are implemented.

• Long-term opportunity in imaging, teleradiology, AI, OEM, and Health IT remains significant.

• AI and IT gross profit margins are high (in the 80% range), with break-even expected earlier than late 2026.