Nano-X Imaging (NNOX) Q2 2025 earnings summary

Executive summary

• Revenue rose to $3.0 million in Q2 2025 from $2.7 million in Q2 2024, driven by teleradiology and system sales, with a focus on disciplined execution and expanding commercial footprint in the U.S. and Europe, targeting 100 Nano-X ARC system installations by year-end 2025.

• Significant progress in clinical strategy, academic collaborations, and key opinion leader engagement to drive adoption and credibility.

• Commercial rollout includes both direct sales and channel partnerships, with new mobile imaging solutions in development and new U.S. imaging center customers.

• FDA submission for TAP2D software and multi-year supply agreement with Fabrinet to scale production and reduce costs.

Financial highlights

• Q2 2025 GAAP net loss was $14.7 million, up from $13.6 million in Q2 2024, mainly due to higher gross loss and finance expenses.

• Revenue for Q2 2025 was $3.0 million, up from $2.7 million year-over-year; gross loss was $3.2 million (GAAP), and non-GAAP net loss attributable to ordinary shares was $10.9 million.

• Cash, equivalents, and marketable securities totaled $62.6 million as of June 30, 2025, down from $83.5 million at year-end 2024.

• Teleradiology revenue was $2.7 million with an 18% GAAP gross profit margin and 38% non-GAAP gross profit margin.

• Imaging systems and OEM services revenue was $221,000, with a gross loss of $1.7 million; AI solutions revenue was $96,000, with a gross loss of $2.0 million (GAAP) and non-GAAP gross loss of $19,000.

Outlook and guidance

• On track to meet the goal of over 100 ARC system installations by year-end 2025, with revenues expected to grow in the second half of 2025 as deployment accelerates.

• AI business expected to reach break-even in 2026, with significant growth anticipated from new agreements and expanding installations.

• Operating expenses expected to remain stable, with operating losses projected to decrease as revenue ramps in the second half of 2025 and beyond.