Nano-X Imaging (NNOX) Q4 2025 earnings summary

Executive summary

• Advanced commercial expansion with new agreements, notably with Howard Technology Solutions for 300 Nanox.ARC systems and other partnerships totaling 360 systems over two to three years.

• Strategic acquisition and integration of Vaso Healthcare IT (now Nanox Health IT), enhancing healthcare IT and AI/software revenue streams.

• Restructured Korean manufacturing, closing the chip line and shifting to outsourced production to reduce costs and improve efficiency, resulting in a $17.5 million impairment charge.

• Received industry recognition, including the Red Dot Award for Product Design 2026 and the Newcomer Award at ECR 2026.

• Leadership transition: CFO Ran Daniel stepping down, Guy Nathanzon appointed as new CFO effective August 2026.

Financial highlights

• Q4 2025 revenue was $3.7 million, a 23% increase year-over-year, driven by teleradiology and consolidation of Nanox Health IT.

• Q4 2025 GAAP net loss was $33.4 million, up from $14.1 million in Q4 2024, mainly due to a $17.5 million impairment from restructuring.

• Non-GAAP net loss attributable to ordinary shares was $11.2 million, compared to $10 million in Q4 2024.

• Cash, equivalents, and marketable securities totaled $60 million as of December 31, 2025.

• Full-year 2025 revenue was $13.0 million; full-year net loss was $75.0 million.

Outlook and guidance

• Targeting $35 million in revenue for full-year 2026, with most growth expected in the second half as new agreements ramp up.

• Revenue ramp dependent on system activations, partner deployments, and regulatory/operational factors.