Nano-X Imaging (NNOX) Sidoti's Year End Virtual Investor Conference summary

Business updates and product innovation

• Launched Nanox.ARC X, a mobile, plug-and-play 3D tomosynthesis imaging system with FDA and CE clearance, targeting U.S. and EU markets.

• ARC X offers lower radiation, smaller footprint, and enhanced software, supporting both 2D and 3D imaging.

• AI solutions for chest, bone, and liver imaging are FDA and CE cleared, focusing on early disease detection and preventative care.

• Teleradiology services and OEM business expand reach, with proprietary cold cathode tube technology produced in Korea and partnerships for glass tubes.

• Commercial deployment underway in 8-9 U.S. states and EU, with direct sales and distributor channels.

Financial highlights and commercialization

• Q3 2025 cash and equivalents at $55M, with an additional $50M raised recently; shareholders' equity at $156M.

• Q3 2025 revenue reached $3.5M, with 71.9M shares fully diluted.

• Announced $15M registered direct offering to support commercialization and expansion.

• Pay-per-use and CapEx models offered, with reimbursement rates of $90-$110 per scan and operator cost as low as $30 per scan.

• Mass production of ARC X to accelerate in Thailand by 2026.

Market reception and strategic direction

• Strong interest and positive reception for ARC X and AI tools at RSNA, the largest North American radiology conference.

• Focus shifting from R&D to commercialization, aiming for profitability and shareholder value.

• AI tools integrated with PACS, targeting hospitals, clinics, and pharma, with B2B2C models showing early monetization.

• Clinical collaborations and partnerships, including with 3DR Labs and Spectrum Health, support adoption and data accumulation.

• Regulatory approvals in the U.S., EU, Israel, and Ghana, with ongoing clinical data collection to enhance offerings.