Nano-X Imaging Ltd. (NNOX) Earnings
Nano-X Imaging Ltd. is expected to report next earnings on August 11, 2026 (in NaN days), with a consensus EPS estimate of $-0.16. NNOX has beaten EPS estimates in 3 of its last 12 reported quarters (average surprise -123.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 25, 2026 | $-0.23 | $-0.50 | -117.4% | $4M | -12.5% |
| Nov 20, 2025 | $-0.15 | $-0.65 | -333.3% | $3M | -13.7% |
| Aug 12, 2025 | $-0.17 | $-0.23 | -31.4% | $3M | -13.3% |
| May 22, 2025 | $-0.19 | $-0.21 | -10.5% | $3M | -17.2% |
| Nov 21, 2024 | $-0.22 | $-0.23 | -4.5% | $3M | -20.2% |
| Aug 20, 2024 | $-0.22 | $-0.23 | -4.5% | $3M | -33.2% |
| Apr 1, 2024 | $-0.26 | $-0.18 | +30.8% | $3M | -42.1% |
| Mar 14, 2024 | $-0.30 | $-0.18 | +40.0% | $2M | -15.0% |
| Nov 28, 2023 | $-0.30 | $-0.37 | -23.3% | $2M | -24.9% |
| Aug 17, 2023 | $-0.26 | $-0.31 | -19.2% | $3M | -18.0% |
| May 22, 2023 | $-0.34 | $-0.21 | +38.2% | $2M | -15.3% |
| Mar 9, 2023 | $-0.57 | $-0.86 | -50.9% | $2M | -19.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · June 25, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Strategic Go-to-Market Adaptations * Restructured the U.S. commercial model to prioritize multichannel distribution via established medical equipment distributors, supplementing in-house direct sales to expand market coverage more efficiently. Secured multiple U.S. distributor agreements in Q1 2026 with a total potential pipeline of 360 CapEx system sales over 2-3 years. * Prioritized deployments at high-visibility reference sites, including the largest U.S. outpatient imaging operator RadNet, where the Nano-X Arc system is now commercially active and integrated into routine clinical workflows. The company is exploring expanded deployment and clinical research collaborations with RadNet. * Launched the Nano-X Imaging Network focused on high-reimbursement customer segments including workers' compensation groups, concierge medical providers, and orthopedic practices, with 21 planned sites, 1 already active and 2 with systems delivered as of Q2 2026. * Initiated a company-wide restructuring to optimize cost structure, improve capital efficiency, reduce cash burn, and align operations with long-term business objectives. The company is currently evaluating strategic alternatives for its South Korean operations, including further restructuring, potential sale, or wind-down, with no final decision made. ### Commercial and Geographic Expansion * Secured a new distribution agreement with TopMed SAC in Peru in late May 2026, with additional international distribution agreements in advanced negotiation. Active deployment pipeline development is ongoing across Greece, Romania, Argentina, the Czech Republic, France, and other global markets. * Shifted toward a more CapEx-driven commercial model supported by the partner network, which management expects to drive revenue growth, reduce future cash requirements, and improve the path to profitability. ### AI, Health IT, and Synergy Updates * The AI bone density solution achieved a commercial revenue-generating deployment at the 259th General Air Force Hospital in Greece, following a successful prospective pilot. Clinical data published shows the AI delivers a 14-fold improvement in vertebral fracture detection vs. radiologists without the tool, and a 5-fold improvement for endocrinologists. * Cross-divisional synergies between imaging systems, AI, teleradiology, and health IT are driving growing new lead pipelines. Teleradiology services already reads scans from newly deployed Nano-X Arc systems, and cross-selling of complementary solutions to new and existing customers is increasing. * Nanox Health IT (previously Azo Healthcare IT) has delivered on pre-acquisition contracts, with multiple clients go-live in 2026 and recurring monthly revenue now being recognized from these accounts. The strategic clinical trial partnership with Cedars-Sinai has produced an ROI calculator showing an expected $3.8 million in first-year downstream revenue for 49 identified severe coronary calcification cases out of a 5,000-patient cohort. ### Technology and OEM Updates * Varex tubes are undergoing final modification to become the primary X-ray tube source for Nano-X systems. Tube assembly for Oak Ridge National Laboratory prototypes is underway, with testing completion and delivery expected in early Q3 2026. * The company is conducting Nano-X technology assessments with multiple global industry leaders in the security and inspection sectors, with strong overall market interest in the company's chip source technology.
Guidance
* The company withdrew its previously announced full-year 2026 revenue target, due to longer-than-expected timelines for commercial agreement execution, system deployment, activation, service launch, and revenue recognition, which are impacted by many factors outside the company's control including site readiness, infrastructure completion, customer schedules, and third-party execution. Management will not provide annual revenue guidance going forward, and will instead report on operational, commercial, and strategic milestones that are viewed as more meaningful indicators of progress. * Management expects revenue to ramp in the second half of 2026, with Q2 2026 revenue expected to be higher than Q1 2026. Q2 2026 has primarily focused on onboarding and training new distribution partners, with commercial implementations of partner leads expected to ramp in Q3 2026. * Total operating expenses and cash burn are expected to decline sequentially in the second half of 2026 following cost restructuring actions including headcount reductions. * AI and software solutions gross profit break-even is expected to occur earlier than overall company break-even, due to the segment's inherently high gross margins (~80%). Overall AI/health IT divisional cash break-even is now expected in early 2027, pushed one to two quarters from the prior target of end of 2026.
Segment performance
Total company revenue for Q1 2026 was $4.3 million, up from $2.8 million in Q1 2025. 1. Teleradiology services: Revenue was $3.1 million (72.1% of total revenue), compared to $2.6 million in Q1 2025. GAAP gross profit was $0.7 million (24% margin), up from $0.4 million (17% margin) year-over-year. Non-GAAP gross profit was $1.1 million (36% margin), compared to $1 million (39% margin) in Q1 2025. 2. Imaging systems: Revenue was $167,000 (3.9% of total revenue), compared to $33,000 in Q1 2025. Revenue came from two NanoConnex unit sales ($118,000), system deployment services ($11,000), and OEM services ($38,000). 3. AI and software solutions (including Nanox Health IT): Revenue was $1 million (23.3% of total revenue), compared to $0.2 million in Q1 2025, of which $0.9 million came from Nanox Health IT. GAAP gross loss was $1.7 million, compared to a $1.9 million gross loss year-over-year. Non-GAAP gross profit was $0.3 million, up from $81,000 in Q1 2025. Overall GAAP gross loss for the company was $2.6 million, compared to a $3 million gross loss in Q1 2025. Non-GAAP gross loss was $2.2 million, compared to a $0.4 million gross loss in Q1 2025.
Risks & headwinds
* As of March 31, 2026, the company had $44.2 million in total cash, cash equivalents, and deposits, with an estimated ~$27 million in net cash (after short-term bank loans) as of the call date. Management confirmed current cash balances are insufficient to fund operations for at least 12 months from the press release date, raising substantial doubt about the company's ability to continue as a going concern. * The company is actively seeking additional funding via private capital markets, but there is no guarantee funding will be available on acceptable terms. Any equity financing would dilute existing shareholder ownership, and debt financing could impose restrictive covenants and increase fixed payment obligations. * Alternative funding via strategic partnerships, collaborations, or licensing arrangements could require the company to relinquish valuable rights to technology, future revenue, or product programs on unfavorable terms. * If additional funding cannot be secured when needed, the company may be forced to delay, reduce, or eliminate product development or commercialization activities, or grant developmental and marketing rights to third parties that management would prefer to hold internally. * Revenue recognition timing is highly variable, impacted by regulatory approvals, site readiness, customer implementation schedules, and other factors outside of the company's control, which can materially impact reported financial results in any given period.
Analyst Q&A
Q: Can you provide more detail on teleradiology business trends around volumes, customers, and pricing? /
A: Teleradiology revenue has more than doubled since the U.S. Arad acquisition, driven by growth in the total customer base to several hundred customers, with revenue varying widely by customer size. The business is seeing a trend toward higher volumes of higher-margin MRI and CT scans relative to lower-margin X-rays, which is boosting overall revenue growth. Cross-synergies are growing: teleradiology provides leads for Arc, AI, and health IT sales, and new Arc deployments generate additional teleradiology reading service revenue, a trend that will continue as deployments scale.
Q: What is the expected cadence of Nano-X Arc deployments for the remainder of 2026? /
A: The recently signed U.S. distributor agreements cover 360 potential units over 2-3 years, with one distributor targeting 60 unit deployments in 2026. This is in addition to direct sales efforts and international pipeline across multiple markets. The RadNet collaboration will expand to additional sites following successful commercial implementation, and 21 Nano-X Imaging Network sites are planned, with 1 active and 2 already delivered as of the call. All deployment timelines remain contingent on regulatory approvals, permits, and site preparation.
Q: Should we expect operating expenses and cash burn to decline sequentially for the rest of 2026? /
A: Yes, cost-cutting and restructuring actions, including headcount reductions at the company's Israeli operations and ongoing optimization of South Korean operations, will reduce total spending. Early June data indicates burn rate will decline following these changes.
Q: After withdrawing 2026 annual revenue guidance, is Q1 2026 a good baseline run rate for the rest of the year, and when will revenue ramp? /
A: Most distributor agreements were signed after Q1, and Q2 2026 is focused on partner onboarding, training, and initial customer engagement. Revenue ramp is expected to begin in Q3 and Q4 2026, so revenue will grow sequentially from the Q1 run rate rather than staying flat.