NNOX

MKT CAP:$121M

Nano-X Imaging Ltd.

Market Cap

$121M

Healthcare·Medical - Devices·🇮🇱 Israel·NASDAQ

Healthcare·Medical - Devices·🇮🇱·NASDAQ

Stock Price

$2.02-$0.81 (-28.80%)

Apr 22, 2026

Company Details

Nano-X Imaging Ltd. develops a commercial-grade tomographic imaging device with a digital X-ray source. The company provides teleradiology services and develops artificial intelligence applications to be used in real-world medical imaging a...

CEO

Erez I. Meltzer

IPO Date

Aug 21, 2020

Website

www.nanox.vision

Key Metrics TTM

Revenue

$13M

+15.4% YoY

Net Income

-$75M

EPS (Diluted)

-$1.15

Free Cash Flow

-$48M

Revenue / Share

$0.19

Gross Margin

-101.2%

Operating Margin

-455.5%

Net Margin

-576.1%

FCF Margin

-365.8%

P/S

9.3x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$13M+15.4%EPS -$1.16

Q4 2025

Dec 30, 2025

$4M+24.0%EPS -$0.50

Q3 2025

Nov 20, 2025

$3M+13.7%EPS -$0.21

Q2 2025

Aug 12, 2025

$3M+12.6%EPS -$0.23

Q1 2025

May 22, 2025

$3M+10.3%EPS -$0.21

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$2M	-$2M	-$22M
Q2 22	$2M	-$2M	-$22M
Q3 22	$2M	-$1M	-$20M
Q4 22	$2M	-$2M	$9M
Q1 23	$2M	-$2M	-$12M
Q2 23	$3M	-$2M	-$18M
Q3 23	$2M	-$2M	-$22M
Q4 23	$2M	-$2M	-$13M
Q1 24	$3M	-$2M	-$13M
Q2 24	$3M	-$3M	-$15M
Q3 24	$3M	-$3M	-$14M
Q4 24	$3M	-$3M	-$15M
Q1 25	$3M	-$3M	-$14M
Q2 25	$3M	-$3M	-$14M
Q3 25	$3M	-$3M	-$14M
Q4 25	$4M	-$4M	-$17M

Valuation

Quarter	P/S	P/E
Q1 22	157.1x	—
Q2 22	111.4x	—
Q3 22	77.2x	—
Q4 22	49.4x	—
Q1 23	33.9x	—
Q2 23	90.8x	—
Q3 23	40.4x	—
Q4 23	37.3x	—
Q1 24	59.6x	—
Q2 24	40.9x	—
Q3 24	33.0x	—
Q4 24	39.1x	—
Q1 25	25.4x	—
Q2 25	27.8x	—
Q3 25	19.5x	—
Q4 25	13.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$12M	-$15M
Q2 22	-$11M	-$13M
Q3 22	-$8M	-$10M
Q4 22	-$13M	-$13M
Q1 23	-$11M	-$12M
Q2 23	-$10M	-$10M
Q3 23	-$11M	-$12M
Q4 23	-$12M	-$12M
Q1 24	-$9M	-$10M
Q2 24	-$8M	-$9M
Q3 24	-$8M	-$9M
Q4 24	-$11M	-$12M
Q1 25	-$10M	-$11M
Q2 25	-$9M	-$10M
Q3 25	-$12M	-$14M
Q4 25	-$12M	-$12M

Capital Expenditures

Quarter	CapEx
Q1 22	$4M
Q2 22	$2M
Q3 22	$2M
Q4 22	$216.0K
Q1 23	$1M
Q2 23	$344.0K
Q3 23	$936.0K
Q4 23	$499.6K
Q1 24	$141.0K
Q2 24	$855.0K
Q3 24	$734.0K
Q4 24	$1M
Q1 25	$527.0K
Q2 25	$1M
Q3 25	$2M
Q4 25	$991.5K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+87.7%
Q2 22	—	+80.4%
Q3 22	—	+65.2%
Q4 22	+63.5%	-130.3%
Q1 23	+35.3%	-38.8%
Q2 23	+17.4%	-16.3%
Q3 23	+1.7%	+9.9%
Q4 23	+12.4%	+322.2%
Q1 24	+4.3%	+7.7%
Q2 24	+4.5%	-15.7%
Q3 24	+22.3%	-29.8%
Q4 24	+25.2%	+14.8%
Q1 25	+10.3%	+8.1%
Q2 25	+12.6%	+1.9%
Q3 25	+13.7%	+3.0%
Q4 25	+24.0%	+12.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$7M	361.6%
Q2 22	$5M	226.9%
Q3 22	$5M	197.3%
Q4 22	$2M	107.1%
Q1 23	$1M	42.6%
Q2 23	$2M	70.5%
Q3 23	$2M	85.4%
Q4 23	$2M	77.5%
Q1 24	$1M	57.9%
Q2 24	$2M	77.8%
Q3 24	$2M	74.8%
Q4 24	$1M	47.2%
Q1 25	$1M	41.4%
Q2 25	$1M	36.5%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$7M	$11M	$1M	—
Q2 22	$6M	$11M	$1M	—
Q3 22	$6M	$11M	$698.0K	—
Q4 22	$7M	$8M	$1M	—
Q1 23	$6M	$8M	$1M	—
Q2 23	$7M	$8M	$835.0K	—
Q3 23	$6M	$5M	$1M	—
Q4 23	$7M	$6M	—	—
Q1 24	$5M	$5M	$800.0K	—
Q2 24	$5M	$6M	$834.0K	—
Q3 24	$5M	$6M	$887.0K	—
Q4 24	$5M	$7M	—	—
Q1 25	$5M	$5M	$939.0K	—
Q2 25	$5M	$5M	$1M	—
Q3 25	$5M	—	—	$7M
Q4 25	$5M	—	—	$8M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$55M	$19M	$74M
Q2 22	$52M	$35M	$87M
Q3 22	$40M	$48M	$88M
Q4 22	$38M	$39M	$78M
Q1 23	$38M	$41M	$78M
Q2 23	$42M	$32M	$74M
Q3 23	$66M	$29M	$95M
Q4 23	$56M	$26M	$82M
Q1 24	$45M	$28M	$73M
Q2 24	$39M	$25M	$64M
Q3 24	$38M	$19M	$57M
Q4 24	$39M	$34M	$73M
Q1 25	$40M	$22M	$62M
Q2 25	$50M	$2M	$52M
Q3 25	$45M	$0	$45M
Q4 25	$49M	$10M	$60M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	52M	+3.4%	+11.3%
Q2 22	52M	+0.1%	+9.3%
Q3 22	52M	+0.2%	+9.2%
Q4 22	52M	+0.3%	+4.0%
Q1 23	55M	+5.2%	+5.8%
Q2 23	55M	+0.4%	+6.1%
Q3 23	57M	+3.2%	+9.3%
Q4 23	58M	+1.1%	+10.2%
Q1 24	58M	+0.2%	+5.0%
Q2 24	58M	+0.2%	+4.7%
Q3 24	59M	+1.1%	+2.6%
Q4 24	60M	+2.6%	+4.1%
Q1 25	64M	+6.3%	+10.4%
Q2 25	64M	-0.1%	+10.2%
Q3 25	64M	+0.6%	+9.7%
Q4 25	67M	+4.3%	+11.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$9.7K	186
Q2 22	$11.8K	186
Q3 22	$13.1K	186
Q4 22	$11.8K	180
Q1 23	$13.6K	180
Q2 23	$14.3K	180
Q3 23	$13.8K	180
Q4 23	$14.6K	164
Q1 24	$15.6K	164
Q2 24	$16.5K	164
Q3 24	$18.5K	164
Q4 24	$18.2K	165
Q1 25	$17.1K	165
Q2 25	$18.4K	165
Q3 25	$20.9K	165
Q4 25	$22.5K	165

Revenue / Employee