Full Press Release Details
Nanox Announces Fourth Quarter of 2025 Financial
Results and provides Business Updates
Advanced commercialization in the US, signing
multiple new customer and distribution agreements for Nanox.ARC and accelerated activities around Nanox.AI
Management to host conference call and webcast
Monday, April 20, 2026 at 8:30 AM ET
Appointed new CFO effective August 1, 2026
PETACH TIKVA, Israel - April 20, 2026 - NANO-X IMAGING
LTD (NASDAQ: NNOX) ("Nanox" or the "Company"), an innovative medical imaging technology company,
today announced results for the fourth quarter ended December 31, 2025, and provided a business update.
| Continued to advance the deployment of the Nanox.ARC systems through direct sales and commercial collaborations, with approximately 36 systems in various stages of deployment, additional 17 systems expected to be installed over the following months as part of the Nanox Imaging Network initiative, and executed distribution agreements (including Howard) for approximately 360 Capex systems in the U.S. over the next two to three years, with timing dependent on regulatory, operational, and market factors. | ||
| Advanced clinical and regulatory work which supports commercial efforts, including adding Cedars Sinai in Los Angeles as a clinical trial partner evaluating the Nanox.AI aortic valve calcification solution. | ||
| On April 14, 2026, the Company appointed Guy Nathanzon as Chief Financial Officer, effective August 1, 2026. Mr. Nathanzon brings extensive financial leadership experience in U.S. publicly traded companies, including senior executive roles as Chief Financial Officer and Chief Operating Officer. His experience includes capital markets, mergers and acquisitions, capital raises and global financial operations. Mr. Nathanzon also has experience in the medical technology sector, having previously served as Chief Financial Officer of Scopio Labs and most recently as Chief Financial Officer of Valens Semiconductor, a company listed on the New York Stock Exchange. |
The Company's Chief Financial Officer, Ran Daniel, decided to step down from his position, effective July 31, 2026, after five years
with the Company. Mr. Daniel will remain with the Company for a transition period to ensure an orderly handover of responsibilities. Mr.
Nathanzon is expected to join the Company on July 14, 2026, to facilitate the transition. The Company expects to maintain continuity in
its financial operations and reporting throughout the transition period. Mr. Daniel's departure to pursue new endeavors is not the
result of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices.
"The fourth quarter of 2025 was
marked by strong momentum across all Nanox business segments, particularly good commercial progress in the U.S. market," said Erez
Meltzer, Nanox Chief Executive Officer and acting Chairman of the Board of Directors.
"Our top priority remains accelerating
the deployment of our flagship Nanox.ARC system through a combination of our direct sales team and a growing lineup of distribution collaborations
with established medical imaging providers. We are focused on Capex collaborations with distribution partners and recently executed agreements
for distribution of approximately 360 Nanox.ARC systems in the coming two to three years, which represents a shift in how we are scaling
In parallel, we have nearly completed
the integration of Nanox Health IT and have secured manufacturing capabilities to meet anticipated demand. We have also initiated a restructuring
of our Korean facility to strengthen our financial footing.
We believe the foundation we have in
place positions Nanox to achieve the commercial goals we have set for this year and beyond."
Financial results for three months ended December
For the three months ended December 31, 2025 (the
"reported period"), the Company reported a net loss of $33.4 million, compared to a net loss of $14.1 million for the three
months ended December 31, 2024 (which is referred as the "comparable period"), representing an increase of $19.3 million.
The increase was largely due to an impairment of long-lived assets in the amount of $17.5 million which was recorded during the reported
period in relation to the Company's restructuring of operations at Nanox' Korean facility that is intended to better align
the Company's manufacturing cost structure and support gross margin improvement to the Company's target financial model. The
increase was also due to an increase of $0.7 million in the gross loss, increase of $1.1 million in the sales and marketing expenses and
increase of $1.4 million in other expenses mitigated by increase of $1.6 million in income tax benefit.
The Company reported revenue of $3.7 million in the reported period,
compared to $3.0 million in the comparable period. During the reported period, the Company generated revenue through teleradiology services,
the sales of its imaging products and services, and its AI and Software solutions. The increase was largely due to an increase of $0.5
in AI and Software services (mainly due to the acquisition of Nanox Health IT on November 19, 2025), which added revenue of $0.4 million
since the completion of its acquisition) and increase of $0.3 in the revenue from our Teleradiology services.
The Company's gross loss during the reported
period totaled $3.6 million (gross loss margin of 97%) on a GAAP basis, as compared to $2.9 million (gross loss margin of 96%) in the
comparable period. Non-GAAP gross loss for the reported period was $1.2 million (gross loss margin of approximately 32%), as compared
to Non-GAAP gross loss of $0.3 million (gross loss margin of approximately 9%) in the comparable period.
The Company's revenue from teleradiology
services for the reported period was $3.1 million, compared to revenue of $2.8 million in the comparable period. The Company's GAAP
gross profit from teleradiology services for the reported period was $0.9 million (gross profit margin of approximately 27%), compared
to $0.6 million (gross profit margin of approximately 21%) in the comparable period. Non-GAAP gross profit of the Company's
teleradiology services for the reported period was $1.5 million (gross profit margin of approximately 48%) compared to gross profit of
$1.1 million (gross profit margin of approximately 41%) in the comparable period. The increase in the Company's revenue and gross
profit margins from teleradiology services was mainly attributable to customer retention, increased rates and increased volume of the
Company's reading services during the weekdays shifts.
During the reported period, the Company generated revenue through the
sales and deployment of its imaging systems which amounted to $49 thousand for the reported period, with a gross loss of $2.6 million
on a GAAP and a non-GAAP basis compared to revenue of $136 thousand with a gross loss of $1.5 million on a GAAP and Non-GAAP basis in
the comparable period. The revenue stems from the deployment of our Nanox.ARC systems and the sale of our OEM services in the U.S.
The Company's revenue
from its AI and Software solutions for the reported period was $0.5 million with a gross loss of $1.9 million on a GAAP basis, compared
to revenue of $83 thousand with a gross loss of $2.0 million in the comparable period. Non-GAAP gross loss of the Company's AI and
Software solutions for the reported period was $0.1 million, compared to a profit of $6 thousand in the comparable period. Included in
the reported period, revenue of $0.4 million was generated by Nanox Health IT Inc. since the completion of its acquisition.
Research and development expenses, net, for the
reported period were $4.8 million, compared to $5.4 million in the comparable period, reflecting a decrease of $0.6 million. The decrease
was mainly due to a decrease of $0.2 million in share-based compensation, $0.6 million in grants accruals, net and $0.4 million in expenses
related to our research and development activities. The decrease was mitigated by an increase of $0.5 million in salaries and wages.
Sales and marketing expenses for the reported period were $2.0 million
compared to $0.9 million in the comparable period, reflecting an increase of $1.1 million. The increase was mainly due to an increase
of $0.7 million in salaries and wages and $0.4 million mainly due to expenses that are related to the RSNA conference which took place
during the reported period.
General and administrative expenses for the
reported period were $6.0 million, compared to $5.8 million in the comparable period. The increase of $0.2 million was mainly due to
an increase of $0.5 million in our professional and legal expenses mainly due to the acquisition of Nanox Health IT Inc., which was
offset by a decrease of $0.2 million in share-based compensation.
Other expenses, net for the reported period, were
$1.4 million, compared to $9 thousand in the comparable period. The increase of $1.4 million was mainly due to the settlement with a shareholder.
Recently the Company adopted a restructuring plan intended to better
align its manufacturing cost structure with its long-term financial model, support its path toward improved gross margins, and align its
manufacturing capabilities with current and anticipated business needs and the Company's strategic priorities.
As part of this plan and the Company's broader cost reduction
efforts, the Company is restructuring its manufacturing footprint to improve gross margins, reduce capital expenditures, and enhance operational
efficiency. This includes transitioning away from certain manufacturing activities at its facility in South Korea, staring in the fourth
quarter of 2025, and moving from a company-owned manufacturing model to a more fully outsourced approach.
In connection with this transition, the Company
expects to utilize its existing emitter inventory as it shifts to a more efficient outsourced production model that is better aligned
with current and anticipated demand.
As part of the restructuring, the Company will close its chip manufacturing
line in South Korea, downsize its fabrication facilities, and transfer certain production activities to third-party international manufacturing
partners, including the Swiss Center for Electronics and Microtechnology (CSEM). Following these changes, the Company intends to focus
its operations in South Korea on research and development (R&D) and tube production activities that support the Nanox.ARC platform.
The restructuring is expected to be substantially completed during fiscal year 2026.
In connection with the restructuring, the Company expects to incur
total restructuring and related charges of approximately $18.0 million, consisting primarily of costs related to the impairment of machinery
and equipment associated with the Company's chip manufacturing line.
Accordingly, the Company recorded a non-cash impairment charge of approximately
$17.5 million during the reported period, related to the write-down of long-lived assets associated with the Korean fabrication facility's
chip manufacturing line and the remainder restructuring charges of approximately $0.5 million is expected to be in cash.
The Company continues to evaluate the overall
composition of the restructuring-related charges, including potential additional cash components. The remaining restructuring-related