Full Press Release Details
Nanox Announces Third Quarter of 2025 Financial
Provides Business Update
Management to host conference call and webcast
Thursday, November 20, 2025, at 8:30 AM ET
Company advances commercialization and is on track to meet year-end
system deployment target
PETAH TIKVA, Israel- November 20, 2025
- NANO-X IMAGING LTD (NASDAQ: NNOX) ("Nanox" or the "Company"), an innovative medical imaging
technology company, today announced results for the third quarter ended September 30, 2025, and provided a business update.
Financial results for three months ended September
For the three months ended September 30, 2025
(the "Reported Period"), the Company reported a net loss of $13.7 million, compared to a net loss of $13.6 million for the
three months ended September 30, 2024 (the "Comparable Period"), representing an increase of $0.1 million.
The Company reported revenue of $3.4 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 sale and deployment of its imaging systems and its AI solutions.
The Company's gross loss during the Reported
Period totaled $2.9 million (gross loss margin of (84%)) on a GAAP basis, compared to $2.8 million (gross loss margin of (93%)) in the
Comparable Period. Non-GAAP gross loss for the Reported Period was $0.3 million (gross loss margin of approximately (8%)), compared to
gross loss of $0.2 million (gross loss margin of approximately (6%)) in the Comparable Period.
The Company's revenue from teleradiology
services for the Reported Period was $3.1 million, compared to revenue of $2.6 million in the Comparable Period. The Company's GAAP
gross profit from teleradiology services for the Reported Period was $0.8 million (gross profit margin of approximately 25%), compared
to $0.3 million (gross profit margin of approximately 13%) in the Comparable Period. Non-GAAP gross profit of the Company's
teleradiology services for the Reported Period was $1.3 million (gross profit margin of approximately 43%) compared to $0.9 million (gross
profit margin of approximately 35%) in the Comparable Period. The increases in the Company's revenue and gross profit margins from
teleradiology services were mainly attributable to customer retention, increased rates and increased volume of the Company's teleradiology
reading services during the weekdays and weekends.
During the Reported Period, the Company generated
revenue through the sales and deployment of its imaging systems and OEM services which amounted to $175 thousand for the Reported Period,
with a gross loss of $1.7 million on a GAAP and non-GAAP basis, compared to a revenue of $29 thousand with a gross loss of $1.5 million
on a GAAP basis and Non-GAAP basis in the Comparable Period.
The Company's revenue
from its AI solutions for the Reported Period was $142 thousand with a gross loss of $1.9 million on a GAAP basis, compared to a revenue
of $434 thousand with a gross loss of $1.6 million in the Comparable Period. Non-GAAP gross profit of the Company's AI solutions
for the Reported Period was $75 thousand, compared to Non-GAAP gross profit of $370 thousand in the Comparable Period.
Research and development expenses, net of grants
received, for the Reported Period were $4.6 million compared to $4.7 million in the Comparable Periods, reflecting a decrease of $0.1
million. The decrease was mainly due to a decrease of $0.4 million in share-based compensation and $0.5 million in expenses related to
our development activities which were mitigated by an increase of $0.5 million in salaries and wages and a decrease of $0.3 million in
Sales and marketing expenses for the Reported
Period were $1.5 million compared to $0.9 million in the Comparable Period which represents an increase of $0.6 million, mainly due to
an increase of $0.5 million in salaries and wages and $0.1 million in marketing activities with connection to the commercialization in
the U.S. market which were mitigated by a decrease of $0.1 million in share-based compensation.
General and administrative expenses for the
Reported Period were $5.3 million, compared to $5.7 million in the Comparable Period. The decrease of $0.4 million was mainly due to
a decrease of $0.6 million in share-based compensation, decrease of $0.2 million in the Company's legal expenses and a
decrease of $0.2 million in D&O insurance expenses which was mitigated by an increase of $0.3 million in salaries and wages and
an increase of $0.2 million in recruiting fees with connection to the commercialization in the U.S. market and employees recruitment.
Non-GAAP net loss attributable to ordinary shares
for the Reported Period was $9.9 million, compared to $8.7 million in the Comparable Period. The increase of $1.2 million was mainly
due to an increase of $0.1 million in the Non-GAAP gross loss and an increase of $1.1 million in the Non-GAAP operating expenses.
Non-GAAP gross loss for the Reported Period was
$0.3 million, compared to a non-GAAP gross loss of $0.2 million in the Comparable Period. Non-GAAP research and development expenses,
net of grants received for the Reported Period, were $4.3 million, compared to $4.0 million in the Comparable Period. Non-GAAP sales and
marketing expenses for the Reported Period were $1.3 million, compared to $0.6 million in the Comparable Period. Non-GAAP general and
administrative expenses for the Reported Period were $4.6 million, compared to $4.5 million in the Comparable Period.
The difference between the GAAP and non-GAAP
financial measures above is mainly attributable to amortization of intangible assets, share-based compensation, expenses related to an
offering and legal fees in connection with the class-action litigation. A reconciliation between GAAP and non-GAAP financial measures
for the three and nine
months periods ended September 30, 2025, and
2024 is provided in the financial results that are part of this press release.
Based on current market conditions and assuming
that macroeconomic trends, including tariff policy, inflation, interest rate levels and supply chain costs do not materially impede activity
in the medical technology industry generally, or for the Company specifically, the Company anticipates that the number of clinical, demo,
and commercial units in various stages of deployment will grow to over 100 units by the end of 2025, on a worldwide basis.
2026 Full-Year Guidance
The guidance that follows supersedes all prior
financial guidance or outlook statements made by the Company, constitutes forward-looking information within the meaning of applicable
securities laws, and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a
result of numerous factors, including certain known and unknown uncertainties and risks factors, many of which are beyond the Company's
control. Please see "Forward-Looking Statements" below for more information.
Liquidity and Capital Resources
As of September 30, 2025, the Company had total cash, cash equivalents,
short-term and long-term deposits and marketable securities of $55.5 million, compared to $83.2 million as of December 31, 2024. During
the reported period the Company experienced negative cash flow from operations of $30.4 million.
As of September, 30, 2025 the Company had property
and equipment of $46.8 million, compared to $45.4 million as of December 31, 2024.
As of September 30, 2025, the Company had intangible
assets of $62.0 million compared to $70.0 million as of December 31, 2024. The decrease was attributable to the periodic amortization
of intangible assets in the amount of $8.0 million.
Shareholders' Equity
As of September 30, 2025 the Company had approximately 65.4 million
shares outstanding compared to 63.8 million shares outstanding as of December 31, 2024. During the third quarter of 2025, the Company
sold approximately 1.4 million ordinary shares, which generated net proceeds of approximately $5.7 million, pursuant to the Company's
previously announced Controlled Equity OfferingSM Sales Agreement, dated as of June 7, 2024 with Cantor Fitzgerald &
Co. and Mizuho Securities USA LLC (collectively, the "Agents") relating to the issuance and sale from time to time of the
Company's ordinary shares, an aggregate offering price of up to $100 million from time to time through the Agents pursuant to the
Conference Call and Webcast Details
Thursday, November 20, 2025 @ 8:30am ET
Individuals interested in listening to the conference
call may do so by joining the live webcast on the Investors section of the Nanox website under Events and Presentations. Alternatively,
individuals can register online to receive a dial-in number and personalized PIN to participate in the call. An archived webcast of the
event will be available for replay following the event.
Nanox (NASDAQ: NNOX) is focused on driving the
world's transition to preventive health care by bringing a full solution of affordable medical imaging technologies based on advanced
AI and proprietary digital X-ray source.
Nanox's vision encompasses expanding the
reach of Nanox technology both within and beyond hospital settings, providing a seamless end-to-end solution from scan to diagnosis,