NASDAQ$NNOX
Nano-X Imaging Ltd. · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
Nanox Q4 2025: $3.7M revenue (+23% YoY) as U.S. commercialization accelerates despite $33.4M net loss
Nanox reported fourth-quarter 2025 revenue of $3.7 million, up from $3.0 million in Q4 2024, driven by teleradiology growth, the Nanox Health IT acquisition, and early AI/software contributions. GAAP net loss widened to $33.4 million from $14.1 million a year earlier, largely due to a $17.5 million impairment tied to restructuring of the South Korean chip manufacturing line. Non-GAAP net loss was $11.2 million versus $10.0 million in the prior-year quarter. The company ended 2025 with $60.0 million in cash and equivalents, signed distribution agreements for roughly 360 Nanox.ARC systems in the U.S., and reiterated a full-year 2026 revenue target of $35 million.
- Q4 revenue rose to $3.7M from $3.0M YoY; teleradiology contributed $3.1M with GAAP gross margin of about 27%.
- GAAP net loss was $33.4M, including a $17.5M long-lived asset impairment from Korean fab restructuring.
- Non-GAAP net loss was $11.2M; the company closed 2025 with $60.0M in cash versus $83.5M at year-end 2024.
- Commercial momentum included Howard distribution for 300 Nanox.ARC systems and acquisition of Nanox Health IT.
- Management targets $35M in full-year 2026 revenue as deployments and partner activations scale.
Headline financials
Revenue & EPS history
Nano-X · Revenue · Quarterly
$3.7M
Revenue by segment
Nano-X · $3.65M total across 3 segments · Q4 2025
- Teleradiology services$3.1M—85.0%
- AI and software solutions$500K—13.7%
- Imaging systems and OEM$49K—1.3%
Forward guidance
Nanox continues to target approximately $35 million in revenue for full-year 2026, contingent on system activations, partner deployments, regulatory approvals, and transition of installed systems to revenue-generating operations.
Tailwinds
- Distribution agreements signed for roughly 360 U.S. Capex systems over two to three years
- FY2026 revenue target of $35M if deployment and activation plans execute
Headwinds
- Early-stage revenue base with timing dependent on regulatory and construction milestones
- Negative operating cash flow of $40.8M in 2025 and need for additional financing
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 17 quarterly earnings reports · overlaid with Q4 2025
+2.0%
Avg return
Earnings day
-0.7%
Avg return
5 days after
-6.4%
Avg return
30 days after
50%
9 / 18 earnings
Positive
+17.7%
Q3 2022
Best reaction
-7.0%
Q4 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.5% | -5.1% | — | |
| Q4 2025 | -0.5% | -39.1% | -36.5% | |
| Q2 2025 | -5.3% | -6.2% | -15.7% | |
| Q1 2025 | -0.2% | -1.1% | -4.8% | |
| Q4 2024 | -4.4% | -15.9% | -3.8% | |
| Q3 2024 | +8.0% | +3.1% | +14.8% | |
| Q2 2024 | +5.7% | -2.8% | -12.6% | |
| Q4 2023 | +1.5% | +8.1% | -6.2% | |
| Q3 2023 | +7.1% | +9.0% | +5.1% | |
| Q2 2023 | -3.7% | -7.5% | -22.8% | |
| Q1 2023 | +2.9% | -2.1% | -1.6% | |
| Q4 2022 | -5.5% | -1.7% | -16.7% | |
| Q3 2022 | +17.7% | +22.4% | -19.4% | |
| Q2 2022 | -0.8% | -7.0% | -18.6% | |
| Q1 2022 | +8.1% | -2.8% | +9.0% | |
| Q4 2021 | +14.1% | +42.1% | -2.4% | |
| Q4 2020 | -7.0% | -12.1% | -7.8% | |
| Q3 2020 | +0.2% | +5.9% | +30.6% | |
| Q1 2020 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
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