Nano-X Imaging Ltd. Financials
Nano-X Imaging Ltd. (NNOX) reported $13.0M in revenue for fiscal year 2025, up 15.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Commercial revenue is rising, but each new sale still arrives below cost, leaving Nano-X funded mainly by capital rather than operations.
In FY2025, cash increased to$49.2M from$39.3M even though operating cash flow was-$40.8M , because$29.4M of investing inflow and$21.4M of financing inflow more than covered the burn. That means the stronger year-end cash balance came from balance-sheet actions, not from the business starting to self-fund.
This still has a development-stage cost structure: FY2025 revenue was only
Funding pressure shows up more in share count expansion than in debt: shares outstanding rose from 57.8M in FY2023 to 69.6M in FY2025 while total liabilities were just
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Nano-X Imaging Ltd.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Nano-X Imaging Ltd. scores -3.20, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($67.8M) relative to total liabilities ($22.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Nano-X Imaging Ltd. passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Nano-X Imaging Ltd. reported a net loss of $75.0M while operations used $40.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Nano-X Imaging Ltd. generated $13.0M in revenue in fiscal year 2025. This represents an increase of 15.4% from the prior year.
Nano-X Imaging Ltd.'s EBITDA was -$66.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 47.8% from the prior year.
Nano-X Imaging Ltd. reported -$75.0M in net income in fiscal year 2025. This represents a decrease of 40.2% from the prior year.
Nano-X Imaging Ltd. earned -$1.16 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 27.5% from the prior year.
Cash & Balance Sheet
Nano-X Imaging Ltd. recorded an outflow of $45.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 14.3% from the prior year.
Nano-X Imaging Ltd. held $49.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Nano-X Imaging Ltd.'s gross margin was -98.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.2 percentage points from the prior year.
Nano-X Imaging Ltd.'s ROE was -53.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 25.4 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Nano-X Imaging Ltd. invested $19.2M in research and development in fiscal year 2025. This represents a decrease of 4.7% from the prior year.
Nano-X Imaging Ltd. invested $4.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 52.0% from the prior year.
Not reported for fiscal year 2025.
NNOX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $13.0M+15.4% | $11.3M+13.9% | $9.9M+15.5% | $8.6M+3077.0% | $270K | N/A | N/A | N/A |
| Cost of Revenue | $25.8M+17.9% | $21.9M+32.7% | $16.5M+6.7% | $15.5M+448.9% | $2.8M | N/A | N/A | N/A |
| Gross Profit | -$12.8M-20.5% | -$10.6M-60.9% | -$6.6M+4.2% | -$6.9M-355.0% | -$1.5M | N/A | N/A | N/A |
| R&D Expenses | $19.2M-4.7% | $20.2M-22.5% | $26.0M-1.7% | $26.5M+54.8% | $17.1M+85.9% | $9.2M+239.0% | $2.7M+304.3% | $672K |
| SG&A Expenses | $21.6M-3.9% | $22.5M-7.5% | $24.3M-41.2% | $41.3M+18.9% | $34.7M+55.9% | $22.3M+21.7% | $18.3M+1688.7% | $1.0M |
| Operating Income | -$78.2M-37.9% | -$56.7M+9.3% | -$62.6M+46.8% | -$117.7M-91.2% | -$61.6M-40.1% | -$43.9M-94.6% | -$22.6M-1085.5% | -$1.9M |
| Income Tax | -$1.8M-400.6% | -$358K-5.6% | -$339K+90.8% | -$3.7M-7562.5% | -$48K | N/A | N/A | N/A |
| Net Income | -$75.0M-40.2% | -$53.5M+11.9% | -$60.8M+46.3% | -$113.2M-83.2% | -$61.8M-41.0% | -$43.8M-94.2% | -$22.6M-1081.9% | -$1.9M |
| EPS (Diluted) | -$1.16-27.5% | -$0.91+15.7% | -$1.08+50.2% | -$2.17-69.5% | -$1.28-4.1% | -$1.23 | N/A | N/A |
Not reported in any period shown, so not listed: Interest Expense.
NNOX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $162.2M-22.8% | $210.0M-4.0% | $218.6M-13.9% | $253.9M-30.1% | $363.2M+53.8% | $236.1M+1889.3% | $11.9M | N/A |
| Current Assets | $66.8M-15.1% | $78.7M-11.2% | $88.6M+7.5% | $82.5M-13.1% | $94.9M-56.8% | $219.8M+2181.0% | $9.6M | N/A |
| Cash & Equivalents | $49.2M+25.1% | $39.3M-30.3% | $56.4M+46.6% | $38.5M-42.3% | $66.6M-68.8% | $213.5M+2544.5% | $8.1M+161340.0% | $5K |
| Inventory | $3.1M+105.6% | $1.5M-36.6% | $2.4M | N/A | $116K | N/A | N/A | N/A |
| Accounts Receivable | $367K+227.7% | $112K+103.6% | $55K+61.8% | $34K | N/A | N/A | N/A | N/A |
| Goodwill | $316K | N/A | N/A | $7.4M-87.3% | $58.3M | N/A | N/A | N/A |
| Total Liabilities | $22.4M+7.4% | $20.9M-9.7% | $23.1M-37.9% | $37.3M-47.5% | $71.0M+1214.5% | $5.4M-73.8% | $20.6M | N/A |
| Current Liabilities | $16.9M+20.9% | $14.0M-10.0% | $15.5M-38.1% | $25.1M-52.5% | $52.8M+1077.5% | $4.5M-77.9% | $20.3M | N/A |
| Long-Term Debt | N/A | N/A | N/A | $3.5M | N/A | N/A | N/A | N/A |
| Total Equity | $139.7M-26.1% | $189.1M-3.3% | $195.5M-9.8% | $216.7M-25.8% | $292.1M+26.6% | $230.7M+2728.7% | -$8.8M-37.5% | -$6.4M |
| Retained Earnings | -$448.8M-20.1% | -$373.7M-16.7% | -$320.2M-23.4% | -$259.5M-77.5% | -$146.2M-73.2% | -$84.4M-107.9% | -$40.6M | N/A |
NNOX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$40.8M-11.5% | -$36.6M+18.3% | -$44.8M-3.2% | -$43.4M-14.0% | -$38.1M-76.1% | -$21.6M-291.2% | -$5.5M-50.5% | -$3.7M |
| Capital Expenditures | $4.2M+52.0% | $2.8M-16.2% | $3.3M-53.9% | $7.2M-69.0% | $23.2M+66.2% | $13.9M+11049.6% | $125K+71.2% | $73K |
| Free Cash Flow | -$45.0M-14.3% | -$39.4M+18.1% | -$48.1M+4.9% | -$50.6M+17.4% | -$61.2M-72.2% | -$35.5M-529.2% | -$5.6M-50.9% | -$3.7M |
| Investing Cash Flow | $29.4M+246.5% | -$20.1M-156.6% | $35.4M+142.6% | $14.6M+112.6% | -$116.3M-734.6% | -$13.9M-11049.6% | -$125K-71.2% | -$73K |
| Financing Cash Flow | $21.4M-45.9% | $39.5M+45.0% | $27.3M+3289.6% | $804K-89.1% | $7.4M-96.9% | $241.0M+1638.6% | $13.9M+276.2% | $3.7M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
NNOX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -98.2%-4.2pp | -94.0%-27.5pp | -66.5%+13.7pp | -80.2% | -560.0% | N/A | N/A | N/A |
| Operating Margin | -600.8% | -502.9% | -631.9% | -1372.2% | -22799.3% | N/A | N/A | N/A |
| Net Margin | -576.1% | -474.3% | -613.6% | -1320.2% | -22888.1% | N/A | N/A | N/A |
| Return on Equity | -53.7%-25.4pp | -28.3%+2.8pp | -31.1%+21.2pp | -52.3%-31.1pp | -21.1%-2.2pp | -19.0% | N/A | N/A |
| Return on Assets | -46.3%-20.8pp | -25.5%+2.3pp | -27.8%+16.8pp | -44.6%-27.6pp | -17.0%+1.5pp | -18.6%+171.5pp | -190.1% | N/A |
| Current Ratio | 3.96-1.7x | 5.63-0.1x | 5.71+2.4x | 3.29+1.5x | 1.80-47.3x | 49.06+48.6x | 0.48 | N/A |
| Debt-to-Equity | 0.16+0.1x | 0.110.0x | 0.12+0.1x | 0.02-0.2x | 0.24+0.2x | 0.02 | N/A | N/A |
| FCF Margin | -345.6% | -348.9% | -485.4% | -589.4% | -22673.7% | N/A | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Nano-X Imaging Ltd. Ranks
Frequently Asked Questions
What is Nano-X Imaging Ltd.'s annual revenue?
Nano-X Imaging Ltd. (NNOX) reported $13.0M in total revenue for fiscal year 2025. This represents a 15.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Nano-X Imaging Ltd.'s revenue growing?
Nano-X Imaging Ltd. (NNOX) revenue grew by 15.4% year-over-year, from $11.3M to $13.0M in fiscal year 2025.
Is Nano-X Imaging Ltd. profitable?
No, Nano-X Imaging Ltd. (NNOX) reported a net income of -$75.0M in fiscal year 2025.
What is Nano-X Imaging Ltd.'s EBITDA?
Nano-X Imaging Ltd. (NNOX) had EBITDA of -$66.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Nano-X Imaging Ltd.'s gross margin?
Nano-X Imaging Ltd. (NNOX) had a gross margin of -98.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Nano-X Imaging Ltd.'s return on equity (ROE)?
Nano-X Imaging Ltd. (NNOX) has a return on equity of -53.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Nano-X Imaging Ltd.'s free cash flow?
Nano-X Imaging Ltd. (NNOX) recorded an outflow of $45.0M in free cash flow during fiscal year 2025. This represents a -14.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Nano-X Imaging Ltd.'s operating cash flow?
Nano-X Imaging Ltd. (NNOX) recorded an outflow of $40.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Nano-X Imaging Ltd.'s total assets?
Nano-X Imaging Ltd. (NNOX) had $162.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Nano-X Imaging Ltd.'s capital expenditures?
Nano-X Imaging Ltd. (NNOX) invested $4.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Nano-X Imaging Ltd. spend on research and development?
Nano-X Imaging Ltd. (NNOX) invested $19.2M in research and development during fiscal year 2025.
What is Nano-X Imaging Ltd.'s current ratio?
Nano-X Imaging Ltd. (NNOX) had a current ratio of 3.96 as of fiscal year 2025, which is generally considered healthy.
What is Nano-X Imaging Ltd.'s debt-to-equity ratio?
Nano-X Imaging Ltd. (NNOX) had a debt-to-equity ratio of 0.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nano-X Imaging Ltd.'s return on assets (ROA)?
Nano-X Imaging Ltd. (NNOX) had a return on assets of -46.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Nano-X Imaging Ltd.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Nano-X Imaging Ltd. (NNOX) held $49.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $40.8M over that year. Dividing the one by the other, the reported balance equals about 14 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Nano-X Imaging Ltd.'s Altman Z-Score?
Nano-X Imaging Ltd. (NNOX) has an Altman Z-Score of -3.20, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Nano-X Imaging Ltd.'s Piotroski F-Score?
Nano-X Imaging Ltd. (NNOX) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nano-X Imaging Ltd.'s earnings high quality?
Nano-X Imaging Ltd. (NNOX) reported a net loss of $75.0M while operations used $40.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Nano-X Imaging Ltd.?
Nano-X Imaging Ltd. (NNOX) scores 55 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.