What is Nano-X Imaging Ltd.'s earnings per share (EPS)?

Nano-X Imaging Ltd. (NNOX) reported diluted earnings per share of $-1.16 for fiscal year 2025. This represents a -27.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Nano-X Imaging Ltd. Financials

NNOX

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Nano-X Imaging Ltd. (NNOX) financial statements, including the 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).

Rhea AI NNOX FY2024 2026-04-22

Nano-X is still a cash-funded development business, with lower burn driven more by expense restraint than commercial scale.

From FY2022 to FY2024, free cash outflow improved from -$50.6M to -$39.4M, even though sales remained modest. Because FY2024 cash was only $39.3M, that lower burn looks like cost tightening rather than commercial scale, and it makes the strong current ratio less reassuring than it first appears.

FY2024 cost of revenue was $21.9M against $11.3M of sales, so reported revenue is not yet carrying its own delivery cost. In practice, the company is still paying to support commercialization rather than letting customer activity fund engineering, administration, and reinvestment.

The balance sheet is structurally light on obligations, with total liabilities of $20.9M and equity of $189.1M. But shares outstanding rose from 55.1M to 63.8M over the last two years, showing the company has relied more on new equity capital than on internally generated cash, even as losses and burn improved.

Financial Health Signals

Financial Health Score 58/100

Scored as: Emerging companies peer group

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.

Cash Runway

Dilution

R&D Intensity

Revenue Progress

Burn Trend

Balance Sheet

Altman Z-Score Distress

-2.84

Nano-X Imaging Ltd. scores -2.84, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($81.4M) 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.

Piotroski F-Score Partial

2/8

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.

Earnings Quality Low Quality

0.54x

For every $1 of reported earnings, Nano-X Imaging Ltd. generates $0.54 in operating cash flow (-$40.8M OCF vs -$75.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$13.0M

YoY+15.4%

Nano-X Imaging Ltd. generated $13.0M in revenue in fiscal year 2025. This represents an increase of 15.4% from the prior year.

EBITDA

-$66.5M

YoY-47.8%

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.

Net Income

-$75.0M

YoY-40.2%

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.

EPS (Diluted)

$-1.16

YoY-27.5%

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

Free Cash Flow

-$45.0M

YoY-14.3%

Nano-X Imaging Ltd. generated -$45.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 14.3% from the prior year.

Cash & Debt

$49.2M

YoY+25.1%

5Y CAGR-25.5%

Nano-X Imaging Ltd. held $49.2M in cash against $3.8M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

70M

YoY+9.1%

5Y CAGR+8.6%

Nano-X Imaging Ltd. had 70M shares outstanding in fiscal year 2025. This represents an increase of 9.1% from the prior year.

Margins & Returns

Gross Margin

-98.2%

YoY-4.2pp

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.

Operating Margin

-600.8%

YoY-97.9pp

Nano-X Imaging Ltd.'s operating margin was -600.8% in fiscal year 2025, reflecting core business profitability. This is down 97.9 percentage points from the prior year.

Net Margin

-576.1%

YoY-101.8pp

Nano-X Imaging Ltd.'s net profit margin was -576.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 101.8 percentage points from the prior year.

Return on Equity

-53.7%

YoY-25.4pp

5Y CAGR-34.7pp

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.

Capital Allocation

R&D Spending

$19.2M

YoY-4.7%

5Y CAGR+15.9%

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.

Share Buybacks

N/A

Capital Expenditures

$4.2M

YoY+52.0%

5Y CAGR-21.3%

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.

NNOX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$13.0M+15.4%	$11.3M+13.9%	$9.9M+15.5%	$8.6M+3077.0%	$270K	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
Gross Profit	-$12.8M-20.5%	-$10.6M-60.9%	-$6.6M+4.2%	-$6.9M-355.0%	-$1.5M	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
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
Operating Income	-$78.2M-37.9%	-$56.7M+9.3%	-$62.6M+46.8%	-$117.7M-91.2%	-$61.6M-40.1%	-$43.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$1.8M-400.6%	-$358K-5.6%	-$339K+90.8%	-$3.7M-7562.5%	-$48K	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
EPS (Diluted)	$-1.16-27.5%	$-0.91+15.7%	$-1.08+50.2%	$-2.17-69.5%	$-1.28-4.1%	$-1.23

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NNOX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$162.2M-22.8%	$210.0M-4.0%	$218.6M-13.9%	$253.9M-30.1%	$363.2M+53.8%	$236.1M
Current Assets	$66.8M-15.1%	$78.7M-11.2%	$88.6M+7.5%	$82.5M-13.1%	$94.9M-56.8%	$219.8M
Cash & Equivalents	$49.2M+25.1%	$39.3M-30.3%	$56.4M+46.6%	$38.5M-42.3%	$66.6M-68.8%	$213.5M
Inventory	$3.1M+105.6%	$1.5M-36.6%	$2.4M	N/A	$116K	N/A
Accounts Receivable	$367K+227.7%	$112K+103.6%	$55K+61.8%	$34K	N/A	N/A
Goodwill	$316K	N/A	N/A	$7.4M-87.3%	$58.3M	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
Current Liabilities	$16.9M+20.9%	$14.0M-10.0%	$15.5M-38.1%	$25.1M-52.5%	$52.8M+1077.5%	$4.5M
Long-Term Debt	$3.8M	N/A	N/A	$3.5M	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
Retained Earnings	-$448.8M-20.1%	-$373.7M-16.7%	-$320.2M-23.4%	-$259.5M-77.5%	-$146.2M-73.2%	-$84.4M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
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
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
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
Inventory	$3.1M+105.6%	$1.5M-36.6%	$2.4M	N/A	$116K	N/A	N/A
Accounts Receivable	$367K+227.7%	$112K+103.6%	$55K+61.8%	$34K	N/A	N/A	N/A
Goodwill	$316K	N/A	N/A	$7.4M-87.3%	$58.3M	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
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
Long-Term Debt	N/A	N/A	N/A	$3.5M	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
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

NNOX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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
Capital Expenditures	$4.2M+52.0%	$2.8M-16.2%	$3.3M-53.9%	$7.2M-69.0%	$23.2M+66.2%	$13.9M
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
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
Financing Cash Flow	$21.4M-45.9%	$39.5M+45.0%	$27.3M+3289.6%	$804K-89.1%	$7.4M-96.9%	$241.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NNOX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	-98.2%-4.2pp	-94.0%-27.5pp	-66.5%+13.7pp	-80.2%+479.8pp	-560.0%	N/A
Operating Margin	-600.8%-97.9pp	-502.9%+129.0pp	-631.9%+740.3pp	-1372.2%+21427.0pp	-22799.3%	N/A
Net Margin	-576.1%-101.8pp	-474.3%+139.3pp	-613.6%+706.6pp	-1320.2%+21568.0pp	-22888.1%	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%
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%
Current Ratio	3.96-1.7	5.63-0.1	5.71+2.4	3.29+1.5	1.80-47.3	49.06
Debt-to-Equity	0.16+0.1	0.110.0	0.12+0.1	0.02-0.2	0.24+0.2	0.02
FCF Margin	-345.6%+3.3pp	-348.9%+136.5pp	-485.4%+104.0pp	-589.4%+22084.3pp	-22673.7%	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	3.96-1.7	5.63-0.1	5.71+2.4	3.29+1.5	1.80-47.3	49.06+48.6	0.48
Debt-to-Equity	0.16+0.1	0.110.0	0.12+0.1	0.02-0.2	0.24+0.2	0.02+2.4	-2.35
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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, with a net profit margin of -576.1%.

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.

How much debt does Nano-X Imaging Ltd. have?

As of fiscal year 2025, Nano-X Imaging Ltd. (NNOX) had $49.2M in cash and equivalents against $3.8M in long-term debt.

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 operating margin?

Nano-X Imaging Ltd. (NNOX) had an operating margin of -600.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Nano-X Imaging Ltd.'s net profit margin?

Nano-X Imaging Ltd. (NNOX) had a net profit margin of -576.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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) generated -$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) generated -$40.8M in operating cash flow during fiscal year 2025, representing cash generated from 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.

How many shares does Nano-X Imaging Ltd. have outstanding?

Nano-X Imaging Ltd. (NNOX) had 70M shares outstanding as of 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.

What is Nano-X Imaging Ltd.'s cash runway?

Based on fiscal year 2025 data, Nano-X Imaging Ltd. (NNOX) had $49.2M in cash against an annual operating cash burn of $40.8M. This gives an estimated cash runway of approximately 14 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Nano-X Imaging Ltd.'s Altman Z-Score?

Nano-X Imaging Ltd. (NNOX) has an Altman Z-Score of -2.84, 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) has an earnings quality ratio of 0.54x, considered low quality (accrual-driven). 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 58 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.