Nanox Announces Second Quarter 2026 Financial Results and Provides Business Updates
Revenue grew while a large non-cash impairment deepened GAAP losses as Nanox pushed commercialization and restructuring initiatives.
Rhea-AI Summary
Nanox (NNOX) reported Q2 2026 results with revenue of $4.2 million, up 37% year over year.
The quarter’s revenue came from $3.0 million in teleradiology, $1.0 million in AI and software solutions, and $0.2 million in imaging systems and OEM services. Q2 GAAP gross loss margin was (1,051%), while non-GAAP gross loss margin improved to (13%) from (21%) a year earlier. Adjusted EBITDA loss was $11.3 million, and GAAP net loss was $55.5 million, driven mainly by a $40.7 million non-cash impairment to AI-related intangible assets, leaving that asset group at $1.9 million.
Cash and cash equivalents were $31.4 million on June 30, 2026, and the company raised a further $8.5 million post quarter-end. Operationally, Nanox expanded U.S. distribution to ten partners, began patient scanning and reimbursement at its first Nanox Imaging Network site, grew Nanox Health IT with over 20 new projects, and initiated a Korea restructuring, including a 67% workforce reduction, expected to yield about $2 million in annual savings from 2027.
Positive
- Revenue $4.2 million in Q2 2026, up 37% year over year
- Non-GAAP gross loss margin improved to (13%) from (21%) in Q2 2025
- Nanox Health IT added 20+ new projects going live in H1 2026
- Korea restructuring expected to deliver about $2 million annual cost savings from 2027
- Cash and equivalents of $31.4 million plus $8.5 million raised after quarter-end
- U.S. distribution footprint expanded to 10 partners, with first NIN site scanning and receiving reimbursement
Negative
- Q2 2026 GAAP net loss widened to $55.5 million from $14.7 million a year earlier
- Recorded a non-cash impairment of AI-related intangibles of $40.7 million, reducing that asset group to $1.9 million
- Q2 2026 GAAP gross loss margin was (1,051%), versus (107%) in Q2 2025
- Q2 2026 adjusted EBITDA loss increased to $11.3 million from $10.4 million
- Cash and cash equivalents fell to $31.4 million from $60.0 million at December 31, 2025
- Korea operations restructuring includes a 67% workforce reduction and about $0.9 million in restructuring expenses
News Explained
Nanox raised 8.5 million dollars after quarter-end, including ATM sales that can dilute ownership, while a lawsuit remains unresolved.
On
The company said it intends to continue raising funds from various sources, making further financing an intended activity rather than an amount already raised.
Nanox also disclosed that a class-action complaint filed on
The case remains at an early stage: motions filed on
Details
Market reaction after 2Q26 earnings report: NNOX -22.37%
Following this news, NNOX has declined 22.37%, reflecting a significant negative market reaction. Our momentum scanner has triggered 20 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $0.72. Trading volume is exceptionally heavy at 117.5x the average, suggesting significant selling pressure.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
- Q2 revenue
- $4.2 million
- Q2 2026; up 37% year over year
- Adjusted EBITDA loss
- $11.3 million
- Q2 2026
- GAAP gross loss margin
- (1,051%)
- Q2 2026
- Impairment charge
- $40.7 million
- Q2 2026 intangible assets
- GAAP net loss
- $55.5 million
- Q2 2026
- Cash and equivalents
- $31.4 million
- As of June 30, 2026
- Post-quarter-end proceeds
- $8.5 million
- Registered-direct offering and at-the-market program
- Annual restructuring cost savings
- $2 million
- Expected starting in 2027
Previous Earnings Reports
-
Going-concern concerns followed lower cash, withdrawn revenue target and substantial operating losses
-
Impairment and restructuring charges accompanied continued losses and limited system deployment
-
Revenue growth and acquisition progress accompanied a quarterly GAAP net loss
-
Higher revenue was offset by increased net loss and declining cash reserves
-
Revenue growth and FDA clearance balanced ongoing losses and implementation-stage systems
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
adjusted ebitda financial
gaap financial
registered-direct offering financial
at-the-market program financial
impairment assessment financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Management to host conference call and webcast on Wednesday, September 9, 2026 at 8:30 AM ET
PETACH TIKVA, Israel, Sept. 09, 2026 (GLOBE NEWSWIRE) -- NANO-X IMAGING LTD (NASDAQ: NNOX) (“Nanox” or the “Company”), an innovative medical imaging technology company, today announced results for the second quarter ended June 30, 2026, and provided a business update.
Recent Business Highlights:
- Expanded Nanox’s presence in the U.S. through additional distribution partner agreement.
- Advanced capital equipment sales through additional Nanox.ARC capex agreements, adding a deployed Nanox.ARC system to an internationally recognized orthopedic center in Florida, part of an integrated delivery network (IDN).
- Launched the first Nanox Imaging Network (NIN) site, with first patient scans.
- Signed a distribution agreement in Costa Rica, supporting the Company’s continued expansion across Latin America.
- Continued Nanox.AI commercial and clinical momentum, adding an exclusive reseller agreement with Vertec Scientific and launching five new pilot programs.
- Furthered the broad restructuring of Korea operations, including transitioning substantially all chip manufacturing activities to qualified third-party manufacturing partners and undertaking other efficiency initiatives, including a
67% reduction in workforce. The restructuring is expected to result in approximately$0.9 million of restructuring-related expenses and is expected to generate annual cost savings of approximately$2 million starting in 2027. - Expanded Nanox Health IT’s commercial activity following its acquisition at the end of 2025, with a growing customer base and more than 20 new projects going live during the first half of 2026, while making a meaningful contribution to Nanox’s revenue.
- There has been no material change in the number of Nanox.ARC systems in various stages of deployment from the levels previously reported by the Company.
“To date there has been tangible progress in our commercialization strategy. We have expanded our U.S. distribution footprint to ten partners and begun patient scanning at our first Nanox Imaging Network site in Philadelphia. We have begun receiving reimbursement for scans from insurers for our NIN business. At the same time, Nanox.AI is gaining commercial traction from our new agreement with Vertec Scientific in the UK. In addition, we are advancing our efforts to pursue a potential new CMS reimbursement pathway that could support broader adoption,” said Erez Meltzer, Acting Chairman and Chief Executive Officer. “We have also implemented a multi-pronged cost reduction initiative that includes the restructuring of our South Korea operations, and have raised additional capital to support our operations. We remain focused on disciplined execution as we move systems from our sales pipeline into active clinical use.”
Q2 2026 Financial Highlights:
- Q2 2026 revenues were
$4.2 million , compared to$3.0 million in Q2 2025, representing a year-over-year increase of37% . The increase was driven primarily by the consolidation of the Nanox Health IT (formerly known as Vaso Healthcare IT) business, which was consolidated as of November 19, 2025 and accounted for$0.9 million in Q2 2026. The Company generated revenues of$3.0 million from our teleradiology services,$1.0 million from our AI and Software Solutions, and$0.2 million from the sale of imaging systems and OEM services. - Q2 2026 adjusted EBITDA loss (a financial measure that is derived as described below under “Non-GAAP Financial Measures”) was
$11.3 million , compared with adjusted EBITDA loss of$10.4 million in Q2 2025. - Q2 2026 GAAP gross loss margin was (1,
051% ), compared to a GAAP gross loss margin of (107% ) for Q2 2025. Non-GAAP gross loss margin was (13% ), compared to non-GAAP gross loss margin of (21% ) in Q2 2025. - In accordance with applicable accounting standards, as of June 30, 2026, the Company performed an impairment assessment of its asset groups. The impairment assessment was triggered by a significant decline in the Company’s share price and reduced forecasted revenues and operating results. The Company recorded an impairment charge of
$40.7 million , which was recorded to cost of revenues - impairment of intangible assets, reducing the fair value of the intangible assets related to its AI solutions business unit (excluding Nanox Health IT) to$1.9 million .
The Company also re-evaluated the remaining useful lives of its intangible assets and concluded that no changes were necessary. The impairment charge did not result in any cash outflow or impact the Company’s liquidity and was excluded from the calculation of adjusted EBITDA loss for the period. - Q2 2026 GAAP operating expenses were
$11.8 million , compared to GAAP operating expenses of$11.3 million in Q2 2025. Q2 2026 non-GAAP operating expenses were$11.1 million , compared to non-GAAP operating expenses of$10.0 million in Q2 2025. The increase was primarily driven by the consolidation of the Nanox Health IT business and an increase in legal expenses. - Q2 2026 GAAP net loss was
$55.5 million , compared to a GAAP net loss of$14.7 million in Q2 2025. Q2 2026 non-GAAP net loss was$11.6 million , compared to a non-GAAP net loss of$10.9 million in Q2 2025. The increase in net loss was mainly attributable to the impairment charge related to certain intangible assets, as described above. - Cash and cash equivalents as of June 30, 2026, were
$31.4 million . This compares to a cash and cash equivalents balance of$60.0 million as of December 31, 2025. - Post-quarter-end, the Company raised aggregate gross proceeds of
$8.5 million from a registered-direct offering and the Company’s at-the-market program. The Company intends to continue raising funds from various sources to strengthen its balance sheet and support its activities.
Additional information regarding the Company’s financial results and financial condition, including additional information regarding the impairment assessment described above, is included in the Company’s unaudited condensed consolidated financial statements as of, and for the three-month and six-month periods ended on, June 30, 2026, and the related Operating and Financial Review and Prospects for the six months ended June 30, 2026, attached as exhibits to the Company’s Report of Foreign Private Issuer on Form 6-K furnished to the SEC today.
Legal Proceedings
On June 12, 2026, a class action complaint was filed in the United States District Court of New Jersey against the Company and certain of its officers, captioned Steele v. Nano-X Imaging Ltd. et al, Case No. 1:26-cv-07062. The complaint alleges violations of federal securities laws on behalf of all persons and entities that purchased or otherwise acquired the Company’s publicly traded securities between March 31, 2025 and April 17, 2026 in connection with certain disclosures concerning the Company’s business, operations, and prospects, including with respect to the Company’s manufacturing facility in Korea. The plaintiff is seeking money damages. On August 11, 2026, three shareholders filed motions for appointment as lead plaintiff, which remain outstanding. Due to the early stage of the case, it is not possible to assess the probability of a loss or reasonably estimate the ultimate costs and damages. Consequently, no accrual has been made in the financial statements regarding this matter.
Non-GAAP Financial Measures
Nanox presents in this press release and in its quarterly conference call being held today certain financial measures that are not prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), including non-GAAP gross loss margin, non-GAAP operating expenses, non-GAAP net loss, and adjusted EBITDA loss. These non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies.
The Company’s definition of non-GAAP net loss adjusts GAAP net loss to exclude impairment of intangible assets, share-based compensation expenses, amortization of intangible assets, income related to settlement with a shareholder, and changes in earnout liability. The Company’s definition of adjusted EBITDA loss reflects the adjustments described in the preceding sentence to the Company’s GAAP net loss, as further adjusted to exclude depreciation, financial expenses and tax expenses.
The Company’s management and board of directors utilize these non-GAAP financial measures to evaluate the Company’s performance. The Company provides these non-GAAP measures of the Company’s performance to investors because management believes that these non-GAAP financial measures, when viewed with the Company’s results under GAAP and the accompanying reconciliations, are useful in identifying underlying trends in ongoing operations. However, these non-GAAP measures are not measures of financial performance under GAAP and, accordingly, should not be considered as alternatives to GAAP measures as indicators of operating performance. Further, these non-GAAP measures should not be considered measures of the Company’s liquidity. A reconciliation of certain GAAP to non-GAAP financial measures has been provided in the tables included in this press release.
Conference Call and Webcast Details
Wednesday, September 9, 2026 @ 8:30am ET
Individuals interested in listening to the Company’s second quarter results conference call may do so by joining the live webcast at the “Investors” section of the Nanox website under “Events & Presentations”. Alternatively, individuals can register online to receive a dial-in number and personalized PIN to participate in the conference call, via a link under “Events and Presentations”. An archived webcast of the event will be available for replay following the event.
About Nanox
Nanox (NASDAQ: NNOX) is focused on driving the world’s transition to preventive health care by delivering an integrated, end-to-end medical imaging and healthcare services platform.
Nanox combines affordable imaging hardware, advanced AI-based solutions, cloud-based software, access to remote radiology, health IT solutions, and a marketplace to enable earlier detection, improved clinical efficiency, and broader access to care.
Nanox’s vision is to expand the reach of medical imaging both within and beyond traditional hospital settings by providing a seamless solution from scan to interpretation and beyond. By leveraging proprietary digital X-ray technology, AI-driven analytics, and a clinically driven approach, Nanox aims to enhance the efficiency of routine imaging workflows, support early detection of disease, and improve patient outcomes.
The Nanox ecosystem includes Nanox.ARC, a cost-effective, 3D multi-source digital tomosynthesis imaging system designed for ease of use and scalability; Nanox.AI, a suite of AI-based algorithms that augment the interpretation of routine CT imaging to identify early signs often associated with chronic disease; Nanox.CLOUD, a cloud-based platform for secure data management, storage, and advanced imaging analytics; Nanox.MARKETPLACE and USARAD Holdings, which provides access to remote radiology and cardiology experts and comprehensive teleradiology services; and Nanox Health IT combines deep healthcare IT expertise with leading technology partners to deliver RIS, PACS, AI, dictation, and secure infrastructure solutions that streamline workflows and support safer, more efficient care delivery.
By integrating imaging technology, AI, cloud infrastructure, clinical expertise, a marketplace, and health information technology, Nanox seeks to lower barriers to adoption, improve utilization, and advance preventive care worldwide. For more information, please visit https://www.nanox.vision.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. All statements that are not historical facts contained in this press release are forward-looking statements. Such statements include, but are not limited to, statements regarding: the Company’s expected commercialization efforts, business strategy and long-term growth opportunities; the expected timing, pace, extent and success of deployments, installations, activations and utilization of Nanox.ARC systems, including under the Nanox Imaging Network; the anticipated benefits, timing and extent of activity under existing and new commercial, distribution and strategic agreements, including contemplated deployments of systems over the coming years; the anticipated cost savings relating to the restructuring of the Company’s South Korea operations; and the initiation, timing, progress and results of the Company’s research and development, manufacturing, and commercialization activities with respect to its X-ray source technology and the Nanox.ARC. In some cases, you can identify forward-looking statements by terminology such as “can,” “might,” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “should,” “could,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. Forward-looking statements are based on information the Company has when those statements are made or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause actual results to differ materially from those currently anticipated include: risks related to (i) Nanox’s ability to complete development of the Nanox System; (ii) Nanox’s ability to successfully demonstrate the feasibility of its technology for commercial applications; (iii) Nanox’s history of recurring losses and negative cash flows from operating activities, significant future commitments and the uncertainty regarding the adequacy of Nanox’s liquidity to pursue its complete business objectives, and substantial doubt regarding its ability to continue as a going concern; (iv) Nanox’s expectations regarding the necessity of, timing of filing for, and receipt and maintenance of, regulatory clearances or approvals regarding its technology, the Nanox.ARC and Nanox.CLOUD from regulatory agencies worldwide and its ongoing compliance with applicable quality standards and regulatory requirements; (v) Nanox’s ability to realize the anticipated benefits of recent acquisitions, which may be affected by, among other things, competition, brand recognition, the ability of the acquired companies to grow and manage growth profitably and retain their key employees; (vi) Nanox’s ability to enter into and maintain commercially reasonable arrangements with third-party manufacturers and suppliers to manufacture the Nanox.ARC; (vii) the market acceptance of the Nanox System and the proposed pay-per-scan business model; (viii) Nanox’s expectations regarding collaborations with third-parties and their potential benefits; (ix) Nanox’s ability to conduct business globally; (x) changes in global, political, economic, business, competitive, market and regulatory forces; (xi) risks related to the recent wars between Israel and the United States, on the one hand, and Iran and its proxies, on the other hand, and any worsening of the situation in Israel; and (xii) risks related to litigation, including the class action complaint filed against the Company, which may result in significant liability and damage to the Company’s reputation. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Nanox’s actual results to differ from those contained in the Forward-Looking Statements, see “Item 3.D Risk Factors” in Nanox’s Annual Report on Form 20-F for the year ended December 31, 2025, and subsequent documents or reports of Nanox filed with, or furnished to, the U.S. Securities and Exchange Commission. The reader should not place undue reliance on any forward-looking statements included in this press release. Except as required by law, Nanox undertakes no obligation to update publicly any forward-looking statements after the date of this press release to conform these statements to actual results or to changes in the Company’s expectations.
| NANO-X IMAGING LTD. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands except share and per share data) | |||||||
| June 30, 2026 | December 31, 2025 | ||||||
| U.S. Dollars in thousands | |||||||
| Assets | |||||||
| CURRENT ASSETS: | |||||||
| Cash and cash equivalents | 31,023 | 49,151 | |||||
| Short-term deposits | - | 10,459 | |||||
| Accounts receivables net of allowance for credit losses of | 1,887 | 2,013 | |||||
| Inventories | 3,418 | 3,070 | |||||
| Prepaid expenses | 918 | 1,255 | |||||
| Other current assets | 1,740 | 845 | |||||
| TOTAL CURRENT ASSETS | 38,986 | 66,793 | |||||
| NON-CURRENT ASSETS: | |||||||
| Restricted deposit | 394 | 361 | |||||
| Property and equipment, net | 31,614 | 29,677 | |||||
| Goodwill | 316 | 316 | |||||
| Operating lease right-of-use asset | 3,311 | 3,518 | |||||
| Intangible assets | 14,164 | 59,868 | |||||
| Other non-current assets | 2,400 | 1,632 | |||||
| TOTAL NON-CURRENT ASSETS | 52,199 | 95,372 | |||||
| TOTAL ASSETS | 91,185 | 162,165 | |||||
| Liabilities and Shareholders’ Equity | |||||||
| CURRENT LIABILITIES: | |||||||
| Short-term loan | 2,919 | 3,136 | |||||
| Accounts payable | 2,138 | 2,886 | |||||
| Accrued expenses | 2,868 | 4,224 | |||||
| Deferred revenue | 601 | 534 | |||||
| Contingent short-term earnout liability | 293 | 304 | |||||
| Current maturities of operating lease liabilities | 979 | 950 | |||||
| Other current liabilities | 3,916 | 4,854 | |||||
| TOTAL CURRENT LIABILITIES | 13,714 | 16,888 | |||||
| NON-CURRENT LIABILITIES: | |||||||
| Non-current operating lease liabilities | 3,829 | 3,765 | |||||
| Non-current deferred revenue | 6 | 17 | |||||
| Contingent long-term earnout liability | 84 | 173 | |||||
| Deferred tax liability | 411 | 600 | |||||
| Other long-term liabilities | 673 | 990 | |||||
| TOTAL NON-CURRENT LIABILITIES | 5,003 | 5,545 | |||||
| TOTAL LIABILITIES | 18,717 | 22,433 | |||||
| COMMITMENTS AND CONTINGENCIES (Note 3) | |||||||
| SHAREHOLDERS’ EQUITY: | |||||||
| Ordinary Shares, par value NIS 0.01 per share 100,000,000 authorized at June 30, 2026 and December 31, 2025, 70,061,338 and 69,590,228 issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 199 | 198 | |||||
| Additional paid-in capital | 590,788 | 588,301 | |||||
| Accumulated deficit | (518,519 | ) | (448,767 | ) | |||
| TOTAL SHAREHOLDERS’ EQUITY | 72,468 | 139,732 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 91,185 | 162,165 | |||||
| NANO-X IMAGING LTD. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (U.S. dollars in thousands except share and per share data) | |||||||||||||||
| Six Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| REVENUE | 8,467 | 5,855 | 4,156 | 3,040 | |||||||||||
| COST OF REVENUE | 14,034 | 12,144 | 7,135 | 6,280 | |||||||||||
| COST OF REVENUE – IMPAIRMENT OF INTANGIBLE ASSETS | 40,695 | - | 40,695 | - | |||||||||||
| GROSS LOSS | (46,262 | ) | (6,289 | ) | (43,674 | ) | (3,240 | ) | |||||||
| OPERATING EXPENSES: | |||||||||||||||
| Research and development, net | 9,505 | 9,812 | 4,707 | 4,834 | |||||||||||
| Sales and marketing | 4,064 | 2,178 | 1,900 | 1,239 | |||||||||||
| General and administrative | 10,684 | 10,265 | 5,444 | 5,127 | |||||||||||
| Change in contingent earnout liability | 27 | - | (1 | ) | - | ||||||||||
| Other expenses (income), net | (507 | ) | 37 | (247 | ) | 51 | |||||||||
| TOTAL OPERATING EXPENSES | 23,773 | 22,292 | 11,803 | 11,251 | |||||||||||
| OPERATING LOSS | (70,035 | ) | (28,581 | ) | (55,477 | ) | (14,491 | ) | |||||||
| FINANCIAL INCOME (EXPENSE), net | 308 | 616 | (61 | ) | (149 | ) | |||||||||
| OPERATING LOSS BEFORE INCOME TAXES | (69,727 | ) | (27,965 | ) | (55,538 | ) | (14,640 | ) | |||||||
| INCOME TAX (EXPENSE) BENEFIT | (25 | ) | 4 | 51 | (82 | ) | |||||||||
| NET LOSS | (69,752 | ) | (27,961 | ) | (55,487 | ) | (14,722 | ) | |||||||
| BASIC AND DILUTED LOSS PER SHARE | (1.00 | ) | (0.44 | ) | (0.79 | ) | (0.23 | ) | |||||||
| Weighted average number of basic and diluted ordinary shares outstanding (in thousands) | 69,776 | 63,873 | 69,931 | 63,910 | |||||||||||
| Net Loss | (69,752 | ) | (27,961 | ) | (55,487 | ) | (14,722 | ) | |||||||
| Other comprehensive income: | |||||||||||||||
| Unrealized gain from marketable securities | - | 2 | - | 4 | |||||||||||
| Total other comprehensive income: | - | 2 | - | 4 | |||||||||||
| Total comprehensive loss | (69,752 | ) | (27,959 | ) | (55,487 | ) | (14,718 | ) | |||||||
| NANO-X IMAGING LTD. UNAUDITED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (U.S. dollars in thousands, except share and per share data) | ||||||||||||||||||||||
| Ordinary shares | Additional paid-in capital | Accumulated other comprehensive loss | Accumulated deficit | Total | ||||||||||||||||||
| Number of shares | Amount | |||||||||||||||||||||
| U.S. Dollars in thousands | ||||||||||||||||||||||
| BALANCE AT JANUARY 1, 2026 | 69,590,228 | 198 | 588,301 | - | (448,767 | ) | 139,732 | |||||||||||||||
| Changes during the period:6 | ||||||||||||||||||||||
| Issuance of ordinary shares upon exercise of RSUs | 21,110 | * | - | - | - | - | ||||||||||||||||
| Issuance of ordinary shares per settlement with a shareholder | 450,000 | 1 | 777 | - | - | 778 | ||||||||||||||||
| Share-based compensation | - | - | 1,710 | - | - | 1,710 | ||||||||||||||||
| Net loss for the period | - | - | - | - | (69,752 | ) | (69,752 | ) | ||||||||||||||
| BALANCE AT JUNE 30, 2026 | 70,061,338 | 199 | 590,788 | - | (518,519 | ) | 72,468 | |||||||||||||||
| Ordinary shares | Additional paid-in capital | Accumulated other comprehensive loss | Accumulated deficit | Total | ||||||||||||||||||
| Number of shares | Amount | |||||||||||||||||||||
| U.S. Dollars in thousands | ||||||||||||||||||||||
| BALANCE AT JANUARY 1, 2025 | 63,762,001 | 181 | 562,688 | (1 | ) | (373,749 | ) | 189,119 | ||||||||||||||
| Changes during the period: | ||||||||||||||||||||||
| Issuance of ordinary shares upon exercise of RSUs | 6,490 | * | - | - | - | - | ||||||||||||||||
| Issuance of ordinary shares upon exercise of options | 54,903 | * | 121 | - | - | 121 | ||||||||||||||||
| Issuance of ordinary shares due the settlement of contingent earnout | 116,226 | * | - | - | - | * | ||||||||||||||||
| Share-based compensation | - | - | 2,277 | - | - | 2,277 | ||||||||||||||||
| Unrealized gain from marketable securities | - | - | - | 2 | - | 2 | ||||||||||||||||
| Net loss for the period | - | - | - | - | (27,961 | ) | (27,961 | ) | ||||||||||||||
| BALANCE AT JUNE 30, 2025 | 63,939,620 | 181 | 565,086 | 1 | (401,710 | ) | 163,558 | |||||||||||||||
* Less than
| Ordinary shares | Additional paid-in capital | Accumulated other comprehensive loss | Accumulated deficit | Total | ||||||||||||||||||
| Number of shares | Amount | |||||||||||||||||||||
| U.S. Dollars in thousands | ||||||||||||||||||||||
| BALANCE AT APRIL 1, 2026 | 69,600,783 | 198 | 589,142 | - | (463,032 | ) | 126,308 | |||||||||||||||
| Changes during the period: | ||||||||||||||||||||||
| Issuance of ordinary shares upon exercise of RSUs | 10,555 | * | - | - | - | - | ||||||||||||||||
| Issuance of ordinary shares per settlement with a shareholder | 450,000 | 1 | 777 | - | - | 778 | ||||||||||||||||
| Share-based compensation | - | - | 869 | - | - | 869 | ||||||||||||||||
| Net loss for the period | - | - | - | - | (55,487 | ) | (55,487 | ) | ||||||||||||||
| BALANCE AT JUNE 30, 2026 | 70,061,338 | 199 | 590,788 | - | (518,519 | ) | 72,468 | |||||||||||||||
| Ordinary shares | Additional paid-in capital | Accumulated other comprehensive loss | Accumulated deficit | Total | |||||||||||||||||||
| Number of shares | Amount | ||||||||||||||||||||||
| U.S. Dollars in thousands | |||||||||||||||||||||||
| BALANCE AT APRIL 1, 2025 | 63,819,170 | 181 | 563,975 | (3 | ) | (386,988 | ) | 177,165 | |||||||||||||||
| Changes during the period: | |||||||||||||||||||||||
| Issuance of ordinary shares upon exercise of RSUs | 3,245 | * | - | - | - | - | |||||||||||||||||
| Issuance of ordinary shares upon exercise of options | 979 | * | - | - | - | - | |||||||||||||||||
| Issuance of ordinary shares due the settlement of contingent earnout | 116,226 | * | - | - | - | * | |||||||||||||||||
| Unrealized gain from marketable securities | - | - | 4 | - | 4 | ||||||||||||||||||
| Share-based compensation | - | - | 1,111 | - | - | 1,111 | |||||||||||||||||
| Net loss for the period | - | - | - | (14,722 | ) | (14,722 | ) | ||||||||||||||||
| BALANCE AT JUNE 30, 2025 | 63,939,620 | 181 | 565,086 | 1 | (401,710 | ) | 163,558 | ||||||||||||||||
* Less than
| NANO-X IMAGING LTD. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (U.S. dollars in thousands) | |||||||
| Six Months Ended June 30, | |||||||
| 2026 | 2025 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net loss for the period | (69,752 | ) | (27,961 | ) | |||
| Adjustments required to reconcile net loss to net cash used in operating activities: | |||||||
| –Share-based compensation | 1,710 | 2,277 | |||||
| Amortization of intangible assets | 5,009 | 5,306 | |||||
| Impairment of Intangible assets | 40,695 | - | |||||
| Change in contingent earnout liability | 27 | - | |||||
| Depreciation | 629 | 586 | |||||
| Deferred tax liability, net | (189 | ) | (188 | ) | |||
| Exchange rate differentials | (7 | ) | 329 | ||||
| Amortization of premium, discount and accrued interest on marketable securities | - | 64 | |||||
| Interest on long-term deposits | - | (243 | ) | ||||
| Interest on short-term deposits | (92 | ) | - | ||||
| Loss from disposal of property and equipment | - | 71 | |||||
| Changes in Operating Assets and Liabilities: | |||||||
| Accounts receivable, net | 126 | (75 | ) | ||||
| Change in inventories | (1,063 | ) | (63 | ) | |||
| Prepaid expenses and other current assets | (558 | ) | 776 | ||||
| Other non-current assets | 142 | 30 | |||||
| Accounts payable | (748 | ) | (322 | ) | |||
| Accrued expenses and other liabilities | (1,516 | ) | (840 | ) | |||
| Operating lease assets and liabilities | 300 | 381 | |||||
| Deferred Revenue | 56 | 84 | |||||
| Other long-term liabilities | (317 | ) | 150 | ||||
| Net cash used in operating activities | (25,548 | ) | (19,638 | ) | |||
| CASH FLOWS PROVIDED BY INVESTING ACTIVITIES: | |||||||
| Proceeds from maturity of marketable securities | - | 16,295 | |||||
| Maturity of short-term deposits | 10,551 | 15,500 | |||||
| Purchase of property and equipment | (2,761 | ) | (1,579 | ) | |||
| Net cash provided by investing activities | 7,790 | 30,216 | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Payment due to settlement of contingent earnout liabilities | (127 | ) | - | ||||
| Proceeds from issuance of ordinary shares upon exercise of options | - | 121 | |||||
| Net cash (used in) provided by financing activities | (127 | ) | 121 | ||||
| EFFECT OF CHANGES IN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS | (243 | ) | (99 | ) | |||
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (18,128 | ) | 10,600 | ||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD | 49,151 | 39,304 | |||||
| CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | 31,023 | 49,904 | |||||
| SUPPLEMENTARY INFORMATION ON ACTIVITIES INVOLVING CASH FLOWS | |||||||
| Cash paid for interest | 63 | 68 | |||||
| Cash paid for income taxes | 170 | 184 | |||||
| SUPPLEMENTARY INFORMATION ON ACTIVITIES NOT INVOLVING CASH FLOWS - | |||||||
| Non-cash purchase of property and equipment | 374 | 398 | |||||
| Issuance of ordinary shares per settlement with a shareholder | 778 | - | |||||
| Operating lease liabilities arising from obtaining operating right-of use assets | 38 | 93 | |||||
| UNAUDITED GAAP-NON-GAAP RECONCILIATION TABLES (U.S. dollars in thousands) | |||||||||||||||
| Six Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| GAAP gross loss margin | (546 | )% | (107 | )% | (1,051 | )% | (107 | )% | |||||||
| Non-GAAP adjustments: | |||||||||||||||
| Amortization of intangible assets | 57 | % | 87 | % | 58 | % | 84 | % | |||||||
| Impairment of intangible assets | 481 | % | - | 979 | % | - | |||||||||
| Share-based compensation | 1 | % | 2 | % | 1 | % | 2 | % | |||||||
| Non-GAAP gross loss margin | (8 | )% | (18 | )% | (13 | )% | (21 | )% | |||||||
| GAAP sales and marketing expenses | 4,064 | 2,178 | 1,900 | 1,239 | |||||||||||
| Non-GAAP adjustments: | |||||||||||||||
| Amortization of intangible assets | 221 | 194 | 111 | 97 | |||||||||||
| Share-based compensation | 232 | 172 | 116 | 88 | |||||||||||
| Non-GAAP sales and marketing expenses | 3,611 | 1,812 | 1,673 | 1,054 | |||||||||||
| GAAP general and administrative expenses | 10,684 | 10,265 | 5,444 | 5,127 | |||||||||||
| Non-GAAP adjustments: | |||||||||||||||
| Class-action litigation | 15 | 33 | 15 | 33 | |||||||||||
| Share-based compensation | 972 | 1,307 | 493 | 638 | |||||||||||
| Non-GAAP general and administrative expenses | 9,697 | 8,925 | 4,936 | 4,456 | |||||||||||
| GAAP Other expenses (income) | (507 | ) | 37 | (247 | ) | 51 | |||||||||
| Non-GAAP adjustments: | |||||||||||||||
| Change in accrual in connection with the settlement with a shareholder | 482 | - | 243 | - | |||||||||||
| Non-GAAP Other expenses (income) | (25 | ) | 37 | (4 | ) | 51 | |||||||||
| UNAUDITED RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET LOSS AND TO ADJUSTED EBITDA (U.S. dollars in thousands) | |||||||
| Three Months Ended June 30, | |||||||
| 2026 | 2025 | ||||||
| GAAP NET LOSS | (55,487 | ) | (14,722 | ) | |||
| Impairment of intangible assets | 40,695 | - | |||||
| Share-based compensation | 869 | 1,111 | |||||
| Amortization of intangible assets | 2,505 | 2,653 | |||||
| Income related to settlement with a shareholder | (243 | ) | - | ||||
| Class-action litigation | 15 | - | |||||
| Changes in earnout liability | (1 | ) | - | ||||
| NON-GAAP NET LOSS | (11,647 | ) | (10,958 | ) | |||
| Depreciation | 314 | 296 | |||||
| Income tax expenses (benefit) | (51 | ) | 82 | ||||
| Financial expenses | 61 | 149 | |||||
| ADJUSTED EBITDA | (11,323 | ) | (10,431 | ) | |||
For more information please contact:
Investors
Mike Cavanaugh, ICR Healthcare
mike.cavanaugh@icrhealthcare.com
FAQ
How was Nanox’s Q2 2026 revenue composed by business line?
In Q2 2026, Nanox generated $3.0 million from teleradiology services, $1.0 million from AI and software solutions, and $0.2 million from the sale of imaging systems and OEM services.
What were the key elements of the Korea operations restructuring?
The restructuring of Korea operations included transitioning substantially all chip manufacturing activities to qualified third-party manufacturing partners and implementing other efficiency initiatives, including a 67% reduction in workforce. The restructuring is expected to result in about $0.9 million of restructuring-related expenses and to generate approximately $2 million in annual cost savings starting in 2027.
What business development steps did Nanox report for Q2 2026?
Nanox expanded its U.S. distribution network to ten partners, advanced capital equipment sales with additional Nanox.ARC capex agreements including a system at an orthopedic center in Florida, launched its first Nanox Imaging Network site with initial patient scans and reimbursement, signed a distribution agreement in Costa Rica, expanded Nanox.AI through an exclusive reseller agreement with Vertec Scientific and five new pilot programs, and grew Nanox Health IT’s customer base with more than 20 new projects going live in the first half of 2026.
When and how can investors access the Q2 2026 results conference call?
The Q2 2026 conference call is scheduled for Wednesday, September 9, 2026 at 8:30 a.m. ET. Listeners can join via a live webcast in the “Investors” section of the Nanox website under “Events & Presentations”, or register online through a link there to receive a dial-in number and personalized PIN. An archived webcast will be available for replay after the event.
How does Nanox define its key non-GAAP financial measures?
Nanox defines non-GAAP net loss as GAAP net loss adjusted to exclude impairment of intangible assets, share-based compensation expenses, amortization of intangible assets, income related to settlement with a shareholder, and changes in earnout liability. Adjusted EBITDA loss further adjusts non-GAAP net loss to exclude depreciation, financial expenses, and tax expenses. The company stated that management and the board use these measures to evaluate performance and to help identify trends in ongoing operations.