Nanox Announces Third Quarter of 2025 Financial Results and Provides Business Update

Rhea-AI Summary

Nanox (NASDAQ:NNOX) reported third-quarter 2025 results and a business update on November 20, 2025. The company generated $3.4M revenue in Q3 2025 versus $3.0M year-ago, and reported a GAAP net loss of $13.7M for the quarter. Gross loss was $2.9M (GAAP) and non-GAAP gross loss was $0.3M. Nanox completed the acquisition of Vaso Healthcare IT, added clinical sites including Cedars-Sinai and Olympe Imagerie, and signed European ARC distribution partnerships. Cash and equivalents totaled $55.5M as of September 30, 2025, and the company expects >100 deployed units by year-end 2025 and $35M revenue for 2026.

Positive

• Revenue increased to $3.4M in Q3 2025
• Acquisition of Vaso Healthcare IT completed
• Added clinical sites including Cedars-Sinai and Olympe Imagerie
• Guidance of $35M revenue for 2026

Negative

• GAAP net loss of $13.7M in Q3 2025
• Cash and equivalents down to $55.5M from $83.2M
• Negative operating cash flow of $30.4M year-to-date

Insights

Healthcare Tech Financial Analyst

Mixed quarter: modest revenue growth and 2026 revenue target, but losses and cash burn remain material.

Revenue rose to $3.4 million in Q3 2025 from $3.0 million year‑ago, driven mainly by teleradiology which generated $3.1 million and improved GAAP gross profit to $0.8 million (about 25% margin). The company also closed an acquisition of Vaso Healthcare IT, added clinical sites including Cedars‑Sinai and Olympe Imagerie, and announced distribution partnerships in Europe, all of which expand commercialization channels for the Nanox.ARC and AI offerings.

Profitability remains weak: GAAP net loss was $13.7 million and GAAP gross loss totaled $2.9 million (GAAP gross margin (84%)); non‑GAAP net loss widened to $9.9 million. Cash resources fell to $55.5 million from $83.2 million year‑end, and operating cash flow was negative $30.4 million during the period, which highlights ongoing cash burn despite share issuance proceeds of ~$5.7 million.

Key dependencies and watchpoints include execution of commercialization partnerships, integration and revenue contribution from Vaso Healthcare IT, and whether deployments reach the stated target of over 100 units by end of 2025. Management’s 2026 revenue expectation of $35 million is a concrete milestone to monitor within the next year; meanwhile the runway implied by current cash and the pace of negative operating cash flow is a short‑to‑medium term liquidity risk to track.

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, Nov. 20, 2025 (GLOBE NEWSWIRE) -- 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.

Recent Highlights:

• Generated $3.4 million in revenue in the third quarter of 2025, compared to $3.0 million in the third quarter of 2024.
  
• Acquired 100% of the stock of Vaso Healthcare IT, a provider of healthcare information technologies solutions, for cash and future operational based earnouts.
• Secured new commercial collaborations to accelerate commercialization of the Nanox.ARC and AI Solutions globally.
• Advanced clinical work supporting the use of Nanox solutions and adding Cedars-Sinai in Los Angeles and Olympe Imagerie in Paris as clinical trial sites.
• Made inroads into the European market, signing ARC distribution partnerships with EXRAY, a Czech imaging equipment distributor, and Althea France SARL, one of Europe’s largest independent providers of medical technology services.
  
  

“We made a significant progress across our three strategic growth pillars in the third quarter. These pillars focus on advancing Nanox technologies and market expansion, continuing to build out our AI infrastructure, and doing all of this with improved operational efficiency,” said Erez Meltzer, Nanox Chief Executive Officer and Acting Chairman of the Board. “During the quarter, we entered into multiple collaborations around the world to advance commercialization of both the Nanox.ARC and AI solutions, capped by the acquisition of Vaso Healthcare IT which aims to enlarge our growing AI solutions business. Our organization is focused on execution and is well-positioned to build on our momentum in the coming years.”

Financial results for three months ended September 30, 2025

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 grants received.

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.

Limited Guidance

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.

• For the year 2026 we expect revenues to reach $35 million.
    

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.

Other Assets

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 Offering^SM 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 sales agreement.

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 & 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.

About Nanox:

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, leveraging AI to enhance the efficiency of routine medical imaging technology and processes, in order to improve early detection and treatment and maintaining a clinically driven approach. The Nanox ecosystem includes Nanox.ARC – a multi-source digital tomosynthesis system that is cost-effective and user-friendly; an AI-based suite of algorithms that augment the readings of routine CT imaging to highlight early signs often related to chronic diseases, through Nanox’s subsidiary, Nanox.AI Ltd; Nanox.CLOUD – a cloud-based software platform that manages and stores data collected by Nanox devices, and provides users with tools for in-depth imaging analysis; Nanox.MARKETPLACE – a proprietary decentralized marketplace through Nanox’s subsidiary, USARAD Holdings Inc., that provides remote access to radiology and cardiology experts, and a comprehensive teleradiology services platform. By improving early detection and treatment, Nanox aims to enhance better health outcomes worldwide. For more information, please visit www.nanox.vision

Forward-Looking Statements

This press release may contain forward-looking statements and forward-looking information (collectively, the “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, any statements relating to: guidance with respect to the number of units that the Company will have deployed by the end of the 2025 year the Company’s financial outlook, including expected revenue for the next fiscal year; the ability to successfully integrate VHC IT following the acquisition as well as to improve deployment speed pace and implementation quality; 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; and the ability of the Company to realize the expected benefits of its recent acquisitions and the projected business prospects of the Company and the acquired companies. 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 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; (iv) Nanox’s ability to realize the anticipated benefits of its 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; (v) Nanox’s ability to enter into and maintain commercially reasonable arrangements with third-party manufacturers and suppliers to manufacture the Nanox.ARC; (vi) the market acceptance of the Nanox System and the proposed pay-per-scan business model; (vii) Nanox’s expectations regarding collaborations with third-parties and their potential benefits; (viii) Nanox’s ability to conduct business globally; (ix) changes in global, political, economic, business, competitive, market and regulatory forces; (x) risks related to the current war between Israel and Hamas and any worsening of the situation in Israel; (xi) risks relating to macroeconomic factors, including tariff policy, inflation, interest rate levels and supply chain costs; and (xi) potential litigation associated with our transactions; (xii) the Company’s ability to maintain expected growth and manage expenses.

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 the section titled “Risk Factors” in Nanox’s Annual Report on Form 20-F for the year ended December 31, 2024, and subsequent filings with the U.S. Securities and Exchange Commission. The reader should not place undue reliance on any forward-looking statements included in this press release. The forward-looking statements are provided to give additional information about management’s expectations and beliefs and may not be appropriate for other purposes. 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.

Non-GAAP Financial Measures

This press release includes information about certain financial measures that are not prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), including non-GAAP net loss attributable to ordinary shares, non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses and non-GAAP basic and diluted loss per share. 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. These non-GAAP measures are adjusted for (as applicable) amortization of intangible assets, share-based compensation expenses, expenses relating to an offering and legal fees in connection with class-action litigation. 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.

Investors
Mike Cavanaugh
ICR Healthcare
Mike.cavanaugh@icrhealthcare.com

Media
ICR Healthcare
NanoxPR@icrinc.com

NANO-X IMAGING LTD. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands except share and per share data)
		September 30, 2025				December 31, 2024
		U.S. Dollars in thousands
Assets
CURRENT ASSETS:
Cash and cash equivalents			45,186				39,304
Short-term deposits			-				15,500
Marketable securities			-				18,402
Accounts receivables net of allowance for credit losses of $186 as of September 30, 2025, and $112 as of December 31, 2024, respectively			1,937				1,805
Inventories			2,668				1,493
Prepaid expenses			783				827
Other current assets			739				1,349
TOTAL CURRENT ASSETS			51,313				78,680
NON-CURRENT ASSETS:
Restricted deposit			373				337
Long-term deposits			10,354				10,000
Property and equipment, net			46,753				45,355
Operating lease right-of-use asset			3,635				3,843
Intangible assets			62,036				69,995
Other non-current assets			1,623				1,792
TOTAL NON-CURRENT ASSETS			124,774				131,322
TOTAL ASSETS			176,087				210,002
Liabilities and Shareholders’ Equity
CURRENT LIABILITIES:
Short-term loan			3,209				3,061
Accounts payable			1,412				2,209
Accrued expenses			2,298				3,968
Deferred revenue			273				140
Current maturities of operating lease liabilities			935				745
Other current liabilities			4,262				3,849
TOTAL CURRENT LIABILITIES			12,389				13,972
NON-CURRENT LIABILITIES:
Non-current operating lease liabilities			3,735				3,640
Deferred tax liability			2,293				2,576
Other long-term liabilities			961				695
TOTAL NON-CURRENT LIABILITIES			6,989				6,911
TOTAL LIABILITIES			19,378				20,883
COMMITMENTS AND CONTINGENCIES (Note 3)
SHAREHOLDERS’ EQUITY:
Ordinary Shares, par value NIS 0.01 per share 100,000,000 authorized at September 30, 2025 and December 31, 2024, 65,382,892 and 63,762,001 issued and outstanding at September 30, 2025 and December 31, 2024, respectively			185				181
Additional paid-in capital			571,918				562,688
Accumulated other comprehensive loss			-				(1	)
Accumulated deficit			(415,394	)			(373,749	)
TOTAL SHAREHOLDERS’ EQUITY			156,709				189,119
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			176,087				210,002
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements

NANO-X IMAGING LTD. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (U.S. dollars in thousands except share and per share data)
		Nine Months Ended September 30,								Three Months Ended September 30,
		2025				2024				2025				2024
REVENUE			9,302				8,283				3,447				3,031
COST OF REVENUE			18,473				16,002				6,329				5,843
GROSS LOSS			(9,171	)			(7,719	)			(2,882	)			(2,812	)
OPERATING EXPENSES:
Research and development, net			14,398				14,781				4,586				4,749
Sales and marketing			3,666				2,521				1,488				887
General and administrative			15,541				16,669				5,276				5,711
Other expenses (income), net			40				81				3				(20	)
TOTAL OPERATING EXPENSES			33,645				34,052				11,353				11,327
OPERATING LOSS			(42,816	)			(41,771	)			(14,235	)			(14,139	)
REALIZED INCOME (LOSS) FROM SALE OF MARKETABLE SECURITIES			-				2				-				2
FINANCIAL INCOME, net			1,073				2,050				457				404
OPERATING LOSS BEFORE INCOME TAXES			(41,743	)			(39,719	)			(13,778	)			(13,733	)
INCOME TAX BENEFIT			98				264				94				94
NET LOSS			(41,645	)			(39,455	)			(13,684	)			(13,639	)
BASIC AND DILUTED LOSS PER SHARE			(0.65	)			(0.68	)			(0.21	)			(0.23	)
Weighted average number of basic and diluted ordinary shares outstanding (in thousands)			64,025				58,182				64,324				58,624
Net Loss			(41,645	)			(39,455	)			(13,684	)			(13,639	)
Other comprehensive income (loss):
Reclassification of net income realized in income statement			-				(2	)			-				(2	)
Unrealized gain (loss) from marketable securities			1				319				(1	)			66
Total other comprehensive income (loss):			1				317				(1	)			64
Total comprehensive loss			(41,644	)			(39,138	)			(13,685	)			(13,575	)
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements

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				Accumulated other
		Number of shares				Amount				paid-in capital				comprehensive loss				Accumulated deficit				Total
		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, net of issuance expenses **			1,420,903				4				5,691				-				-				5,695
Issuance of ordinary shares upon exercise of RSUs			9,735				*				-				-				-				-
Issuance of ordinary shares upon exercise of options			74,027				*				163				-				-				163
Issuance of ordinary shares due the settlement of contingent earnout			116,226				*				-				-				-				*
Share-based compensation			-				-				3,376				-				-				3,376
Unrealized gain from marketable securities			-				-				-				1				-				1
Net loss for the period			-				-				-				-				(41,645	)			(41,645	)
BALANCE AT SEPTEMBER 30, 2025			65,382,892				185				571,918				-				(415,394	)			156,709

*	Less than $1.
**	Issuance expenses totaled to $146.

		Ordinary shares								Additional				Accumulated other
		Number of shares				Amount				paid-in capital				comprehensive loss				Accumulated deficit				Total
BALANCE AT JANUARY 1, 2024			57,778,628				165				515,887				(305	)			(320,233	)			195,514
Changes during the period:
Issuance of ordinary shares upon exercise of options			743,306				2				1,664				-				-				1,666
Share-based compensation			-				-				5,845				-				-				5,845
Unrealized gain from marketable securities			-				-				-				317				-				317
Net loss for the period			-				-				-				-				(39,455	)			(39,455	)
BALANCE AT SEPTEMBER 30, 2024			58,521,934				167				523,396				12				(359,688	)			163,887

														Accumulated
		Ordinary shares								Additional				other
		Number of								paid-in				comprehensive				Accumulated
		shares				Amount				capital				deficit				deficit				Total
		U.S. Dollars in thousands
BALANCE AT JULY 1, 2025			63,939,620				181				565,086				1				(401,710	)			163,558
Changes during the period:
Issuance of ordinary shares, net of issuance expenses **			1,420,903				4				5,691				-				-				5,695
Issuance of ordinary shares upon exercise of RSUs			3,245				*				-				-				-				-
Issuance of ordinary shares upon exercise of options			19,124				*				42				-				-				42
Unrealized (loss) from marketable securities			-				-				-				(1	)			-				(1	)
Share-based compensation			-				-				1,099				-				-				1,099
Net loss for the period			-				-				-				-				(13,684	)			(13,684	)
BALANCE AT SEPTEMBER 30, 2025			65,382,892				185				571,918				-				(415,394	)			156,709

*	Less than $1.
**	Issuance expenses totaled to $146.

														Accumulated
		Ordinary shares								Additional				other
		Number of								paid-in				comprehensive				Accumulated
		shares				Amount				capital				deficit				deficit				Total
		U.S. Dollars in thousands
BALANCE AT JULY 1, 2024			58,497,123				167				521,069				(52	)			(346,049	)			175,135
Changes during the period:
Issuance of ordinary shares upon exercise of options			24,811				*				60				-				-				60
Other comprehensive gain			-				-				-				64				-				64
Share-based compensation			-				-				2,267				-				-				2,267
Net loss for the period			-				-				-				-				(13,639	)			(13,639	)
BALANCE AT SEPTEMBER 30, 2024			58,521,934				167				523,396				12				(359,688	)			163,887

*	Less than $1.

NANO-X IMAGING LTD. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (U.S. dollars in thousands)
		Nine Months Ended September 30,
		2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss for the period			(41,645	)			(39,455	)
Adjustments required to reconcile net loss to net cash used in operating activities:
Share-based compensation			3,376				5,845
Amortization of intangible assets			7,959				7,959
Exchange rate differentials			186				(108	)
Depreciation			891				839
Deferred tax liability, net			(283	)			(283	)
Realized income from sale of marketable securities			-				(2	)
Amortization of premium, discount and accrued interest on marketable securities			108				(113	)
Interest on long-term deposits			(354	)			-
Loss from disposal of property and equipment			71				116
Changes in Operating Assets and Liabilities:
Accounts receivable			(132	)			(8	)
Change in inventories			(23	)			(140	)
Prepaid expenses and other current assets			654				1,206
Other non-current assets			30				183
Accounts payable			(852	)			(1,972	)
Operating lease assets and liabilities			493				104
Accrued expenses and other liabilities			(1,257	)			(74	)
Deferred Revenue			133				(246	)
Other long-term liabilities			266				83
Net cash used in operating activities			(30,379	)			(26,066	)
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES:
Purchase of property and equipment			(3,319	)			(1,730	)
Short-term deposits			15,500				-
Purchase of marketable securities			-				(33,017	)
Proceeds from maturity of marketable securities			18,295				40,938
Net cash provided by investing activities			30,476				6,191
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of ordinary shares, net of issuance costs			5,695				-
Proceeds from issuance of ordinary shares upon exercise of options			163				1,666
Net cash provided by financing activities			5,858				1,666
EFFECT OF CHANGES IN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS			(73	)			25
NET CHANGE IN CASH AND CASH EQUIVALENTS			5,882				(18,184	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD			39,304				56,377
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD			45,186				38,193
SUPPLEMENTARY INFORMATION ON ACTIVITIES INVOLVING CASH FLOWS
Cash paid for interest			103				106
Cash paid for income taxes			184				51
SUPPLEMENTARY INFORMATION ON ACTIVITIES NOT INVOLVING CASH FLOWS -
Operating lease liabilities arising from obtaining operating right-of use assets			131				-
Non-cash purchase of property and equipment			54				-
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(U.S. dollars in thousands (except per share data))

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with GAAP. The Company uses information about certain financial measures that are not prepared in accordance with GAAP, including non-GAAP net loss attributable to ordinary shares, non-GAAP cost of revenue, non-GAAP gross profit (loss), non-GAAP gross profit (loss) margin, non-GAAP research and development expenses, net, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP other expenses (income) and non-GAAP basic and diluted loss per share. These non-GAAP measures are adjusted for (as applicable) amortization of intangible assets, share-based compensation expenses, expenses related to an offering and legal fees expenses in connection with class-action litigation. The Company believes that separate analysis and exclusion of the one-off or non-cash impact of the above reconciling items (as applicable) adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting, and measuring results against the forecast. The Company believes that the non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance. 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.

Reconciliation of GAAP net loss attributable to ordinary shares to Non-GAAP net loss attributable to ordinary shares and Non-GAAP basic and diluted loss per share (U.S. dollars in thousands)

		Nine Months Ended								Three Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
GAAP net loss attributable to ordinary shares			41,645				39,455				13,684				13,639
Non-GAAP adjustments:
Less: Class-action litigation and SEC investigation			33				76				-				-
Less: Amortization of intangible assets			7,959				7,959				2,653				2,653
Less: Offering expenses			-				420				-				-
Less: Share-based compensation			3,376				5,845				1,099				2,267
Non-GAAP net loss attributable to ordinary shares			30,277				25,155				9,932				8,719
BASIC AND DILUTED LOSS PER SHARE			0.47				0.43				0.15				0.15
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES (in thousands)			64,025				58,182				64,324				58,624

Reconciliation of GAAP cost of revenue to Non-GAAP cost of revenue (U.S. dollars in thousands)

GAAP cost of revenue			18,473				16,002				6,329				5,843
Non-GAAP adjustments:
Amortization of intangible assets			7,668				7,668				2,556				2,556
Share-based compensation			143				173				37				61
Non-GAAP cost of revenue			10,662				8,161				3,736				3,226

Reconciliation of GAAP gross loss to Non-GAAP gross profit (U.S. dollars in thousands)

GAAP gross loss			(9,171	)			(7,719	)			(2,882	)			(2,812	)
Non-GAAP adjustments:
Amortization of intangible assets			7,668				7,668				2,556				2,556
Share-based compensation			143				173				37				61
Non-GAAP gross profit (loss)			(1,360	)			122				(289	)			(195	)

Reconciliation of GAAP gross loss margin to Non-GAAP gross profit margin (in percentage of revenue)

GAAP gross loss margin			(99	)%			(93	)%			(84	)%			(93	)%
Non-GAAP adjustments:
Amortization of intangible assets			82	%			92	%			75	%			85	%
Share-based compensation			2	%			2	%			1	%			2	%
Non-GAAP gross profit (loss) margin			(15	)%			1	%			(8	)%			(6	)%

Reconciliation of GAAP research and development, expenses to Non-GAAP research and development expenses, net (U.S. dollars in thousands)

GAAP research and development expenses, net			14,398				14,781				4,586				4,749
Non-GAAP adjustments:
Share-based compensation			1,015				2,039				323				723
Non-GAAP research and development expenses, net			13,383				12,742				4,263				4,026

Reconciliation of GAAP sales and marketing expenses to Non-GAAP sales and marketing expenses (U.S. dollars in thousands)

GAAP sales and marketing expenses			3,666				2,521				1,488				887
Non-GAAP adjustments:
Amortization of intangible assets			291				291				97				97
Share-based compensation			263				572				91				222
Non-GAAP sales and marketing expenses			3,112				1,658				1,300				568

Reconciliation of GAAP general and administrative expenses to Non-GAAP general and administrative expenses (U.S. dollars in thousands)

GAAP general and administrative expenses			15,541				16,669				5,276				5,711
Non-GAAP adjustments:
Class-action litigation and SEC investigation			33				76				-				-
Offering expenses			-				420				-				-
Share-based compensation			1,955				3,061				648				1,261
Non-GAAP general and administrative expenses			13,553				13,112				4,628				4,450

FAQ

What revenue did Nanox (NNOX) report for Q3 2025?

Nanox reported $3.4 million in revenue for Q3 2025.

What was Nanox's (NNOX) net loss for the third quarter of 2025?

Nanox reported a GAAP net loss of $13.7 million for Q3 2025.

How much cash did Nanox (NNOX) have as of September 30, 2025?

Nanox had $55.5 million in cash, deposits and marketable securities as of September 30, 2025.

What acquisition did Nanox (NNOX) complete in Q3 2025?

Nanox acquired 100% of Vaso Healthcare IT to expand its healthcare IT and AI solutions business.

What 2025 deployment target did Nanox (NNOX) set for its imaging units?

Nanox expects to have over 100 clinical, demo, and commercial units in various stages of deployment by the end of 2025.

What revenue guidance did Nanox (NNOX) provide for 2026?

Nanox provided full-year guidance targeting $35 million in revenue for 2026.