NNOX · Nano-X Imaging Ltd.

Nanox's Q4 2025 results showed revenue growth to $3.7 million from $3.0 million year-over-year, fueled by $0.5 million from AI and Software solutions, including $0.4 million from the newly acquired Nanox Health IT since November 19, 2025, and $0.3 million from expanded teleradiology services due to customer retention, higher rates, and weekday volume increases. Teleradiology GAAP gross profit margin improved to 27% from 21%, with Non-GAAP at 48% from 41%. However, overall GAAP gross loss widened to $3.6 million (97% margin) from $2.9 million (96%), and Non-GAAP to $1.2 million (32%) from $0.3 million (9%), reflecting challenges in imaging systems ($49k revenue, $2.6M loss) and AI/Software. The net loss ballooned to $33.4 million from $14.1 million, driven by a $17.5 million non-cash impairment tied to restructuring the South Korean facility, closing chip manufacturing, and shifting to outsourced production with partners like CSEM to align costs, improve margins, and secure supply chain; total expected charges ~$18 million. Operating expenses rose with sales/marketing up $1.1 million (RSNA conference, salaries) and G&A up slightly, offset by lower R&D. CEO Erez Meltzer highlighted US commercialization momentum, with ~36 Nanox.ARC systems in deployment, 17 more imminent, and agreements for ~360 Capex systems over 2-3 years via partners like Howard (300 systems). No formal guidance issued, but emphasis on scaling via distribution and integration of Nanox Health IT positions for 2026 goals. CFO transition to Guy Nathanzon (experienced in medtech, capital markets) from Ran Daniel ensures continuity, with no operational disagreements.