The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 9 | — | 20.8x | Bottom tier | |
Growth | 78 | 25.7% | 6.1% | Top tier | |
Quality | 5 | -66.0% | 6.6% | Bottom tier | |
Safety | 34 | 0.5x | 0.7x | Bottom tier | |
Capital Return | 38 | — | 2.02% | Bottom tier | |
Momentum | 2 | -66.5% | 4.1% | Bottom tier | |
Sentiment | 31 | 2 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Nano-X Imaging Ltd. is a medical imaging company focused on expanding access to radiology through the Nanox.ARC ecosystem, alongside related services including Nanox.CONNECT, remote reading services through USARAD, Nanox.AI solutions, and the Nanox Health IT Inc. business after the integration of VasoHealthcare IT. The revenue model is no longer limited to selling or deploying imaging devices, but currently consists to a greater extent of teleradiology services, software and artificial intelligence, and Health IT solutions with recurring monthly revenue, while management attempts to shift a larger portion of the activity to a CapEx model through distributors and commercial partners.
In fiscal year 2025, the company recorded revenue of $13.0M versus $11.3M in 2024, but it remained far from profitability with a gross loss of $12.8M, a net loss of $75.0M, and EPS of -1.16. This shows that annual revenue growth has not yet translated into a positive gross margin at the company level, as the gross loss was larger than annual revenue itself. The results history since 2021 also shows revenue growth from $1.3M to $13.0M, but it was accompanied by large net losses every year.
In the first quarter of 2026, revenue rose to $4.3M compared with $2.8M in the comparable period, an increase of about 54%, but the company recorded a GAAP gross loss of $2.6M and a net loss of $14.3M. The operating mix was centered on teleradiology services with revenue of $3.1M and a GAAP gross profit margin of about 24%, while AI and software revenue was $1.0M, of which $0.9M came from Nanox Health IT Inc., and revenue from the sale and deployment of imaging systems and OEM services was only about $167K. Therefore, the current story for the stock combines early revenue growth and deployment of Nanox.ARC devices with cash pressures and operating losses that remain large.
Nano-X Imaging’s valuation depends on a high-risk growth story more than on current earnings, because the P/E multiple is not available given the net losses. The displayed analyst consensus is Buy with an average price target of $18, and this target is above the full 52-week range of $0.734 to $5.69, meaning the analyst view is more optimistic than the market’s recent pricing within this range. In contrast, the market capitalization of $82.1M should be read alongside the going-concern warning, the potential need for new financing, and the possibility of shareholder dilution if financing is done through issuing securities.
Figures in the text are as of 2026-06-26; the live price is shown at the top of the page.
Management said on the first-quarter 2026 call that it no longer expects to achieve the previous 2026 revenue target, which an analyst question referred to as $35M. The reason, according to management, was not a decline in its confidence in demand or the market opportunity, but rather the long period between signing agreements, deploying systems, activating them, starting services, and recognizing revenue. The company mentioned specific factors such as site readiness, completion of infrastructure, customer implementation schedules, activation, increased utilization, and third-party execution. Therefore, it decided that it currently does not intend to provide annual revenue guidance, and will instead focus on deployment, activation, utilization, and service expansion.
Nano-X Imaging’s revenue in the first quarter of 2026 was about $4.3M compared with $2.8M in the comparable period. The largest contributor was teleradiology with revenue of $3.1M, with GAAP gross profit of $0.7M and a margin of about 24%. AI and software generated $1.0M, of which $0.9M came from Nanox Health IT Inc. after the integration of VasoHealthcare IT. As for the sale and deployment of imaging systems and OEM, it amounted to only $167K, including $118K from the sale of two Nanox.CONNECT units, $11K from the deployment of imaging systems, and $38K from OEM services.
Automated analysis for informational purposes only — not investment advice.
Management says Nanox.ARC has begun generating early revenue signals, and that the system has been operating commercially for several months at a RadNet site and is integrated into routine clinical workflow. The importance of RadNet comes from management’s description of it as the largest operator of outpatient imaging centers in the United States, making the site a reference for other potential customers. The company also signed U.S. agreements in the first quarter with distributors representing potential sales of about 360 CapEx systems over the next two to three years. However, management emphasized that moving from agreements to sales, installation, and revenue recognition depends on the regulatory and technical readiness of the sites.
On March 31, 2026, the company had cash and cash equivalents, short-term deposits, and long-term restricted deposits of $44.2M, compared with $60.0M on December 31, 2025. During the first quarter, operating cash flow was negative by $14.0M, and the company spent $1.8M on purchases of property and equipment, most of it to build ARC X. Management said the cash available at the end of the quarter is sufficient under the current plan for at least one year from the date of the press release, but it also stated that these factors raise substantial doubt about the ability to continue as a going concern. The company also preliminarily estimated that cash and cash equivalents after deducting a short-term bank loan were about $27M on the statement date, and that it will need to finance its operations and may seek equity markets or private capital.
The AI and software business recorded revenue of $1.0M in the first quarter of 2026, compared with $0.2M in the comparable period, with a $0.9M contribution from Nanox Health IT Inc. Management said the gross profit margin of the AI and IT business is very high and possibly in the eighties range, and that reaching cash or operating breakeven could occur in early 2027 according to current trends. At Cedars-Sinai, analysis of a random sample of 5,000 cases showed that the cardio AI solution could identify about 1,800 patients with aortic calcification, including 49 severe cases, with a downstream follow-ups opportunity estimated at $3.8M in the first year for the medical center. In Greece, 251st Hellenic Air Force General Hospital moved to a revenue-generating commercial deployment after data showed that the AI bone solution increased detection of vertebral fractures 14 times compared with radiologists without the solution.