NNOX Nano-X Imaging Ltd.

Overview and Growth

Nano-X Imaging Ltd. generated $13.02M of revenue in fiscal 2025, with net loss of $75.02M and an operating cash outflow of $40.79M. The $13.02M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 15.4% above fiscal 2024 revenue of $11.28M, marking a year-over-year increase. Diluted earnings per share were -$1.16, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted shares averaged 64.79K; this is the reported share base over which the company’s diluted per-share earnings were spread. Total assets stood at $162.16M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.08x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Direct costs exceeded revenue, producing a gross loss of $12.79M before operating expenses. The gross loss equaled 98.2% of revenue, quantifying the direct-cost deficit before operating expenses. Operations produced a $78.23M operating loss before non-operating and tax effects. Relative to revenue, the operating deficit measured 600.8%, showing the shortfall after operating costs. The company ended the period with a net loss of $75.02M, extending the operating result through all remaining items. The net loss equaled 576.1% of revenue, showing the bottom-line deficit relative to the company’s sales base. EBITDA was negative $77.05M, showing a deficit before interest, taxes, depreciation, and amortization. The pretax result was a loss of $76.81M, establishing the deficit before tax effects. Pretax margin was -589.9%, reflecting a pre-tax loss equal to 589.9% of revenue. The company recognized an income-tax benefit of $1.79M, increasing after-tax earnings relative to the pretax result. Relative to period-end equity, the net loss represented 53.7%. The net loss equaled 46.3% of period-end assets, showing the deficit relative to the asset base. The bottom-line deficit increased from $53.52M in fiscal 2024 to $75.02M.

Liquidity and Capital Structure

The company held $162.16M of assets against $22.43M of liabilities and $139.73M of equity, revealing how the asset base was financed. Current assets were $66.79M against $16.89M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 3.96x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $49.15M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 291.0% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The equity-to-assets relationship was 86.2%, placing book capital against the total resource base. The liabilities-to-assets relationship was 13.8%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 30.3%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 22.8% lower than fiscal 2024 assets of $210.00M, measuring the company’s own balance-sheet change. Book equity was 26.1% lower than fiscal 2024 equity of $189.12M, showing how shareholder capital changed year over year. Cash and equivalents were 25.1% higher than fiscal 2024 cash of $39.30M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $40.79M, showing that operations absorbed cash during the period. Capital expenditures used $4.21M in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. Operating cash flow and capital spending combined to leave a $45.00M cash deficit after capital spending. Relative to revenue, the post-investment cash deficit represented 345.6%. The free-cash-flow deficit equaled 27.7% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.