Nano-X Imaging Ltd. (NNOX): Financial results for Q2 2026
Nano-X Imaging Ltd. (NNOX) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 Nanox Announces Second Quarter 2026 Financial Results and Provides Business Updates Management to host conference call and webcast on Wednesday, September 9, 2026 at 8:30 AM ET PETACH TIKVA, Israel — September 9, 2026 — NANO-X IMAGING LTD (NASDAQ: NNOX) (“ Nanox ” or
How this was made
The 30-second read
Why it matters
The earnings release introduces a sizable impairment and widened losses, which may trigger short‑term sell pressure, but the announced distribution deals and network launch provide a longer‑term growth catalyst.
Market read
First‑hand earnings data for a micro‑cap med‑tech firm; new financial figures and strategic updates provide actionable insight for traders.
What to watch
Potential upside from new U.S. distribution agreements and the first Nanox Imaging Network site could offset short‑term pain.
Nanox reported Q2 2026 revenue growth of 37%, but a $40.7 million intangible-asset impairment drove GAAP net loss to $55.5 million while cash and cash equivalents declined to $31.4 million.
Revenue increased to $4.2 million and non-GAAP gross loss margin improved, but the Company recorded a $40.7 million impairment charge, reported a $55.5 million GAAP net loss, used $25,548 thousand of operating cash during the first six months of 2026, and disclosed plans to continue raising capital.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $4.2 million | – | 37% |
| Gross lossGAAP | (43,674) | – | – |
| GAAP gross loss marginGAAP | (1,051%) | – | – |
| Non-GAAP gross loss marginnon-GAAP | (13%) | – | – |
| Cost of revenueGAAP | 7,135 | – | – |
| Cost of revenue - impairment of intangible assetsGAAP | 40,695 | – | – |
| Operating expensesGAAP | $11.8 million | – | – |
| Operating expensesnon-GAAP | $11.1 million | – | – |
| Research and development, netGAAP | 4,707 | – | – |
| Sales and marketingGAAP | 1,900 | – | – |
| General and administrativeGAAP | 5,444 | – | – |
| Operating lossGAAP | (55,477) | – | – |
| Net lossGAAP | $55.5 million | – | – |
| Net lossnon-GAAP | $11.6 million | – | – |
| Basic and diluted loss per shareGAAP | (0.79) | – | – |
| Adjusted EBITDA lossnon-GAAP | $11.3 million | – | – |
| Cash and cash equivalentsother | $31.4 million | – | – |
| Net cash used in operating activitiesGAAP | (25,548) | – | – |
| Net cash provided by investing activitiesGAAP | 7,790 | – | – |
| Net cash used in financing activitiesGAAP | (127) | – | – |
| Short-term loanGAAP | 2,919 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Teleradiology servicesNo segment-specific revenue driver was disclosed. | $3.0 million | – | – |
| AI and Software SolutionsThe consolidation of Nanox Health IT, formerly known as Vaso Healthcare IT, accounted for $0.9 million of Q2 2026 revenue. | $1.0 million | – | – |
| Sale of imaging systems and OEM servicesNo segment-specific revenue driver was disclosed. | $0.2 million | – | – |
Capital returns
- 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.
- Issuance of ordinary shares per settlement with a shareholder was 778 during the six months ended June 30, 2026.
What drove it
- Revenue increased primarily because of the consolidation of Nanox Health IT, which was consolidated as of November 19, 2025 and accounted for $0.9 million in Q2 2026.
- The Company expanded its U.S. distribution footprint to ten partners and launched its first Nanox Imaging Network site in Philadelphia, where first patient scans began.
- Nanox stated that it has begun receiving reimbursement for scans from insurers for its Nanox Imaging Network business.
- Nanox.AI added an exclusive reseller agreement with Vertec Scientific and launched five new pilot programs.
- The South Korea restructuring includes transitioning substantially all chip manufacturing activities to qualified third-party manufacturing partners and a 67% workforce reduction.
Concerns
- The Company recorded a $40.7 million impairment charge after an assessment triggered by a significant decline in its share price and reduced forecasted revenues and operating results.
- GAAP gross loss margin was (1,051%), reflecting the impairment charge recorded in cost of revenues.
- GAAP net loss increased to $55.5 million from $14.7 million.
- Cash and cash equivalents declined to $31.4 million from $60.0 million as of December 31, 2025, and the Company stated that it intends to continue raising funds from various sources.
- Nanox disclosed recurring losses, negative cash flows from operating activities, uncertainty regarding liquidity adequacy, and substantial doubt regarding its ability to continue as a going concern among its risk factors.
- A class action complaint was filed on June 12, 2026. No accrual was made because the Company stated that it cannot assess the probability of loss or reasonably estimate ultimate costs and damages at this early stage.
What to watch
- Progress in moving Nanox.ARC systems from the sales pipeline into active clinical use.
- Utilization and insurer reimbursement at the first Nanox Imaging Network site in Philadelphia.
- The pace of Nanox Health IT commercial expansion after more than 20 new projects went live during the first half of 2026.
- Execution of the South Korea restructuring, including approximately $0.9 million of restructuring-related expenses and anticipated annual cost savings of approximately $2 million starting in 2027.
- Further capital raising and the resulting balance-sheet position.
- Progress toward a potential new CMS reimbursement pathway.
Balance sheet and cash flow
- Cash and cash equivalents were 31,023 as of June 30, 2026, compared with 49,151 as of December 31, 2025.
- Short-term deposits were - as of June 30, 2026, compared with 10,459 as of December 31, 2025.
- Total assets were 91,185 as of June 30, 2026, compared with 162,165 as of December 31, 2025.
- Total liabilities were 18,717 as of June 30, 2026, compared with 22,433 as of December 31, 2025.
- Total shareholders’ equity was 72,468 as of June 30, 2026, compared with 139,732 as of December 31, 2025.
- Net cash used in operating activities was (25,548) during the six months ended June 30, 2026, compared with (19,638) during the six months ended June 30, 2025.
- Purchase of property and equipment was (2,761) during the six months ended June 30, 2026, compared with (1,579) during the six months ended June 30, 2025.
- Net change in cash and cash equivalents was (18,128) during the six months ended June 30, 2026, compared with 10,600 during the six months ended June 30, 2025.
Analysis
Nanox reported Q2 2026 revenue of $4.2 million, up 37% from $3.0 million in Q2 2025. The principal stated driver was the consolidation of Nanox Health IT, which accounted for $0.9 million of Q2 revenue. Revenue consisted of $3.0 million from teleradiology services, $1.0 million from AI and Software Solutions, and $0.2 million from imaging systems and OEM services. Commercial updates included a U.S. distribution footprint of ten partners, first patient scans at the Philadelphia Nanox Imaging Network site, insurer reimbursement for NIN scans, and a new UK reseller agreement for Nanox.AI.
The quarter's GAAP results were dominated by a $40.7 million impairment charge recorded in cost of revenues. The assessment was triggered by a significant decline in the Company’s share price and reduced forecasted revenues and operating results, and reduced the fair value of intangible assets associated with the AI solutions business unit, excluding Nanox Health IT, to $1.9 million. As a result, GAAP gross loss margin was (1,051%) and GAAP net loss was $55.5 million. The charge did not result in a cash outflow and was excluded from adjusted EBITDA loss.
Underlying measures were less affected by the impairment but remained loss-making. Non-GAAP gross loss margin improved to (13%) from (21%), while adjusted EBITDA loss increased to $11.3 million from $10.4 million. GAAP operating expenses rose to $11.8 million from $11.3 million, and non-GAAP operating expenses rose to $11.1 million from $10.0 million. Nanox attributed the operating-expense increase primarily to the Nanox Health IT consolidation and higher legal expenses.
Liquidity remains central. The Company reported cash and cash equivalents of $31.4 million as of June 30, 2026, versus $60.0 million as of December 31, 2025. Net cash used in operating activities was (25,548) for the six months ended June 30, 2026, compared with (19,638) in the prior-year period. Post-quarter-end financing generated aggregate gross proceeds of $8.5 million, and management said it intends to continue raising funds from various sources. The South Korea restructuring is expected to result in approximately $0.9 million of restructuring-related expenses and generate annual cost savings of approximately $2 million starting in 2027.
Nanox did not provide formal financial guidance. The operating focus is commercialization, scan reimbursement, additional system deployments, and cost reduction, while risks include recurring losses, negative operating cash flow, liquidity uncertainty, substantial doubt about the ability to continue as a going concern, and the early-stage securities class action for which no accrual has been made.
Management, verbatim
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.
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.
Erez Meltzer, Acting Chairman and Chief Executive Officer
Not in the filing
stated, not guessed- Formal forward revenue, gross margin, operating expense, tax-rate, EPS, or EBITDA guidance was not provided.
- Previous-release outlook was not provided, so comparison with prior guidance is unavailable.
- Non-GAAP EPS was not reported.
- Q2 operating cash flow was not reported. Only six-month operating cash flow was reported.
- Free cash flow was not reported.
- Share repurchases and dividends were not reported.
- Segment-level prior-year and prior-quarter revenue comparisons were not reported.
- Quarter-over-quarter comparisons for revenue, margins, expenses, losses, EPS, and adjusted EBITDA were not reported.
- Capital expenditures guidance was not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Nano‑X Imaging is a small‑cap medical imaging company listed on NASDAQ, recently expanding its U.S. distribution and launching its imaging network.
Ticker impact
Nano-X Imaging released its Q2 2026 earnings with revenue up 37% YoY and disclosed a $40.7M impairment charge.
Potential downside of 5‑10% over the next few trading sessions.
The new loss figures and impairment are material new information for a micro‑cap, and no prior market reaction has been priced in.
Market effects
Highlights ongoing challenges in the medical imaging and AI‑driven radiology sector.
May affect investor sentiment toward other Israeli‑listed biotech and med‑tech firms.
Limited to niche med‑tech investors; unlikely to move broader indices.
Counterpoint
If the impairment is a one‑off and cash runway remains sufficient, the stock could rebound on the growth narrative.
Key entities
- ExecutiveErez Meltzer
Acting Chairman and CEO of Nano‑X Imaging, quoted on the Q2 results.
- PartnerVertec Scientific
Exclusive reseller for Nano‑X AI solutions in the UK.
