This article first appeared on GuruFocus .
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Revenue:$4.2 million in Q2 2026, a 37% increase year-over-year from $3 million in Q2 2025.
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Revenue Breakdown:$3 million from teleradiology services, $1 million from AI and software solutions, and $0.2 million from imaging systems and OEM services.
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Adjusted EBITDA Loss:$11.3 million in Q2 2026, compared to a $10.4 million loss in Q2 2025.
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GAAP Gross Loss Margin:Minus 1,051% in Q2 2026, compared to minus 107% in Q2 2025.
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Non-GAAP Gross Loss Margin:Minus 13% in Q2 2026, compared to minus 21% in Q2 2025.
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GAAP Operating Expense:$11.8 million in Q2 2026, compared to $11.3 million in Q2 2025.
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Non-GAAP Operating Expense:$11.1 million in Q2 2026, compared to $10.0 million in Q2 2025.
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GAAP Net Loss:$55.5 million in Q2 2026, compared to a $14.7 million loss in Q2 2025, driven mainly by a $40.7 million impairment charge on intangible assets.
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Non-GAAP Net Loss:$11.6 million in Q2 2026, compared to a $10.9 million loss in Q2 2025.
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Cash Position:$31.4 million in cash, cash equivalents, and restricted deposits as of June 30, 2026, down from $60 million as of December 31, 2025.
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Capital Raised:$8.5 million in gross proceeds post-quarter end from an ATM program and a registered direct offering.
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Cost Savings:Estimated annualized savings of approximately $2 million beginning in 2027 from headcount reductions and restructuring.
Release Date: September 09, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Nano X Imaging Ltd ( NASDAQ:NNOX ) reported a 37% year-over-year increase in Q2 2026 revenue, driven by the consolidation of Nanox Health IT and growth in its teleradiology services.
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The company is expanding its US commercial footprint through 10 signed distribution partnerships, including a new agreement with Associated X-Ray Imaging Corp., and a strategic collaboration with RadNet, the largest US outpatient imaging operator.
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Early validation of the Nanox Imaging Network business model is evident, with the first Philadelphia site operational and receiving insurance reimbursements ranging from $200 to $700 per claim.
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A new CMS reimbursement code (G0680) for AI-driven cardiac analysis from chest CT scans creates a potential direct reimbursement pathway for the Nanox.AI cardiac solution, potentially expanding its addressable market.
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Management is taking decisive steps to streamline operations and reduce costs, including restructuring South Korea operations, idling the chip production line, and reducing headcount, with estimated annualized savings of approximately $2 million beginning in 2027.
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The company is advancing its OEM relationships, with Varex tubes undergoing final integration and a multi-beam X-ray vessel received for testing, indicating strong interest in its core source technology for various applications.
Negative Points
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Nano X Imaging Ltd ( NASDAQ:NNOX ) recorded a significant non-cash impairment charge of $40.7 million in Q2 2026, related to its AI solutions business unit, triggered by a decline in share price and reduced forecasts.
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The company's cash position has decreased substantially, from $60 million at the end of 2025 to $31.4 million as of June 30, 2026, necessitating further capital raises.
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Commercialization of the Nanox.ARC system continues to take longer than expected, with operational friction points related to permitting, shielding, and construction timelines at customer sites.
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The company's GAAP gross loss margin worsened dramatically to -1,051% in Q2 2026, compared to -107% in the prior year quarter, reflecting significant cost of revenue issues.
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Nano X Imaging Ltd ( NASDAQ:NNOX ) had to raise an additional $8.5 million in gross proceeds through an ATM program and a registered direct offering post-quarter-end to support its activities, indicating ongoing financial strain.
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The company's net loss widened significantly to $55.5 million in Q2 2026 from $14.7 million in the same period last year, primarily due to the impairment charge.
Q & A Highlights
Q: Could you give us a sense of how we should think about the timing of when that traction should start? How should we think about Q3 relative to Q2 in terms of revenues? And if we're not going to see much there, when should we start to see that traction result in revenues? A: Erez Meltzer, CEO: We addressed this question during the last call, noting that we saw the middle of the year as a sort of reflection point. The progress we are making now will start to show its impact in the next few months, as previously indicated. We view the Nanox Imaging Network as part of the scale moving forward, and the business partners' pipeline is being converted to installations or sales. We expect to see the reflection of this momentum in the next few months.
Q: What's expected on the impairment for the balance of 2026? I know you're at 40.69 currently. A: Guy Nathanzon, CFO: Currently, we have already completed the process as of today. If required, according to the accounting rules, we will continue in the future. Currently, we have no visibility for any other elements around the impairment, but we do the assessment according to the accounting rules every period and will do what we need to do.
Q: The $2 million in cost savings on target for 2027. I just wanted to get a sense where in the model those cost savings should be located because it is a manufacturing plant. A: Guy Nathanzon, CFO: The simple answer is that probably most of the expenses would be reflected in the operating expenses. Some of them in the COGS, but most of them in the OpEx.
Q: It sounds like there are a lot of cost rationalizations, getting costs out of the system. Where do you think you could get that operating expense? If it's been around $11 million to $12 million per quarter on a GAAP basis, how much could you pull out of that as costs are shifted outside the system? A: Guy Nathanzon, CFO: I'll try to be very cautious at this point, and if it's okay for you, I prefer not to answer this question directly. Once we have something to announce, we'll probably announce. At this point, in high level, we are always doing ongoing research, examination, and evaluation of our expenses. There is no number that I can specifically announce right now. Once there would be a number, we'll definitely announce it like we just did on the Korean side.
Q: In the press release, there was mention of a CMS reimbursement pathway. What would be the timing of developments on that front? A: Erez Meltzer, CEO: The Nanox.AI G0680 code is already in effect right now, and we expect it will impact the market in the very near future. We are going to address this segment of the market to benefit from this effort. In terms of the Nanox Imaging Network reimbursement, it's already done, and we have already generated revenue from this reimbursement. The more systems and sites we add to the network, the more revenues will grow. Based on the current model and indications from current scans, we expect each site to generate annual revenue in the range of $0.5 million to $1 million, potentially even more if the system operates on a very wide scale.
Q: What is the latest pro forma outstanding share count? A: Erez Meltzer, CEO: Since the latest update, we have placed systems in Greece, Romania, and the Czech Republic. The systems for Peru are waiting for import licenses, as are those for Argentina. In the US, we have one system which was converted from MSaaS to CapEx, installed another one in an IDN, and installed the first system in urgent care units. We have three systems currently in the Nanox Imaging Network, one of which has already started operations, and another in an orthopedic clinic. That's where we are, with quite nice progress in the last quarter.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
