Revenue growth has contracted significantly, with 2026Q1 revenue falling to $653K while operating margins plummeted to -5.7%.
NanoVibronix, Inc. (NAOV) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 2.18M | 2.55M | 2.56M | 2.28M | 752K | 1.7M | 623K | 530K | 318K | 239K | 229K | 147K | 203K | 211K | 166K | 94K |
| Revenue Growth % | -18.07% | -0.2% | 12.05% | 203.59% | -55.63% | 172.07% | 17.55% | 66.67% | 33.05% | 4.37% | 55.78% | -27.59% | -3.79% | 27.11% | 76.6% | - |
| Cost of Goods Sold | 2.45M | 2.4M | 1.05M | 746K | 585K | 925K | 409K | 249K | 158K | 88K | 88K | 49K | 93K | 91K | 50K | 29K |
| COGS % of Revenue | - | 94.01% | 41.05% | 32.68% | 77.79% | 54.57% | 65.65% | 46.98% | 49.69% | 36.82% | 38.43% | 33.33% | 45.81% | 43.13% | 30.12% | 30.85% |
| Gross Profit | -271K | 153K | 1.51M | 1.54M | 167K | 770K | 214K | 281K | 160K | 151K | 141K | 98K | 110K | 120K | 116K | 65K |
| Gross Margin % | -12.43% | 5.99% | 58.95% | 67.32% | 22.21% | 45.43% | 34.35% | 53.02% | 50.31% | 63.18% | 61.57% | 66.67% | 54.19% | 56.87% | 69.88% | 69.15% |
| Gross Profit Growth % | - | -89.85% | -1.89% | 820.36% | -78.31% | 259.81% | -23.84% | 75.63% | 5.96% | 7.09% | 43.88% | -10.91% | -8.33% | 3.45% | 78.46% | - |
| Operating Expenses | 22.08M | 20.64M | 5.09M | 4.97M | 5.18M | 6.45M | 4.93M | 5.43M | 4.46M | 3.24M | 2.46M | 1.52M | 1.32M | 1.23M | 890K | 747K |
| OpEx % of Revenue | - | 808.54% | 198.98% | 217.83% | 688.7% | 380.71% | 791.81% | 1024.91% | 1403.46% | 1356.49% | 1072.93% | 1036.05% | 650.74% | 582.94% | 536.14% | 794.68% |
| Selling, General & Admin | 11.62M | 10.13M | 4.18M | 4.79M | 4.9M | 6.16M | 4.76M | 4.92M | 3.85M | 2.55M | 1.87M | 1.12M | 890K | 610K | 318K | 237K |
| SG&A % of Revenue | - | 396.63% | 163.45% | 209.72% | 651.06% | 363.42% | 764.37% | 927.92% | 1210.38% | 1066.53% | 817.9% | 764.63% | 438.42% | 289.1% | 191.57% | 252.13% |
| Research & Development | 1.7M | 1.76M | 909K | 185K | 283K | 293K | 171K | 514K | 614K | 693K | 584K | 399K | 431K | 620K | 572K | 510K |
| R&D % of Revenue | - | 69.02% | 35.54% | 8.1% | 37.63% | 17.29% | 27.45% | 96.98% | 193.08% | 289.96% | 255.02% | 271.43% | 212.32% | 293.84% | 344.58% | 542.55% |
| Other Operating Expenses | 1000K | 8.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -24.75M | -22.89M | -3.58M | -3.44M | -5.01M | -5.68M | -4.72M | -5.15M | -4.3M | -3.09M | -2.32M | -1.42M | -1.21M | -1.11M | -774K | -682K |
| Operating Margin % | -1134.71% | -896.55% | -140.03% | -150.5% | -666.49% | -335.28% | -757.46% | -971.89% | -1353.14% | -1293.31% | -1011.35% | -968.71% | -596.55% | -526.07% | -466.27% | -725.53% |
| Operating Income Growth % | - | -539% | -4.25% | 31.44% | 11.81% | -20.43% | 8.39% | -19.71% | -39.21% | -33.46% | -62.64% | -17.59% | -9.1% | -43.41% | -13.49% | - |
| EBITDA | -24.77M | -22.89M | -3.58M | -3.44M | -5.01M | -5.68M | -4.72M | -5.15M | -4.3M | -3.09M | -2.31M | -1.42M | -1.2M | -1.1M | -765K | -672K |
| EBITDA Margin % | -1135.53% | -896.55% | -139.99% | -150.46% | -666.36% | -335.16% | -757.14% | -971.13% | -1351.26% | -1291.21% | -1008.3% | -962.59% | -592.12% | -521.33% | -460.84% | -714.89% |
| EBITDA Growth % | -409.48% | -539.18% | -4.25% | 31.45% | 11.79% | -20.44% | 8.35% | -19.78% | -39.24% | -33.65% | -63.18% | -17.72% | -9.27% | -43.79% | -13.84% | - |
| D&A (Non-Cash Add-back) | -18K | 0 | 1K | 1K | 1K | 2K | 2K | 4K | 6K | 5K | 7K | 9K | 9K | 10K | 9K | 10K |
| EBIT | 2.43M | 0 | -3.69M | -3.55M | -5.41M | -14.25M | -4.16M | -5.75M | -4.28M | -3.64M | -2.7M | -2.39M | -1.34M | -1.24M | -1.02M | -702K |
| Net Interest Income | 63K | 0 | -104K | -246K | -347K | 0 | -147K | -62K | 22K | -1.29M | -15K | -470K | -1.25M | -782K | -497K | -41K |
| Interest Income | 0 | 0 | 31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8K | 0 | 1K | 1K |
| Interest Expense | -99K | 0 | 135K | 246K | 347K | 0 | 147K | 62K | 22K | 1.23M | 15K | 65K | 372K | 782K | 498K | 21K |
| Other Income/Expense | 4.95M | 4.4M | -104K | -246K | -401K | -8.57M | 408K | -660K | 22K | -1.84M | -398K | -1.43M | -1.39M | -844K | -501K | -41K |
| Pretax Income | -19.8M | -18.49M | -3.69M | -3.68M | -5.41M | -14.25M | -4.31M | -5.81M | -4.28M | -4.93M | -2.71M | -2.86M | -2.6M | -1.95M | -1.27M | -723K |
| Pretax Margin % | -907.89% | -724.32% | -144.1% | -161.28% | -719.81% | -840.71% | -691.97% | -1096.42% | -1346.23% | -2061.51% | -1185.15% | -1942.86% | -1279.8% | -926.07% | -768.07% | -769.15% |
| Income Tax | 259K | 307K | 19K | 29K | 35K | 32K | 15K | -17K | -127K | 38K | 117K | 28K | 49K | 35K | 10K | 0 |
| Effective Tax Rate % | -1.31% | -1.66% | -0.52% | -0.79% | -0.65% | -0.22% | -0.35% | 0.29% | 2.97% | -0.77% | -4.31% | -0.98% | -1.89% | -1.79% | -0.78% | 0% |
| Net Income | -19.51M | -18.18M | -3.71M | -3.71M | -5.45M | -14.28M | -4.33M | -5.79M | -4.15M | -4.96M | -2.83M | -2.88M | -2.65M | -1.99M | -1.27M | -723K |
| Net Margin % | -894.64% | -712.3% | -144.84% | -162.55% | -724.47% | -842.6% | -694.38% | -1093.21% | -1306.29% | -2077.41% | -1236.24% | -1961.9% | -1303.94% | -942.65% | -768.07% | -769.15% |
| Net Income Growth % | -247.68% | -390.82% | 0.16% | 31.88% | 61.85% | -230.14% | 25.34% | -39.48% | 16.33% | -75.38% | 1.84% | -8.95% | -33.08% | -56% | -76.35% | - |
| Net Income (Continuing) | -19.51M | -18.18M | -3.71M | -3.71M | -5.45M | -14.28M | -4.33M | -5.79M | -4.15M | -4.96M | -2.83M | -2.88M | -2.65M | -1.99M | -1.27M | -723K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.93 | -28.93 | -13.73 | -21.20 | -38.40 | -113.50 | -84.00 | -167.00 | -128.80 | -200.00 | -123.70 | -163.10 | -202.70 | -152.30 | -97.70 | -55.40 |
| EPS Growth % | -82.72% | -110.71% | 35.24% | 44.79% | 66.17% | -35.12% | 49.7% | -29.66% | 35.6% | -61.68% | 24.16% | 19.54% | -33.09% | -55.89% | -76.35% | - |
| EPS (Basic) | - | -28.93 | -13.73 | -21.20 | -38.40 | -113.50 | -84.00 | -167.00 | -128.80 | -200.00 | -123.70 | -163.10 | -202.70 | -152.30 | -97.70 | -55.40 |
| Diluted Shares Outstanding | 3.29M | 628.53K | 269.85K | 175.01K | 141.97K | 125.81K | 51.49K | 34.7K | 32.24K | 24.82K | 22.89K | 17.68K | 13.06K | 13.06K | 13.06K | 13.06K |
| Basic Shares Outstanding | 3.29M | 628.53K | 269.85K | 175.01K | 141.97K | 125.81K | 51.49K | 34.7K | 32.24K | 24.82K | 22.89K | 17.68K | 13.06K | 13.06K | 13.06K | 13.06K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NAOV stock.
For fiscal year 2025, NanoVibronix, Inc. (NAOV) reported total revenue of $2.6M. This represents a 2616.0% increase compared to $0.1M in 2011.
NanoVibronix, Inc. (NAOV) reported a net loss of $18.2M for the fiscal year ending 2025.
NanoVibronix, Inc. (NAOV) reported an operating income of $-22.9M, resulting in an operating profit margin of -896.6%. This margin reflects the operational efficiency of the business before interest and taxes.
NanoVibronix, Inc. (NAOV) generated $0.2M in gross profit for the year, representing a gross profit margin of 6.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Unsustainable cash burn rate
Metrics are mathematically derived from official filings.
Stalled Revenue Growth and Adoption
As evidenced by the quarterly income statement data, NanoVibronix has experienced significant volatility in top-line performance, with recent periods showing a sharp contraction in revenue compared to historical peaks, suggesting that the company's commercial strategy is failing to gain consistent traction in the competitive medical device market.
The erratic revenue fluctuations, including a 36.3% decline in 2026Q1, indicate that the company lacks a predictable, recurring revenue stream. This instability suggests that current sales are likely driven by sporadic, non-recurring orders rather than sustained clinical adoption of its ultrasound technology.
Structural Margin Erosion and Instability
According to the reported financial figures, gross margins have collapsed from a high of 72.1% in 2024Q1 to negative territory in recent quarters, reflecting a fundamental inability to maintain pricing power or control the cost of goods sold relative to the company's current scale.
The shift to negative gross margins implies that the cost of manufacturing and distributing the company's medical interfaces now exceeds the revenue generated per unit. This trend suggests that the business model may be fundamentally unscalable without a radical redesign of its production or procurement strategy.
Operating Leverage Remains Deeply Negative
Based on the provided income statement, operating expenses consistently dwarf gross profit, resulting in an operating margin that reached -47.5% in 2025Q4, which indicates that the company is currently unable to achieve the economies of scale necessary to cover its fixed overhead and research expenditures.
The persistent reliance on high SG&A spending relative to minimal revenue suggests that the company is over-leveraged in its operational structure. Investors should monitor whether management can reduce these fixed costs, as the current burn rate appears to be disconnected from the company's actual market output.
Excessive Overhead Relative to Scale
As reported in the quarterly filings, the company's SG&A expenses frequently exceed total revenue, with 2025Q4 SG&A reaching $3.3M against only $312K in revenue, highlighting a severe lack of expense discipline that continues to erode the company's remaining cash reserves at an alarming pace.
The disproportionate allocation of capital toward SG&A, rather than revenue-generating activities, suggests that the company is struggling to optimize its cost structure. This pattern of spending may indicate that the firm is maintaining an infrastructure that is far too large for its current commercial footprint.
High Risk of Dilutive Financing
Data from the income statement suggests that the company's current cash position is insufficient to support its ongoing operating losses, as the net margin of -51.4% in 2025Q4 points toward a high probability of future equity dilution to sustain the business's basic operational requirements.
The lack of a clear path to profitability, combined with the rapid depletion of cash, suggests that the company may be forced to seek external capital under unfavorable terms. This creates a significant overhang for existing shareholders, as the current financial trajectory appears to prioritize survival over value creation.