The company continues to struggle with profitability, reporting a 2025Q4 gross margin of -97.3% despite achieving a 24.0% year-over-year revenue growth rate.
Nano-X Imaging Ltd. (NNOX) annual income statement — 8-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 |
|---|
| Sales/Revenue | 15.63M | 13.02M | 11.28M | 9.9M | 8.58M | 1.3M | 0 | 0 | 0 |
| Revenue Growth % | 31.52% | 15.4% | 13.91% | 15.47% | 557.82% | - | - | - | - |
| Cost of Goods Sold | 68.5M | 25.81M | 21.89M | 16.5M | 15.46M | 2.82M | 208K | 53K | 35K |
| COGS % of Revenue | - | 198.21% | 194.03% | 166.55% | 180.21% | 215.95% | - | - | - |
| Gross Profit | -52.87M | -12.79M | -10.61M | -6.59M | -6.88M | -1.51M | -208K | -53K | -35K |
| Gross Margin % | -338.2% | -98.21% | -94.03% | -66.55% | -80.21% | -115.95% | - | - | - |
| Gross Profit Growth % | - | -20.54% | -60.94% | 4.19% | -355.03% | -626.92% | -292.45% | -51.43% | - |
| Operating Expenses | 49.52M | 47.91M | 46.14M | 56M | 72.33M | 60.05M | 43.92M | 22.57M | 1.9M |
| OpEx % of Revenue | - | 367.95% | 408.91% | 565.34% | 843.18% | 4604.75% | - | - | - |
| Selling, General & Admin | 29.4M | 27.1M | 25.75M | 28.39M | 45.63M | 41.74M | 34.71M | 19.85M | 1.23M |
| SG&A % of Revenue | - | 208.12% | 228.21% | 286.66% | 531.94% | 3201.07% | - | - | - |
| Research & Development | 14.13M | 19.24M | 20.18M | 26.05M | 26.51M | 17.12M | 9.21M | 2.72M | 672K |
| R&D % of Revenue | - | 147.73% | 178.87% | 262.99% | 309.01% | 1313.04% | - | - | - |
| Other Operating Expenses | 1.76M | 1.58M | 206K | 1.55M | 191K | 1.18M | 0 | 0 | 0 |
| Operating Income | -102.39M | -60.7M | -56.75M | -62.59M | -109.71M | -61.56M | -43.92M | -22.57M | -1.9M |
| Operating Margin % | -654.94% | -466.16% | -502.93% | -631.89% | -1278.97% | -4720.71% | - | - | - |
| Operating Income Growth % | - | -6.97% | 9.34% | 42.95% | -78.22% | -40.15% | -94.6% | -1085.45% | - |
| EBITDA | -90.94M | -49M | -45.01M | -50.78M | -98.2M | -59.27M | -43.72M | -22.52M | -1.87M |
| EBITDA Margin % | -581.74% | -376.33% | -398.95% | -512.66% | -1144.77% | -4544.94% | - | - | - |
| EBITDA Growth % | -97.97% | -8.86% | 11.36% | 48.29% | -65.69% | -35.57% | -94.13% | -1104.82% | - |
| D&A (Non-Cash Add-back) | 11.44M | 11.7M | 11.73M | 11.81M | 11.51M | 2.29M | 208K | 53K | 35K |
| EBIT | -102.39M | -60.7M | -56.75M | -59.66M | -87.21M | -61.56M | -43.81M | -22.57M | -1.9M |
| Net Interest Income | 1.18M | 1.42M | 2.87M | 1.65M | 789K | -288K | 108K | 8K | 0 |
| Interest Income | 1.18M | 1.42M | 2.87M | 1.65M | 789K | 0 | 108K | 8K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 288K | 0 | 0 | 5K |
| Other Income/Expense | -16.19M | -16.11M | 2.87M | 1.47M | -14.67M | -288K | 108K | 8K | -5K |
| Pretax Income | -118.57M | -76.81M | -53.87M | -61.12M | -108.92M | -61.85M | -43.81M | -22.56M | -1.91M |
| Pretax Margin % | -758.47% | -589.89% | -477.48% | -617.01% | -1269.77% | -4742.79% | - | - | - |
| Income Tax | -1.76M | -1.79M | -358K | -339K | -3.68M | -48K | 0 | 0 | 5K |
| Effective Tax Rate % | 1.49% | 2.33% | 0.66% | 0.55% | 3.38% | 0.08% | 0% | 0% | -0.26% |
| Net Income | -116.81M | -75.02M | -53.52M | -60.78M | -105.24M | -61.8M | -43.5M | -22.55M | -1.91M |
| Net Margin % | -747.19% | -576.13% | -474.31% | -613.59% | -1226.89% | -4739.11% | - | - | - |
| Net Income Growth % | -109.86% | -40.18% | 11.95% | 42.25% | -70.3% | -42.07% | -92.86% | -1081.51% | - |
| Net Income (Continuing) | -116.81M | -75.02M | -53.52M | -60.78M | -113.24M | -61.8M | -43.81M | -22.56M | -1.91M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.67 | -1.16 | -0.91 | -1.08 | -2.01 | -1.28 | -1.22 | -0.49 | -0.06 |
| EPS Growth % | -88.89% | -27.47% | 15.74% | 46.27% | -57.03% | -4.92% | -148.98% | -776.57% | - |
| EPS (Basic) | - | -1.16 | -0.91 | -1.08 | -2.01 | -1.28 | -1.22 | -0.49 | -0.06 |
| Diluted Shares Outstanding | 69.93M | 64.79M | 58.62M | 56.37M | 52.23M | 48.22M | 35.65M | 45.72M | 34.17M |
| Basic Shares Outstanding | 69.93M | 64.79M | 58.62M | 56.37M | 52.23M | 48.22M | 35.65M | 45.72M | 34.17M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NNOX stock.
For fiscal year 2025, Nano-X Imaging Ltd. (NNOX) reported total revenue of $13.0M.
Nano-X Imaging Ltd. (NNOX) reported a net loss of $75.0M for the fiscal year ending 2025.
Nano-X Imaging Ltd. (NNOX) reported an operating income of $-60.7M, resulting in an operating profit margin of -466.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Nano-X Imaging Ltd. (NNOX) generated $-12.8M in gross profit for the year, representing a gross profit margin of -98.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Capital exhaustion and liquidity risk
Revenue Growth Lacks Meaningful Scale
According to reported financial statements, NNOX achieved a 24.0% year-over-year revenue increase in 2025Q4, yet the absolute top-line contribution remains minimal at $3.7 million, suggesting that the transition from early-stage teleradiology services to a scalable hardware-as-a-service model has not yet reached a meaningful commercial inflection point.
While the double-digit growth rate appears positive on a percentage basis, the underlying revenue remains heavily reliant on transactional teleradiology rather than the intended recurring MSaaS model. Investors should monitor whether the recent FDA 510(k) clearance for the Nanox.ARC can catalyze a shift toward higher-volume hardware deployments, as current growth appears insufficient to offset the company's substantial operating cost base.
Negative Gross Margins Persist Unabated
Based on the company's 2025Q4 filings, NNOX reported a gross margin of -97.3%, indicating that the cost of services, including professional radiologist fees and early-stage hardware depreciation, continues to significantly exceed the revenue generated from its current diagnostic service offerings and limited hardware placements.
The persistent negative gross margin suggests that the current business model is fundamentally inverted, where each incremental unit of revenue incurs a higher cost of delivery. This structural challenge implies that the company has yet to achieve the economies of scale necessary to validate its proprietary cold cathode technology as a cost-effective alternative to legacy imaging systems.
Operating Expenses Outpace Revenue Generation
As disclosed in recent quarterly reports, NNOX maintains a high fixed-cost structure with SG&A expenses of $7.9 million in 2025Q4, which, when combined with R&D spending, continues to drive significant operating losses that far exceed the company's total quarterly revenue of $3.7 million.
The company's expense discipline appears strained, as the cost of maintaining its R&D and administrative infrastructure remains disconnected from its current commercial output. This misalignment suggests that management is prioritizing long-term technological development over near-term operational efficiency, which may necessitate further capital raises if revenue growth does not accelerate rapidly.
Sustainability of Current Business Model
Based on the provided income statement data, the company's net loss of $33.4 million in 2025Q4, coupled with a cash position that appears insufficient to sustain current burn rates, suggests that the business model faces significant existential risks if commercial adoption does not improve immediately.
Short-term observers may focus on the widening gap between revenue and operating expenses, which indicates that the company is effectively subsidizing its current service offerings. The reliance on dilutive financing to bridge this gap warrants further investigation into whether the core hardware technology can ever achieve the margins required to reach self-sustaining profitability.