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what it is
It sells medical imaging hardware and cloud software to help clinics scan patients and store the images.
how it gets paid
Last year Nano-X Imaging made $11M in revenue. Nanox.ARC systems was the main engine at $4.9M, or 44% of sales.
what just happened
Nano-X posted about a -$0.21 EPS loss while revenue stayed at $11M.
At a glance
B balance sheet — gets the job done, barely
50/100 earnings predictability — expect surprises
-$0.91 fy2024 eps est
FY2026 rev est (~$2B) vs ~$11M actual — verify before trusting
n/a operating margin (deep loss)
xvary composite: 48/100 — below average
What they do
It sells medical imaging hardware and cloud software to help clinics scan patients and store the images.
ARC has 510(k) clearance → FDA permission to sell in the U.S. → the front door is open. You still only get $11M in annual revenue, so the fight is demand, not paperwork. 165 employees means this is a real company, but the customer base is still tiny.
How they make money
$11M
annual revenue
Teleradiology services
$3.2M
Nanox.ARC systems
$4.9M
Nanox.CLOUD software
$1.4M
Distribution and collaborations
$1.5M
The products that matter
medical imaging hardware
Nanox.ARC
47 units deployed in Q3 2024
Nano-X cited 47 units deployed in Q3 2024. The annual Nanox.ARC row above is ~$4.9M—any ~$400K figure is a narrower hardware slice or a different period; do not treat both as the same total.
$0.4M revenue
remote scan reading
Teleradiology Services
$2.6M in Q3 2024
This is the bigger revenue line right now. It brought in $2.6M in Q3 2024, but the gross margin was only 18%, which is not enough to fund the rest of the story.
18% gross margin
Key numbers
$11M
annual revenue
That is the whole top line. You are looking at a $175M company selling $11M of product and service.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin → operating profit as a share of sales → the company lost more than five times revenue at the operating line.
$4M
long-term debt
Debt is only 2% of capital. Creditors are not the main problem. The business is.
1.65
beta
Beta 1.65 means the stock moves about 65% more than the market. Tiny companies like this can whip around on small news.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $4M (2% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NNOX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Nano-X posted a -$0.21 EPS loss while revenue stayed at $11M.
Revenue was $11M on the year, and gross margin was -94.0%. That means the company sold product at a loss before overhead even showed up.
$11.0M
revenue
-$0.21
eps
-94.0%
gross margin
the number that mattered
Gross margin was -94.0%. That means every $100 of sales lost $94 before operating costs.
source: company earnings report, 2026
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What could go wrong
The #1 risk is commercializing Nanox.ARC fast enough to support the $35M 2026 revenue target.
med
Economics are upside down
A -94.0% gross margin means more revenue does not automatically help. The company lost $12M on $11M in revenue last year, so scale without better unit economics can just make the hole bigger.
Impact: if gross margin stays deeply negative, every growth target matters less because the business still does not convert sales into cash.
med
The valuation rests on a future step-change
Management's $35M 2026 revenue target is nearly triple the roughly $13M 2025 estimate cited elsewhere in this snapshot. That is a sharp acceleration for a business coming off an $11M revenue base.
Impact: if revenue lands far short of $35M, the stock stops being a growth story and starts being a cash-burn story again.
med
Service margins are too low to carry the model
Teleradiology generated $2.6M in Q3 2024, but gross margin was only 18%. That is the main revenue stream right now, and it is not remotely software-like.
Impact: unless service margins improve, installed hardware will not create the high-margin flywheel investors usually want from a platform story.
med
The stock can swing harder than the business changes
A 1.65 beta and a 52-week range of $2–$6 tell you this name can rerate on narrative before fundamentals catch up. That cuts both ways.
Impact: when a stock rallies 27% on forward guidance, a guidance miss later can undo that move quickly.
At a $175M market cap, you are paying for a commercial ramp that still has to move annual revenue from $11M toward $35M while fixing a gross margin below zero.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number that matters
Progress toward the $35M 2026 target
This is the stock's central promise. If quarterly revenue does not start stepping up in a visible way, the market will notice.
margin trend
Whether gross margin moves up from -n/a
You do not need perfection. You do need evidence that each dollar of revenue is becoming less destructive.
next catalyst
The next earnings report and any 2026 pacing update
After a 27% rally tied to guidance, every update is now a guidance audit. The market will care less about promises and more about pacing.
distribution risk
Whether the Balkan distribution deal turns into revenue
Press releases are easy. Shipped systems and paid scans are harder. You want proof that new geographies convert into actual dollars.
Analyst rankings
earnings predictability
50 / 100
Middle of the pack on predictability. In human-speak, analysts do not have a clean operating rhythm to model yet.
price stability
5 / 100
Very low stability. This stock trades more like a thesis than a business with settled fundamentals.
source: institutional data
Institutional activity
institutional ownership data for NNOX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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