PETACH TIKVA, Israel, Sept. 09, 2026 (GLOBE NEWSWIRE) -- NANO-X IMAGING LTD (NASDAQ: NNOX) (“Nanox” or the “Company”), an innovative medical imaging technology company, today announced results for the second quarter ended June 30, 2026, and provided a business update.
Recent Business Highlights:
- Expanded Nanox’s presence in the U.S. through additional distribution partner agreement.
- Advanced capital equipment sales through additional Nanox.ARC capex agreements, adding a deployed Nanox.ARC system to an internationally recognized orthopedic center in Florida, part of an integrated delivery network (IDN).
- Launched the first Nanox Imaging Network (NIN) site, with first patient scans.
- Signed a distribution agreement in Costa Rica, supporting the Company’s continued expansion across Latin America.
- Continued Nanox.AI commercial and clinical momentum, adding an exclusive reseller agreement with Vertec Scientific and launching five new pilot programs.
- Furthered the broad restructuring of Korea operations, including transitioning substantially all chip manufacturing activities to qualified third-party manufacturing partners and undertaking other efficiency initiatives, including a 67% reduction in workforce. The restructuring is expected to result in approximately $0.9 million of restructuring-related expenses and is expected to generate annual cost savings of approximately $2 million starting in 2027.
- Expanded Nanox Health IT’s commercial activity following its acquisition at the end of 2025, with a growing customer base and more than 20 new projects going live during the first half of 2026, while making a meaningful contribution to Nanox’s revenue.
- There has been no material change in the number of Nanox.ARC systems in various stages of deployment from the levels previously reported by the Company.
“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,” said 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.”
Q2 2026 Financial Highlights:
- Q2 2026 revenues were $4.2 million, compared to $3.0 million in Q2 2025, representing a year-over-year increase of 37%. The increase was driven primarily by the consolidation of the Nanox Health IT (formerly known as Vaso Healthcare IT) business, which was consolidated as of November 19, 2025 and accounted for $0.9 million in Q2 2026. The Company generated revenues of $3.0 million from our teleradiology services, $1.0 million from our AI and Software Solutions, and $0.2 million from the sale of imaging systems and OEM services.
- Q2 2026 adjusted EBITDA loss (a financial measure that is derived as described below under “Non-GAAP Financial Measures”) was $11.3 million, compared with adjusted EBITDA loss of $10.4 million in Q2 2025.
- Q2 2026 GAAP gross loss margin was (1,051%), compared to a GAAP gross loss margin of (107%) for Q2 2025. Non-GAAP gross loss margin was (13%), compared to non-GAAP gross loss margin of (21%) in Q2 2025.
- In accordance with applicable accounting standards, as of June 30, 2026, the Company performed an impairment assessment of its asset groups. The impairment assessment was triggered by a significant decline in the Company’s share price and reduced forecasted revenues and operating results. The Company recorded an impairment charge of $40.7 million, which was recorded to cost of revenues - impairment of intangible assets, reducing the fair value of the intangible assets related to its AI solutions business unit (excluding Nanox Health IT) to $1.9 million.
The Company also re-evaluated the remaining useful lives of its intangible assets and concluded that no changes were necessary. The impairment charge did not result in any cash outflow or impact the Company’s liquidity and was excluded from the calculation of adjusted EBITDA loss for the period. - Q2 2026 GAAP operating expenses were $11.8 million, compared to GAAP operating expenses of $11.3 million in Q2 2025. Q2 2026 non-GAAP operating expenses were $11.1 million, compared to non-GAAP operating expenses of $10.0 million in Q2 2025. The increase was primarily driven by the consolidation of the Nanox Health IT business and an increase in legal expenses.
- Q2 2026 GAAP net loss was $55.5 million, compared to a GAAP net loss of $14.7 million in Q2 2025. Q2 2026 non-GAAP net loss was $11.6 million, compared to a non-GAAP net loss of $10.9 million in Q2 2025. The increase in net loss was mainly attributable to the impairment charge related to certain intangible assets, as described above.
- Cash and cash equivalents as of June 30, 2026, were $31.4 million. This compares to a cash and cash equivalents balance of $60.0 million as of December 31, 2025.
- 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. The Company intends to continue raising funds from various sources to strengthen its balance sheet and support its activities.
Additional information regarding the Company’s financial results and financial condition, including additional information regarding the impairment assessment described above, is included in the Company’s unaudited condensed consolidated financial statements as of, and for the three-month and six-month periods ended on, June 30, 2026, and the related Operating and Financial Review and Prospects for the six months ended June 30, 2026, attached as exhibits to the Company’s Report of Foreign Private Issuer on Form 6-K furnished to the SEC today.
Legal Proceedings
On June 12, 2026, a class action complaint was filed in the United States District Court of New Jersey against the Company and certain of its officers, captioned Steele v. Nano-X Imaging Ltd. et al, Case No. 1:26-cv-07062. The complaint alleges violations of federal securities laws on behalf of all persons and entities that purchased or otherwise acquired the Company’s publicly traded securities between March 31, 2025 and April 17, 2026 in connection with certain disclosures concerning the Company’s business, operations, and prospects, including with respect to the Company’s manufacturing facility in Korea. The plaintiff is seeking money damages. On August 11, 2026, three shareholders filed motions for appointment as lead plaintiff, which remain outstanding. Due to the early stage of the case, it is not possible to assess the probability of a loss or reasonably estimate the ultimate costs and damages. Consequently, no accrual has been made in the financial statements regarding this matter.
Non-GAAP Financial Measures
Nanox presents in this press release and in its quarterly conference call being held today certain financial measures that are not prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), including non-GAAP gross loss margin, non-GAAP operating expenses, non-GAAP net loss, and adjusted EBITDA loss. These non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies.
The Company’s definition of non-GAAP net loss adjusts GAAP net loss to exclude impairment of intangible assets, share-based compensation expenses, amortization of intangible assets, income related to settlement with a shareholder, and changes in earnout liability. The Company’s definition of adjusted EBITDA loss reflects the adjustments described in the preceding sentence to the Company’s GAAP net loss, as further adjusted to exclude depreciation, financial expenses and tax expenses.
The Company’s management and board of directors utilize these non-GAAP financial measures to evaluate the Company’s performance. The Company provides these non-GAAP measures of the Company’s performance to investors because management believes that these non-GAAP financial measures, when viewed with the Company’s results under GAAP and the accompanying reconciliations, are useful in identifying underlying trends in ongoing operations. However, these non-GAAP measures are not measures of financial performance under GAAP and, accordingly, should not be considered as alternatives to GAAP measures as indicators of operating performance. Further, these non-GAAP measures should not be considered measures of the Company’s liquidity. A reconciliation of certain GAAP to non-GAAP financial measures has been provided in the tables included in this press release.
Conference Call and Webcast Details
Wednesday, September 9, 2026 @ 8:30am ET
Individuals interested in listening to the Company’s second quarter results conference call may do so by joining the live webcast at the “Investors” section of the Nanox website under “Events & Presentations”. Alternatively, individuals can register online to receive a dial-in number and personalized PIN to participate in the conference call, via a link under “Events and Presentations”. An archived webcast of the event will be available for replay following the event.
About Nanox
Nanox (NASDAQ: NNOX) is focused on driving the world’s transition to preventive health care by delivering an integrated, end-to-end medical imaging and healthcare services platform.
Nanox combines affordable imaging hardware, advanced AI-based solutions, cloud-based software, access to remote radiology, health IT solutions, and a marketplace to enable earlier detection, improved clinical efficiency, and broader access to care.
Nanox’s vision is to expand the reach of medical imaging both within and beyond traditional hospital settings by providing a seamless solution from scan to interpretation and beyond. By leveraging proprietary digital X-ray technology, AI-driven analytics, and a clinically driven approach, Nanox aims to enhance the efficiency of routine imaging workflows, support early detection of disease, and improve patient outcomes.
The Nanox ecosystem includes Nanox.ARC, a cost-effective, 3D multi-source digital tomosynthesis imaging system designed for ease of use and scalability; Nanox.AI, a suite of AI-based algorithms that augment the interpretation of routine CT imaging to identify early signs often associated with chronic disease; Nanox.CLOUD, a cloud-based platform for secure data management, storage, and advanced imaging analytics; Nanox.MARKETPLACE and USARAD Holdings, which provides access to remote radiology and cardiology experts and comprehensive teleradiology services; and Nanox Health IT combines deep healthcare IT expertise with leading technology partners to deliver RIS, PACS, AI, dictation, and secure infrastructure solutions that streamline workflows and support safer, more efficient care delivery.
By integrating imaging technology, AI, cloud infrastructure, clinical expertise, a marketplace, and health information technology, Nanox seeks to lower barriers to adoption, improve utilization, and advance preventive care worldwide. For more information, please visit https://www.nanox.vision.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. All statements that are not historical facts contained in this press release are forward-looking statements. Such statements include, but are not limited to, statements regarding: the Company’s expected commercialization efforts, business strategy and long-term growth opportunities; the expected timing, pace, extent and success of deployments, installations, activations and utilization of Nanox.ARC systems, including under the Nanox Imaging Network; the anticipated benefits, timing and extent of activity under existing and new commercial, distribution and strategic agreements, including contemplated deployments of systems over the coming years; the anticipated cost savings relating to the restructuring of the Company’s South Korea operations; and the initiation, timing, progress and results of the Company’s research and development, manufacturing, and commercialization activities with respect to its X-ray source technology and the Nanox.ARC. In some cases, you can identify forward-looking statements by terminology such as “can,” “might,” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “should,” “could,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. Forward-looking statements are based on information the Company has when those statements are made or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause actual results to differ materially from those currently anticipated include: risks related to (i) Nanox’s ability to complete development of the Nanox System; (ii) Nanox’s ability to successfully demonstrate the feasibility of its technology for commercial applications; (iii) Nanox’s history of recurring losses and negative cash flows from operating activities, significant future commitments and the uncertainty regarding the adequacy of Nanox’s liquidity to pursue its complete business objectives, and substantial doubt regarding its ability to continue as a going concern; (iv) Nanox’s expectations regarding the necessity of, timing of filing for, and receipt and maintenance of, regulatory clearances or approvals regarding its technology, the Nanox.ARC and Nanox.CLOUD from regulatory agencies worldwide and its ongoing compliance with applicable quality standards and regulatory requirements; (v) Nanox’s ability to realize the anticipated benefits of recent acquisitions, which may be affected by, among other things, competition, brand recognition, the ability of the acquired companies to grow and manage growth profitably and retain their key employees; (vi) Nanox’s ability to enter into and maintain commercially reasonable arrangements with third-party manufacturers and suppliers to manufacture the Nanox.ARC; (vii) the market acceptance of the Nanox System and the proposed pay-per-scan business model; (viii) Nanox’s expectations regarding collaborations with third-parties and their potential benefits; (ix) Nanox’s ability to conduct business globally; (x) changes in global, political, economic, business, competitive, market and regulatory forces; (xi) risks related to the recent wars between Israel and the United States, on the one hand, and Iran and its proxies, on the other hand, and any worsening of the situation in Israel; and (xii) risks related to litigation, including the class action complaint filed against the Company, which may result in significant liability and damage to the Company’s reputation. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Nanox’s actual results to differ from those contained in the Forward-Looking Statements, see “Item 3.D Risk Factors” in Nanox’s Annual Report on Form 20-F for the year ended December 31, 2025, and subsequent documents or reports of Nanox filed with, or furnished to, the U.S. Securities and Exchange Commission. The reader should not place undue reliance on any forward-looking statements included in this press release. Except as required by law, Nanox undertakes no obligation to update publicly any forward-looking statements after the date of this press release to conform these statements to actual results or to changes in the Company’s expectations.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands except share and per share data) June 30,
2026 December 31,
2025 U.S. Dollars in thousands Assets CURRENT ASSETS: Cash and cash equivalents 31,023 49,151 Short-term deposits - 10,459 Accounts receivables net of allowance for credit losses of $371 as of June 30, 2026, and $367 December 31, 2025, respectively. 1,887 2,013 Inventories 3,418 3,070 Prepaid expenses 918 1,255 Other current assets 1,740 845 TOTAL CURRENT ASSETS 38,986 66,793 NON-CURRENT ASSETS: Restricted deposit 394 361 Property and equipment, net 31,614 29,677 Goodwill 316 316 Operating lease right-of-use asset 3,311 3,518 Intangible assets 14,164 59,868 Other non-current assets 2,400 1,632 TOTAL NON-CURRENT ASSETS 52,199 95,372 TOTAL ASSETS 91,185 162,165 Liabilities and Shareholders’ Equity CURRENT LIABILITIES: Short-term loan 2,919 3,136 Accounts payable 2,138 2,886 Accrued expenses 2,868 4,224 Deferred revenue 601 534 Contingent short-term earnout liability 293 304 Current maturities of operating lease liabilities 979 950 Other current liabilities 3,916 4,854 TOTAL CURRENT LIABILITIES 13,714 16,888 NON-CURRENT LIABILITIES: Non-current operating lease liabilities 3,829 3,765 Non-current deferred revenue 6 17 Contingent long-term earnout liability 84 173 Deferred tax liability 411 600 Other long-term liabilities 673 990 TOTAL NON-CURRENT LIABILITIES 5,003 5,545 TOTAL LIABILITIES 18,717 22,433 COMMITMENTS AND CONTINGENCIES (Note 3) SHAREHOLDERS’ EQUITY: Ordinary Shares, par value NIS 0.01 per share 100,000,000 authorized at June 30, 2026 and December 31, 2025, 70,061,338 and 69,590,228 issued and outstanding at June 30, 2026 and December 31, 2025, respectively 199 198 Additional paid-in capital 590,788 588,301 Accumulated deficit (518,519) (448,767)TOTAL SHAREHOLDERS’ EQUITY 72,468 139,732 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 91,185 162,165
NANO-X IMAGING LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(U.S. dollars in thousands except share and per share data) Six Months Ended
June 30, Three Months Ended
June 30, 2026 2025 2026 2025 REVENUE 8,467 5,855 4,156 3,040 COST OF REVENUE 14,034 12,144 7,135 6,280 COST OF REVENUE – IMPAIRMENT OF INTANGIBLE ASSETS 40,695 - 40,695 - GROSS LOSS (46,262) (6,289) (43,674) (3,240) OPERATING EXPENSES: Research and development, net 9,505 9,812 4,707 4,834 Sales and marketing 4,064 2,178 1,900 1,239 General and administrative 10,684 10,265 5,444 5,127 Change in contingent earnout liability 27 - (1) - Other expenses (income), net (507) 37 (247) 51 TOTAL OPERATING EXPENSES 23,773 22,292 11,803 11,251 OPERATING LOSS (70,035) (28,581) (55,477) (14,491)FINANCIAL INCOME (EXPENSE), net 308 616 (61) (149)OPERATING LOSS BEFORE INCOME TAXES (69,727) (27,965) (55,538) (14,640) INCOME TAX (EXPENSE) BENEFIT (25) 4 51 (82)NET LOSS (69,752) (27,961) (55,487) (14,722) BASIC AND DILUTED LOSS PER SHARE (1.00) (0.44) (0.79) (0.23)Weighted average number of basic and diluted ordinary shares outstanding (in thousands) 69,776 63,873 69,931 63,910 Net Loss (69,752) (27,961) (55,487) (14,722)Other comprehensive income: Unrealized gain from marketable securities - 2 - 4 Total other comprehensive income: - 2 - 4 Total comprehensive loss (69,752) (27,959) (55,487) (14,718)
NANO-X IMAGING LTD.
UNAUDITED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(U.S. dollars in thousands, except share and per share data) Ordinary shares Additional paid-in capital Accumulated other comprehensive loss Accumulated deficit Total Number of shares Amount U.S. Dollars in thousands BALANCE AT JANUARY 1, 2026 69,590,228 198 588,301 - (448,767) 139,732 Changes during the period:6 Issuance of ordinary shares upon exercise of RSUs 21,110 * - - - - Issuance of ordinary shares per settlement with a shareholder 450,000 1 777 - - 778 Share-based compensation - - 1,710 - - 1,710 Net loss for the period - - - - (69,752) (69,752)BALANCE AT JUNE 30, 2026 70,061,338 199 590,788 - (518,519) 72,468
capital
Accumulated other comprehensive loss
Accumulated
deficit
Total
Number of
shares Amount U.S. Dollars in thousands BALANCE AT JANUARY 1, 2025 63,762,001 181 562,688 (1) (373,749) 189,119 Changes during the period: Issuance of ordinary shares upon exercise of RSUs 6,490 * - - - - Issuance of ordinary shares upon exercise of options 54,903 * 121 - - 121 Issuance of ordinary shares due the settlement of contingent earnout 116,226 * - - - * Share-based compensation - - 2,277 - - 2,277 Unrealized gain from marketable securities - - - 2 - 2 Net loss for the period - - - - (27,961) (27,961)BALANCE AT JUNE 30, 2025 63,939,620 181 565,086 1 (401,710) 163,558
* Less than $1.
Accumulated other comprehensive loss
Accumulated deficit
Total
Number of shares Amount U.S. Dollars in thousands BALANCE AT APRIL 1, 2026 69,600,783 198 589,142 - (463,032) 126,308 Changes during the period: Issuance of ordinary shares upon exercise of RSUs 10,555 * - - - - Issuance of ordinary shares per settlement with a shareholder 450,000 1 777 - - 778 Share-based compensation - - 869 - - 869 Net loss for the period - - - - (55,487) (55,487)BALANCE AT JUNE 30, 2026 70,061,338 199 590,788 - (518,519) 72,468
Accumulated other comprehensive loss
Accumulated deficit
Total
Number of shares Amount U.S. Dollars in thousands BALANCE AT APRIL 1, 2025 63,819,170 181 563,975 (3) (386,988) 177,165 Changes during the period: Issuance of ordinary shares upon exercise of RSUs 3,245 * - - - - Issuance of ordinary shares upon exercise of options 979 * - - - - Issuance of ordinary shares due the settlement of contingent earnout 116,226 * - - - * Unrealized gain from marketable securities - - 4 - 4 Share-based compensation - - 1,111 - - 1,111 Net loss for the period - - - (14,722) (14,722)BALANCE AT JUNE 30, 2025 63,939,620 181 565,086 1 (401,710) 163,558
* Less than $1.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)
Six Months Ended
June 30, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss for the period (69,752) (27,961)Adjustments required to reconcile net loss to net cash used in operating activities: –Share-based compensation 1,710 2,277 Amortization of intangible assets 5,009 5,306 Impairment of Intangible assets 40,695 - Change in contingent earnout liability 27 - Depreciation 629 586 Deferred tax liability, net (189) (188)Exchange rate differentials (7) 329 Amortization of premium, discount and accrued interest on marketable securities - 64 Interest on long-term deposits - (243)Interest on short-term deposits (92) - Loss from disposal of property and equipment - 71 Changes in Operating Assets and Liabilities: Accounts receivable, net 126 (75)Change in inventories (1,063) (63)Prepaid expenses and other current assets (558) 776 Other non-current assets 142 30 Accounts payable (748) (322)Accrued expenses and other liabilities (1,516) (840)Operating lease assets and liabilities 300 381 Deferred Revenue 56 84 Other long-term liabilities (317) 150 Net cash used in operating activities (25,548) (19,638) CASH FLOWS PROVIDED BY INVESTING ACTIVITIES: Proceeds from maturity of marketable securities - 16,295 Maturity of short-term deposits 10,551 15,500 Purchase of property and equipment (2,761) (1,579)Net cash provided by investing activities 7,790 30,216 CASH FLOWS FROM FINANCING ACTIVITIES: Payment due to settlement of contingent earnout liabilities (127) - Proceeds from issuance of ordinary shares upon exercise of options - 121 Net cash (used in) provided by financing activities (127) 121 EFFECT OF CHANGES IN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS (243) (99)NET CHANGE IN CASH AND CASH EQUIVALENTS (18,128) 10,600 CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 49,151 39,304 CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 31,023 49,904 SUPPLEMENTARY INFORMATION ON ACTIVITIES INVOLVING CASH FLOWS Cash paid for interest 63 68 Cash paid for income taxes 170 184 SUPPLEMENTARY INFORMATION ON ACTIVITIES NOT INVOLVING CASH FLOWS - Non-cash purchase of property and equipment 374 398 Issuance of ordinary shares per settlement with a shareholder 778 - Operating lease liabilities arising from obtaining operating right-of use assets 38 93
(U.S. dollars in thousands)
Six Months Ended
June 30, Three Months Ended
June 30, 2026 2025 2026 2025 GAAP gross loss margin (546)% (107)% (1,051)% (107)%Non-GAAP adjustments: Amortization of intangible assets 57% 87% 58% 84%Impairment of intangible assets 481% - 979% - Share-based compensation 1% 2% 1% 2%Non-GAAP gross loss margin (8)% (18)% (13)% (21)%GAAP sales and marketing expenses 4,064 2,178 1,900 1,239 Non-GAAP adjustments: Amortization of intangible assets 221 194 111 97 Share-based compensation 232 172 116 88 Non-GAAP sales and marketing expenses 3,611 1,812 1,673 1,054 GAAP general and administrative expenses 10,684 10,265 5,444 5,127 Non-GAAP adjustments: Class-action litigation 15 33 15 33 Share-based compensation 972 1,307 493 638 Non-GAAP general and administrative expenses 9,697 8,925 4,936 4,456 GAAP Other expenses (income) (507) 37 (247) 51 Non-GAAP adjustments: Change in accrual in connection with the settlement with a shareholder 482 - 243 - Non-GAAP Other expenses (income) (25) 37 (4) 51
(U.S. dollars in thousands) Three Months Ended
June 30, 2026 2025 GAAP NET LOSS (55,487) (14,722)Impairment of intangible assets 40,695 - Share-based compensation 869 1,111 Amortization of intangible assets 2,505 2,653 Income related to settlement with a shareholder (243) - Class-action litigation 15 - Changes in earnout liability (1) - NON-GAAP NET LOSS (11,647) (10,958)Depreciation 314 296 Income tax expenses (benefit) (51) 82 Financial expenses 61 149 ADJUSTED EBITDA (11,323) (10,431)
For more information please contact:
Investors
Mike Cavanaugh, ICR Healthcare