Nano-X Imaging Ltd. reported second‑quarter 2026 results that missed revenue expectations and widened losses, prompting a 19.3% drop in pre‑market trading. Revenue came in at $4.2 million, 37% higher year‑over‑year but $1.34 million below the $5.54 million forecast. The stock fell to $0.75 from $0.93, near its 52‑week low of $0.71.
The revenue mix was led by USARAD teleradiology ($3.0 million), followed by AI and software solutions ($1.0 million), Nanox Health IT ($0.9 million) and imaging systems/OEM services ($0.2 million). GAAP net loss expanded to $55.5 million, driven largely by a $40.7 million non‑cash impairment charge to the AI solutions unit. Non‑GAAP net loss was $11.6 million, compared with $10.9 million a year earlier. Adjusted EBITDA loss widened to $11.3 million from $10.4 million, and GAAP gross margin turned negative 1,051%, while non‑GAAP gross margin improved to –13% from –21%.
Operating expenses rose modestly, with GAAP expenses of $11.8 million versus $11.3 million in Q2 2025, and non‑GAAP expenses of $11.1 million versus $10.0 million a year ago. Cash, short‑term deposits and restricted deposits stood at $31.4 million at quarter‑end, down from $60.0 million at the end of 2025.
The company announced cost‑saving measures, including a 15% headcount reduction in Israel and a 67% reduction in South Korea, plus idling a chip production line. Management expects these actions to generate roughly $2 million of annualized savings beginning in 2027.
On the commercial side, Nano‑X highlighted the Nanox Imaging Network, estimating each site can generate $500,000 to $1 million annually depending on utilization and payer mix. Early claims in Philadelphia are reimbursed at $200‑$700 per claim. The Centers for Medicare & Medicaid Services introduced code G0680, effective April 1 2026, to reimburse algorithmic analysis of coronary artery calcium and aortic valve calcification, creating a potential pathway for the company’s Nanox.AI Cardio solution. A pilot study with Cedars‑Sinai reported over 92% agreement with standard‑of‑care tools.
Financing activity included $8.5 million in gross proceeds raised in August through an at‑the‑market offering and a registered direct offering, bringing the pro‑forma share count to about 70.6 million.
CEO Erez Meltzer emphasized the need for close coordination with small and medium imaging centers and noted that leveraging established commercial partners is key to expanding U.S. presence. CFO Guy Nathanzon said the $2 million annual cost‑saving target is expected to begin in 2027 and that the company has no visibility on further impairment charges beyond the current write‑down.
