Nano-X Imaging Ltd.

Q2 2026 revenue was $4.2 million versus $3.0 million in Q2 2025, up 37% year over year. Revenue included $3.0 million from teleradiology services, $1.0 million from AI and software solutions, and $0.2 million from imaging systems and OEM services. Adjusted EBITDA loss was $11.3 million versus $10.4 million a year ago. GAAP gross loss margin was -1,051% versus -107%, while non-GAAP gross loss margin was -13% versus -21%. GAAP net loss was $55.5 million versus $14.7 million, and non-GAAP net loss was $11.6 million versus $10.9 million. The quarter included a $40.7 million impairment charge to cost of revenue, reducing the fair value of certain AI intangible assets to $1.9 million. Cash and cash equivalents plus restricted deposits were $31.4 million at June 30, 2026, down from $60 million at December 31, 2025. After quarter-end, Nanox raised $8.5 million of gross proceeds through an ATM program and a registered direct offering. Management did not provide formal next-quarter or full-year revenue guidance, but said the impact of commercialization progress should start to show in the next few months. It also said annualized cost savings of about $2 million from workforce and Korea restructuring are expected to begin in 2027.

Erez Meltzer framed the quarter as one of operational progress rather than clean financial improvement, saying the company has completed a business review and is implementing lessons learned across commercial, operational, and strategic priorities. He stressed that commercialization has taken longer than expected, mainly because deployments require permitting, shielding, construction, and integration work at imaging centers. His tone was constructive but cautious: he emphasized new partnerships, the first Nanox Imaging Network site scanning patients, RadNet workflow integration, and broader clinical use cases, while also saying the company is still in the early stages of proving the model.

Guy Nathanzon focused on liquidity, burn reduction, and restructuring. He said the company reduced Israeli headcount by 15% and Korean headcount by about 67%, expects about $2 million of annualized savings beginning in 2027, and will rely on OEM partners for chip supply. He also said Nanox raised $8.5 million of gross proceeds after quarter-end to improve the cash balance. On the quarter, he cited $4.2 million of revenue, $11.3 million of adjusted EBITDA loss, $31.4 million of cash and restricted deposits, and the $40.7 million impairment charge, which did not affect cash but drove the GAAP loss.

Analysts focused on the timing of revenue traction, the size and placement pipeline, the impairment, and how much more cost reduction could come out of the business. Management said placements were made in Greece, Romania, and the Czech Republic, with systems for Peru and Argentina awaiting import licenses, plus U.S. activity including a conversion from MSaaS to CapEx, an IDN installation, an urgent care installation, and three Nanox Imaging Network systems, one already scanning. On timing, Erez said the company expects to see the impact of current commercialization efforts in the next few months. On reimbursement, he said the CMS code for Nanox.AI is already in place and that the imaging network already has reimbursed revenue, though he declined to quantify additional OpEx cuts beyond the Korea actions.