Nano-X Imaging Ltd. is cutting costs as ongoing cash burn raises sustainability concerns for the company's operations. Cost cuts highlight cash burn pressures that may constrain NNOX operations and affect near-term financial stability.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | 3 | 1 | 3 |
| Sell | — | — | — | — | — | — | — | — | 1 | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 82.43 | 57.71 | 49.15 | 31.02 |
| Receivables | 1.48 | 1.81 | 2.01 | 1.89 |
| Inventory | 2.36 | 1.49 | 3.07 | 3.42 |
| Other | 1.09 | 16.85 | 11.30 | 1.74 |
| 88.64 | 78.68 | 66.79 | 38.99 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 3.30 | 2.21 | 2.89 | 2.14 |
| ST’ Debt | 3.49 | 3.06 | 3.14 | 2.92 |
| Other | 3.41 | 3.85 | 5.16 | 4.21 |
| 15.52 | 13.97 | 16.89 | 13.71 |
| 10y | 5y | 3y | |
| Sales | — | — | ‡‡‡‡‡ |
| Cash Flow | — | ‡‡‡ | ‡‡‡ |
| Earnings | — | ‡‡‡ | ‡‡‡ |
| Book Value | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 4.31 | 4.16 | — | — |
—
|
| ’25 | 2.82 | 3.04 | 3.45 | 3.72 |
13.02
|
| ’24 | 2.55 | 2.70 | 3.03 | 3.00 |
11.28
|
| ’23 | 2.45 | 2.58 | 2.48 | 2.40 |
9.91
|
| ’22 | 1.81 | 2.20 | 2.44 | 2.13 |
8.58
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (13.95) | (11.59) | — | — |
—
|
| ’25 | (10.33) | (9.31) | (10.74) | (10.41) |
(40.79)
|
| ’24 | (9.44) | (8.49) | (8.13) | (10.53) |
(36.60)
|
| ’23 | (10.67) | (10.11) | (11.47) | (12.51) |
(44.78)
|
| ’22 | (10.95) | (10.15) | (7.65) | (14.63) |
(43.38)
|
| ’21 | (4.38) | (7.37) | (7.01) | (19.31) |
(38.06)
|
| ’20 | 0.00 | 0.00 | (8.18) | (13.31) |
(21.49)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (15.73) | (12.58) | — | — |
—
|
| ’25 | (10.85) | (10.36) | (12.48) | (11.30) |
(45.00)
|
| ’24 | (9.59) | (9.35) | (8.86) | (11.57) |
(39.36)
|
| ’23 | (12.17) | (10.46) | (12.41) | (13.04) |
(48.08)
|
| ’22 | (14.77) | (12.09) | (9.28) | (14.41) |
(50.56)
|
| ’21 | (10.07) | (14.10) | (11.83) | (25.22) |
(61.22)
|
| ’20 | 0.00 | 0.00 | (9.70) | (25.72) |
(35.42)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.20) | (0.79) | — | — |
—
|
| ’25 | (0.21) | (0.23) | (0.65) | (0.50) |
(1.16)
|
| ’24 | (0.21) | (0.23) | (0.23) | (0.23) |
(0.91)
|
| ’23 | (0.21) | (0.31) | (0.37) | (0.18) |
(1.08)
|
| ’22 | (0.41) | (0.38) | (0.37) | (0.86) |
(2.01)
|
| ’21 | (0.27) | (0.28) | (0.28) | (0.44) |
(1.26)
|
| ’20 | (0.16) | (0.14) | (0.29) | (0.46) |
(1.23)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡ | 6.41 | 4.89 | 5.26 | 2.76 | — | — | — |
Low Price
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.44 | 22.69 | 14.28 | 11.00 | — | — | — |
High Price
|
| — | — | — | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 180 | 164 | 165 | 197 | — | — | — |
Employees
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 0.05 | 0.06 | 0.07 | 0.07 | — | — | — |
Revenue/Emp
|
| — | — | — | — | — | ‡‡‡‡‡ | 8.58 | 9.91 | 11.28 | 13.02 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | (80.21%) | (66.55%) | (94.03%) | (98.21%) | — | — | — |
Gross Margin
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (116.92) | (61.11) | (53.87) | (76.81) | — | — | — |
EBT
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | (1,363.03%) | (617.01%) | (477.48%) | (589.89%) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (113.24) | (60.78) | (53.52) | (75.02) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 63.79 | 19.97 | 11.47 | 11.81 | — | — | — |
Depreciation
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 0.16 | 0.18 | 0.19 | 0.20 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.01) | (1.08) | (0.91) | (1.16) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ |
Earnings/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.83) | (0.79) | (0.62) | (0.63) | — | — | — |
Cash Flow/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.14) | (0.06) | (0.05) | (0.06) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.97) | (0.85) | (0.67) | (0.69) | — | — | — |
Free CF/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.15 | 3.47 | 3.22 | 2.16 | — | — | — |
Book Value/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 52.24 | 56.37 | 58.67 | 64.79 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| — | — | — | — | — | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
PE Ratio
|
| — | — | — | — | — | ‡‡‡ | 43.42 | 36.76 | 37.44 | 13.93 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| — | — | — | — | — | ‡‡‡‡‡ | 1.72 | 1.86 | 2.23 | 1.30 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| — | — | — | — | — | ‡‡‡ | 34.86 | 29.13 | 32.89 | 10.66 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| — | — | — | — | — | ‡‡‡‡‡ | (5.91) | (6.00) | (9.43) | (3.08) | — | — | — |
EV/FCF
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (43.38) | (44.78) | (36.60) | (40.79) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (7.17) | (3.30) | (2.77) | (4.21) | ‡‡‡‡‡ | — | — |
Capex
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (50.56) | (48.08) | (39.36) | (45.00) | — | — | — |
FCF
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 57.39 | 73.11 | 64.71 | 49.91 | — | — | — |
Working Cap'
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.22 | 3.49 | 3.06 | 3.14 | — | — | — |
Total Debt
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (73.40) | (78.94) | (54.64) | (46.01) | — | — | — |
Net Debt
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 216.68 | 195.51 | 189.12 | 139.73 | — | — | — |
Sh' Equity
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (36.70%) | (25.72%) | (24.97%) | (40.31%) | — | — | — |
ROA
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (51.35%) | (33.56%) | (26.37%) | (52.17%) | — | — | — |
ROIC
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (44.51%) | (29.49%) | (27.83%) | (45.62%) | — | — | — |
ROE
|
Nano-X Imaging Ltd. (NNOX) promises to revolutionize X-ray imaging with its innovative Nanox.ARC system, leveraging cold cathode technology for potentially lower-cost digital alternatives to traditional machines. Revenue has ramped impressively from near zero pre-2021 to $11.28 million in 2024, with analyst forecasts projecting explosive growth: 18% to $13.3 million in 2025, 138% to $31.6 million in 2026, and nearly doubling again to $57.2 million by 2027—translating to revenue per share surging 331% to $0.83. This traction stems from FDA clearances, international partnerships, and commercialization milestones, positioning NNOX as a potential medtech disruptor akin to early Butterfly Network.
Yet profitability remains elusive, with deeply negative gross margins (-66% to -94%) fueling cash burn and narrowing but persistent losses ($53.5 million in 2024, projected to shrink to $20 million by 2027). The stock has endured a rollercoaster post-SPAC merger—parabolic highs near $95 in 2021 crashing over 90% amid SEC probes, lawsuits, and short-seller attacks—now trading at depressed multiples like 37x sales versus peers. Balance sheet erosion and dilution raise red flags, though net cash provides runway.
Analysts are bullish, targeting 120-370% upside on revenue hyper-growth and margin inflection, bolstered by a recent CFO share purchase signaling insider confidence. Key catalysts include imaging center contracts and full approvals, but risks like persistent margins, competition from giants like Siemens, and dilution loom. For risk-tolerant investors, NNOX offers high-reward asymmetry if execution delivers.
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