Nanox Reports Q1 2026 Revenue Growth, Withdraws Annual Guidance Amid Slower Commercialization
核心洞察
Nanox (搜索) reported Q1 2026 revenue of $4.3 million, up from $2.8 million in Q1 2025, driven by teleradiology services and consolidation of Nanox Health IT.
A Nanox.ARC (搜索) system is now in commercial use at RadNet, the largest U.S. outpatient imaging center operator, with discussions underway for expanded deployment.
The company withdrew its 2026 revenue target, citing longer-than-expected timelines between commercial agreements, system deployment, and revenue recognition.
Nanox (搜索) (NANO-X IMAGING LTD, NASDAQ: NNOX) reported first-quarter 2026 financial results on June 25, 2026, posting $4.3 million in revenue compared to $2.8 million in the same period last year. The company also announced the withdrawal of its previously issued 2026 revenue target, as commercialization timelines for its flagship Nanox.ARC (搜索) imaging system have proven longer than anticipated.
Revenue Growth Across Business Segments
The $1.5 million year-over-year revenue increase was driven primarily by a $0.9 million contribution from the consolidation of Nanox (搜索) Health IT Inc. (formerly VasoHealthcare IT) and a $0.5 million increase in teleradiology services revenue. Teleradiology services generated $3.1 million in the quarter, up from $2.6 million in Q1 2025, with GAAP gross profit margin improving to approximately 24% from 17%.
Revenue from AI and software solutions reached $1.0 million, compared to $0.2 million in the prior-year quarter, with $0.9 million attributed to Nanox (搜索) Health IT Inc. Imaging system sales and deployments contributed $167,000, up from $33,000, including the sale of two Nanox.CONNECT units.
GAAP gross loss for the quarter was $2.6 million (gross loss margin of 60%), an improvement from $3.0 million (108% gross loss margin) in Q1 2025. Non-GAAP gross loss was $0.2 million, compared to $0.4 million in the comparable period.
RadNet Deployment Marks Key Milestone
A significant operational highlight was the commercial deployment of a Nanox.ARC (搜索) system at a RadNet facility. RadNet, the largest outpatient imaging center operator in the United States, has integrated the system into routine clinical workflow, where it has been operational for several months.
"Based on this experience, we are exploring opportunities for expanded deployment across additional outpatient imaging centers and for clinical research, including early lung nodule detection," said Erez Meltzer, Chief Executive Officer and Acting Chairman. "We believe this represents an important step in demonstrating the Nanox.ARC (搜索) clinical value in a major outpatient imaging setting."
Commercial Strategy and Distribution Agreements
The company has restructured its U.S. commercial model to emphasize partnerships, securing multiple agreements with established medical equipment distributors. These agreements collectively represent the potential for approximately 360 capital expenditure system sales over the next two to three years. During Q2 2026, the primary focus has been onboarding these partners and training their teams.
Nanox (搜索) also expanded internationally, signing a distribution agreement with TopMed SAC in Peru in late May, with additional agreements in advanced stages of negotiation across Latin America and Europe.
The company has created the Nanox (搜索) Imaging Network, targeting segments such as workers' compensation groups, concierge medicine, and outpatient specialty care where higher per-scan reimbursement rates may be achievable. Three initial engagements are underway across a large integrated healthcare campus, an independent rehabilitation and pain clinic, and an orthopedic physician practice.
AI Business Advances
The company's AI division achieved notable progress. A retrospective pilot at Cedars-Sinai demonstrated that analyzing 5,000 cases could identify nearly 1,800 patients with aortic calcification (搜索), including 49 severe cases, with an estimated $3.8 million in first-year downstream follow-up revenue for the medical center.
In Greece, the 251st Hellenic Air Force General Hospital transitioned to a revenue-generating commercial deployment of Nanox (搜索)'s AI bone solution following a prospective pilot. Data presented at the World Congress on Osteoporosis showed a 14-fold increase in identified vertebral fractures (搜索) compared to radiologists without the solution, and a nearly five-fold improvement among endocrinologists using the tool.
Nanox (搜索).AI will present early results from a multi-site AI-informed clinical trial at the upcoming SCCT Annual Scientific Meeting in San Diego, with Dr. Blankstein presenting data on AI-enabled opportunistic coronary calcium (搜索) detection.
Guidance Withdrawal and Financial Position
Meltzer addressed the withdrawal of the 2026 revenue target directly: "Since providing this target earlier this year, we've continued to advance our commercialization efforts... At the same time, we have experienced longer than anticipated timelines between the execution of commercial agreements, system deployment, activations, commencement of services, and the related recognition of revenue."
He noted that revenue recognition timing is influenced by factors often outside the company's control, including site readiness, infrastructure completion, customer implementation schedules, and third-party execution. The company does not currently intend to provide annual revenue guidance going forward, instead directing investors toward operational milestones such as deployments, activations, and utilization growth.
As of March 31, 2026, Nanox (搜索) held $44.2 million in cash, cash equivalents, and deposits, down from $60.0 million at year-end 2025. The company reported negative cash flow from operations of $14.0 million during the quarter. On a preliminary unaudited basis, cash and equivalents were estimated at approximately $27 million as of the press release date.
Management acknowledged that these factors "raise substantial doubt as to the company's ability to continue as a going concern" and stated it is actively seeking to raise funds through private equity and capital markets, as well as exploring collaborations, strategic partnerships, and cost mitigation actions.
Restructuring Initiatives
Nanox (搜索) has commenced a restructuring process that includes headcount reductions of approximately 15 employees in Israel and reduced scope of employment for others. The company is also evaluating alternatives for its South Korean operations, including a potential sale or orderly wind-down. Meltzer indicated that based on early June data, a reduction in the burn rate can be expected going forward.
GAAP net loss for the quarter was $14.3 million, compared to $13.2 million in Q1 2025. Non-GAAP net loss attributable to ordinary shares was $11.1 million, compared to $9.4 million in the prior-year period.