New York, June 25, 2026, 16:06 EDT
- Nano-X Imaging shares dropped 44.61% to $0.8697 at the close. Trading volume was about a quarter of shares outstanding.
- Q1 revenue climbed to $4.3 million. But imaging-system and OEM revenue just totaled $167,000.
- The company pulled its 2026 revenue goal and said it doesn’t have enough cash to fund its operating plan for a year.
Nano-X Imaging Ltd. (NASDAQ:NNOX) shares plunged Thursday, wiping out nearly half their market cap. The drop followed a quarterly update that made clear how much more cash the Nanox.ARC launch needs to stay on track.
Shares finished the day at $0.8697, dropping 44.61%. The stock moved in a range from 75 cents to $1.17. About 17.8 million shares changed hands, or roughly 26% of shares outstanding. Market cap dropped to $60.5 million.
Market moves in SPDR S&P 500 ETF Trust (NYSEARCA:SPY) didn’t account for the drop. The S&P 500 tracker finished flat.
Nano-X revenue jumped 53% to $4.311 million from $2.815 million last year. Still, sales and deployment of imaging systems and OEM services added just $167,000, about 4% of Q1 revenue. Teleradiology was $3.1 million. AI and software was $1.0 million. The business tied most to the stock is still a small slice.
Nano-X Imaging CEO Erez Meltzer said the firm is “beginning to see revenue and increased scan utilization from the Nanox.ARC.” He added that how fast things pick up will come down to adoption, site readiness, construction, approvals and what partners deliver. Nano-X Imaging LTD.
Nano-X’s old revenue target slipped out of reach. Back in April, the company stuck to a $35 million revenue goal for 2026. With Q1 in, that meant Nano-X needed to bring in about $30.7 million more across the next three quarters, or around $10.2 million each quarter. But Thursday, the company dropped the target. It will not give annual revenue guidance now.
CASH DROP DEEPENS NANOX SELLOFF. Nano-X reported $44.2 million in cash, deposits and restricted deposits at March 31, down from $60.0 million at the end of December. The company burned $14.0 million in operating cash in Q1 and put its cash net of a short-term bank loan at about $27 million as of the report. With that Q1 cash burn, the new net cash figure covers less than two quarters.
The stock is trading like a cash-runway play. At Thursday’s close, the company’s market cap was about 1.4x its cash and deposits as of March, and around 2.2x preliminary net cash. That’s less than half the $126.3 million in shareholder equity reported for March, which included $57.4 million in intangibles and $30.6 million in property and equipment.
Nano-X Imaging LTD. says it still has a deployment pipeline, with about 40 systems at different deployment stages. Most of those aren’t generating revenue yet. The company expects 21 more systems will be installed under the Nanox Imaging Network in the next few months, and it has distribution deals covering around 360 CapEx systems in the U.S. over the next two to three years.
Nanox has a Nanox.ARC system in commercial use at a RadNet Inc. (NASDAQ:RDNT) site, and management is looking at more RadNet locations. On the call, Meltzer said “commercialization in medical imaging takes time” and told analysts that Q3 “will probably be the implementation” after onboarding partners in Q2. MarketBeat
Nano-X is cutting costs. Management told Scott Henry at A.G.P. they cut 15 jobs in Israel and reduced staff hours in other places. The company said early signs in June showed a lower burn rate.
Nano-X said it’s still reviewing options for South Korea, looking at a bigger restructuring, a sale, or possibly shutting down some or all of its local operations and assets. The company also reported a June 12 securities class action filed in New Jersey that targets disclosures, including ones linked to Korea. Nano-X said no loss could be estimated yet, and no accrual was made.
