Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Nano-X Imaging Ltd. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
1.3
8.58
9.91
11.3
13
Cost of revenue
2.82
15.5
16.5
21.9
25.8
Gross profit
-1.51
-6.88
-6.59
-10.6
-12.8
Research and development
0.67
2.72
9.21
17.1
26.5
26
20.2
19.2
Selling and marketing
0.21
1.56
12.4
7.03
4.38
4.17
3.41
5.67
General and administrative
1.02
18.3
22.3
34.7
41.3
24.3
22.5
21.6
Operating expenses
1.9
22.6
43.9
60
111
56
46.1
65.4
Operating income
-1.9
-22.6
-43.9
-61.6
-118
-62.6
-56.7
-78.2
Other non-operating income
-0.01
0.01
0.11
0.79
1.65
2.87
1.42
Pre-tax income
-22.6
-43.8
-61.8
-117
-61.1
-53.9
-76.8
Income tax
-0.05
-3.68
-0.34
-0.36
-1.79
Net income
-1.91
-22.6
-43.8
-61.8
-113
-60.8
-53.5
-75
EBITDA
-1.87
-22.5
-43.7
-61
-117
-61.4
-55.6
-77
EPS, basic
-0.09
-0.90
-1.23
-1.28
-2.17
-1.08
-0.91
-1.16
EPS, diluted
-0.09
-0.90
-1.23
-1.28
-2.17
-1.08
-0.91
-1.16
Shares, basic (weighted)
20.8
0.03
0.04
0.05
52.2
0.06
0.06
0.06
Shares, diluted (weighted)
20.8
25.2
35.7
0.05
52.2
0.06
0.06
0.06
Balance sheet
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.01
8.07
213
66.6
38.5
56.4
39.3
49.2
Short-term investments
22.1
39.2
26
18.4
Inventory
0.12
2.36
1.49
3.07
Other current assets
1.56
1.54
1.97
1.45
1.09
1.35
0.85
Total current assets
9.64
220
94.9
82.5
88.6
78.7
66.8
Property, plant and equipment
0.23
14
37.4
43.5
42.3
45.4
29.7
Lease right-of-use assets
0.53
1.36
1.73
1.16
4.57
3.84
3.52
Goodwill
58.3
7.42
0.32
Intangible assets
102
91.2
80.6
70
59.9
Long-term investments
67.8
25.2
Other non-current assets
0.14
0.66
1.06
2.87
2.16
1.79
1.63
Total assets
11.9
236
363
254
219
210
162
Accounts payable
0.48
0.44
3.13
3.62
3.3
2.21
2.89
Accrued liabilities
1.83
1.93
3.61
12.2
3.92
3.97
4.22
Deferred revenue
0.25
0.58
0.54
0.14
0.53
Short-term debt
0.15
3.49
3.06
3.14
Total current liabilities
20.3
4.48
52.8
25.1
15.5
14
16.9
Long-term debt
3.48
Lease liabilities
0.39
0.92
0.95
0.4
4.05
3.64
3.77
Other non-current liabilities
0.23
0.48
0.61
0.7
0.99
Total liabilities
20.6
5.4
71
37.3
23.1
20.9
22.4
Total debt
3.48
3.49
3.06
Paid-in capital
31.7
315
439
478
516
563
588
Retained earnings
-40.6
-84.4
-146
-259
-320
-374
-449
Other comprehensive income
-0.61
-1.97
-0.31
-0
Shareholders' equity
-6.38
-8.78
231
292
217
196
189
140
Total equity
-6.38
-8.78
231
292
217
196
189
140
Total liabilities and equity
11.9
236
363
254
219
210
162
Shares outstanding
27.2
46.1
51.8
55.1
57.8
Cash flow statement
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-1.91
-22.6
-43.8
-61.8
-113
-60.8
-53.5
-75
Depreciation and amortization
0.04
0.05
0.21
0.52
0.91
1.2
1.12
1.19
Stock-based compensation
0.12
16.2
24.8
18.8
18.6
6.84
7.26
4.19
Deferred income tax
-0.12
-3.73
-0.38
-0.38
-1.98
Change in receivables
-0.04
0.07
-0.51
-0.32
0.11
Change in inventory
-0.28
-0.33
Change in payables
0.97
2.36
-0.72
10.4
Cash from operations
-3.67
-5.52
-21.6
-38.1
-43.4
-44.8
-36.6
-40.8
Capital expenditures
-0.07
-0.13
-13.9
-23.2
-7.17
-3.3
-2.77
-4.21
Acquisitions
-2.86
-0.2
Purchases of investments
-104
-8.45
-33
Sales and maturities of investments
2.75
0.82
Cash from investing
-0.07
-0.13
-13.9
-116
14.6
35.4
-20.1
29.4
Debt issued
3.8
Stock issued
3.32
0.58
27.1
37.8
21.2
Cash from financing
3.68
13.9
241
7.38
0.8
27.3
39.5
21.4
Exchange rate effect
0.12
-0.01
-0.27
-0.06
0.07
-0.1
Net change in cash
-0.06
8.21
206
-147
-28.2
17.8
-17.1
9.85
Free cash flow
-3.74
-5.65
-35.5
-61.2
-50.6
-48.1
-39.4
-45
Income taxes paid
0.01
0.01
0.15
0
0.05
0.18
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.64 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
-98.2%
Gross profit / revenue.
Operating margin
-600.8%
Operating income / revenue.
EBITDA margin
-591.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-589.9%
Pre-tax income / revenue.
Net margin
-576.1%
Net income / revenue.
FCF margin
-345.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-313.3%
Cash from operations / revenue.
Return on equity (ROE)
-45.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-40.3%
Net income / average total assets.
Return on invested capital (ROIC)
-50.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
147.7%
Research and development expense / revenue.
Stock-based pay / revenue
32.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
32.3%
Capital expenditures / revenue.
D&A / revenue
9.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
15.4%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
14.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
-26.1%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-13.6%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-9.5%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-22.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-13.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-7.2%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
10.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
-89.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
-71.7%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.96x
Current assets / current liabilities.
Quick ratio
2.91x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.91x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$1.16
Net income per basic share, as reported (split-adjusted).
Revenue per share
$200.97
Revenue / diluted weighted shares.
FCF per share
-$694.55
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$629.62
Cash from operations / diluted weighted shares.
Book value per share
$2,157.00
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
3.86x
Market cap / revenue.
P/B
0.36x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.63x
Market cap / tangible book value, when positive.
EV/Sales
0.09x
Enterprise value / revenue.
FCF yield
-89.4%
Free cash flow / market cap.
Earnings yield
-149.1%
Net income / market cap (the inverse of P/E).
What was Nano-X Imaging Ltd.'s revenue in fiscal 2025?
Nano-X Imaging Ltd. reported revenue of $13.0M for fiscal 2025, 15.4% higher than the year before.
Was Nano-X Imaging Ltd. profitable in fiscal 2025?
No. It reported a net loss of $75.0M.
How much free cash flow did Nano-X Imaging Ltd. generate in fiscal 2025?
Cash from operations of $40.8M minus capital expenditures of $4.2M left free cash flow of -$45.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.