Nano X Imaging (NNOX) can be described with the following analogies:

• NNOX is like a semiconductor company, similar to NVIDIA, but instead of GPUs for AI, they're developing a revolutionary digital 'chip' for X-ray generation that could power the next generation of medical imaging devices.

• NNOX is building an ecosystem similar to Peloton or Ring, combining innovative imaging hardware (Nanox.ARC) with a cloud-based 'screening as a service' platform (Nanox.CLOUD) to make advanced X-ray diagnostics more accessible.

• Digital X-ray Source Technology: A novel digital MEMs semiconductor cathode-based X-ray source developed for the medical imaging industry.
• Nanox.ARC: A prototype medical imaging system that incorporates the company's novel digital X-ray source.
• Nanox.CLOUD: A companion cloud-based software platform designed to enable medical screening as a service.

Nano X Imaging (NNOX) Major Customers

Nano X Imaging (NNOX) operates primarily in a business-to-business (B2B) model, providing digital X-ray source technology, medical imaging systems, and cloud-based software to healthcare providers and medical imaging service companies. As a development-stage company, its commercialization strategy heavily relies on strategic partnerships and deployment agreements rather than traditional direct sales to a broad customer base.

One of its major partners and intended customers for the large-scale deployment of its Nanox.ARC medical imaging systems is:

• USARAD Holdings Inc. (and its affiliate, Medical Diagnostic Web) - This company is a provider of teleradiology and telemedicine services. It has entered into an agreement with Nano X Imaging for the deployment of Nanox.ARC systems in the United States. USARAD Holdings Inc. is not a public company.

Nano X Imaging is also pursuing deployment agreements and strategic collaborations with various entities, including healthcare ministries, large hospital groups, and distributors in multiple regions worldwide, to expand the reach of its technology.

• Sanmina Corporation (SANM)
• Foxconn Technology Group (TPE: 2317)
• Tower Semiconductor Ltd. (TSEM)

Erez Meltzer, Chief Executive Officer & Board Member

Mr. Meltzer assumed the role of CEO in late 2021, after serving on the Nano-X Imaging Board for two years. He brings over 35 years of leadership experience, having held executive positions across various global industries. His previous leadership roles include Chairman of the Board at Hadassah Medical Center in Israel for six years, and heading companies such as Gadot Chemicals & Shipping Group, Africa Israel, Netafim, and Creo Scitex.

Ran Daniel, Chief Financial Officer

Mr. Daniel has over 25 years of financial and business management expertise, including significant experience as a CFO in both rapidly growing and publicly traded companies. He is responsible for managing the financial and accounting functions of Nano-X Imaging.

Jim Dara, General Manager of Source & Services Division & Head of Nanox USA

Mr. Dara has held senior executive roles in multinational companies. Prior to joining Nano-X Imaging, he served as President of MyCharge, and before that, as VP of Business Development at Powermat and VP and interim CEO at Wellsense.

Tamar Aharon Cohen, EVP & Chief Marketing Officer

Ms. Aharon Cohen possesses over a decade of experience within global corporations. Her prior positions include serving as CEO at Tempo-Heineken Cyprus and as Division Manager and Marketing Manager at Tempo-Heineken Israel.

Ofir Koren, General Manager of ARC Division

Mr. Koren is an experienced technological leader. His previous roles include General Manager and VP R&D at ReWalk Robotics, General Manager of RuggedCom, and VP R&D of Alvarion, where he led the development of their WiMax mobile solution.

The key risks to Nano-X Imaging Ltd. (NNOX) are primarily centered around its financial viability, the successful commercialization and market adoption of its novel technology, and ongoing regulatory hurdles and technology validation.

1. Financial Viability / High Cash Burn and Uncertainty of Profitability: As a development-stage company, Nano-X Imaging faces significant financial challenges, characterized by a high cash burn rate, persistent net losses, and negative gross profit margins. The company's financial health indicators raise concerns about its ability to achieve profitability and maintain sufficient cash reserves to fund ongoing operations and commercialization efforts, potentially leading to further shareholder dilution through capital raises.
2. Commercialization and Market Adoption Challenges: Despite receiving some regulatory clearances, Nano-X Imaging has encountered difficulties in translating its innovative technology into significant commercial sales and widespread market adoption. This risk encompasses challenges in scaling up manufacturing and sales operations, navigating long sales cycles inherent in the healthcare sector, securing favorable reimbursement policies, and competing effectively against well-established players in the medical imaging industry.
3. Regulatory Hurdles and Technology Validation: While Nano-X Imaging has achieved some FDA 510(k) clearances for its Nanox.ARC system and AI features, the company has experienced past regulatory delays and continues to face ongoing requirements for clearances for expanded indications and additional AI modules. The successful and timely completion of these regulatory processes, coupled with rigorous clinical validation of its novel digital X-ray source technology, remains critical for its ability to launch and generate revenue in key markets.

Nano X Imaging (NNOX) operates in the expansive medical imaging and health screening industries, addressing significant global markets with its innovative technologies.

For its core digital X-ray source technology and the Nanox.ARC medical imaging system, the estimated global addressable market is substantial. The global digital X-ray market is projected to be valued at approximately USD 15.7 billion in 2025 and is expected to grow to USD 36.0 billion by 2035.

Regarding Nanox.CLOUD, which offers cloud-based software for medical screening as a service, the global medical health screening market serves as its addressable market. This market was valued at around USD 28.09 billion in 2024 and is projected to reach approximately USD 48.07 billion by 2034.

Expected Drivers of Future Revenue Growth for Nano X Imaging (NNOX)

• Commercialization and Deployment of Nanox.ARC: Nano X Imaging is actively focusing on the global commercial rollout and deployment of its Nanox.ARC medical imaging system. The company anticipates deploying over 100 clinical, demo, and commercial units worldwide by the end of 2025. This expansion is supported by recent distribution agreements in key regions, including the southeastern United States and various European countries such as Serbia, Montenegro, Bosnia and Herzegovina, Greece, Romania, the Czech Republic, and France. Revenue generation from this driver will come from both the sale or leasing of the devices and a "Radiology-as-a-Service" (RaaS) model.
• Growth of AI Solutions (Nanox.AI) and Related Services: A significant driver of future revenue growth is the expansion and monetization of Nano X Imaging's artificial intelligence (AI) solutions. The company is transitioning from a pure hardware developer to a comprehensive imaging platform, with AI as a core component of its value proposition. The acquisition of VasoHealthcare IT in the third quarter of 2025 bolstered its AI and teleradiology segments, providing a robust infrastructure for integrating AI into healthcare facilities and creating new revenue streams. Nano X Imaging expects its AI business segment to reach quarterly EBITDA breakeven in 2026. Further, anticipated FDA 510(k) clearances for chest and full-body AI modules in the first half of 2026 are expected to significantly advance its AI strategy and U.S. market entry.
• Expansion of Radiology Services (Teleradiology via Nanox.MARKETPLACE): Teleradiology services, offered through the Nanox.MARKETPLACE, currently represent the primary revenue source for the company, accounting for approximately 91% of total revenues as of Q3 2025. Future growth is expected to stem from continued customer retention and an increased volume of reading services provided through this platform. The Nanox.MARKETPLACE connects medical facilities with remote radiology and cardiology experts, forming a recurring revenue model.
• Geographic Market Expansion and Strategic Partnerships: Nano X Imaging is actively pursuing a strategy of geographic expansion through strategic partnerships. The company is building a diverse network of regional distributors to accelerate the commercial introduction of its Nanox.ARC system and other solutions in new markets. Examples include distribution agreements in the U.S. Southeast and several European countries, which aim to expand access to cost-effective medical imaging solutions globally.

Share Repurchases

No significant share repurchase programs or executed buybacks have been reported by Nano-X Imaging in the last 3-5 years. The number of outstanding shares has consistently increased during this period, which is contrary to share repurchases.

Share Issuance

• In November 2025, Nano-X Imaging announced a registered direct offering to a single institutional investor, selling 3,826,530 ordinary shares at $3.92 per share, generating approximately $15 million in gross proceeds.
• The company's shares outstanding have shown a consistent increase over the last five years, growing from 38.02 million in 2020 to 64.32 million in 2025.
• As of the fourth quarter of 2024, Nano-X Imaging Ltd. had 64 million shares outstanding, which represented an increase of 10.4% from the preceding quarter.

Inbound Investments

• Nano-X Imaging raised approximately $15 million in gross proceeds through a registered direct offering of ordinary shares in November 2025.
• As of the third quarter of 2025, the company reported $55 million in cash and equivalents, with an additional $50 million recently raised to support commercialization and expansion efforts.

Outbound Investments

• In November 2025, Nano-X Imaging agreed to acquire VasoHealthcare IT Corp for a total consideration of up to $0.8 million, consisting of a $0.2 million cash payment at closing and up to $0.6 million in performance-based earnout payments. This acquisition aims to accelerate the deployment of Nanox.AI's solutions in U.S. healthcare facilities.
• In November 2021, Nano-X Imaging completed the acquisition of USARAD Holdings Inc. and Medical Diagnostics Web (MDW, LLC) for a total consideration of $30 million, comprising $21 million in Nanox shares and $9 million in cash. This was done to create an integrated, globally connected end-to-end radiology solution.
• In August 2021, the company announced an agreement to acquire Zebra Medical Vision Ltd. for an upfront payment of $100 million in Nanox shares, with potential for up to an additional $100 million in milestone-based payments, also in shares. This acquisition aimed to develop next-generation AI-enabled hardware and software devices.

Capital Expenditures

• Nano-X Imaging's capital expenditures were approximately $2.77 million in 2024, $3.30 million in 2023, and $7.17 million in 2022.
• In 2021, capital expenditures totaled approximately $23.16 million.
• These capital expenditures primarily focus on advancing the company's medical imaging technology, including the Nanox.ARC system and its AI solutions, supporting manufacturing scale-up, and commercial deployment.