nanox

Nanox Shuts Down South Korea Production Line and Appoints New CFO

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Nanox continues its effort to shift from development and pilot deployments toward broader commercial rollout in the U.S. The company announced a new commercial agreement with Howard Technology Solutions, under which the U.S.-based firm is expected to deploy 300 Nanox.ARC systems over three years, including 60 systems in the first year.

The deal is one of the largest distribution agreements reported by Nanox to date and adds to a series of recent partnerships with U.S. distributors.

Speaking on the company’s earnings call, CEO Erez Meltzer said that recent commercial agreements collectively represent approximately 360 systems over a two- to three-year period, and pointed to a broader potential of around 400 systems globally. He described the shift as “a fundamental change in how we scale—from providing our technology to deploying it at meaningful volume,” signaling what the company views as an approaching commercial inflection point.

Alongside the new agreement, Nanox also announced a leadership change. CFO Ran Daniel will step down after five years to pursue other opportunities. He will be replaced by Guy Nathanzon, who will assume the role on August 1. Nathanzon previously held CFO and COO positions at publicly traded medtech companies, including Valens Semiconductor and Scopio Labs. The company said the appointment is intended to support its next phase of commercialization and global expansion.

At the same time, Nanox is undertaking a significant restructuring of its manufacturing operations. The company is shutting down its chip production line in South Korea, downsizing its local fabrication facility, and transitioning to an outsourced manufacturing model with international partners, including CSEM.

According to management, the Korean facility was established during the COVID-19 period, when global supply chains were disrupted and chip availability was limited. With supply conditions now stabilized, the company believes outsourcing production will reduce costs and improve efficiency. Meltzer noted that the facility will not be fully closed but repurposed primarily as an R&D center for ceramic tube development and future technologies.

The restructuring had a significant impact on fourth-quarter results. Nanox reported revenue of $3.7 million in Q4 2025, up 23% from $3.0 million a year earlier. However, the company posted a gross loss of $3.6 million and a net loss of $33.4 million, compared with a net loss of $14.1 million in the same quarter last year.

The increase in losses was driven בעיקר by a non-cash impairment of $17.5 million related to long-lived assets, following the restructuring of its Korean manufacturing operations. The company also reported higher operating expenses, including sales and marketing costs of $2.0 million (up from $0.9 million) and general and administrative expenses of $6.0 million.

In terms of revenue mix, Nanox remains primarily reliant on its teleradiology business rather than hardware sales. Revenue from teleradiology services reached $3.1 million, up from $2.8 million in the prior year, driven by customer retention, higher pricing, and increased reading volumes.

By contrast, revenue from the sale and deployment of imaging systems remained minimal at just $49,000 for the quarter. The AI and software segment contributed $0.5 million, supported in part by the consolidation of Nanox Health IT, which the company acquired in November 2025.

Beyond the financials, Nanox highlighted a range of business developments. In the U.S., the company continues to expand its distribution network through partnerships with regional imaging providers while also building a direct sales presence. It reported that Regional Sports Medicine and Orthopedic Group is among its first direct customers in the country, marking initial penetration into the orthopedic segment.

The company is also advancing its Nanox Imaging Network initiative, a model in which Nanox provides the system, maintenance, and connectivity, while local partners manage site operations and patient engagement.

Outside the U.S., Nanox continues to expand its footprint. The company announced an exclusive distribution agreement in Argentina with Intec SRL and reported ongoing efforts to build a network of partners across Europe. It also highlighted regulatory progress, including U.S. clearance of TAP2D, which enables 2D imaging output from the Nanox.ARC system, alongside continued development of its AI platform and collaborations with institutions such as Cedars-Sinai Medical Center and Meir Medical Center.

Despite the optimistic tone, management acknowledged that deployment remains relatively slow and dependent on external factors such as import licenses, construction timelines, and regulatory approvals. The company reiterated its 2026 revenue target of $35 million but clarified that most of the expected growth is likely to materialize in the second half of the year, as newly signed distribution agreements begin translating into active, revenue-generating installations.

Nanox to deploy first digital CT systems in West Africa

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The israeli Nanox, an innovative medical imaging company, enters the West African market, signing an exclusive distribution deal with EiLEENO Pharma to deploy Nanox’s medical imaging services in Nigeria.

The Nanox System is composed of the Nanox.ARC, a medical imaging system incorporating a novel digital X-ray source, and the Nanox.CLOUD, a companion cloud-based software designed to provide an end-to-end medical imaging service that is expected to include image repository, radiologist matching, online and offline diagnostics review and annotation, connectivity to diagnostic assistive artificial intelligence systems, billing, and reporting.

Subject to regulatory approval, Nanox and EiLEENO Pharma will collaborate on the deployment and operation of 1,000 Nanox Systems comprised of the Nanox.ARC and the Nanox.CLOUD; all designated to improve the standard of care in Nigeria via significantly increased availability of medical imaging for the benefit of patients across the country.

According to the agreement and subject to regulatory approval, EiLEENO Pharma will commit to a minimum annual service fee to Nanox. The agreement has an initial term of four years and is renewable for an additional term of four years with both parties’ mutual consent.

“We are very excited to sign the unique MSaaS agreement with NANOX, to deploy medical imaging systems and ensure services for healthcare facilities across the country,” said Edward Egede, Managing Director and CEO of EiLEENO Pharma.

“This will drive affordability of medical imaging in Africa towards the goal that each Nigerian carries out comprehensive medical checks at least once a year to proactively manage their health and help promote preventive healthcare. Our broad spread of nearly 4,400 health facilities in Nigeria, covers populations in various geographic areas, especially those who are remotely habited.”

According to the World Health Organization (WHO) approximately two-thirds of the world’s population does not have access to medical imaging systems, while many people with access to medical imaging face substantial wait times for scanning. Medical imaging systems are an important early-detection tool that Nanox believes are key to increasing early treatment, improving health outcomes, and ultimately saving lives.

“West Africa is one of the prime target markets for us,” says Ran Poliakine, Chairman and Chief Executive Officer of Nanox. “The agreement with EiLEENO Pharma will allow us to support Nigeria’s population, enabling the nation to run high-volume screening campaigns cross-country. We want medical imaging to become as commonplace and accessible as water or electricity, readily available to all communities everywhere.”

Reinventing The X-Ray Source

Nanox has developed a Digital Computed Tomography technology based on the production of X-rays using a MEMS instead of an incandescent lamp. The company’s estimates its technology allows for the production of CT systems at a cost of $10,000 each, instead of approximately $3 million – the current average price of CT scanners. CT scanners perform multiple X-rays from different angles. A computer program is used to fuse all these images into a single three-dimensional file that allows the exploration of the body and its organs.

The company markets the system through collaborations with governments, hospitals and healthcare chains. The company has signed distribution agreements in 14 countries in the past two years. It intends to offer the use of systems in a Pay-per-Scan model, thereby reducing the costs of equipping scanners.

Watch: Nanox performed a live showcasing of its digital X-ray machine

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The first X-ray scan in the world (right), next to the palm of Nanox’s CEO, Poliakine. Photo: LUZ corporate photography

The imaging start-up Nanox showcased for the first time the digital X-ray machine it has developed, conducting a live demonstration of its capabilities and function. The demonstration, held at the company’s headquarters in Neve Ilan, took place at the annual conference of the Radiological Society of North America (RSNA), one of the most important professional conferences in the world of radiology, held this year in an online format. During the demonstration, two-dimensional and three-dimensional X-ray scans of a hand, a phantom of a chest X-ray, and a broken bone of a lamb were performed using the device, which were then analyzed by two qualified radiologists.

The research firm Citron recently cast doubts about the company’s claim to revolutionize the world of medical imaging, as part of a scathing report it published titled “Nanox – A Complete Farce on the Market.” Nanox defined the demonstration successful and believes that it has succeeded in dismiss all doubts regarding the company’s technology. Nanox’s demonstration has also aroused great interest in the stock markets. Throughout the month of november, Nanox’s share has almost doubled and traded at a market cap of $2.6 billion ahead of its RSNA presentation.

The demonstration was moderated by the company’s founder and CEO, Ran Poliakine. At the opening of the demo Poliakine presented the digital X-ray source the company has developed as a replacement for the heated filament currently being used in X-ray machines. It is a MEMS chip that includes hundreds of millions of electron guns, each of which emits a single electron at every pulse, and whose operation can be controlled digitally.

Poliakine: “We’ve been working for a decade to perfect what Wilhelm Röntgen invented more than a hundred years ago. He invented a mechanism to produce a current of electrons that generate X-rays by heating a filament to a temperature of more than 1,000°C. We focused on creating a digital alternative which provides a new source of X-rays and operates at room temperature.”

Nanox’s ‘cold’ system constitutes a paradigm shift compared to “hot” imaging systems. The company estimates that the new technology will make it possible to produce more portable and compact CT systems for $10,000 per system, instead of at a price of about $3 million, which is currently the average price of CT scanners. “Our X-ray source can be mass-produced, at a very low cost, and shipped all over the world.”

Reaching closure with William Röntgen’s wife

The first scan during the demonstration was of Poliakine’s palm. It was a symbolic choice, since the first scan performed by William Röntgen, which ultimately became iconic, was of the palm of his wife, Anna. In the two scans, by Anna Röntgen and by Ran Poliakine, the wedding ring can be seen clearly. Following that they performed phantom scans of a thorax and of a broken bone of a sheep. The two radiologists who participated in the demonstration were Dr. Noga Shabshin of Sheba Hospital, and a member of the company’s advisory committee, Dr. Michael Hughes of Florida. The two examined the quality of the scan compared to scans made using traditional X-ray machines and conducted a discussion of the findings.

The company markets the system through collaborations with governments, hospitals and healthcare chains. The company has signed distribution agreements in 13 countries in the past year. It intends to offer the use of systems in a Pay-per-Scan model, thereby reducing the costs of equipping scanners.

SK Telecom CEO joins Nanox’s board

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Park Jung-Ho, the CEO of SK Telecom, one of South Korea largest telecom operator and part of the SK Group, is joining the board of directors of the Israeli Nanox, according to Nanox Q3 earnings update for investors. Nanox, which has developed technology for the production of digital X-ray and CT devices that dramatically reduces their cost, was listed on the NASDAQ in late August, and is already trading at a market value of $ 1.7 billion.

SK Telecom is one of the main investors in Nanox. Last July, SK increased its holdings in Nanox with an additional investment of $ 20 million, adding to its initial $ 5 million investment made in 2018. The two companies have also established a joint venture in South Korea and signed a partnership aimed to deploy some 2,500 Nanox X-ray machines in Vietnam and South Korea, subject to obtaining regulatory clearance.

Commenting on the deal, Park Jung-ho said: “We passionately seek to revolutionize healthcare by leveraging innovative technologies. We see Nanox as one of the most promising companies to make a real difference for early detection of disease and higher standard of care to the humankind. We feel the Company is making significant progress towards its vision and want to help make it a reality.”

Nanox has developed a Digital Computed Tomography technology based on the production of X-rays using a MEMS instead of an incandescent lamp. The company’s estimates its technology allows for the production of CT systems at a cost of $10,000 each, instead of approximately $3 million – the current average price of CT scanners. CT scanners perform multiple X-rays from different angles. A computer program is used to fuse all these images into a single three-dimensional file that allows the exploration of the body and its organs.

The company markets the system through collaborations with governments, hospitals and healthcare chains. The company has signed distribution agreements in 13 countries in the past year. It intends to offer the use of systems in a Pay-per-Scan model, thereby reducing the costs of equipping scanners.

Nanox to showcase its Digital X-ray Technology

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Nano-x will present its digital X-ray platform to the medical community for the first time at the annual conference of the North American Association of Radiologists (RSNA), which will be held in Chicago from November 29 to December 5. RSNA is one of the most important conferences in the world of radiology. The company announced that during the conference it will exhibit its technology and perform a live demonstration of two-dimensional and three-dimensional scans, and also allow time for professional Q&A with the audience.

The exhibition, which will be broadcast live on the Internet, will be hosted by the company’s founder and CEO, Ran Polyakin. The company’s share jumped more than 50% last week on the heels of the announcement, which garnered wide anticipation in the medical community and capital market as Nanox claims its technology could distrupt the imaging systems market.

Nanox has developed a Digital Computed Tomography technology based on the production of X-rays using a MEMS instead of an incandescent lamp. The company’s estimates its technology allows for the production of CT systems at a cost of $10,000 each, instead of approximately $3 million – the current average price of CT scanners. CT scanners perform multiple X-rays from different angles. A computer program is used to fuse all these images into a single three-dimensional file that allows the exploration of the body and its organs.

The company markets the system through collaborations with governments, hospitals and healthcare chains. The company has signed distribution agreements in 13 countries in the past year. It intends to offer the use of systems in a Pay-per-Scan model, thereby reducing the costs of equipping scanners. Nanox was listed on the NASDAQ in late August and sparked much attention in the stock market.

Disagreements among analysts

The conference will also be an opportunity for Nanox to refute the serious allegations made against it by research firm Citron in a report released last month, entitled “Nanox – a complete farce on the market.” The Citron report raises a number of allegations. First, the authors of the report claim that to date the company has not presented any examples of real scans performed using its X-ray machine, with comparison to existing X-ray machines.

Nanox also reported that since its inception it has invested about $ 7.5 million in R&D, and Citron claims it is a miniscule amount in relation to the huge budgets spent by the imaging systems manufacturers such as GE and Siemens, especially in light of the pretense to revolutionizing the field. For example, in 2019, GE invested about $ 1 billion in R&D in its imaging segment. Citron also draws attention to the fact that Nanox has submitted an application to the FDA using the 510k form, an expedited approval procedure that does not involve conducting clinical trials but is based on a statement that the device “substantially resembles” an existing device already approved by the FDA.

On the other hand, the investment firm Oppenheimer Israel, which began surveying the company last month, actually expressed optimism about the company’s future. Oppenheimer noted that Nanox’s “cold” X-ray systems could lead to a reduction in scan costs to $ 40 per scan, compared to $ 300 per scan in traditional systems, allowing Nanox to distribute machines to smaller clinics, thus increasing access for diagnostic services. Oppenheimer estimates that Nanox revenue in 2022 will total $ 115 million and in 2023 will increase to $ 171 million.

However, Oppenheimer Israel held a neutral recommendation for the time being, since the company still has to prove its execution capabilities, i.e its ability to produce the system on a large scale and deliver the orders to customers. “Although this opportunity is exciting, it has not yet been validated in real world settings. The company must demonstrate consistent production” it said. In the Oppenheimer report.

Nanox raised $165 million in Nasdaq IPO

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Photo above: LUZ corporate photography

Nanox, the developer Digital CT devices and cloud-based diagnostic services from Jerusalem, has raised $165 million at NASDAQ IPO. Nanox issued 9.1 milion shares at a price of $18 per share. At its debut trading day, last Friday, its stock (Tickr: NNOX) jumped 20%. Nanox has developed a Digital Computed Tomography technology based on the production of X-rays using a MEMS instead of an incandescent lamp.

The company’s estimates its technology allows for the production of CT systems at a cost of $10,000 each, instead of approximately $3 million – the current average price of CT scanners. CT scanners perform multiple X-rays from different angles. A computer program is used to fuse all these images into a single three-dimensional file that allows the exploration of the body and its organs.

Pay per Scan

The development was carried out by a team of Israeli engineers and a team of Japanese engineers. The company is headed by the founder Ran Polyakin, former founder and CEO of the wireless charging Powermat. In additional to the lower price and size, Digital CT devices provide higher quality images, and having fewer errors resulting from relative movement between the scanner and the subject.

Also, they enable multi-spectral imaging, and real-time connectivity between the imaging system and the therapeutic devices, thus allows treatment to be performed under CT examination. The first commercial system, Nanox.ARC, comes with a cloud platform consists of AI-based assistive diagnostic tools and friendly user interface for the doctor.

The company markets the systems through collaborations with governments and health service organizations, and has signed distribution agreements in 13 countries. Nanox plans to offer the use of its systems in the format of a service: payment is determined according to the number of scans (Pay-per-Scan), thereby reducing the costs of acquisition.

Nanox has completed a $110 Million Funding Round

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Above: Nanox founder and CEO, Ran Polyakin. Photo: LUZ corporate photography

Nanox, the developer Digital CT devices and cloud-based diagnostic services from Jerusalem, announced  the completion of a $110 million funding round. Among the prominent investors who participated in the round were Foxconn, Fujifilm and SK Telecom. The company has raised $137 million to date. Nanox developed digitalComputed Tomography technology based on the production of X-rays using a MEMS instead of an incandescent lamp.

According to the company’s estimates, the new technology will make it possible to produce CT systems at a cost of $10,000 per system, instead of approximately $3 million – the current average price of CT scanners. CT scanners perform multiple X-rays from different angles. Following the photography, a computer program is used to fuse all the images into a single three-dimensional file that allows the exploration of the body and its organs.

Business model of Pay-per-Scan

The development was carried out by a team of Israeli engineers and a team of Japanese engineers. The company is headed by the founder Ran Polyakin, former founder and CEO of the wireless charging Powermat. Aside from the lower price and size of the systems, digital CT devices provide higher quality images, and having fewer errors resulting from relative movement between the scanner and the subject.

Also, they enable multi-spectral imaging, and real-time connectivity between the imaging system and the therapeutic devices, thus allows treatment to be performed under CT examination. The first commercial, Nanox.ARC, comes with a cloud platform consists of AI-based assistive diagnostic tools and friendly user interface for the doctor.

The company markets the systems through collaborations with governments and health service organizations, and has signed distribution agreements in 13 countries. Nanox plans to offer the use of its systems in the format of a service: payment is determined according to the number of scans (Pay-per-Scan), thereby reducing the costs of acquisition.