Nano-X Imaging (NNOX) has reported third quarter FY 2025 revenue of US$3.4 million with a basic EPS loss of US$0.21, alongside trailing twelve month revenue of US$12.3 million and a basic EPS loss of US$0.88. The company has seen quarterly revenue move from US$2.7 million in Q2 2024 to US$3.4 million in Q3 2025, while basic EPS has remained in a narrow loss range between roughly US$0.21 and US$0.23 per quarter. This keeps the focus on whether revenue can outgrow persistent losses and eventually improve margins for shareholders.

See our full analysis for Nano-X Imaging.

With the headline numbers on the table, the next step is to set these results against the prevailing growth and profitability narratives investors follow to see which stories hold up and which start to look stretched.

US$55.7m trailing losses keep profitability in focus

• On a trailing twelve month basis, Nano-X Imaging reports US$12.3 million in revenue against a net loss of US$55.7 million and a basic EPS loss of US$0.88, so the business is still firmly in loss making territory despite quarterly EPS staying in a narrow band around a US$0.21 to US$0.23 loss.
• Bears point to the scale and persistence of these losses as a core concern, and the current numbers give them plenty to work with:
  • Across the last six reported quarters, net losses each period sit around US$13 million to US$15 million while quarterly revenue sits around US$2.7 million to US$3.4 million, which aligns with the cautious view that high operating costs and a relatively small revenue base could keep margins under pressure.
  • Quarterly data also shows that even as revenue reached US$3.4 million in Q3 2025, net income excluding extra items was still a US$13.7 million loss, which echoes bearish concerns about the gap between commercial traction and the cost of scaling imaging hardware, AI solutions and teleradiology services.

Over several quarters like these, skeptics argue the path from US$55.7 million in trailing losses to any sustained profit is longer and riskier than bulls suggest, so it can be useful to see their full case in one place 🐻 Nano-X Imaging Bear Case.

Revenue creeping higher while losses narrow only slowly

• Looking at the last six quarters, revenue has moved in a fairly tight band from US$2.7 million in Q2 2024 to US$3.4 million in Q3 2025 while quarterly net losses excluding extra items sit between about US$13.2 million and US$14.7 million, so losses remain many times larger than the revenue base even as sales edge up.
• Consensus narrative highlights the push into new geographies and product lines, and the current mix of revenue and losses gives a mixed read on that story:
  • Quarterly revenue around US$3 million lines up with the idea that commercial activity is building, including imaging systems, AI solutions and teleradiology, yet the fact that net losses are more than US$13 million per quarter supports the view that high R&D and go to market spending continue to outweigh early sales.
  • With trailing twelve month revenue at US$12.3 million versus a US$55.7 million net loss, the figures fit the consensus concern that progress on installations and partnerships has not yet translated into margins that move meaningfully toward breakeven.

High growth forecasts sit beside premium P/S valuation

• Forecasts built into the analysis point to revenue growth of about 45.4% per year and earnings growth of about 72.48% per year with profitability expected within three years, while the current trailing P/S multiple of 12.2x sits well above the US healthcare industry average of 1.2x and peer average of 1.6x, so expectations embedded in the price are already very ambitious relative to current US$12.3 million revenue and US$55.7 million losses.
• Bulls argue that commercial ramp and AI driven recurring revenue can justify this kind of premium, and the figures lay out both the appeal and the stretch in that view:
  • The bullish narrative, for example, works off scenarios where revenue growth runs around 80.4% per year over three years with margins moving from deeply negative levels toward positive territory, which is a very different world from the current trailing EPS loss of US$0.88 and net loss of US$55.7 million.
  • At the same time, the high current P/S of 12.2x relative to industry and peers fits bullish claims that the market already prices in strong growth, so any gap between the forecast path to profitability and what actually shows up in future revenue and EPS will matter a lot for how the stock trades from a valuation angle.

If you want to see how optimists connect these high growth forecasts and the rich P/S multiple into a single storyline, it is worth reading the detailed bull case in full 🐂 Nano-X Imaging Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Nano-X Imaging on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

After reading the mixed sentiment in this article, it makes sense to look at the numbers yourself, compare the risks and rewards, and move quickly if the story changes. To understand why some investors still see upside potential here, take a closer look at the 1 key reward

See What Else Is Out There

Nano-X Imaging is still reporting US$55.7 million in trailing losses on just US$12.3 million of revenue, with quarterly losses far larger than its sales.

If you want ideas where profitability and valuation look more grounded in current numbers, start comparing alternatives using the 63 high quality undervalued stocks.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.