Nano-X Imaging (NNOX) has opened Q1 2026 with total revenue of US$4.3 million and a basic EPS loss of US$0.20, setting the tone for another period where investors are weighing growth against ongoing losses. Over the past year, the company has seen quarterly revenue move from US$2.8 million in Q1 2025 to US$4.3 million in Q1 2026. During the same period, basic EPS has ranged from a loss of US$0.50 in Q4 2025 to a loss of roughly US$0.20 in the latest quarter, keeping the focus squarely on how quickly margins can tighten from here.

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 most widely held narratives about Nano-X Imaging to see which views the latest margins support and which ones the data starts to challenge.

Losses Stay Large At Around US$14 Million Per Quarter

• Net income excluding extra items was a loss of US$14.3 million in Q1 2026, sitting in a similar range to Q2 and Q1 2025, which were losses of US$14.7 million and US$13.2 million respectively, and compares with a much larger US$33.4 million loss in Q4 2025.
• Bears argue that persistent losses and high costs could hold Nano-X Imaging back, and the numbers keep that concern in play:
  • Over the last twelve months, net income excluding extra items totaled a loss of US$76.0 million, which lines up with the bearish focus on ongoing high cash burn and delayed profitability.
  • Analysts in the cautious camp also point to slow commercial traction in imaging systems and AI solutions, and the reliance on teleradiology in past periods fits with the current picture of losses not yet being offset by higher margin product revenue.

For readers worried about how long this loss-making phase can continue, skeptics highlight these earnings as a real world stress test of their thesis. The bear case walks through that in detail in the 🐻 Nano-X Imaging Bear Case.

Forecast 43% Revenue Growth Versus Under 1 Year Cash Runway

• Revenue is forecast to grow about 43.2% per year based on the trailing data, yet the company is reported to have under one year of cash runway. This sets the growth story against a tight funding backdrop.
• Supporters of the bullish narrative see the strong revenue outlook as a sign that Nano-X Imaging can build toward a more profitable model, but the risk section of that same narrative shows the tension:
  • On the reward side, the 43.2% revenue growth forecast and a five year trend of modestly narrowing losses at roughly 2% per year are used to argue that scale can eventually improve margins.
  • On the risk side, the need for capital to cover losses and less than one year of cash runway are consistent with the idea that further funding, and potential dilution, could be required if that growth does not translate into better earnings quickly enough.

If you want to see how bullish investors connect this growth outlook to their long term story for Nano-X Imaging, the detailed bull case sets it out in 🐂 Nano-X Imaging Bull Case.

High 4.2x P/S Multiple Versus 0.9x Peers

• Nano-X Imaging trades on a P/S of 4.2x, compared with 0.9x for peers and 1.3x for the broader US Healthcare industry, even though the company remains unprofitable on a trailing twelve month loss of US$76.0 million and a basic EPS loss of US$1.15 over the same period.
• The analysts' consensus narrative flags that expectations embedded in the stock are high, and the current numbers illustrate why that matters:
  • Consensus price targets center around US$7.20 per share, which is far above the current price of US$0.88, yet the company is still expected to remain loss making for at least the next three years.
  • That gap between the 4.2x sales multiple and peer levels means a lot of weight is being put on future revenue and margin improvement, so each quarter of results like these becomes an important check on whether that optimism is still supported by the actual income statement.

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.

Seeing both the risks and rewards around Nano-X Imaging, you can evaluate the trade off yourself by checking the 1 key reward and 3 important warning signs.

See What Else Is Out There

Nano-X Imaging is still working through heavy quarterly losses, a short cash runway and a relatively high 4.2x P/S multiple compared with peers.

If you want stocks where the balance sheet is less of a question mark and funding risk looks lower, start by checking the solid balance sheet and fundamentals stocks screener (48 results).

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.