Nano-X Imaging Ltd. (NNOX): Business Model Canvas [Dec-2025 Updated]

You're looking at a company trying to fundamentally change medical imaging access, moving past just selling hardware. After reviewing the latest filings, it's clear Nano-X Imaging Ltd. (NNOX) is betting big on its integrated, AI-driven teleradiology service, not just the novel digital X-ray source. The Q3 2025 numbers show this pivot: teleradiology services brought in $\mathbf{\$3.1}$ million, dwarfing hardware sales, even as they pour $\mathbf{\$4.6}$ million into Research and Development (R&D) to support that vision. Their value proposition-offering scans with $\mathbf{80\%}$ less radiation at a lower cost-is compelling, but the execution hinges on scaling their Nanox.CLOUD platform globally. So, how does this complex strategy-marrying hardware production, software platforms, and global distribution-actually stack up? Let's break down the nine building blocks of Nano-X Imaging Ltd.'s (NNOX) business model below.

Nano-X Imaging Ltd. (NNOX) - Canvas Business Model: Key Partnerships

You're looking at the structure of how Nano-X Imaging Ltd. builds and delivers value through its key alliances as of late 2025. These aren't just names on a slide; they represent concrete channels for deployment and revenue generation.

The U.S. market access for the AI portfolio is being aggressively built out through specific agreements.

• - Reseller agreement with 3DR Labs for Nanox.AI, providing access to more than 1,800 hospitals and imaging centers across North America.
• - Acquisition of Vaso Healthcare IT Corp. for a total consideration of up to $800,000, structured with an initial cash payment of $200,000 at closing and up to $600,000 in performance-based earnouts over two years.

For hardware scalability, the manufacturing side is secured with a major supplier.

Volume Supply Agreement with Fabrinet for the scalable production of the Nanox.ARC X system is in place, supporting the ramp-up of the next-generation digital tomosynthesis unit.

European expansion is being executed via targeted distribution agreements following the CE Mark certification in February 2025.

• - European distribution partners include Althea France SARL for market introduction, sales, and service in France.
• - Distribution agreement signed with EXRAY s.r.o. in the Czech Republic; EXRAY is recognized as the number one supplier of digital radiography systems in the Czech Republic, with installations in more than half of the country's approximately 200 healthcare facilities, representing over 50% market penetration.

Clinical validation and evidence generation are being advanced through direct site collaborations.

The company added key clinical trial sites to assess its technology in real-world settings.

These clinical sites are crucial for demonstrating the value proposition of the Nanox.ARC system, especially for applications like lung cancer screening.

Finance: draft 13-week cash view by Friday.

Nano-X Imaging Ltd. (NNOX) - Canvas Business Model: Key Activities

You're looking at the core operational drivers for Nano-X Imaging Ltd. (NNOX) as of late 2025, focusing on the execution of their multi-faceted strategy. The key activities are centered on moving the Nanox.ARC X from regulatory approval to global deployment, supported by the existing service infrastructure.

The financial reality right now shows the service side is carrying the load while the hardware scales. For the third quarter ended September 30, 2025, total revenue hit $3.4 million, bringing the trailing twelve months (TTM) revenue to $12.30 million.

Commercializing the Nanox.ARC X system globally post-FDA clearance

This is where the future revenue mix shift is supposed to happen, moving from pure services to hardware/software deployment. The Nanox.ARC X system secured its FDA 510(k) clearance in the first quarter of 2025, which is a big deal for U.S. market access. The company is pushing hard on deployment, with management targeting a global installed base exceeding 100 units by the end of 2025.

Still, the early commercialization costs are substantial. Look at the Q3 2025 numbers for the hardware segment:

The company is actively building out its global footprint, signing distribution partnerships in Europe with entities like EXRAY and Althea France SARL during Q3 2025. They are also on track to meet their year-end deployment target.

Operating the Nanox.CLOUD teleradiology and AI platform

The Nanox.CLOUD infrastructure, which includes the teleradiology services from the USARAD acquisition and the AI solutions, remains the primary revenue generator. The teleradiology business is already profitable, with Q1 2025 reporting GAAP gross profit of $0.4 million on $2.6 million in revenue. By Q3 2025, the Non-GAAP gross margin for this segment was reported at 43%.

The AI solutions side, however, shows a different picture in terms of immediate profitability, absorbing significant R&D and operational costs.

• AI Solutions Revenue (Q3 2025): $142 thousand
• AI Solutions GAAP Gross Loss (Q3 2025): $1.9 million
• AI Solutions Non-GAAP Gross Profit (Q3 2025): $75,000

The entire organization is focused on execution to hit the projected FY2026 revenue of $35 million, which hinges on scaling these service platforms alongside the new hardware.

Research and development (R&D) on multi-source digital X-ray technology

Continuous development is necessary to lower the cost of the Nanox.ARC and improve its offering, like the 2D view software module submitted to the FDA in Q2 2025. You can see the investment level in the R&D expense line item.

• R&D Expenses, Net (Q3 2025): $4.6 million
• R&D Expenses, Net (Q1 2025): $5.0 million

This spending is intended to support the long-term goal of the ARC division breaking even in 2027.

Integrating Vaso Healthcare IT to enhance AI solutions and deployment

To help speed up the deployment of their AI tools in U.S. healthcare facilities, Nano-X Imaging announced the acquisition of Vaso Healthcare IT in Q3 2025. This move is designed to bring implementation and workflow optimization expertise in-house.

This acquisition was made while the company held approximately $55.5 million in cash, cash equivalents, and marketable securities as of September 30, 2025, though they burned $30.4 million in operations over the first nine months of 2025.

Nano-X Imaging Ltd. (NNOX) - Canvas Business Model: Key Resources

You're looking at the core assets Nano-X Imaging Ltd. (NNOX) relies on to execute its platform strategy as of late 2025. These aren't just ideas; they are tangible technologies and financial buffers that underpin near-term operations.

The foundation is definitely the proprietary cold-cathode digital X-ray source technology. This is the core intellectual property that allows for a different approach to medical imaging hardware. While the technology itself is the resource, its commercial viability is reflected in deployment numbers. Management has been pushing hard to scale this, targeting over 100 ARC systems in various deployment stages by the end of 2025 worldwide.

Regulatory milestones are critical resources for market access. The Nanox.ARC system has secured the CE mark, which is key for European expansion. The company is also advancing clinical work supporting its solutions, adding sites like Cedars-Sinai in Los Angeles and Olympe Imagerie in Paris as clinical trial sites.

Here's a snapshot of the financial resources and the immediate commercial output from the deployed systems as of the third quarter of 2025:

The Nanox.CLOUD platform is the necessary digital infrastructure connecting the hardware and services. This platform supports teleradiology and the integration of Artificial Intelligence solutions. To bolster this, Nano-X Imaging Ltd. acquired 100% of Vaso Healthcare IT during the quarter, a move specifically aimed at enlarging the growing AI solutions business.

You can see the platform's current contribution through these service revenues:

• Teleradiology services generated $3.1 million in revenue for Q3 2025.
• The AI solutions segment contributed $0.1 million in revenue for Q3 2025.
• GAAP gross profit margin for teleradiology services was approximately 25% for the reported period.

Honestly, the cash position of $55.5 million is the immediate buffer against the negative cash flow from operations of $30.4 million reported for the same period. Finance: draft 13-week cash view by Friday.

Nano-X Imaging Ltd. (NNOX) - Canvas Business Model: Value Propositions

You're looking at the core value Nano-X Imaging Ltd. delivers to its customers, which is all about making advanced medical imaging practical where it wasn't before. It's a compelling mix of hardware innovation and AI-driven diagnostics.

The primary hardware offering, the Nanox.ARC, is positioned as affordable, low-cost medical imaging hardware, making advanced 3D imaging possible in more places at a significantly lower cost than traditional CT. This is supported by the physical design of the newer Nanox.ARC X system, which features a smaller footprint, coming in at roughly 75% of the length of the previous Nanox.ARC System, simplifying installation logistics.

A critical differentiator for the Nanox.ARC X is the radiation profile. This system reportedly uses approximately 80% less radiation than traditional CT scans, which is a huge win for patient safety and scan frequency. That's a big deal for screening programs.

The value proposition is heavily augmented by the integrated AI-powered diagnostic solutions from Nanox.AI Ltd. These solutions are designed to extract actionable insights from scans, helping to address gaps in early disease detection. For instance, the HealthVCF algorithm, an AI bone solution, has shown significant real-world impact in clinical settings.

Here's a look at the scale and impact of the AI solutions based on late 2025 data:

This technology directly supports increased accessibility to advanced imaging in underserved markets by offering a system that is both cheaper to acquire and simpler to operate than traditional CT. The company's vision centers on this accessibility, aiming to transition from a teleradiology revenue base to hardware and software sales.

The AI component also translates directly into financial value for healthcare organizations. The ADOPT study showed that AI-enabled Fracture Liaison Services, combined with other improvements, resulted in cost savings of up to £50,000 per healthcare organization over the study's duration. This integrated approach, which pairs diagnostic indications with confirmation from remote radiologists, is a key part of the appeal for imaging centers.

The overall strategic goal is to build momentum toward the projected 2026 revenue guidance of $35 million, which is contingent on the successful scaling of these deployed systems and AI adoption. You need to watch the utilization rate of those deployed units closely.

• Affordable, low-cost medical imaging hardware (Nanox.ARC).
• Reduced radiation exposure (Nanox.ARC X uses ~80% less than traditional CT).
• Integrated AI-powered diagnostic solutions (e.g., HealthVCF, HealthOST).
• Increased accessibility to advanced imaging in underserved markets.
• Smaller footprint and simplified installation with the Nanox.ARC X (roughly 75% of previous system length).

Finance: draft 13-week cash view by Friday.

Nano-X Imaging Ltd. (NNOX) - Canvas Business Model: Customer Relationships

You're looking at how Nano-X Imaging Ltd. (NNOX) manages the people and organizations buying into their end-to-end imaging solutions, which is a mix of hardware, cloud services, and AI. It's not a one-size-fits-all approach; they tailor the relationship based on the customer type, which is smart given their current scale.

For the biggest players, like the large imaging center chains in the U.S., the relationship leans toward dedicated account management. We saw this in Q2 2025 when new customers included several U.S. chains, one of which is described as one of the largest imaging providers in the country, starting technician training in July 2025. Also, the recent acquisition of Vaso Healthcare IT is clearly aimed at integrating robust infrastructure to support these key U.S. relationships, especially for their AI solutions.

For the broader user base, the model shifts to automated, self-service access via the Nanox.CLOUD platform. This platform is the engine for delivering medical screening as a service, meaning the day-to-day interaction for many users is digital and scalable, rather than relying solely on direct human contact. This is how they plan to manage the expected growth in deployed units.

When bringing on new distribution partners, which is crucial for international scale, the approach is definitely high-touch support and training. Look at their European expansion in Q3 2025: they signed distribution partnerships with EXRAY in the Czech Republic and Althea France SARL. Before a system ships, like the one prepared for Romania, they finalize necessary training to ensure the partner can handle sales and service effectively. This hands-on onboarding is key to de-risking international rollouts.

The scale of their current customer base and partnership reach is best seen in the deployment and access numbers:

Finally, to build definitely market credibility, Nano-X Imaging Ltd. is heavily invested in clinical collaboration. In Q3 2025, they advanced this by adding Cedars-Sinai in Los Angeles and Olympe Imagerie in Paris as clinical trial sites. This work, supported by published papers in journals like Biomedical Physics and Engineering Express, validates the technology for prospective customers and partners.

Nano-X Imaging Ltd. (NNOX) - Canvas Business Model: Channels

You're looking at how Nano-X Imaging Ltd. gets its Nanox.ARC systems and Nanox.CLOUD services to the market as of late 2025. The channel strategy is clearly multi-pronged, balancing direct engagement with broad third-party reach, especially internationally.

The company is progressing toward its goal of deploying over 100 clinical, demo, and commercial units worldwide by the end of 2025. This deployment pace is key to unlocking future recurring revenue streams from the platform services.

The primary channels for market penetration and service delivery include:

• - Global network of third-party distributors and resellers.
• - Direct sales team focused on US imaging center chains.
• - Nanox.CLOUD platform for software and teleradiology service delivery.
• - Clinical and demo unit deployment at academic institutions.

The international distribution network is actively expanding, particularly in Europe, leveraging local expertise to navigate regulatory and market entry hurdles. For instance, the company secured a distribution agreement with EXRAY s.r.o in the Czech Republic, which is recognized as the number one supplier of digital radiography systems there, with installations in more than half of the country's 200 healthcare facilities. This follows recent distribution agreements in Greece and Romania, signaling a rising demand for the Nanox imaging ecosystem across Europe. Also, the reseller agreement with 3DR Labs is a significant channel for the AI solutions, giving access to more than 1,800 healthcare sites across North America.

The delivery of software and services is intrinsically linked to the hardware deployment, primarily through the Nanox.CLOUD platform. The teleradiology services segment showed clear financial contribution in the third quarter of 2025. For the three months ended September 30, 2025, revenue generated through teleradiology services was $3.1 million. The AI solutions segment, which is also delivered via the cloud, generated revenue of $0.1 million during the same reported period.

The physical channel for the Nanox.ARC system involves strategic placement for clinical validation and market seeding. As of the third quarter of 2025, the company was progressing toward its deployment target. The company reported having more than 20 operating systems scanning patients as of Q2 2025, with the year-end target set at 100 total installations across clinical, demo, and commercial stages. Furthermore, clinical work is being advanced through collaboration with academic institutions, including adding prestigious medical facilities like Cedars-Sinai to its clinical base.

Here's a quick look at the scale of the commercial and deployment channels as of late 2025, based on the latest reported figures:

The focus on the U.S. market is supported by the acquisition of Vaso Healthcare IT, which is intended to deepen the foothold in the U.S. healthcare system, likely through its existing infrastructure and sales channels. The company's overall strategy is moving from a hardware-centric model to a comprehensive platform model, meaning the software/cloud channel is becoming increasingly important for recurring revenue.

Nano-X Imaging Ltd. (NNOX) - Canvas Business Model: Customer Segments

You're looking at the customer base for Nano-X Imaging Ltd. (NNOX) as they push toward their year-end deployment target. The strategy clearly targets a mix of high-volume and emerging markets, which is reflected in their Q3 2025 financials and recent partnership activity.

The company is actively pursuing several distinct groups, moving beyond just hardware sales to include recurring service revenue streams. For instance, their teleradiology services segment showed strength, contributing to a $0.6 million revenue increase in Q3 2025, building on a division that previously reported gross margins between 36-42% in Q1 2025.

Here's a breakdown of the key customer groups and supporting metrics as of late 2025:

• Global healthcare providers in emerging and low-resource markets.
• US and European medical imaging center chains and hospitals.
• Radiologists and teleradiology service providers.
• Academic and clinical research institutions for new applications.

The commercial focus is clearly expanding geographically. By the end of 2025, Nano-X Imaging Ltd. is progressing toward its goal of deploying 100 systems worldwide across clinical demo and commercial stages. This expansion includes significant European inroads, with new distribution agreements signed in the Czech Republic and France, adding to existing ones in Greece and Romania.

The AI solutions segment is also targeting a massive installed base through strategic alliances. A reseller agreement with 3DR Labs, for example, provides access to over 1,800 healthcare sites across North America for their FDA-cleared AI solutions.

The table below summarizes some of the financial and operational data points relevant to these customer segments from the Q3 2025 reporting period:

For the academic and research segment, Nano-X Imaging Ltd. has recently added Cedars-Sinai in Los Angeles and Olympe Imagerie in Paris as clinical trial sites, which helps validate the technology for broader clinical adoption.

The company's overall financial health, with a cash position of $55.5 million as of September 30, 2025, supports the ongoing commercial scale-up necessary to service these diverse customer segments.

Finance: review the cash burn rate against the 100-system deployment goal by Friday.

Nano-X Imaging Ltd. (NNOX) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Nano-X Imaging Ltd. equation for late 2025, which is heavily weighted toward scaling operations and commercialization efforts, rather than pure product development at this stage. Honestly, the structure reflects a company transitioning from heavy R&D to market penetration, which means operating expenses are front and center.

The operating expenses for the third quarter ended September 30, 2025, give you a clear picture of where the cash is going. We see the following key components:

• - High Research and Development (R&D) expenses, totaling $4.6 million in Q3 2025.
• - General and Administrative (G&A) expenses of $5.3 million in Q3 2025.
• - Sales and Marketing expenses, which were $1.5 million in Q3 2025.

The manufacturing and production costs for the Nanox.ARC X systems are structured around a supply agreement, not just internal fixed costs. To be fair, the cost of the core component, the X-ray tube, is tied to a manufacturing and supply agreement with Varex Imaging Corporation, where Varex supplies the tubes for the Nanox.ARC system in exchange for a revenue-sharing fee based on the company's pay-per-scan revenue, subject to a minimum annual amount per system. This ties the unit cost directly to the recurring revenue model, which is a key feature of the business model.

When you look at the overall cost of revenue, the GAAP Gross Loss for Q3 2025 was $2.9 million on revenue of $3.4 million. This loss reflects the costs associated with generating that revenue, including the supply costs for the systems deployed and the cost of teleradiology services provided.

Here's the quick math on the main operating expense buckets for Q3 2025:

The Sales and Marketing spend saw a notable increase, rising to $1.5 million in Q3 2025 from $0.9 million in Q3 2024. This increase is defintely linked to the commercialization push, specifically driven by higher salaries and wages, plus increased marketing activities connected to the U.S. market rollout.

You should also note the composition of the G&A spend, as management has stated that a major portion relates to the costs of being a public company. The R&D spend, while high at $4.6 million, was slightly down from $4.7 million in the prior year's quarter, reflecting a shift in focus toward commercial execution over pure development activities.

• - G&A expenses include costs related to being a public entity.
• - Sales and Marketing increased by $0.6 million year-over-year for Q3 2025.
• - R&D decrease was mainly due to lower share-based compensation.
• - Manufacturing costs are largely variable, tied to the pay-per-scan model via revenue sharing with Varex.

Finance: draft 13-week cash view by Friday.

Nano-X Imaging Ltd. (NNOX) - Canvas Business Model: Revenue Streams

You're looking at how Nano-X Imaging Ltd. actually brings in cash right now, which is key to understanding their path to profitability. As of late 2025, the revenue streams are still a mix, but one area is clearly dominant.

The core revenue generation in the third quarter of 2025 came from services, not just selling the hardware. Honestly, the sales of the Nanox.ARC systems are still a small piece of the puzzle compared to the services attached to them.

Here's the breakdown of the reported revenue streams for Q3 2025:

The largest segment, by a wide margin, is Teleradiology services revenue, which hit $3.1 million in Q3 2025. This shows that the value proposition is currently tied more closely to the diagnostic workflow and the use of the system rather than the initial hardware sale.

To be fair, the revenue from sales and deployment of imaging systems was only $175 thousand for the same period. The AI solutions revenue was slightly higher at $142 thousand. This split highlights the current challenge: scaling the deployment of the Nanox.ARC units to drive the recurring service revenue.

The future focus, which is what you really need to watch, is the shift to a utilization-based model. Nano-X Imaging is pushing hard for a pay-per-scan or subscription model for Nanox.ARC utilization. This model is designed to lower the upfront barrier for customers, which should accelerate deployment globally. If onboarding takes 14+ days, churn risk rises, but the pay-per-scan model mitigates the initial capital expenditure hurdle.

The company's strategy hinges on this recurring revenue stream, which contrasts with traditional medical device sales. They are aiming to become a recurring revenue king in a sector that typically relies on nonrecurring hardware sales.

• Teleradiology services are the current revenue anchor.
• Imaging system sales are minimal compared to services.
• The long-term goal is high-margin, recurring scan revenue.
• The Nanox.ARC X system is intended to simplify deployment for this model.