The balance sheet shows significant erosion, with total assets contracting to $162.2 million in 2025Q4 from $231.3 million in 2023Q3, alongside a substantial accumulation of deficits totaling -$448.8 million in retained earnings.
| Total Current Assets | 51.33M | 66.79M | 78.68M | 88.64M | 82.46M | 94.86M | 219.79M | 9.64M | 1.7M |
| Cash & Short-Term Investments | 43.85M | 59.61M | 73.21M | 82.38M | 77.62M | 88.71M | 213.47M | 8.07M | 5K |
| Cash Only | 43.85M | 49.15M | 39.3M | 56.38M | 38.46M | 66.64M | 213.47M | 8.07M | 5K |
| Short-Term Investments | 0 | 10.46M | 33.9M | 26.01M | 39.16M | 22.07M | 0 | 0 | 0 |
| Accounts Receivable | 2.21M | 2.01M | 1.8M | 1.48M | 977K | 1.05M | 0 | 0 | 0 |
| Days Sales Outstanding | 50.53 | 56.43 | 58.39 | 54.69 | 41.57 | 294.18 | - | - | - |
| Inventory | 3.27M | 3.07M | 1.49M | 2.36M | 2.41M | 3.13M | 0 | 0 | 0 |
| Days Inventory Outstanding | 38.13 | 43.42 | 24.89 | 52.13 | 57 | 405.57 | - | - | - |
| Other Current Assets | 1.99M | 2.1M | 1.35M | 1.14M | 1.45M | 1.97M | 6.33M | 0 | 0 |
| Total Non-Current Assets | 94.44M | 95.37M | 131.32M | 130.01M | 171.47M | 268.31M | 16.36M | 2.23M | 156K |
| Property, Plant & Equipment | 33.99M | 33.2M | 49.2M | 46.92M | 44.7M | 39.16M | 15.38M | 754K | 156K |
| Fixed Asset Turnover | 0.35x | 0.39x | 0.23x | 0.21x | 0.19x | 0.03x | - | - | - |
| Goodwill | 0 | 316K | 0 | 0 | 7.42M | 58.3M | 0 | 0 | 0 |
| Intangible Assets | 57.68M | 59.87M | 70M | 80.61M | 91.22M | 101.83M | 0 | 0 | 0 |
| Long-Term Investments | 1.47M | 361K | 337K | 327K | 25.2M | 67.84M | 316K | 145K | 0 |
| Other Non-Current Assets | 2.41M | 1.63M | 11.79M | 2.16M | 2.93M | 1.18M | 661K | 1.34M | 0 |
| Total Assets | 145.77M | 162.16M | 210M | 218.65M | 253.93M | 363.17M | 236.15M | 11.87M | 1.85M |
| Asset Turnover | 0.09x | 0.08x | 0.05x | 0.05x | 0.03x | 0.00x | - | - | - |
| Asset Growth % | -58.83% | -22.78% | -3.95% | -13.9% | -30.08% | 53.79% | 1889.29% | 539.95% | - |
| Total Current Liabilities | 14.12M | 16.89M | 13.97M | 15.52M | 25.07M | 52.75M | 4.48M | 20.26M | 8.24M |
| Accounts Payable | 2.39M | 2.89M | 2.21M | 3.3M | 3.62M | 3.13M | 435K | 475K | 82K |
| Days Payables Outstanding | 30.39 | 40.81 | 36.83 | 73.08 | 85.45 | 406.22 | 763.34 | 3.27K | 855.14 |
| Short-Term Debt | 2.97M | 3.14M | 3.06M | 3.49M | 0 | 145K | 519K | 0 | 0 |
| Deferred Revenue (Current) | 1.03M | 534K | 140K | 543K | 182K | 247K | 0 | 1.83M | 0 |
| Other Current Liabilities | 7.79M | 5.16M | 3.85M | 3.41M | 8.29M | 44.73M | 1.08M | 0 | 0 |
| Current Ratio | 3.64x | 3.96x | 5.63x | 5.71x | 3.29x | 1.80x | 49.06x | 0.48x | 0.21x |
| Quick Ratio | 3.40x | 3.77x | 5.52x | 5.56x | 3.19x | 1.74x | 49.06x | 0.48x | 0.21x |
| Cash Conversion Cycle | 58.27 | 59.03 | 46.45 | 33.73 | 13.12 | 293.54 | - | - | - |
| Total Non-Current Liabilities | 5.34M | 5.54M | 6.91M | 7.61M | 12.18M | 18.27M | 923K | 386K | 82K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 3.48M | 3.8M | 0 | 0 | 0 |
| Capital Lease Obligations | 14.94M | 3.77M | 3.64M | 4.04M | 398K | 950K | 923K | 386K | 0 |
| Deferred Tax Liabilities | 5.79M | 600K | 2.58M | 2.95M | 3.33M | 7.06M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.12M | 1.16M | 695K | 612K | 4.57M | 6.05M | 0 | 0 | 0 |
| Total Liabilities | 19.46M | 22.43M | 20.88M | 23.13M | 37.25M | 71.02M | 5.4M | 20.65M | 8.24M |
| Total Debt | 7.64M | 7.85M | 7.45M | 8.4M | 4.62M | 5.77M | 1.44M | 526K | 0 |
| Net Debt | -36.22M | -41.3M | -31.86M | -47.98M | -33.84M | -60.87M | -212.03M | -7.55M | -5K |
| Debt / Equity | 0.06x | 0.06x | 0.04x | 0.04x | 0.02x | 0.02x | 0.01x | - | - |
| Debt / EBITDA | -0.15x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.73x | - | - | - | - | - | - | - | - |
| Interest Coverage | -412.07x | - | - | - | - | -213.74x | - | - | -380.80x |
| Total Equity | 126.31M | 139.73M | 189.12M | 195.51M | 216.68M | 292.15M | 230.75M | -8.78M | -6.38M |
| Equity Growth % | -65.81% | -26.11% | -3.27% | -9.77% | -25.83% | 26.61% | 2728.69% | -37.5% | - |
| Book Value per Share | 1.81 | 2.16 | 3.23 | 3.47 | 4.15 | 6.06 | 6.47 | -0.19 | -0.19 |
| Total Shareholders' Equity | 126.31M | 139.73M | 189.12M | 195.51M | 216.68M | 292.15M | 230.75M | -8.78M | -6.38M |
| Common Stock | 198K | 198K | 181K | 165K | 158K | 149K | 131K | 75K | 58K |
| Retained Earnings | -463.03M | -448.77M | -373.75M | -320.23M | -259.46M | -146.21M | -84.42M | -40.6M | -18.04M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | -1K | -305K | -1.97M | -607K | 0 | 0 | -83K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital exhaustion and liquidity
According to reported financial statements, NNOX's total assets have contracted from $231.3 million in 2023Q3 to $162.2 million by 2025Q4, a trend that reflects the persistent erosion of the balance sheet as the company funds its ongoing operational deficits through existing cash reserves.
The consistent decline in total assets suggests that the company is consuming its capital base faster than it can generate value through hardware deployment or service revenue. Investors should monitor whether this downward trajectory in asset value stabilizes as the company attempts to scale its commercial operations.
Based on the company's 2025Q4 filings, NNOX holds $49.2 million in cash, which, when evaluated against the backdrop of consistent quarterly operating losses, suggests a narrowing window of liquidity that may necessitate further dilutive financing to sustain the current commercialization roadmap over the next 18 months.
While the current ratio of 3.96 appears superficially healthy, it masks the reality of a business that is not yet self-funding. The reliance on cash reserves to cover operating expenses implies that the company's liquidity buffer is highly sensitive to any delays in achieving meaningful revenue scale.
As reported in recent financial filings, NNOX's retained earnings have plummeted to -$448.8 million as of 2025Q4, indicating that the company's historical investment in R&D and acquisitions has yet to translate into a profitable equity base for shareholders.
The significant negative retained earnings highlight the high cost of the company's 'ecosystem-first' strategy. This persistent deficit suggests that equity value is currently driven more by speculative growth expectations than by the underlying accumulation of retained earnings from profitable operations.
Based on the provided balance sheet data, the reduction in goodwill from $83.3 million in 2023Q3 to $316.0 thousand in 2025Q4 suggests that the company has aggressively written down the value of its past acquisitions, which warrants further investigation into the original valuation of those assets.
The near-total elimination of goodwill implies that the anticipated synergies from the Zebra Medical and USARAD acquisitions have not materialized as originally projected. This rapid impairment suggests that the company's historical capital allocation decisions may have been overly optimistic regarding the integration of these disparate business units.
Quick answers to the most common questions about buying NNOX stock.
As of 2025, Nano-X Imaging Ltd. (NNOX) had total assets of $162.2M including $66.8M in current assets.
Nano-X Imaging Ltd. (NNOX) carries total debt of $7.9M, offset by $59.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Nano-X Imaging Ltd. (NNOX) has total shareholders' equity (book value) of $139.7M ($2.16 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Nano-X Imaging Ltd. (NNOX) reported a current ratio of 3.96x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.