NANO-X IMAGING LTD announced its financial results for the first quarter ended March 31, 2025, reporting a net loss of $13.2 million. This represents an increase from the $12.2 million net loss reported in the comparable period of 2024, primarily due to a $1.0 million increase in gross loss.
The company generated $2.8 million in revenue for the quarter, an increase from $2.6 million in the prior year's period. However, GAAP gross loss widened to $3.0 million, with a 108% gross loss margin, compared to $2.1 million and an 80% margin in Q1 2024. Non-GAAP gross loss was $0.4 million, a decline from a non-GAAP gross profit of $0.6 million in the comparable period.
Teleradiology services revenue increased to $2.6 million from $2.4 million, with a GAAP gross profit of $0.4 million. Imaging systems revenue decreased to $33 thousand from $48 thousand, incurring a GAAP gross loss of $1.6 million. AI solutions revenue grew to $0.2 million from $97 thousand, but resulted in a GAAP gross loss of $1.9 million. As of March 31, 2025, the company held $72.9 million in cash, cash equivalents, short-term and long-term deposits, restricted deposits, and marketable securities, down from $83.5 million as of December 31, 2024, primarily due to $10.3 million in negative cash flow from operations. The company anticipates over 100 units in various stages of deployment by the end of 2025.
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