나녹스 이미징(NNOX) 2026년 2분기 실적 발표 컨퍼런스 콜: 매출 37% 증가, 4,070만 달러 손상차손

나녹스 이매징(NNOX)이 2026년 2분기 매출 증가를 기록했으나, 비현금성 손상차손 반영으로 손실이 대폭 확대되었습니다. 경영진은 회사의 현금 소진 기간(런웨이)을 연장하기 위해 나녹스아크 상용화, 새로운 수가 적용 경로 확보, 비용 절감을 강조했습니다.

핵심 요약

• 2026년 2분기 매출은 전년 동기 대비 37% 증가한 420만 달러를 기록했으며, 주로 90만 달러를 기여한 나녹스 헬스 IT의 연결 편입에 힘입었습니다.
• GAAP 기준 순손실은 1,470만 달러에서 5,550만 달러로 확대되었으며, 이는 주로 나녹스 AI 솔루션 사업 관련 무형자산에 대해 4,070만 달러의 비현금성 손상차손을 기록했기 때문입니다.
• 2026년 6월 30일 기준 현금, 현금성 자산 및 제한된 예금은 총 3,140만 달러로, 2025년 12월 31일 기준 6,000만 달러에서 감소했습니다. 나녹스는 이후 총 850만 달러의 자금을 추가 조달했습니다.
• 나녹스는 미국 내 유통 파트너십을 10건 체결하며 상용화 기반을 확대했습니다. 라드넷 시설에 설치된 나녹스아크 시스템은 상용 운영 중이며 일상적인 임상 워크플로에 통합되었습니다.
• 필라델피아에 위치한 첫 번째 나녹스 이매징 네트워크 지점이 환자 스캔을 시작했으며, 지불된 청구액은 건당 200달러에서 700달러 수준입니다. 경영진은 가동률과 수가 수준에 따라 지점당 연간 50만~100만 달러의 매출 잠재력이 있을 것으로 추정합니다.
• 이스라엘과 한국에서의 인력 감축 및 위탁 생산으로의 전환을 통해 2027년부터 연간 약 200만 달러의 비용 절감 효과가 발생할 것으로 예상됩니다.

주요 재무 데이터

나녹스는 이번 손상차손으로 나녹스 헬스 IT를 제외한 AI 솔루션 사업 관련 무형자산의 공정가치가 190만 달러로 감소했다고 밝혔습니다. 이 차손은 유동성에 영향을 미치지 않았으며 조정 EBITDA 산정에서도 제외되었습니다.

사업 및 영업 실적

나녹스아크 상용화

경영진은 장비 설치 시 인허가, 방사선 차폐, 공사 및 워크플로 통합에 대한 협의가 필요하여 상용화에 예상보다 긴 시간이 소요되었다고 밝혔습니다. 나녹스는 도입을 가속화하기 위해 영상 진단 분야의 기존 파트너들과의 협업을 확대하고 있습니다.

회사는 현재 미국 내 유통 파트너십 계약 10건을 체결한 상태입니다. 가장 최근 체결한 계약은 어소시에이티드 엑스레이 이매징과의 계약으로, 이 업체는 이미 뉴잉글랜드 지역의 나녹스아크 설치 및 운용을 지원했습니다.

라드넷 시설에 배치된 나녹스아크 시스템은 상용 운영 중입니다. 최근 미국 내 다른 주요 활동으로는 플로리다주 정형외과 센터, 뉴욕주 긴급진료소(Urgent Care), 필라델피아의 첫 번째 나녹스 이매징 네트워크 지점 설치 등이 포함됩니다. 일부 지점에서는 월 수백 건의 스캔을 수행하고 있으며, 한 고객사는 검진용 임대 계약에서 장비 직접 구매 방식으로 전환했습니다.

미국 외 지역에서는 체코에서 최종 사용자 배치를 완료했고 루마니아와 그리스에서 인도를 진행했습니다. 또한 코스타리카 유통업체로 솔메 RCSA를 선정했으며, 슬로베니아, 에콰도르, 아르헨티나에서도 사업 기회를 지속적으로 모색하고 있습니다.

나녹스 이매징 네트워크

필라델피아 지점은 환자 스캔 및 보험사/지불자로부터의 수가 환수를 시작했습니다. 지불된 청구 금액은 건당 200달러에서 700달러 수준입니다.

예비 사업 모델에 따르면, 경영진은 각 지점이 연간 50만~100만 달러의 매출을 창출할 수 있을 것으로 보고 있습니다. 실제 실적은 가동률, 보험 수가 수준, 지불자 구성 및 지점별 운영 역량에 따라 달라질 것입니다.

원격 방사선, AI 및 헬스 IT

USARad의 매출은 고객 기반 확대에 힘입어 2026년 상반기 동안 전년 동기 대비 평균 14% 성장했습니다. 해당 사업 부문은 다국적 항공우주 기관과의 계약을 갱신했으며, 미국 의료기관평가기구(Joint Commission)의 골드 실 인증도 유지했습니다.

나녹스는 버텍 사이언티픽과 AI 뼈 솔루션에 대한 영국 독점 리셀러 계약을 체결했습니다. 또한 미국과 인도 전역에서 5개의 새로운 AI 파일럿 프로그램을 개시했습니다.

대동맥판막 석회화 평가 시 나녹스 AI 헬스 AVC와 표준 치료 도구를 비교한 시더스-시나이 파일럿 연구에서는 92% 이상의 일치도를 보였습니다. 이와 별도로, 한 대학 부속 의료 센터는 다른 연구에 대해 임상시험심사위원회(IRB) 승인을 받아 데이터 수집 단계로 진입하고 있습니다.

적격 가슴 CT 스캔에서 관상동맥 석회화 및 대동맥판막 석회화의 알고리즘 분석을 보상하는 CMS 코드 G0680이 2026년 4월 1일자로 발효되었습니다. 경영진은 지불자 조건, 문서화 및 의학적 필요성 요건이 충족될 경우 이 코드가 나녹스 AI 심장 솔루션의 잠재적 보험 수가 적용 경로가 될 것으로 보고 있습니다.

나녹스 헬스 IT는 상반기 의미 있는 매출을 기여했으며 20개 이상의 신규 프로젝트를 가동했습니다. 회사는 이 사업을 나녹스 AI, 나녹스아크, USARad와 통합하고 있습니다.

비용 구조조정

나녹스는 이스라엘 인력을 15%, 한국 인력을 약 67% 감축했습니다. 회사는 한국의 반도체 생산 라인 가동을 중단했으며, 향후 양산은 자격을 갖춘 위탁 생산 파트너에 의존할 계획입니다.

나녹스는 한국 제조 시설 매각 준비도 시작했습니다. 경영진은 이번 구조조정을 통해 고정비와 현금 소진을 줄이는 한편, 상용화와 핵심 기술에 역량을 집중할 수 있을 것으로 기대하고 있습니다.

경영진 가이던스

경영진은 직접 판매, 유통망 파이프라인 전환, 나녹스 이매징 네트워크 확장을 포함한 최근의 상용화 활동이 향후 몇 달간 보다 가시적인 실적 기여를 시작할 것으로 예상하고 있습니다. 다만 특정 분기 매출 목표를 제시하지는 않았습니다.

구조조정 이니셔티브를 통해 2027년부터 연간 약 200만 달러의 비용 절감 효과가 발생할 것으로 예상됩니다. 최고재무책임자(CFO)는 이러한 절감액의 대부분이 영업비용에 나타날 것이며, 일부 적은 부분만 매출원가에 반영될 것이라고 설명했습니다.

나녹스는 북미방사선학회(RSNA) 2026을 나녹스아크, 나녹스 AI 및 광범위한 영상 진단 생태계를 위한 상업 플랫폼이자 2027년 고객 확보 및 사업 개발 활동의 출발점으로 활용하기 위해 준비하고 있습니다.

리스크 및 주요 관전 포인트

• 인허가, 방사선 차폐, 공사 및 워크플로 통합으로 인해 계약 체결 후 실제 활용까지의 전환이 지연되면서, 상용화가 경영진의 당초 예상보다 더 오래 걸렸습니다.
• 손상차손 평가는 회사의 주가 대폭 하락 및 매출과 영업 실적 전망치 하향 조정에 따라 실시되었습니다.
• 분기 말 기준 현금 및 제한된 예금은 3,140만 달러로 감소했습니다. 나녹스는 분기 종료 후 850만 달러를 추가 조달했으나, 경영진은 다양한 경로를 통해 자금 조달을 계속 추진할 계획이라고 밝혔습니다.
• 매출 성장에도 불구하고 조정 EBITDA 손실과 비(Non)-GAAP 순손실 모두 전년 동기 대비 확대되었습니다.
• 나녹스 이매징 네트워크 지점의 수익성은 가동률, 보험 수가 수준, 지불자 구성 및 현지 운영 역량에 달려 있습니다.
• AI 심장 솔루션에 대한 CMS 보험 수가는 적격 검사 여부와 해당 지불자 조건, 문서화 및 의학적 필요성 요건을 충족해야 적용받을 수 있습니다.

애널리스트 Q&A 주요 내용

경영진은 현재 추가 손상차손 가능성을 예측할 수는 없지만 회계 기준에 따라 필요 시 자산 가치를 재평가할 것이라고 말했습니다.

CFO는 최근 추정(pro forma) 발행 주식 수를 약 7,060만 주로 추산했습니다.

시스템 배치와 관련해 경영진은 그리스, 루마니아, 체코에서의 최근 활동을 언급했으며, 페루와 아르헨티나용 시스템은 수입 허가를 기다리고 있다고 설명했습니다. 미국 내 활동에는 통합의료제공체계(IDN) 설치, 긴급진료소 배치, 정형외과 클리닉 및 나녹스 이매징 네트워크 관련 시스템 3대가 포함되었습니다.

추가적인 영업비용 절감에 대해 묻자 CFO는 구체적인 목표 제시를 사양했습니다. 그는 나녹스가 비용을 계속 검토하고 있으며 적절한 시점에 추가 조치를 공개할 것이라고 덧붙였습니다.

실적 발표 전화회의 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

[Operator Instructions]

Please be advised that this conference is being recorded. I would now like to hand the conference over to your speaker today, Mike Cavanaugh, Investor Relations. Please go ahead.

Unknown Speaker

Good morning and welcome to Nanox Imaging's Q2 2026 Earnings Call. Earlier today, Nanox Imaging Limited released financial results for the quarter ending June 30, 2026. The release is currently available on the investor section of the company's website. With me today are Erez Meltzer, Chief Executive Officer and Acting Chairman, and Guy Nathanson, Chief Financial Officer. Before we get started, I would like to remind everyone that management will be making statements during this call that include forward-looking statements regarding the company's financial research and development, manufacturing, commercialization activities, regulatory process, and clinical activities, and other matters. These statements are subject to risks, uncertainties, and assumptions that are based on management's current expectations as of today and may not be updated in the future. Therefore, these statements should not be relied upon as representing the company's views as of any subsequent date.

Factors that may cause such a difference include, but are not limited to, those described in the company's filings with the Securities and Exchange Commission. We will also refer to certain non-GAAP financial measures to provide additional information to investors. The reconciliation of the non-GAAP to GAAP measures is provided with our press release, which reconciles the following non-GAAP measures to the closest equivalent figures under GAAP: non-GAAP gross margin, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP net loss, and adjusted EBITDA loss. With that, I'd now like to turn the call over to Erez Meltzer.

Erez Meltzer

Thank you all for joining us today. In the 2 months since our last call, we have advanced commercialization across several areas of the business. Our management team has completed a thorough review of the business and started implementing lessons learned with progress reflected across our commercial, operational, and strategic priorities. Today, I will focus on the steps we are taking to improve execution, extend commercialization, and support the long-term value of the Nanox platform. While our business is trending in the right direction, as we discussed last quarter, our commercialization has taken longer than we expected. When we initiated the commercial phase, we had already provided preliminary financial results last month, and our results are substantially consistent with those previously disclosed figures.

The main friction points have been, as mentioned, operational. Commercialization required close side-by-side coordination with small and medium-sized imaging centers, particularly around permitting, shielding, construction timelines, and integration. These are practical deployment requirements, but they have been important lessons as we refine how we move systems from commercial agreement to active utilization. By identifying where the friction has occurred, we have been able to shape the changes we are now implementing. Most importantly, we are increasingly leveraging commercial partners with established relationships and workflow in the imaging space to meaningfully enhance our presence in the U.S. At the same time, our direct sales effort continued to support additional Nanox-Arc CapEx agreements and deployment activity, including the first Nanox imaging network installation in Philadelphia, which has already scanned its first patients.

Beyond the U.S., we continue Nanox-Arc deployment activity across Europe and Latin America, advanced new Nanox AI commercial and pilot programs in India and the U.S., and move forward with the restructuring of our South Korea operations to better align resources with our core technologies and commercialization priorities. We continue to broaden our U.S. footprint through strategic collaborations, customer evaluations, and deployment activities, including our recently announced collaboration with RadNet and ongoing work with leading clinical institutions with the goal of expanding our engagement with healthcare chains and increasing activity within those chains.

As we disclosed in our last call, the Nanox system has been operational for several months at RadNet sites. RadNet is the largest outpatient imaging center operator in the United States and has deployed a Nanox-Arc system at one of its facilities where it is now in commercial use and integrated into routine clinical workflow. We continue to explore opportunities for clinical research, including early lung nodule detection. We believe this represents an important step in demonstrating Nanox-Arc's clinical value in a major outpatient imaging setting, and we are excited to continue this collaboration. We recently deployed a Nanox-Arc system through a capital equipment sale to an internationally recognized orthopedic center in Florida, which is part of an IDN, Integrated Delivery Network. As this organization integrates the system into its orthopedic imaging workflow, we are launching a strategic collaboration aimed at broadening the clinical use of Nanox-Arc in orthopedics and generating clinical experience in a high-volume specialty care environment.

We believe the true measure of innovation in medical imaging lies in clinical relevance and potential to improve patient care. Our continuing engagement with leading healthcare organizations reflects our commitment to generating more real-world evidence and evaluating a growing number of clinical applications for our technology. For example, we recently installed an Arc system in an urgent care unit located in New York. Turning to our commercial distribution partnership, we are seeing channel partners build pipeline activity that supports future CapEx sales. In addition, our U.S.-based subsidiary, Nanox Impact Inc., has entered into a distribution agreement with Associated X-Ray Imaging Corp., a New England-based provider of medical imaging equipment and services specializing in X-ray, MRI, and CT systems to support deployment of the Nanox-Arc across the region. We now have 10 signed commercial distribution partnerships in the United States. Associated has already supported the customer installation of the Nanox-Arc that is installed and operational, further demonstrating its ability to support deployment and service in the region. The agreement follows other recent engagements, including Digital X-Ray Imaging, Integrity Medical Services, and Elite Surgical Technologies. The goal is to supplement our direct sales force and increase our presence economically as we pursue broader coverage of major U.S. markets.

We are also expanding joint commercialization activity with our partners, including participation in Howard's annual sales summit, our webinar partnership with RadNet, and ongoing sales and marketing initiatives. As more customers, channel partners, and physicians gain firsthand experience with Nanox-Arc, we are seeing encouraging utilization, including sites performing hundreds of scans per month, and one customer transitioning from MSUs to CapEx purchase. The Nanox Imaging Network proof of concept is beginning to contribute to our commercialization strategy by targeting segments that may offer potentially higher reimbursement rates, such as worker compensation groups and concierge medical providers. Through this initiative, Nanox completed the first Nanox imaging network installation in Philadelphia, and the site has begun scanning its first patients. It is encouraging that we are already seeing reimbursement from insurers and payers with paid claims in the range of $200 to $700 per claim. This provides early validation of the commercial opportunity for the Nanox imaging network and supports our focus on targeted care segments where reimbursement dynamics can be favorable. Based on the preliminary business model, we believe each site may have the potential to generate annual revenue in the range of $0.5 million to $1 million, depending on utilization, reimbursement, payer mix, and site-level execution.

In our rest of the world markets, we advance commercialization activities across Europe and Latin America. During the quarter, we completed an end-user deployment in the Czech Republic and advanced system deliveries in Romania and Greece were local distribution partners, which we have discussed on previous calls. We also appointed Solme RCSA as our new distribution partner in Costa Rica, further expanding our presence in Latin America. We also continue to develop commercial opportunities with distributors in Slovenia and Ecuador, and are preparing to ship the system to Argentina. Since the acquisition, our Teleradiology Services Division, USARad, continued to deliver strong and consistent revenues during the first half of 2026, which grew on a year-over-year basis, averaging 14% growth driven by continued expansion of our teleradiology client base. USARad Holdings Inc. has once again earned the Joint Commission's Gold Seal of Approval for ambulatory healthcare accreditation by demonstrating continuous compliance with its performance standards. The gold seal is a symbol of quality that reflects a healthcare organization's commitment to providing safe and quality patient care.

We also extended USARad engagement with a leading multinational aerospace organization. This renewal reflects the value of USARad services offering in our ability to support large organizations with reliable, high-quality teleradiology services. We continue to view the radiology business as both a source of recurring revenues and an important channel for advancing the commercialization of our broader imaging and AI solutions. Nanox AI advanced on both the commercial and the clinical fronts during the quarter. We recently announced that Nanox entered into an exclusive sales reseller agreement with Vertec Scientific Limited for the Nanox AI bone solution in the United Kingdom. Vertec is also the exclusive supplier of Hologic DXA scanners in the U.K., and has an extensive network of key opinion leaders, clinics, and hospitals. Moreover, we launched 5 new AI installations, pilots, across the United States and India. These engagements expand our clinical and commercial footprint and provide opportunities to demonstrate the value of our AI solution in real-world healthcare settings.

We are actively supporting these organizations through the evaluation process and look forward to advancing discussions around broader deployments. We also completed a pilot study with Cedars-Sinai comparing Nanox AI Health AVC with standard of care tools for assessing aortic valve calcification. The study demonstrated greater than 92% agreement between the two approaches, reinforcing the accuracy of our technology and supporting its potential integration into existing imaging workflows. In addition, IRB approval has been received from a leading university-affiliated medical center for an upcoming clinical study and we are now moving forward with data collection. To end my update on the AI business, I would like to share some reimbursement news. In the U.S., the Centers for Medicare and Medicaid Services established a new Healthcare Common Procedure Coding System, coding code G0680, effective April 1, 2026, for algorithmic analysis of coronary artery calcium and aortic valve calcification from chest CT scans. This creates a potential reimbursement pathway for the Nanox AI cardiac solution when used with eligible chest CT exams and when applicable payer, documentation, and medical necessity requirements are met.

We view this as a positive development that may help support commercial adoption of Nanox AI by enabling providers to incorporate AI-driven analysis into existing imaging workflow. The new reimbursement code may expand the addressable market for the Nanox AI cardiac solution by creating a direct reimbursement pathway for outpatient imaging centers and clinics performing eligible chest CT examinations. This pathway may enable qualifying providers to incorporate our cardio solution into existing CT workflows and receive reimbursement without requiring an additional imaging procedure. We are exploring further our engagement with two of our leading research sites, Meir Medical Center and Rabin Medical Center, by expanding our ongoing clinical work into rheumatology, an area we believe may represent a meaningful extension of the Nanox-Arc value proposition. Together with these centers, we are evaluating the potential role of the Arc in the assessment and long-term management of chronic rheumatology conditions. While still in the research stage, we believe this work may help broaden our understanding of additional clinical applications for the Arc and inform future opportunities in rheumatology. I'd like to share a few additional updates on our OEM relationship and pursuits.

Varex tubes are undergoing the final integration process to become a main X-ray tube source for the Nanox-Arc X-system. We've additionally taken receipt of a Varex multi-beam X-ray vessel utilizing multiple Nanox emitters and have begun our initial testing. We are excited to measure our emitters' capabilities in this configuration and have potential partner interest in the areas of security, food inspection, and of course medical. Regarding Oak Ridge National Laboratory prototypes, we have completed and delivered prototypes of the latest design iteration to Oak Ridge for their assessment and integration with their intended application in security use cases. We are also pursuing discussions with other entities for this purpose. Overall, interest in the Nanox breakthrough source technology remains very strong. The Nanox Health IT that we acquired at the end of 2025 has proven to be a valuable addition to Nanox and continue to contribute meaningful revenue in the first half of the year, supported by an expanding customer base and more than 20 new projects going live.

As we complete our integration to make the business more scalable and begin to more fully leverage its synergies with Nanox AI, Nanox-Arc, and USARad business segments, we are very excited about the growth potential of this business. Turning to our South Korea operations, as we previously disclosed, we have been evaluating a range of strategic alternatives aimed at optimizing our cost structure and maximizing the value of our asset in Korea. Following this review, we have decided to move forward with a broader structural transformation of our South Korea operation. As part of this process, we've idled our chip production line and reduced our workforce in Korea by two-thirds. We are transitioning volume production activities to qualified third-party manufacturing partners. In parallel, we have initiated the necessary processes with the relevant authorities and other stakeholders in preparation for the sale of the manufacturing facility. We believe these actions will further streamline our operating model, reduce our fixed cost base and burn rate, and allow us to focus our resources on our core technologies and commercialization priorities. Guy will work through the specifics of the restructuring in his financial overview.

We are also preparing for RSNA 2026, where we plan to engage with customers, partners, and key opinion leaders across the radiology community. RSNA provides an important platform to present our end-to-end imaging solution across Nanox-Arc, Nanox AI, and our broader imaging ecosystem, while supporting business development, customer engagement, and awareness of our recent commercial and clinical activity. We are preparing for RSNA 2026 with the goal of building on last year's success and using the event as a strong commercial kickoff for 2027. I will now turn the call over to Guy, whom we are very pleased to officially welcome to the team.

Guy Nathanzon

Thank you, Erez. Before I begin, I would like to say that I'm very excited to be at Nanox, and I look forward to helping drive our future success as we seek to change medical imaging. Thank you. As we implement the lessons we have learned and drive commercial growth, we've also sought various ways to extend our cash runway to the point where we are at a sustainable run rate. During the quarter and subsequently, we have taken deliberate steps to implement effective measures, including reduction to our cash expenditures and cash burn. Among those steps have been a 15% headcount reduction of our Israeli-based employees, and as previously noted, a reduction in our activities at our Korean location, mainly in the chip fabrication facility, as well as an approximately 67% in our headcount in Korea. We will instead rely on our OEM partners to supply the chips we need for future demand. The estimated annualized cost savings from these steps are expected to be approximately $2 million beginning in 2027. Along with cost reductions, we also recognize the need for additional capital and have recently raised fresh capital via an existing ATM program and a registered direct offering in August that raised together a total of $8.5 million of gross proceeds.

All figures that I'm reviewing now relate to the second quarter ending June 30, 2026. And all comparable figures relate to the comparable quarter of 2025, unless otherwise noted. Q2 2026 revenue was $4.2 million, compared to $3 million in Q2 2025, representing a year-over-year increase of 37%. The increase was driven mainly by the consolidation of the Nanox Health IT, formerly known as Vasal Healthcare IT business, which was consolidated as of November 19, 2025, and accounted for $0.9 million of revenue in Q2 2026. The company generated revenue of $3 million from our teleradiology services, $1 million from our AI and software solutions, and $0.2 million from the sale of imaging systems and OEM services. Q2 2026 adjusted EBITDA loss, a financial measure that is derived as described below under non-GAAP financial measures, was $11.3 million, compared with adjusted EBITDA loss of $10.4 million in Q2 2025. Q2 2026 GAAP gross loss margin was -1,051% compared to a GAAP gross loss margin of -107% for Q2 2025.

Non-GAAP gross loss margin was -13% compared to a non-GAAP gross loss margin of -21% in Q2 2025. In accordance with applicable accounting standards, as of June 30, 2026, the company performed an impairment assessment of its asset groups. The impairment assessment was triggered by significant decline in the company's share price and reduced forecasted revenue and operating results. The company recorded a charge of $40.7 million, which was accorded to cost of revenue, impairment of intangible assets, reducing the fair value of the intangible assets related to its AI solutions business unit, excluding Nanox Health IT, to $1.9 million. The company also re-evaluated the remaining useful life of the intangible assets and concluded that no changes were necessary. The impairment charge did not result in any cash outflow or impact the company's liquidity and was excluded from the calculation of the adjusted EBITDA for the period. Q2 2026 GAAP operating expense was $11.8 million compared to GAAP operating expense of $11.3 million in Q2 2025.

Q2 2026 non-GAAP operating expense was $11.1 million compared to a non-GAAP operating expense of $10.2 million in Q2 2025. The increase was mainly driven by the consolidation of Nanox Health IT business and an increase in the legal expense. Q2 2026 GAAP net loss was $55.5 million compared to a GAAP net loss of $14.7 million in Q2 2025. Q2 2026 non-GAAP net loss was $11.6 million compared to a non-GAAP net loss of $10.9 million in Q2 2025. The increase in net loss was mainly related to the impairment of certain intangible assets as described above. Cash and cash equivalents and restricted deposits as of June 30, 2026 were at $31.4 million. This compares to a cash and cash equivalents, short-term deposits, and restricted deposits balance of $60 million as of December 31, 2025.

Post-quarter end, the company raised aggregate gross proceeds of $8.5 million from its ATM program and a registered direct offering. The company intends to continue raising funds from various sources to improve its cash balance and support its activities. I'll now turn the call over to Erez for final comments and the questions and answer session.

Erez Meltzer

Before we open the call for questions, I want to close by reflecting on the priorities I outlined today and the progress they have produced so far. We are focused on moving Nanox-Arc systems into active use, extending our commercial footprint through new partnerships, advancing the Nanox imaging network, and adding new Nanox AI customers, all while managing our resources decisively and responsibly. We made real progress across these areas. We are also taking the necessary steps to improve our operating structure and extend our runway. There is still plenty of work ahead, but we believe we are taking the right actions to support Nanox's long-term opportunity in medical imaging. I want to thank our employees, partners, customers, and shareholders for your continued support. Operator, you may now open the call for Q&A.

Operator

[Operator Instructions]

And our first question will be coming from the line of Jeffrey Cohen of Ladenburg, Thalmann & Company, Inc. Your line is open.

질의응답

Jeffrey Cohen

Good morning. Just a few questions from Aaron. And I guess firstly for Guy, what's expected on the impairment for the balance of 2026? I know you're at 40.69 currently.

Guy Nathanzon

So, hi. Currently we already completed the process as of today. And if required, according to the accounting rules, we will continue in the future. Currently we have no visibility for any other elements around the impairment. But we do the assessment according to the accounting rules every period.

Jeffrey Cohen

And we'll do what we need to do. Okay, got it. What's the latest pro forma share count?

Guy Nathanzon

Sorry, could you repeat the question?

Jeffrey Cohen

The latest pro forma outstanding share count.

Guy Nathanzon

I believe it is 70.6, if I remember correctly.

Jeffrey Cohen

Million. Got it. And then could you talk about the placements out there? I'm curious about the evaluations and our placements. Could you give us a sense of how many were placed during the last quarter and maybe give us a sense of the pipeline that you expect throughout the balance of the year as far as evaluations.

Guy Nathanzon

I believe, Erez, would you like to take this answer? Erez, would you like to answer this question?

Jeffrey Cohen

Oh, no, I was just wondering about placements.

Erez Meltzer

Can you hear me? Can you hear me?

Guy Nathanzon

Okay. Now we can swap, no we can't do that. for the balance of the year. Jeff, can you hear me?

Jeffrey Cohen

Yes. I can, yes.

Erez Meltzer

Okay. So since the latest update, we have placed systems in Greece, in Romania, in Czech Republic. The systems for Peru are waiting for import license. Same goes with Argentina. In the U.S. we have one system which is converted from MSUs to CapEx. We've installed another one in an IDN. Another system for the first system in urgent care units in the U.S. We have 3 systems that are currently in the Nanox imaging network that we were talking about. One of them's already started. So, yeah, another one in the orthopedic clinic.

In a nutshell, that's where we are. So, quite nice progress in the last quarter.

Jeffrey Cohen

Thank you for taking our questions.

Erez Meltzer

Thank you. Thank you.

Operator

And our next question will be coming from the line of Scott Henry of AGP. Scott, your line is open.

Scott Henry

Thank you and good morning. Sounds like there's a lot of progress going on behind the scenes as far as building momentum for future sales. Could you give us a sense of how we should think about the timing of when that traction should start? How should we think about Q3 relative to Q2 in terms of revenues? And if we're not going to see much there, when should we start to see that traction result in revenues? Thank you.

Erez Meltzer

I think that we have addressed this question during the last call, that we saw the middle of the year as a sort of reflection point. First of all, what you can see is the progress that you actually were talking about. And second, we will start to see the impact of this progress in the next few months, as previously indicated already. We view the Nanox imaging network as part of the scale which is moving forward. The business partners are in terms of the pipeline which is being converted right now to installations or to sales. And from our point of view, the direct sales is also showing the progress. So I think that the reflection of these efforts and this momentum, we will see, as we said, in the next few months.

Scott Henry

Okay, great. So it is on track with prior expectations. Thank you. And then the $2 million in cost savings for 2027, should we expect that to show up in kind of the gross margin line or more in the G&A line?

Erez Meltzer

Which one? On the right. The one you're referring to?

Scott Henry

The $2 million in cost savings on target for 2027. I just wanted to get a sense where in the model of those cost savings should be located because it is a manufacturing plant.

Guy Nathanzon

Yes, so the simple answer is that probably most of the expenses would be reflected in the operating expenses. Some of them in the COGS, but most of them in the OpEx.

Scott Henry

Okay, great. And when we think about, I mean, it sounds like there are a lot of kind of cost rationalizations, getting costs out of the system, whether through contracting or what other reasons necessary. Where do you think you could get that operating expense? And that's on a GAAP basis. If it's been around $11 million, maybe a quarter of a million, maybe $11 million to $12 million per quarter on a GAAP basis, how much could you pull out of that as costs are shifted outside the system? Yes.

Guy Nathanzon

I'll try to be very cautious at this point, and if it's okay for you, I prefer not to answer this question directly. Once we have something to announce, we'll probably announce. At this point, in high level, I would say we are always doing ongoing research, examination, and evaluation of our expenses. There is no number that I can specifically announce right now. And once there would be a number, we'll definitely announce it like we just did on the Korean side.

Scott Henry

Okay, then I'll look forward to that. Also, in the press release, there was mention of a CMS reimbursement pathway. What would be the timing of developments on that front? Thank you.

Erez Meltzer

The reimbursement of the Nanox Imaging Network? Ah, the AI. As far as through CMS. Ah, the... The AI or the Nanox Imaging Network?

Scott Henry

Both, just the timing on either. How would we think about that?

Erez Meltzer

So the Nanox AI, the G0680 is already right now. And we'll probably see the impact of it. Right now we expect that it will be affected in the very near future and we are going to address this segment of the market in order to benefit from this effort. In terms of the reimbursement, first of all, it's already done, so we have already revenue which is generated from this reimbursement. And the more systems and sites we add to the Nanox imaging network, which actually we've already previously indicated what's the pipeline on this, the more we'll see the revenues growing up. I think that based on the model that we currently have. And right now we are in the first proof of concept for this, but based on the model right now and the indications that we have from current scans that are being done on this segment of the market, we expect these numbers to be in the hundreds of millions of dollars, or can go up to even more than that, close to $1 million, if the system is operating on a very wide scale, and this will generate for each one of the systems as was recorded in the press release.

Scott Henry

Okay, great. Thank you for taking the questions.

Erez Meltzer

Thank you so much.

Operator

And I'm showing no further questions. This concludes today's conference call. Thank you for participating. You may now disconnect.

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