Nano-X Imaging Ltd (NNOX) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to Nanox's third-quarter 2025 earnings conference call. (Operator Instructions) Please note today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Nanox 2025 年第三季財報電話會議。（操作員說明）請注意，今天的會議正在錄音。

I will now hand a conference over to your speaker host, Mike Cavanaugh of Investor Relations. Please go ahead.

現在我將把會議交給各位演講嘉賓，投資者關係部的麥克卡瓦諾。請繼續。

Good morning, and welcome to the Nanox Imaging third-quarter 2025 investor call. Earlier today, Nanox Imaging Limited released financial results for the quarter ending September 30, 2025. The release is currently available on the Investors section of the company's website.

早上好，歡迎參加 Nanox Imaging 2025 年第三季投資者電話會議。今天早些時候，Nanox Imaging Limited 發布了截至 2025 年 9 月 30 日的季度財務業績。該新聞稿目前可在公司網站的投資者關係欄位中查看。

With me today are Erez Meltzer, Chief Executive Officer and Acting Chairman; and Ran Daniel, Chief Financial Officer.

今天陪同我的是執行長兼代理董事長埃雷茲·梅爾策，以及財務長蘭·丹尼爾。

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 results, research and development, manufacturing and commercialization activities, regulatory process and clinical activities and other matters.

在正式開始之前，我想提醒大家，管理層將在本次電話會議中發表聲明，其中包括有關公司財務業績、研發、生產和商業化活動、監管流程和臨床活動以及其他事項的前瞻性聲明。

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.

這些聲明存在風險、不確定性和假設，這些風險、不確定性和假設是基於管理層截至目前的預期，未來可能不會更新。因此，不應將這些聲明視為代表公司在任何後續日期的觀點。造成這種差異的因素包括但不限於公司向美國證券交易委員會提交的文件中所描述的因素。

We will also refer to certain non-GAAP financial measures to provide additional information to investors. A reconciliation of the non-GAAP to GAAP measures is provided with our press release with the primary differences being non-GAAP net loss attributable to ordinary shares, non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses and non-GAAP gross loss per share.

我們也會參考一些非GAAP財務指標，以便向投資者提供更多資訊。我們在新聞稿中提供了非GAAP指標與GAAP指標的調節表，主要差異包括歸屬於普通股的非GAAP淨虧損、非GAAP營業成本、非GAAP毛利潤、非GAAP毛利率、非GAAP研發費用、非GAAP銷售和營銷費用、非GAAP一般及每股行政費用以及非GAAP毛虧損。

With that, I'd now like to turn the call over to Erez Meltzer.

接下來，我將把電話交給埃雷茲‧梅爾策。

Good morning, everyone, and thank you for joining Nanox's third-quarter 2025 earnings call. While many companies talk about global expansion, Nanox is delivering on it. It is important for us to share not only where we stand today, but also the path we are shaping for 2026 as we work to fulfill our mission and strengthen Nanox as a leading company in the medical imaging industry.

各位早安，感謝各位參加 Nanox 2025 年第三季財報電話會議。許多公司都在談論全球擴張，而 Nanox 正在真正實現這一目標。對我們來說，不僅要分享我們目前的狀況，還要分享我們為實現使命、鞏固 Nanox 作為醫療影像行業領先公司地位而製定的 2026 年發展路線，這一點非常重要。

We are building a comprehensive medical imaging portfolio focused on increasing revenues and accelerating our path to profitability. Our strategy includes reinforcing our position in the medical AI sector, deepening our foothold in the US healthcare system and driving meaningful change in the standard of care for medical imaging.

我們正在建立一個全面的醫療影像產品組合，重點在於增加收入並加快實現盈利的步伐。我們的策略包括鞏固我們在醫療人工智慧領域的地位，加深我們在美國醫療保健系統中的立足點，並推動醫學影像護理標準的實質變革。

We are entering into our second execution phase, we plan to further expand the ARC deployment and pipeline, grow our AI presence through the acquisition of VasoHealthcare IT that is being contemplated and explore further opportunities in imaging equipment with potential acquisitions and collaborations.

我們正在進入第二個執行階段，我們計劃進一步擴大 ARC 部署和管道，透過收購 VasoHealthcare IT 來擴大我們的 AI 業務（目前正在考慮中），並透過潛在的收購和合作探索成像設備的更多機會。

While not every element is fully within our control, we believe it is the right time to share our growth road map. For 2026, we are guiding for more than $35 million in revenues. Coming back to 2025, the third quarter brought progress across the organization, including our technology expansion, market scaling, AI infrastructure, and operational efficiency. Today, I'm excited to share with you the progress we are making across our strategic three pillars where we are demonstrating real momentum in moving from innovation to commercial scale with measurable results.

雖然並非所有因素都完全在我們的掌控之中，但我們認為現在是分享我們發展路線圖的合適時機。我們預計 2026 年的收入將超過 3,500 萬美元。回到 2025 年，第三季公司各方面都取得了進展，包括技術擴張、市場規模化、人工智慧基礎設施和營運效率。今天，我很高興與大家分享我們在三大策略支柱領域的進展，我們在從創新到商業規模的轉型中展現出了真正的勢頭，並取得了可衡量的成果。

Our first pillar focuses on technology expansion and market scaling, where we see momentum in our commercial deployment efforts. Nanox.ARC is now entering a growth phase in the retail imaging segment, expanding access to advanced imaging and community and outpatient settings where patients need it most. We recently signed two new agreements in the Czech Republic and in France that represents an important milestone in Nanox European strategy and follows recent distribution agreement in Greece, Romania, demonstrating the rising demand for Nanox imaging ecosystem and strengthening its presence across Europe.

我們的第一支柱專注於技術拓展和市場規模化，我們在這個領域看到了商業部署工作的良好勢頭。Nanox.ARC 目前正進入零售影像領域的成長階段，擴大了先進影像技術在社區和門診等患者最需要的場所的普及。我們最近在捷克共和國和法國簽署了兩項新協議，這代表了 Nanox 歐洲戰略的一個重要里程碑，此前我們在希臘和羅馬尼亞也簽署了分銷協議，這表明市場對 Nanox 成像生態系統的需求不斷增長，並加強了其在歐洲的影響力。

We are progressing toward our goal of deploying 100 systems worldwide in various stages for clinical demo and commercial purposes by the end of 2025. A number of systems are pending final regulatory approval and site preparations. As we scale our current ARC deployment, we are simultaneously working on unlock even greater market potential through the regulatory advancement. In the US, we continue to work with the FDA to remove the adjunctive use limitation, which will allow us to market the Nanox.ARC as a standalone modality.

我們正在朝著目標穩步前進，目標是在 2025 年底前在全球範圍內分階段部署 100 套系統，用於臨床演示和商業用途。許多系統尚待監管部門的最終批准和場地準備。隨著我們擴大目前 ARC 部署規模，我們也在努力透過監管進步釋放更大的市場潛力。在美國，我們繼續與 FDA 合作，以取消輔助用途限制，這將使我們能夠將 Nanox.ARC 作為獨立療法推向市場。

Building on both our deployment momentum and anticipated regulatory progress, we are preparing to launch our next-generation platform that will further accelerate market penetration.

基於我們目前的部署動能和預期的監管進展，我們正準備推出下一代平台，這將進一步加速市場滲透。

The new Nanox.ARC X system, which is to be unveiled at the RSNA Annual Meeting in less than two weeks, will extend our commercial reach even further with its smaller footprint and simplified installation process. Importantly, it has the flexibility to support additional clinical indication in the future. This enhanced platform is designed specifically to meet the diverse needs of our growing customer base and expand our addressable market significantly.

即將於兩週後的RSNA年會上亮相的全新Nanox.ARC X系統，憑藉其更小的佔地面積和更簡化的安裝過程，將進一步擴大我們的商業覆蓋範圍。重要的是，它具有靈活性，未來可以支持其他臨床適應症。這個增強型平台旨在滿足我們不斷成長的客戶群的多樣化需求，並顯著擴大我們的目標市場。

I'd like to highlight another example of how we are working to expand the market for Nanox.ARC. The Nanox.ARC X is AI-ready, which means it is compatible with future AI solution that are currently under development to interpret the ARC images. Ultimately, the clinical output will be an AI enhanced 3D digital tomosynthesis series with annotated pulmonary nodules, which may be an innovative new tool in the arsenal of lung cancer detection.

我想重點介紹一下我們如何努力擴大 Nanox.ARC 市場的另一個例子。 Nanox.ARC X 具備 AI 功能，這意味著它與目前正在開發的未來 AI 解決方案相容，這些解決方案可以解讀 ARC 影像。最終，臨床輸出將是帶有註釋的肺結節的 AI 增強型 3D 數位斷層合成序列，這可能是肺癌檢測武器庫中的創新新工具。

Our second pillar, AI infrastructure and integration represent the technological heart of our strategy, connecting all the pieces of our ecosystem and driving new revenue opportunities. Artificial intelligence is part of our core value proposition, transforming us from a hardware company into a comprehensive imaging platform.

我們的第二個支柱，人工智慧基礎設施和集成，代表了我們策略的技術核心，連接了我們生態系統的所有部分，並推動了新的收入機會。人工智慧是我們核心價值主張的一部分，它將我們從硬體公司轉型為一個綜合成像平台。

In a key move to advance our AI business, we recently reached an agreement to acquire VasoHealthcare IT or VHC IT, a wholly owned subsidiary of Vaso Corporation, which provides best-of-breed healthcare IT solutions from various technology partners, specifically imaging information technology solutions, which support imaging workflow for providers. Nanox and VHC IT together create a powerful synergy that connects Nanox.AI's FDA-cleared imaging AI solution with VHC IT's deep expertise in IT integration, implementation, and customers' operations. This will potentially help us deliver improved customer service to our growing US customer base.

為了推進我們的人工智慧業務，我們最近達成了一項關鍵協議，收購 VasoHealthcare IT 或 VHC IT，它是 Vaso Corporation 的全資子公司，提供來自各種技術合作夥伴的一流醫療保健 IT 解決方案，特別是影像資訊技術解決方案，為醫療服務提供者提供影像工作流程支援。Nanox 和 VHC IT 攜手合作，將 Nanox.AI 獲得 FDA 批准的成像 AI 解決方案與 VHC IT 在 IT 整合、實施和客戶運營方面的深厚專業知識相結合，從而創造了強大的協同效應。這將有助於我們為不斷成長的美國客戶群提供更優質的客戶服務。

This acquisition will align with our ongoing progress on multiple fronts as we expand our network and collaborations with prominent organizations such as Cedars-Sinai, 3DR, Covera Health, and others. More details are included in my remarks below.

此次收購將與我們在多個方面持續取得的進展相一致，我們將擴大我們的網絡，並與 Cedars-Sinai、3DR、Covera Health 等知名機構合作。更多細節請見下文。

Now for an update on our third strategic pillar, which focus on operational efficiency and sustainable growth. We are building a leaner, more focused organization to support long-term success. Our workers' compensation and retail imaging initiatives continue to grow, creating scan-based revenue opportunities that strengthens our financial foundation.

現在來報告我們的第三個策略支柱的最新進展，該支柱專注於營運效率和永續成長。我們正在打造一個更精簡、更專注的組織，以支持長期的成功。我們的工傷賠償和零售影像業務持續成長，創造了基於掃描的收入機會，從而增強了我們的財務基礎。

Additionally, we are strengthening our production capabilities through our partnership with Fabrinet, preparing to manufacture hundreds of systems. And in parallel, we continue to enhance our tube manufacturing infrastructure as well. Nanox remain dedicated to accelerating and development of a highly efficient manufacturing operation.

此外，我們正透過與 Fabrinet 的合作來加強我們的生產能力，準備生產數百套系統。同時，我們也在不斷提升我們的管材製造基礎設施。Nanox 將繼續致力於加速和發展高效的生產營運。

Let's now review the progress we made during the quarter in our US deployment progress, which demonstrates the strong commercial traction we are building across multiple channels. Currently, we have a growing number of ARC systems actively scanning showing consistent utilization and clinical adoption. One of the most active sites is an imaging center in California. During the third quarter, it achieved above average scanning levels, and the feedback from them has been very positive.

現在讓我們回顧一下本季我們在美國部署方面的進展，這表明我們在多個管道中建立了強大的商業吸引力。目前，越來越多的 ARC 系統正在積極掃描，顯示出持續的使用率和臨床應用。最活躍的站點之一是加州的一家影像中心。第三季度，其掃描量達到平均水平以上，並獲得了非常積極的回饋。

Our installation plan provides us with a solid foundation for revenue generation and market presence. Another example is our recent collaboration with Keiser University, where the Nanox.ARC has been integrated into their radiological technology graduate program, this flagship training and demonstration is already actively scanning giving future imaging professionals hands-on experience with Nanox.ARC early in their careers. The full engagement of our business partners and the upcoming retail infrastructure reinforces our confidence in the next year guidance.

我們的安裝計劃為我們創造收入和建立市場地位奠定了堅實的基礎。另一個例子是我們最近與凱澤大學的合作，Nanox.ARC 已融入他們的放射技術研究生課程中，這項旗艦培訓和演示已經積極開展掃描工作，讓未來的影像專業人員在職業生涯早期就能獲得 Nanox.ARC 的實踐經驗。我們業務夥伴的全力投入以及即將建成的零售基礎設施，增強了我們對明年業績預期的信心。

I also want to let you know that Nanox will have a strong presence at the Radiology Society of North America or in short RSNA Annual Meeting, which begins on November 30 in Chicago. There, we will provide more detailed insights into our commercial progress and future strategy. We welcome you to visit our booth if you are attending the event.

我還想告訴大家，Nanox 將在北美放射學會（簡稱 RSNA）年會上佔據重要位置，該年會將於 11 月 30 日在芝加哥開幕。屆時，我們將更詳細地介紹我們的商業進展和未來策略。如果您參加本次活動，歡迎蒞臨我們的攤位參觀。

In a recently announced partnership, we entered into a distribution agreement with EXRAY, a leading Czech distributor of medical imaging system to introduce Nanox advanced imaging solution to healthcare providers across the Czech Republic. Under the terms of this agreement, X-ray will lead the market introduction, sale and service of Nanox medical imaging solution then Nanox.ARC, founded in 2013, EXRAY is recognized as the number one supplier of digital radiography system in the Czech Republic with installations in more than half of the country's 200 healthcare facilities and nationwide sales and service coverage.

在最近宣布的一項合作中，我們與捷克領先的醫療影像系統分銷商 EXRAY 簽訂了分銷協議，將 Nanox 先進的影像解決方案引入捷克共和國各地的醫療保健機構。根據本協議條款，X-ray 將主導 Nanox 醫療影像解決方案的市場引進、銷售和服務。 Nanox.ARC 成立於 2013 年，EXRAY 被公認為捷克共和國數位放射成像系統的第一供應商，其產品已安裝在該國 200 多家醫療機構中的一半以上，銷售和服務覆蓋全國。

Additionally, this week, we signed a distribution agreement in France with Althea France SARL, part of Althea Group, one of Europe's largest independent providers of managed medical technology services. As part of the agreement, Althea France will lead the introduction distribution installation and service of Nanox medical imaging solution, the Nanox.ARC, across France's public and private healthcare sector. We have stated before that our initial foray into the many European countries will be best served by commercial partnerships such as this. And rest assured, we are working on others. These partnerships are just some of the steps we took in the third quarter to better position us to scale globally and redefine the standard of care through innovation that makes imaging more accessible and efficient.

此外，本週我們與法國 Althea France SARL（Althea 集團旗下公司）簽署了在法國的經銷協議。 Althea 集團是歐洲最大的獨立醫療技術管理服務提供者之一。作為協議的一部分，Althea France 將負責在法國公共和私營醫療保健領域引入、分銷、安裝和服務 Nanox 醫療成像解決方案 Nanox.ARC。我們之前已經說過，我們最初進軍眾多歐洲國家市場，最好的方式就是建立像這樣的商業夥伴關係。請放心，我們正在開發其他產品。這些合作關係只是我們在第三季採取的部分措施，旨在更好地在全球範圍內擴大規模，並透過創新使影像檢查更加便捷高效，從而重新定義護理標準。

As we scale our current ARC deployment, we are simultaneously working to unlock even greater market potential through regulatory advancement. In the US, the company has submitted the TAP2D software module to the FDA through the 510(k) program. TAP2D is a 2D view image output for the Nanox.ARC systems, a practical tool for radiologists to enhance their diagnostic confidence as they become more experienced evaluating digital tomosynthesis images. TAP2D once cleared, will be part of a wider vision held by Nanox to alleviate adjunctive use limitation in the future.

在擴大目前 ARC 部署規模的同時，我們也在努力透過監管進步釋放更大的市場潛力。在美國，該公司已透過 510(k) 程式向 FDA 提交了 TAP2D 軟體模組。TAP2D 是 Nanox.ARC 系統的 2D 視圖影像輸出，對於放射科醫生來說，這是一個實用的工具，可以增強他們在評估數位斷層合成影像方面的經驗，從而提高他們的診斷信心。TAP2D一旦獲得批准，將成為Nanox未來緩解輔助用途限制的更廣泛願景的一部分。

For perspective, adjunctive use limitation do not apply for the CE mark Nanox.ARC in the European market. This remains one of our top priorities, and we believe that removing the adjunctive use limitation will be a critical milestone that may unlock significant new market opportunities for the Nanox.ARC platform. This regulatory advancement represents a potential key catalyst for accelerated adoption across healthcare system.

需要說明的是，在歐洲市場，CE 標誌 Nanox.ARC 不受輔助用途限制。這仍然是我們的首要任務之一，我們相信，取消輔助用途限制將是一個重要的里程碑，可能會為 Nanox.ARC 平台釋放重要的新市場機會。這項監管進步可能成為加速醫療保健系統全面採用的關鍵催化劑。

Outside of the US, our regulatory efforts continue, but it is worth nothing if these efforts will not be as streamlined as those in the US where FDA clearances allow distribution in the entire country. The rest of the world by nature is very fragmented, and we are working with many different countries, which have their own processes and regulations. In some instances, regulatory progress is slower than we would like. Nevertheless, we have not stopped pushing ahead with our regulatory efforts, which continue to be of paramount importance to Nanox.

在美國以外，我們的監管工作仍在繼續，但如果這些工作不能像在美國那樣精簡高效（在美國，FDA 的批准允許產品在全國範圍內分銷），那麼這些努力就毫無意義。世界其他地區本質上非常分散，我們正在與許多不同的國家合作，這些國家都有自己的流程和法規。在某些情況下，監管進展比我們預期的要慢。儘管如此，我們並未停止推進監管工作，這對 Nanox 而言仍然至關重要。

Now I'd like to discuss some of the extensive clinical work we are undertaking that supports all of our commercial efforts by generating robust data supporting the use of our solution across multiple clinical applications. I'm happy to report that Cedars-Sinai Medical Center is joining a trial of Nanox.AI for a new AI model for aortic valve calcification measurement solution that is under development. The solution is intended to quantify the level of aortic valve calcium, which is an important measure of risk for aortic valve disease.

現在我想討論我們正在進行的一些廣泛的臨床工作，這些工作透過產生可靠的數據來支持我們所有的商業努力，從而支持我們的解決方案在多個臨床應用中的使用。我很高興地宣布，西達賽奈醫療中心正在參與 Nanox.AI 的一項試驗，該試驗旨在測試一種正在開發中的用於主動脈瓣鈣化測量的全新人工智慧模型。此解決方案旨在量化主動脈瓣鈣化程度，這是衡量主動脈瓣疾病風險的重要指標。

We are very pleased to be partnering with Cedars-Sinai, one of the nation's premier medical institutions. We also have begun a collaboration with MDS Wellness, an independent provider of wellness screening programs located in Michigan, with whom we are engaging clinical trials to further assess the clinical value of Nanox.ARC in the context of lung cancer detection, management, and screening.

我們非常高興能與美國頂尖醫療機構之一的西達賽奈醫療中心合作。我們也與位於密西根州的獨立健康篩檢計畫提供者 MDS Wellness 展開合作，共同進行臨床試驗，以進一步評估 Nanox.ARC 在肺癌檢測、治療和篩檢方面的臨床價值。

Last month, we attended the Early Lung Cancer Action Programs, the ECLAP 40th conference in New York focused on lung cancer screening and early detection. Among several presentations about the advantages of digital tomosynthesis in the lung cancer screening, Dr. Lawrence Tanenbaum delivered an inspiring talk about how he believes that Nanox.ARC can be utilized in lung cancer screening and disease management protocols.

上個月，我們參加了在紐約舉行的早期肺癌行動計畫 (ECLAP) 第 40 屆會議，該會議重點關注肺癌篩檢和早期檢測。在關於數位斷層合成在肺癌篩檢中的優勢的幾場演講中，勞倫斯·塔嫩鮑姆博士發表了鼓舞人心的演講，闡述了他認為 Nanox.ARC 如何在肺癌篩檢和疾病管理方案中得到應用。

Outside the US, we are excited about recent collaboration with Olympe Imagerie, which is a group of independent radiologists who practice at several sites in Ile-de-France, utilizing high-performance technical facilities. Through this collaboration, the Nanox.ARC system has been deployed at Hospital Prive Jacques Cartier at Massy, one of the leading private hospital groups in Paris metropolitan area for a clinical trial designed to further assess the value of the Nanox.ARC in supporting lung cancer detection, management and screening. This collaboration advanced our clinical valuation effort in the second largest country in the EU. The data derived from this trial is intended to demonstrate the ARCs potential to improve patient outcomes through early screening for lung cancer, which is the deadliest cancer worldwide.

在美國以外，我們很高興最近與 Olympe Imagerie 展開合作，Olympe Imagerie 是由一群獨立的放射科醫生組成的團隊，他們在法蘭西島的多個地點執業，並利用高性能的技術設施。透過此次合作，Nanox.ARC 系統已在巴黎大都會區領先的私立醫院集團之一——馬西雅克·卡蒂埃私立醫院部署，用於開展臨床試驗，旨在進一步評估 Nanox.ARC 在支持肺癌檢測、管理和篩檢方面的價值。此次合作推進了我們在歐盟第二大國家所進行的臨床評估工作。這項試驗所獲得的數據旨在證明 ARCs 透過早期篩檢肺癌（全球最致命的癌症）來改善患者預後的潛力。

We continue to engage with research partners globally to execute a comprehensive clinical evidence generation strategy. I mentioned we will have a large presence at RSNA this year, and I encourage you to visit our booth. All details regarding our participation were published last week.

我們將繼續與全球研究夥伴合作，執行全面的臨床證據生成策略。我之前提到過，我們今年將在RSNA展會上大力參展，歡迎大家蒞臨我們的展位參觀。有關我們參與的所有細節已於上周公布。

As I mentioned in my opening remarks, we are acquiring VasoHealthcare IT or VHC IT, a wholly owned subsidiary of Vaso Corporation, which provides best-of-breed healthcare IT solution from various technology partners, specifically imaging information technology solution, which support imaging workflow for providers. Nanox and VHC IT together create a powerful synergy that connects Nanox.AI FDA-cleared imaging AI solutions with VHC IT's deep expertise in IT integration, implementation and customer operation.

正如我在開場白中提到的，我們正在收購 VasoHealthcare IT 或 VHC IT，它是 Vaso Corporation 的全資子公司，提供來自各種技術合作夥伴的一流醫療保健 IT 解決方案，特別是影像資訊技術解決方案，為醫療服務提供者提供影像工作流程支援。Nanox 和 VHC IT 攜手合作，創造了強大的協同效應，將 Nanox.AI 獲得 FDA 批准的成像 AI 解決方案與 VHC IT 在 IT 整合、實施和客戶運營方面的深厚專業知識聯繫起來。

Under the terms of the proposed transaction, Nanox will acquire VHC IT for a total consideration of up to $800,000, consisting of a $200,000 cash payment at closing and up to $600,000 in performance-based earn-out payments over a period of up to two years, contingent upon revenue retention targets with respect to existing customers. This transaction is intended to accelerate deployment of Nanox.AI solution across US healthcare facilities and is expected to be executed and completed within a couple of weeks.

根據擬議交易的條款，Nanox 將收購 VHC IT，總對價最高可達 80 萬美元，其中包括在交易完成時支付的 20 萬美元現金，以及在長達兩年的時間內根據業績支付的最高 60 萬美元的盈利能力付款，具體取決於現有客戶的收入留存目標。此次交易旨在加速 Nanox.AI 解決方案在美國醫療機構的部署，預計將在幾週內執行完成。

Given the rapidly evolving nature of medical imaging technology, it is a challenge to keep up with these changes and informatics and VasoHealthcare IT serves as a trusted adviser to address and solve these issues. We expect this partnership to accelerate the commercialization of Nanox.AI solutions and help generate scalable recurring revenues.

鑑於醫學影像技術的快速發展，跟上這些變化是一項挑戰，而VasoHealthcare IT作為值得信賴的顧問，致力於解決這些問題。我們期望此次合作能夠加速 Nanox.AI 解決方案的商業化，並有助於產生可擴展的經常性收入。

Key synergies include cross leveraging our organizational shared expertise, active accounts, sales funnels, and product offerings. We believe this acquisition immediately expands the value we deliver to customers and shareholders. We recently entered a commercial partnership with 3DR Labs, one of the largest and most trusted providers of 3D medical imaging post-processing services in the US.

關鍵協同效應包括交叉利用我們組織共享的專業知識、活躍客戶、銷售管道和產品供應。我們相信此次收購將立即提升我們為客戶和股東創造的價值。我們最近與 3DR Labs 建立了商業合作夥伴關係，3DR Labs 是美國規模最大、最值得信賴的 3D 醫學影像後處理服務提供者之一。

3DR Labs offers Nanox.AI FDA-cleared imaging solution to its network of more than 1,800 hospitals and imaging centers across the US The partnership enables 3DR Labs to market and distribute Nanox.AI software solution to its client-based network of more than 1,800 hospitals and imaging centers across the US The agreement positions Nanox.AI technology to support initiatives to drive early disease detection and improving clinical outcomes at a scale across the United States.

3DR Labs 向其遍布全美 1800 多家醫院和影像中心的網路提供 Nanox.AI 獲得 FDA 批准的成像解決方案。此次合作使 3DR Labs 能夠向其遍布全美 1800 多家醫院和影像中心的客戶網絡推廣和分銷 Nanox.AI 軟體解決方案。該協議使 Nanox.AI 技術能夠支持旨在推動疾病早期檢測和改善臨床結果的各項舉措，並在美國範圍內大規模應用。

We are also expanding direct-to-clinician access to Nanox.AI solutions and launching new AI applications that have the potential to improve diagnostic accuracy, early detection and patient management. I'm happy to report that we have closed our first deal under this new direct-to-clinician business model. This approach enables AI at the clinic level, equipping clinicians with value-added tools on site and eliminating the need to send patients to other locations for CT scans. I'm particularly excited about our current lineup of advanced AI solution that analyze routine medical CT scans for any clinical indications to help identify patients with asymptotic or undetected findings correlated with chronic conditions in cardiac, liver, and bone, promoting preventive care management where AI assists clinicians in generating numerical indications for further decision support. We are in the process of developing more innovations to add our offering, and I look forward to announcing new AI developments as they become available.

我們也正在擴大臨床醫生直接使用 Nanox.AI 解決方案的管道，並推出新的 AI 應用，這些應用有可能提高診斷準確性、早期檢測和患者管理水平。我很高興地宣布，我們已經完成了在這種新的直接面向臨床醫生的商業模式下的第一筆交易。這種方法可以在診所層級應用人工智慧，為臨床醫生提供現場增值工具，並消除將患者送到其他地點進行 CT 掃描的需要。我特別對我們目前推出的先進人工智慧解決方案系列感到興奮，該方案可分析常規醫學 CT 掃描的任何臨床指徵，以幫助識別與心臟、肝臟和骨骼慢性疾病相關的無症狀或未發現的病變，從而促進預防性護理管理，人工智慧可幫助臨床醫生產生數值指標，以提供進一步的決策支援。我們正在開發更多創新技術來豐富我們的產品和服務，我期待在新的人工智慧技術問世後及時宣布。

In other AI-related news, we have successfully expanded our existing agreement with Covera Health. This new agreement builds upon our initial collaboration, which focused on retrospective analysis to identify care gaps and support their platform. Our expanded agreement now includes prospective use case such as opportunistic screening for improved care outcomes. We've also expanded our AI footprint to India, having recently signed a distribution agreement with an Indian commercial partner, and we're already running two pilots projects with several more in the pipeline.

在其他人工智慧相關新聞中，我們已成功擴大了與 Covera Health 的現有協議。這項新協議建立在我們最初的合作之上，最初的合作側重於回顧性分析，以找出護理方面的不足並支持他們的平台。我們擴展後的協議現在包括了前瞻性用例，例如機會性篩檢以改善護理結果。我們最近與一家印度商業夥伴簽署了分銷協議，並將人工智慧業務拓展到了印度，目前我們已經開展了兩個試點項目，還有幾個項目正在籌備中。

A key element of the third pillar in the creation of sustainable and efficient supply chain to ensure we can meet anticipated future demand. With that in mind, we continue to engage with third-party manufacturers and suppliers for the commercial production of our digital X-ray tubes and other components for the use in the Nanox.ARC based on, among other things, cost effectiveness, et cetera. We are currently developing glass-based digital X-ray tubes for use in the Nanox.ARC. As previously disclosed, we are working with third parties such as CEI and Varex to build tubes and system, a chip maker located in Switzerland for our chips.

創建可持續和高效的供應鏈的第三大支柱的關鍵要素是確保我們能夠滿足預期的未來需求。考慮到這一點，我們繼續與第三方製造商和供應商合作，以商業化生產我們的數位 X 光管和其他組件，用於 Nanox.ARC，其依據包括成本效益等因素。我們目前正在開發用於 Nanox.ARC 的玻璃基數位 X 光管。如之前所揭露的那樣，我們正在與 CEI 和 Varex 等第三方合作製造 X 射線管和系統，並與位於瑞士的晶片製造商合作製造我們的晶片。

Our work with our manufacturing partners is a key component of the third pillar of future success. We will continue close collaboration with our technology suppliers to secure the supply of components needed as our Arc deployment continues.

我們與製造合作夥伴的合作是未來成功的第三大支柱的關鍵組成部分。我們將繼續與我們的技術供應商密切合作，以確保在 Arc 部署過程中所需的元件供應。

As of today's call, we have fabricated enough emitters and begun scaling tube production to support the initial launch of our next-generation ARC's ARC X. Specifically to Varex, we are well underway with performing all the necessary tubes and arc level testing to add them as an approved supplier early next year. We have additionally taken received from them of multiple MBX multi-source demonstration to advance our testing and development of stationary digital tomosynthesis and stationary CT type solution. Varex's MBX or multi-beam X-ray combines the precision of traditional X-ray with a detailed insight of CT imaging and enable faster higher quality scans with reduced radiation exposure, offering clearer images, and better patient outcome. Varex personnel will visit our lab in Israel soon to support these efforts.

截至今天的電話會議，我們已經製造了足夠的發射器，並開始擴大電子管生產規模，以支援我們下一代 ARC X 的首次發布。具體來說，我們正在順利地對 Varex 進行所有必要的電子管和電弧水平測試，以便在明年初將其列為合格供應商。此外，我們還從他們那裡獲得了多個 MBX 多源演示，以推進我們對固定式數位斷層合成和固定式 CT 型解決方案的測試和開發。Varex 的 MBX 或多束 X 射線結合了傳統 X 射線的精確性和 CT 成像的詳細洞察力，能夠以更少的輻射暴露進行更快、更高質量的掃描，從而提供更清晰的圖像和更好的患者治療效果。Varex 的工作人員很快就會訪問我們在以色列的實驗室，以支持這些工作。

We're also working in partnership with novel imaging technology company to explore utilization of our emitter with their specialty detectors. These efforts toward low-dose single exposure dual energy capabilities significantly enhance visualization for medical, security and inspection applications.

我們也與一家新型成像技術公司合作，探索將我們的發射器與其專用探測器結合使用。這些在低劑量單次曝光雙能量影像方面所做的努力顯著提高了醫療、安保和檢測應用的成像效果。

On the OEM business development front, in response to requests from the security materials analyst analysis and high-resolution inspection market, we are in the process of fabricating several novel emitter layouts, each with unique functionality to specifically address pain points or add requested capabilities as compared to their current offering. We have also recently delivered two of our developer kits, one is the leading US academic institute for medical solution development for medical application development and another to one of the largest global providers of industrial X-ray NDT inspection to assist developing their next-generation system.

在 OEM 業務發展方面，為了回應安全材料分析師分析和高解析度偵測市場的要求，我們正在製造幾種新型發射器佈局，每種佈局都具有獨特的功能，可以專門解決痛點或增加與當前產品相比所需的功能。我們最近還交付了兩套開發套件，一套交付給了美國領先的醫療解決方案開發學術機構，用於醫療應用開發；另一套交付給了全球最大的工業 X 射線無損檢測供應商之一，以幫助他們開發下一代系統。

Regarding our project with Oak Ridge National Laboratory, we are now working towards material acquisition and fabrication of the second-generation prototype to be utilized in their novel and compact mobile X-ray technology development. As previously reported, we have entered into a multiyear volume supply agreement with Fabrinet, a leading global electronics manufacturing services provider to support the scalable manufacturing of Nanox.ARC system. We believe -- this collaboration will drive down our manufacturing cost over time, which will, in turn, to support our mission to expand access to innovative affordable imaging technology worldwide.

關於我們與橡樹嶺國家實驗室的項目，我們目前正致力於獲取材料並製造第二代原型，用於他們新型緊湊型移動 X 射線技術的開發。正如先前報導的那樣，我們已與全球領先的電子製造服務提供商 Fabrinet 簽訂了多年批量供應協議，以支援 Nanox.ARC 系統的可擴展製造。我們相信，隨著時間的推移，這種合作將降低我們的製造成本，從而支持我們擴大全球範圍內創新且價格合理的成像技術的普及範圍的使命。

Looking ahead, Nanox is dedicated to accelerating the development of a highly efficient and scalable manufacturing infrastructure. We will always be looking for ways to extract more efficiencies and may include future strategic collaborations. As we look ahead, we would like to provide our investors with some financial guidance for the coming year. Given our current business trajectory, sales funnel, new partnership and the Vaso acquisition, we expect to generate a minimum of $35 million in revenue in 2026.

展望未來，Nanox 致力於加速開發高效且可擴展的製造基礎設施。我們將始終尋求提高效率的方法，未來可能包括策略合作。展望未來，我們希望為投資者提供一些來年的財務指引。鑑於我們目前的業務發展軌跡、銷售管道、新的合作夥伴關係以及對 Vaso 的收購，我們預計 2026 年的收入將至少達到 3500 萬美元。

Furthermore, we project the AI business segment with the addition of VHC IT will achieve EBITDA breakeven on a quarterly basis sometimes in 2026. We expect Nanox as a whole to reach EBITDA breakeven on a quarterly basis in 2027. These projections reflect our belief in an achievable path to sustainable profitability driven by our expanding commercial deployments and recurring revenue streams. We are executing a clear and consistent strategy across all three pillars, moving forward with a confidence while systematically expanding our market presence and strengthening our foundation for long-term success.

此外，我們預計，隨著 VHC IT 的加入，人工智慧業務部門將在 2026 年左右實現季度 EBITDA 收支平衡。我們預計 Nanox 整體將在 2027 年達到季度 EBITDA 收支平衡。這些預測反映了我們對實現可持續盈利能力的信念，即透過不斷擴大的商業部署和經常性收入來源來實現盈利。我們正在三大支柱領域執行清晰一致的策略，充滿信心地向前邁進，同時有系統地擴大市場份額，並鞏固我們長期成功的基礎。

With that, I would like to hand the call to Ran Daniel for a review of our financials. Ran, over to you.

接下來，我將把電話交給 Ran Daniel，請他審核一下我們的財務狀況。跑過來了，到你這裡來。

Thank you, Erez. We reported a GAAP net loss for the third quarter of 2025 of $13.7 million, which is the reported period compared with a net loss of $13.6 million in the third quarter of 2024, which is the comparable period. Revenue for the reported period was $3.4 million and gross loss was $2.9 million on a GAAP basis. Revenue for the comparable period was $3.0 million and gross loss was $2.8 million on a GAAP basis. The increase of $0.4 million in the revenue stems from an increase of $0.6 million in revenue from our teleradiology services, a decrease of $0.3 million in our revenue from our AI solutions, and an increase of $0.1 million in our revenue from the sale and deployment of its imaging systems and OEM services.

謝謝你，埃雷茲。我們報告稱，2025 年第三季（報告期間）的 GAAP 淨虧損為 1,370 萬美元，而 2024 年第三季（可比期）的淨虧損為 1,360 萬美元。根據美國通用會計準則 (GAAP)，報告期間的收入為 340 萬美元，毛虧損為 290 萬美元。同期營收為 300 萬美元，以美國通用會計準則計算，毛虧損為 280 萬美元。營收增加 0.4 億美元，其中遠距放射學服務收入增加 0.6 億美元，人工智慧解決方案收入減少 0.3 億美元，以及影像系統和 OEM 服務銷售和部署收入增加 0.1 億美元。

Non-GAAP gross loss for the reported period was $0.3 million as compared to a gross loss of $0.2 million in the comparable period, which represents a gross loss margin of approximately 8% on a non-GAAP basis for the reported period as compared to a gross loss margin of 6% on a non-GAAP basis in the comparable period.

報告期間的非GAAP毛虧損為30萬美元，而去年同期毛虧損為20萬美元，這意味著報告期間的非GAAP毛虧損率約為8%，而去年同期的非GAAP毛虧損率為6%。

Revenue from the teleradiology services for the reported period was $3.1 million with a gross profit of $0.8 million on a GAAP basis as compared to revenue of $2.6 million with a gross profit of $0.3 million on a GAAP basis in the comparable period, which represents a gross profit margin of approximately 25% on a GAAP basis for the reported period as compared to 13% on a GAAP basis in the comparable period. Non-GAAP gross profit of the company's teleradiology services for the reported period was $1.3 million as compared to $0.9 million in the comparable period, which represents a gross profit margin of approximately 43% on a non-GAAP basis for the reported period as compared to 35% on a non-GAAP basis in the comparable period. The increase in the company's revenue and gross profit margins from the teleradiology services was mainly attributable to customer retention, increased rates and increased volume of the company's reading services during the weekends and weekdays.

報告期間內，遠距放射學服務的收入為 310 萬美元，毛利潤為 80 萬美元（按美國通用會計準則計算），而上年同期收入為 260 萬美元，毛利潤為 30 萬美元（按美國通用會計準則計算），這意味著報告期內的毛利率約為 25%（按美國通用會計準則計算），這意味著報告期內的毛利率約為 25%（按美國會計準則計算為 3%。報告期間內，該公司遠距放射學服務的非GAAP毛利為130萬美元，而去年同期為90萬美元，這意味著報告期間的非GAAP毛利率約為43%，而去年同期的非GAAP毛利率約為35%。公司遠距放射學服務的收入和毛利率的成長主要歸功於客戶留存率的提高、週末和工作日閱片服務費率的提高以及閱片量的增加。

During the reported period, the company generated revenue through the sale and deployment of its imaging systems and OEM services, which amounted to $175,000 for the reported period with a gross loss of $1.7 million on a GAAP basis and a non-GAAP basis compared to a revenue of $29,000 with a gross loss of $1.5 million on a GAAP basis and a non-GAAP basis in the comparable period.

在報告期間內，該公司透過銷售和部署其成像系統和 OEM 服務獲得收入，報告期內收入為 175,000 美元，按 GAAP 和非 GAAP 計算的毛虧損為 170 萬美元，而去年同期收入為 29,000 美元，按 GAAP 和非 GAAP 計算的毛虧損為 150 萬美元。

The company's revenue from its AI solution for the reported period was $0.1 million, with a gross loss of $1.9 million on a GAAP basis. compared to revenue of $0.4 million with a gross loss of $1.6 million in the comparable period. Non-GAAP gross profit of the company's AI solution for the reported period was $75,000 compared to a gross profit of $370,000 in the comparable period.

該公司報告期間人工智慧解決方案的收入為 10 萬美元，以美國通用會計準則 (GAAP) 計算，毛虧損為 190 萬美元；而去年同期，收入為 40 萬美元，毛虧損為 160 萬美元。報告期間內，該公司人工智慧解決方案的非GAAP毛利為75,000美元，而去年同期毛利為370,000美元。

Research and development expenses net for the reported period were $4.6 million compared to $4.7 million in the comparable period, which represents a decrease of $0.1 million. The decrease was mainly due to a decrease of $0.4 million in share-based compensation and $0.5 million in expenses related to our development activities, which were mitigated by an increase of $0.5 million in salaries and wages and a decrease of $0.3 million in grants received.

報告期間的研發費用淨額為 460 萬美元，而去年同期為 470 萬美元，減少了 10 萬美元。下降的主要原因是股權激勵減少了 40 萬美元，發展活動相關支出減少了 50 萬美元，但工資和薪水增加了 50 萬美元，收到的贈款減少了 30 萬美元，從而抵消了部分損失。

Sales and marketing expenses for the reported period were $1.5 million compared to $0.9 million in the comparable period, which represents an increase of $0.6 million, mainly due to an increase of $0.5 million in salaries and wages, $0.5 million in marketing activities with connection to the commercialization in the US market, which mitigated by a decrease of $0.1 million in share-based compensation.

報告期間的銷售和行銷費用為 150 萬美元，而去年同期為 90 萬美元，增加了 60 萬美元，主要原因是薪資和薪資增加了 50 萬美元，與美國市場商業化相關的行銷活動增加了 50 萬美元，但股權激勵費用減少了 10 萬美元，部分抵消了上述增加。

General and administrative expenses for the reported period were $5.3 million compared to $5.7 million in the comparable period. The decrease of $0.4 million was mainly due to a decrease of $0.6 million in share-based compensation, decrease of $0.2 million in the company's legal expenses, and a decrease of $0.2 million in D&O insurance expenses, which were mitigated by an increase of $0.5 million in salaries and wages and recruiting fees.

報告期間的行政及一般費用為 530 萬美元，而去年同期為 570 萬美元。減少 0.4 百萬美元主要是由於股權激勵支出減少 0.6 百萬美元、公司法律費用減少 0.2 百萬美元以及董事及高管責任保險費用減少 0.2 百萬美元，但這些減少被工資和薪金以及招聘費用增加 0.5 百萬美元所抵消。

Non-GAAP net loss attributable to ordinary shares for the reported period was $9.9 million compared to $8.7 million in the comparable period. The increase of $1.2 million in the non-GAAP net loss attributable to ordinary shares was mainly due to an increase of $0.1 million in the non-GAAP gross loss and an increase of $1.1 million in the non-GAAP operating expenses.

報告期間歸屬於普通股股東的非GAAP淨虧損為990萬美元，而上年同期為870萬美元。歸屬於普通股的非GAAP淨虧損增加120萬美元，主要是由於非GAAP毛虧損增加10萬美元和非GAAP營運費用增加110萬美元。

Turning to our balance sheet. As of September 30, 2025, we had cash, cash equivalents and marketable securities of approximately $55.5 million and had $3.2 million short-term loans from our bank. We ended the quarter with property and equipment net of $46.7 million.

接下來來看看我們的資產負債表。截至 2025 年 9 月 30 日，我們擁有現金、現金等價物和有價證券約 5,550 萬美元，並從銀行獲得 320 萬美元短期貸款。本季末，我們的固定資產淨值為 4,670 萬美元。

As of September 30, 2025, and December 31, 2024, we had approximately 65.4 million and 63.8 million shares outstanding, respectively.

截至 2025 年 9 月 30 日及 2024 年 12 月 31 日，我們分別約有 6,540 萬股及 6,380 萬股流通股。

With that, I will hand the call back over to Erez.

這樣，我就把電話交還給埃雷茲了。

Thank you, Ran. The third quarter of 2025 was transformative for Nanox as we evolved from a hardware company into a comprehensive imaging platform. With our acquisition of VasoHealthcare IT, new partnerships with 3DR Labs, Althea, and EXRAY and the upcoming launch of our AI-ready ARC X system at RSNA, we are building the infrastructure for sustainable recurring revenue streams that will define our future growth.

謝謝你，蘭。2025 年第三季對 Nanox 來說是具有變革意義的一年，我們從一家硬體公司發展成為一個綜合成像平台。透過收購 VasoHealthcare IT，與 3DR Labs、Althea 和 EXRAY 建立新的合作夥伴關係，以及即將在 RSNA 上推出我們的 AI 就緒型 ARC X 系統，我們正在建立可持續的經常性收入流的基礎設施，這將決定我們未來的成長。

Together with our recent collaboration in Greece, Romania, the Czech Republic and France, we are strengthening our European footprint. And in parallel, our collaborations with Cedars-Sinai and our ongoing clinical trials in France continue to advance the clinical validation of our technology and contribute to the global momentum behind our platform.

結合我們近期在希臘、羅馬尼亞、捷克和法國的合作，我們正在加強我們在歐洲的影響力。同時，我們與西達賽奈醫療中心的合作以及我們在法國進行的臨床試驗，不斷推進我們技術的臨床驗證，並為我們平台的全球發展勢頭做出貢獻。

Through our three strategic pillars, we are executing a comprehensive commercial strategy that combines innovative technology with robust clinical evidence generation and systematic market deployment. Although some elements being beyond our direct control, we believe this is the right moment to present our growth road map. And for 2026, we are guiding to revenues of $35 million.

我們透過三大策略支柱，執行一項全面的商業策略，將創新技術與強大的臨床證據產生和系統化的市場部署相結合。儘管有些因素超出我們的直接控制範圍，但我們認為現在是提出我們發展路線圖的適當時機。我們預計 2026 年的營收將達到 3,500 萬美元。

Our purpose remains unchanged to redefine medical imaging by uniting innovation, intelligence and accessibility, creating meaningful impact for patients, clinicians and healthcare system worldwide. The momentum we are building across our commercial deployments and clinical evidence generation positions us well for continued growth and market leadership.

我們的宗旨始終不變，即透過融合創新、智慧和便利性來重新定義醫學影像，為全球患者、臨床醫生和醫療保健系統創造有意義的影響。我們在商業部署和臨床證據生成方面累積的勢頭，使我們有信心繼續成長並保持市場領先地位。

Thank you for your continued support. Operator, please open the call for questions.

感謝您一直以來的支持。接線員，請開啟提問環節。

Operator, just before the question, it's Erez, one comment regarding the -- what actually was said that last night, we have actually closed the VasoHealthcare IT acquisition. So actually, it's done.

接線員，在提問之前，我是 Erez，關於昨晚實際發生的事情，我想補充一點，我們已經完成了對 VasoHealthcare IT 的收購。所以，實際上，這件事已經完成了。

With that, you can go ahead and open for the Q&A.

這樣，你就可以開始問答環節了。

(Operator Instructions) Ross Osborn, Cantor Fitzgerald.

（操作說明）羅斯·奧斯本，坎托·菲茨杰拉德。

Congrats on the progress. So starting with the quarter, would you walk through how many systems were in the field and performing scans that resulted in your revenue of $175,000?

恭喜你取得進展。那麼，從本季開始，您能否詳細介紹有多少系統在現場運行並執行掃描，為您帶來 175,000 美元的收入？

A few dozen out of the -- all the together, a few of them are being installed as we speak. And a few will be installed in the next few weeks. And as mentioned, we are counting on the expansion of the retail expansion of the business partners, expansion of the salespeople that are closing deals right now. We have a few, as mentioned, some of them are waiting for regulatory approvals for physics approval for site preparation, but altogether, this is minimal.

總共有幾十台——其中一些正在安裝中。其中一些將在未來幾週內安裝完畢。如同前面所提到的，我們指望零售業務合作夥伴的擴張，以及目前正在達成交易的銷售人員的擴張。如前所述，我們有一些項目正在等待監管部門批准場地準備的實體審批，但總的來說，這類項目數量很少。

Okay. Yes. Sorry, if I wasn't clear. Looking back during the 3Q, so your reported revenue, how did you generate $125,000, not for the rest of this year, but during the quarter?

好的。是的。抱歉，如果我沒說清楚。回顧第三季度，也就是你們公佈的收入，你們是如何在當季（不是今年剩餘時間）獲得 125,000 美元的？

It was a combination of revenue from scans and our OEM services. It seems we -- regarding to the paragraph in the script and the PR that describes the revenue from deployed systems and OEM services, correct?

收入來源包括掃描業務收入和我們的OEM服務收入。看來我們——就腳本和新聞稿中描述已部署系統和 OEM 服務收入的段落而言——對嗎？

Yes. So just curious how many systems were deployed.

是的。我只是好奇總共部署了多少套系統。

I'll refer you to the paragraph. And I don't think in general saying that the answer is changing with regards to the system.

請參考相關段落。我不認為整體而言，答案會隨著系統的變化而改變。

Okay. And then looking to the balance of 2025 and meeting 100 units in various stages of deployment, what types of agreements should we be thinking about in terms of those being leased versus capital sales?

好的。展望 2025 年剩餘時間，並計劃在不同的部署階段交付 100 套設備，我們應該考慮哪些類型的協議，例如租賃協議和資本銷售協議？

Most, I would say, the majority of -- the majority are (inaudible).

大多數人，可以說，絕大多數－大多數人（聽不清楚）

But we still see -- we can see an increased activities in the CapEx sales arena, okay? So we do expect to have some sales (inaudible).

但我們仍然可以看到——我們可以看到資本支出銷售領域的活動增加，好嗎？所以我們預計會有一些銷售額。（聽不清楚）

Jeffrey Cohen, Ladenburg Thalmann.

Jeffrey Cohen，Ladenburg Thalmann。

Nice to see the company at MEDICA this week. So a few from our end. It seems like we got a good sense of the top line from what you're talking about for the balance of this year and certainly for 2026 with the many partnerships and --

很高興本週在MEDICA展會上見到貴公司。我們這邊也有一些。從你剛才提到的內容來看，我們似乎對今年剩餘時間以及2026年的整體情況有了比較清晰的了解，這其中也包括許多合作關係。--

Jeff, I'm sorry, can you raise your voice, please? Because you are a little bit far away from the mic.

傑夫，對不起，請你提高音量好嗎？因為你離麥克風有點遠。

So could you talk about how OpEx could look over the next four to six quarters as you talk about achieving these 2026 targets versus currently?

那麼，在談到實現 2026 年目標時，您能否談談未來四到六個季度的營運支出與目前相比會有哪些變化？

Generally saying, what you would expect to see is that our investment in the deployment efforts, namely the sales and marketing expenses will increase, of course. because we need to invest in all the activities with -- that are related to the deployment of the systems and the sales.

總的來說，可以預見的是，我們在部署工作方面的投入，也就是銷售和行銷費用，當然會增加。因為我們需要投資所有與系統部署和銷售相關的活動。

On the other hand, you should see more tamed R&D expenses as the focus is going towards commercialization and less on development activities. And we are trying our best to be more, as you know, to be as efficient as we can be, and you should see the same level of G&A with some fluctuations.

另一方面，由於重點轉向商業化而非研發活動，研發支出應該會受到更多控制。如您所知，我們正在盡最大努力提高效率，您應該會看到一般及行政費用水準保持不變，但會有一些波動。

Don't forget that a major portion of our G&A expenses are related to us being a public company. And sometimes those expenses increase.

別忘了，我們大部分的行政管理費用都與我們作為一家上市公司有關。有時這些費用還會增加。

Got it. Could you talk about Vaso? I saw in the press release, there's a mention of approximately 100 customers. Could you talk about what types of customers that they currently have and the opportunity for those customers into the Nanox family?

知道了。能談談Vaso嗎？我在新聞稿中看到，提到了大約 100 位客戶。您能否談談他們目前有哪些類型的客戶，以及這些客戶加入 Nanox 大家庭的機會？

So the 100 customers of Vaso are all of them are medical related. They are actually serving hospitals, imaging centers across the United States. From our point of view, the -- we have a lot of cross-selling that can be achieved. they can -- the majority of the -- I would say, the main purpose of the Vaso acquisition will be to serve the operational and the customer base, the growing customer base of Nanox.AI. But the more we go into the details, what we see right now in the PMI, the post-merger integration that they will be able to expand our sales force to the ARC systems to those institutions to expand the services of the IT services that they are providing because many of those customers are modality-related customers.

所以Vaso的100位客戶都與醫療相關。他們實際上為全美各地的醫院和影像中心提供服務。從我們的角度來看，我們有很多交叉銷售的機會。我認為，收購Vaso的主要目的是為了服務Nanox.AI不斷成長的營運和客戶群。但我們越深入細節，就越能看出，在合併後的整合過程中，他們將能夠將我們的銷售團隊擴展到ARC系統，從而為這些機構提供更廣泛的IT服務，因為其中許多客戶都是與治療模式相關的客戶。

In addition, what we see is that customers -- a few of the customers already mentioned an interest that USARAD, the teleradiology business will be provided by our teleradiology services. And in addition, the teleradiology -- those customers are saying that they can actually refer a few of their customers to teleradiology services to be obtained. I would say that this will actually strengthen our IT and software, which is one of the major pillars of our growth. And we definitely can see their network and their customer base as a way to grow our business, our existing business.

此外，我們看到一些客戶——其中一些客戶已經提到，他們對 USARAD（遠距放射學業務）感興趣，希望我們的遠距放射學服務能夠提供這項業務。此外，遠距放射學—這些客戶表示，他們實際上可以向一些客戶推薦遠距放射學服務。我認為這實際上會加強我們的資訊技術和軟體，而這正是我們發展的主要支柱之一。我們完全可以將他們的網路和客戶群視為發展我們現有業務的一種途徑。

Got it. And one more, if I may. I did hear you mention breakeven 2027 EBITDA levels. But just prior to that, you mentioned something about '26. Could you reiterate that?

知道了。如果可以的話，我再補充一個問題。我確實聽到你提到了2027年實現盈虧平衡的EBITDA水準。但在此之前，你提到了「26」。您能再重申一次嗎？

Yes. We mentioned this is already the second time that we say that what we are aiming that on a run rate basis on '26, the AI business will be breakeven. In fact, this was even before Vaso acquisition. So right now, we believe probably that it will accelerate the probability of this to be breakeven sometime at the end of 2026. And the other thing that we said that the ARC hardware business will shoot for a breakeven in 2027.

是的。我們第二次提到，我們的目標是到 2026 年，人工智慧業務以運行率計算將實現損益平衡。事實上，這甚至是在收購Vaso之前。所以目前我們認為，這可能會加快該專案在 2026 年底實現損益平衡的機率。我們也說過，ARC 硬體業務的目標是在 2027 年實現損益平衡。

This is something that we already mentioned in the past. And what you can see right now based on the wide and -- what you see is that we are making progress in all the fronts in technology and the regulation and the commercialization of the business. And we strongly believe that the retail business, the business partners and our facility would actually enable us to be there.

這是我們之前已經提到過的事情。從目前廣泛的層面來看，我們可以看到，我們在技術、監管和商業化等各個方面都取得了進展。我們堅信，零售業務、商業夥伴和我們的設施將使我們能夠實現這一目標。

Ran, would you like to add anything?

蘭，你還有什麼要補充的嗎？

Yes. Let me fine-tune it. What we have said in the past that the AI business will be breakeven on a quarterly breakeven during -- sometimes during 2026. We didn't specify any quarter. We do emphasize the growth of the AI division by the expansions of their B2B2C models, entering into new geographies and of course, with the acquisition of Vaso, which expands their operations and the potential for growth and achieving the quarterly breakeven on a quarterly run rate.

是的。讓我再微調一下。我們過去曾說過，人工智慧業務將在 2026 年（有時甚至更久）實現季度收支平衡。我們沒有具體說明是哪個季度。我們強調人工智慧部門的成長，這得益於其 B2B2C 模式的擴展、進入新的地域，當然還有對 Vaso 的收購，這擴大了他們的業務，提高了成長潛力，並有望實現季度盈虧平衡。

And while we also have said that we expect that sometimes during 2027, we may be breakeven in the ARC division. All in total, it will bring us sometime in 2027, we may be breakeven on a wide company range, just to be more accurate.

雖然我們也曾表示，我們預計在 2027 年的某個時候，ARC 部門可能會實現收支平衡。總而言之，到 2027 年的某個時候，我們可能會在很寬的公司範圍內實現損益平衡，更準確地說是這樣。

Hopefully you enjoy the MEDICA conference.

希望您在MEDICA大會上玩得開心。

Yes.

是的。

Scott Henry, AGP.

Scott Henry，AGP。

I want to talk a little bit about the 2026 number, $35 million, that's a pretty big number. So my question is, how should you think about the cadence of the year? Do you expect that to start in Q1 and ramp up? Or should we think about that in the second part? And then as well, do you have any preorders or any -- just trying to gauge your confidence in that number.

我想稍微談談 2026 年的數字，3500 萬美元，這是一個相當大的數字。所以我的問題是，你該如何看待一年的節奏？你預計這項業務會在第一季啟動並逐步擴大規模嗎？或者我們應該在第二部分考慮這個問題？另外，你們有預售訂單嗎？或其他什麼訂單？ ——我只是想了解你們對這個數字的信心。

So first of all, I would start with the second comment. Most of what we say, we are based on -- not most, but I would say a major part, we are based on preorder and the outcome of what we are doing right now, including those three elements, the business partners, the retail, which is a major part and the sales force that we currently have, not to mention the new acquisition.

首先，我想先回答第二個評論。我們所說的大部分內容，並非全部，但可以說很大一部分，是基於預售情況以及我們目前正在做的事情的結果，包括這三個要素：業務合作夥伴、零售（這是很重要的一部分）以及我們目前擁有的銷售團隊，更不用說新收購的了。

Second, I would say that it will start slowly from Q1 and ramp up over the quarters and achieve the number at the fourth quarter. If I have to say something about mathematics, I would say that probably the line will be kind of an exponential one and not a linear.

其次，我認為它會從第一季開始緩慢成長，然後在接下來的幾季逐步加速，並在第四季達到目標數字。如果非要我用數學術語來點什麼，我會說這條線很可能是指數曲線，而不是線性曲線。

Okay, great. Thank you for that color. And in terms of numbers --

好的，太好了。謝謝你提供的這種顏色。就數字而言--

Scott, just to add your first question is that we do see some more activities. I'm going to refer to the [ad hoc], that's what we said in the last questions for of Jeffrey. Don't forget that the current census and your estimates are based without the Vaso acquisition. So when you add the vessel acquisitions, you're already going -- you have to account for the $4 million in revenues that approximately that Vaso have. So other than this, the growth may come probably organic and in house.

斯科特，關於你的第一個問題，我只是想補充一下，我們確實看到了一些其他的活動。我要提到[臨時方案]，這是我們在上次對傑弗裡提問時提到的。別忘了，目前的普查和你的估計都是在未考慮 Vaso 收購的情況下進行的。所以，加上船舶收購，你就已經──你必須考慮到Vaso公司大約400萬美元的收入。所以除此之外，成長很可能來自內部的自然成長。

I think, Ran, did you say that Vaso would contribute $4 million in revenues? You broke up a little.

蘭，我記得你說過Vaso將貢獻400萬美元的收入？你們關係有點破裂。

Yes, approximately.

是的，差不多。

Okay. And as far as the levers in 2026, what about teleradiology? It reported a strong growth rate in the third quarter. Is that growth increasing? I mean, historically, it's been kind of a 10% grower. Are you looking for kind of a breakout in that category? Certainly, it was strong in Q3.

好的。那麼，展望 2026 年，遠距放射學又會如何發展呢？該公司第三季實現了強勁的成長。這種成長勢頭還在增強嗎？我的意思是，從歷史上看，它的成長率大概只有 10%。你是否正在尋找該領域的突破？當然，第三季表現強勁。

The answer is, if you look at the numbers that we gave as guidance, -- the numbers are not based on a major quantum leap growth on the teleradiology. We hope that it will grow. But based on the indication that we gave, it's based on the sort of the existing plus/minus numbers. The -- all the growth will come from the other business that we have, namely the ARC business and especially the deployment of the ARC X and especially the -- hopefully, the elimination of the adjunct device of the FDA and the other business that we said and the AI business that we're talking.

答案是，如果你看一下我們給出的指導性數字，你會發現——這些數字並非基於遠距放射學的重大飛躍式增長。我們希望它能發展壯大。但根據我們給出的指示，它是基於現有的正負數類型的。所有成長都將來自我們的其他業務，即 ARC 業務，特別是 ARC X 的部署，特別是——希望如此——FDA 取消輔助設備要求，以及我們提到的其他業務和我們正在談論的 AI 業務。

I think that OEM also will grow slowly, and we will see a major growth from 2027 based on the indication that we currently have from our existing customers and potential customers of the OEM business.

我認為OEM業務也會緩慢成長，根據我們目前從現有客戶和OEM業務潛在客戶那裡得到的回饋，我們將在2027年看到大幅成長。

The thought there will be the AI and the hardware and the product.

人們認為那裡將包含人工智慧、硬體和產品。

I look forward to seeing you down at the RSNA conference.

我期待在RSNA大會上見到你。

See you there.

到時見。

Thank you. And that's the end of our Q&A session. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect.

謝謝。我們的問答環節到此結束。女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。