Nano-X Imaging Ltd (NNOX) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Nano-X Fourth Quarter 2025 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位女士、先生，感謝您稍候。歡迎參加 Nano-X 2025 年第四季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would like now to turn the conference over to Mike Cavanaugh, Investor Relations. Please go ahead.

現在我想把會議交給投資人關係部的 Mike Cavanaugh。請開始。

Good morning, and welcome to the Nano-X Imaging Fourth Quarter 2025 Investor Call. Earlier today, Nano-X Imaging Ltd. released financial results for the quarter ending December 31, 2025. The release is currently available on the Investors section of the company's website.

各位早安，歡迎參加 Nano-X Imaging 2025 年第四季投資人電話會議。今天稍早，Nano-X Imaging Ltd. 已公布截至 2025 年 12 月 31 日止季度的財務結果。該新聞稿目前可於公司網站的投資人專區查閱。

With me today are Erez Meltzer, Chief Executive Officer and acting Chairman; and Ran Daniel, 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 results, research and development, manufacturing and commercialization activities, regulatory process and clinical activities, among other matters.

今天與我一同出席的有：執行長兼代理董事長 Erez Meltzer，以及財務長 Ran Daniel。在開始之前，我想提醒各位，管理層在本次電話會議中將發表若干包含前瞻性陳述的內容，涉及公司財務結果、研發、製造與商業化活動、法規審查流程與臨床活動等事項。

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.

這些陳述受風險、不確定性與假設影響，係基於管理層截至今日的當前預期，且未來可能不會更新。因此，不應將這些陳述視為公司於任何後續日期的觀點。可能造成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之文件中所述者。

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.

我們也將引用若干非 GAAP 財務衡量指標，以向投資人提供額外資訊。非 GAAP 與 GAAP 指標之調節表已隨新聞稿提供，主要差異包括：歸屬於普通股的非 GAAP 淨損失、非 GAAP 營收成本、非 GAAP 毛利、非 GAAP 毛利率、非 GAAP 研發費用、非 GAAP 銷售與行銷費用、非 GAAP 一般及行政費用，以及非 GAAP 每股毛損失。

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

接下來，我想把電話會議交給 Erez Meltzer。

Thank you, Mike, and thank you all for joining us today. In the fourth quarter of 2025, we continued to move the business forward across multiple fronts. While our primary focus remains on expanding our commercial presence, given the current geopolitical situation, we spent a lot of effort during the quarter and the beginning of 2026 to secure our supply chain and strengthen our financial positions as well.

謝謝你，Mike，也感謝各位今天加入我們。在 2025 年第四季，我們持續在多個面向推動業務向前。雖然我們的主要重點仍是擴大商業版圖，但鑑於目前的地緣政治情勢，我們在本季以及 2026 年初投入大量心力以確保供應鏈安全，並同時強化我們的財務狀況。

On top of that, we made good progress advancing the capabilities of Nano platform and strengthening the operational infrastructure needed to support our long-term growth. I'm happy to report that we recently entered into an agreement with Howard Technology Solutions, a division of powered industries, which has a national reach and an established presence in health care and public sector market, providing us with a scalable framework for expanding Nanox.ARC deployments.

此外，我們在提升 Nano 平台能力方面取得良好進展，並強化支持長期成長所需的營運基礎設施。我很高興報告，我們近期與 Howard Technology Solutions 達成協議；該公司為 powered industries 旗下部門，具備全國性覆蓋與在醫療保健及公共部門市場的既有布局，為我們擴大 Nanox.ARC 部署提供可擴展的架構。

This agreement reflects our confidence in the commercial demand for the Nanox.ARC and our ability to engage partners that can support sustained growth in system placements across the U.S. Other the framework of this agreement, [Howard] is expected to deploy 300 Nanox.ARC systems over a three years period, of which 60 are indicated to be deployed in the first year.

此協議反映我們對 Nanox.ARC 商業需求的信心，以及我們與能支持在美國持續擴大系統布建的合作夥伴合作的能力。依據本協議架構，[Howard] 預計在三年期間部署 300 套 Nanox.ARC 系統，其中有 60 套預計在第一年部署。

We also recently announced multiple commercial agreement, which together accumulates to roughly 360 systems over a two to three years' period. These partnerships expand our reach across imaging centers and specialty care setting where point-of-care imaging is integral to clinical workflow and patient management.

我們近期也宣布多項商業協議，合計約在兩到三年期間部署約 360 套系統。這些合作夥伴關係擴大了我們在影像中心與專科照護場域的觸及範圍；在這些場域中，照護現場（point-of-care）影像對臨床工作流程與病患管理至關重要。

This represents a fundamental shift in how we are poised to scale our business from providing our technology to the [play] and a meaningful volume shifting toward a growing CapEx portion. This is what we see and getting us closer to our indicated revenue of 2026. The framework has the potential to become a meaningful contributor over time, and gives us confidence in our ability to convert our robust pipeline into revenue as we move forward.

這代表我們在擴大業務規模的方式上出現根本性轉變：從向[play]提供技術與具意義的量，轉向逐步提高資本支出（CapEx）占比。這正是我們所看到的趨勢，並使我們更接近先前所指引的 2026 年營收目標。此架構隨時間推移有潛力成為重要貢獻者，並讓我們對於將強勁的案源管線轉化為營收的能力更具信心。

We view this and continue momentum and see ourselves moving closer to an inflection point. We observed a clear shift in the market perception at major radiology conferences, including RSNA in the U.S. and ECR in Europe, where engagement and inbound interest increased meaningfully.

我們將此視為持續動能，並認為自己正更接近一個拐點。我們在主要放射學會議上觀察到市場觀感出現明顯轉變，包括美國的 RSNA 與歐洲的 ECR，互動與主動洽詢的興趣均顯著增加。

We've also taken important steps to strengthen our operational foundation, a key component of this initiative is the restructuring of cert activities in our Korean manufacturing facility in order to reduce our Korean operation OpEx and cash burn and improve efficiency while maintaining our supply of Nanox.ARC system component.

我們也採取重要步驟以強化營運基礎；此計畫的一個關鍵組成是對我們韓國製造設施的 cert 活動進行重整，以降低韓國營運的營業費用（OpEx）與現金消耗、提升效率，同時維持 Nanox.ARC 系統零組件的供應。

We are very pleased with the progress we have made recently, but it is clear that the pace of deployment continues to be influenced by various external processes, including import licenses, construction time line, and regulatory requirement in certain markets. These steps take time to complete. And while we are not setting try with a pace and would like to deployments more faster, this reflects the current operating reality across multiple markets.

我們對近期取得的進展感到非常滿意，但也很清楚，部署速度仍持續受到各種外部流程影響，包括進口許可、施工時程，以及某些市場的法規要求。這些步驟需要時間完成。雖然我們對目前的速度並不滿意、也希望部署更快，但這反映了多個市場當前的營運現實。

We expect that many of these processes will streamline as additional sites moved through to the pipeline. Introducing new technology of any time into a medical environment is always complex process. It requires alignment across clinical workflow, regulatory framework, and operational infrastructure as well as changing behaviors which all takes time to achieve it.

我們預期，隨著更多站點在管線中推進，許多流程將會更為順暢。在醫療環境中導入任何新技術一向是複雜的過程。這需要臨床工作流程、法規架構與營運基礎設施之間的協調，並且需要改變行為模式，而這些都需要時間才能達成。

While this can slow down the early stages of deployment, it is also a natural part of introducing innovative technology into the health care systems. Turning to revenues. We continue to target $35 million in revenue for the full year of 2026, based on the execution of our current plans.

雖然這可能會放慢部署初期的進度，但這也是將創新技術導入醫療體系的自然過程。接著談營收。基於我們目前計畫的執行，我們仍以 2026 全年營收 3,500 萬美元為目標。

Today, as part of the above mentioned, we have signed a commercial agreement, which we believe could result in present and future placements of (inaudible) systems globally over the next two three years of this, approximately 38 systems are currently adverse stages of deployment, including administration, commercial installation and system spending construction and/or regulatory approval.

今天，作為上述內容的一部分，我們已簽署一項商業協議；我們相信該協議可能在未來兩到三年內促成全球(聽不清)系統的現有與未來布建，其中約 38 套系統目前正處於部署的不同階段，包括行政作業、商業安裝，以及系統支出、施工及／或法規核准。

In addition, there are approximately 15 systems that are expected to be installed over the next few months and start of our non imaging network. That said, it is important to emphasize that our current revenue base remain at an early stage and part of this deployed base is not generating revenue and the pace of (inaudible) prop will depend primarily on the timing of system activation, their transition into a revenue-generating operation and the impact of the deployment by the business partners.

此外，約有 15 套系統預計在未來幾個月內完成安裝，並開始納入我們的 non imaging network。話雖如此，必須強調的是，我們目前的營收基礎仍處於早期階段，且部分已部署的基礎尚未產生營收；(聽不清) 的提升速度將主要取決於系統啟用的時點、其轉入可產生營收的營運狀態的進程，以及商業夥伴部署所帶來的影響。

As more systems move into operation and utilization increases, we expect revenue to book accordingly. However, the exact timing of this trend may very and always depending on the deployment process and progress and our factors. I will now provide some bit color on the Korea restructuring that I referenced in my opening remarks.

隨著更多系統投入運作且使用率提升，我們預期營收將相應入帳。然而，此趨勢的確切時點可能會有所不同，並將始終取決於部署流程與進度以及其他因素。接下來，我將就我在開場致詞中提到的韓國重整提供一些補充說明。

Recently, we adopted a restructuring plan designed to better align our manufacturing cost structure with our long-term financial model, support our path toward improved gross margin and align our manufacturing capabilities with the company's strategic priorities.

近期，我們採納了一項重組計畫，旨在使我們的製造成本結構與長期財務模型更一致，支持我們朝向提升毛利率的路徑，並使我們的製造能力與公司的策略重點保持一致。

As part of this plan and our broader cost reduction efforts, we are closing our chip manufacturing line in South Korea, downsizing our fabrication facilities and shifting production to established international manufacturing partners including system, a Switzerland-based manufacturing partner.

作為該計畫及我們更廣泛的降本努力的一部分，我們將關閉位於南韓的晶片製造產線，縮減我們的製造設施，並將生產轉移至成熟的國際製造合作夥伴，包括 system（位於瑞士的製造合作夥伴）。

We currently hold substantial emitter inventory, which we plan to work through as we had transitioned to a more efficient outsourced production model better aligned with current and projected demand. With these actions, we expect to reduce structural and overhead costs, low [powered] cash burn and enhanced overall operation efficiency.

我們目前持有大量發射器庫存；由於我們已轉向更高效率、且更符合當前與預期需求的外包生產模式，我們計畫逐步消化這些庫存。透過這些行動，我們預期可降低結構性與間接成本、降低[powered]現金消耗，並提升整體營運效率。

With that overview, let's now take a detailed look at our various business segments, starting with the U.S. deployment. Beyond the hardware agreement, we also recently announced a distribution agreement with Imperial Imaging Technology, a U.S.-based provider of diagnostic imaging solution to support rollout across the Southeast, particularly in [optic] focused environment where there is strong demand for a point-of-care imaging.

在上述概覽之後，讓我們更深入檢視各個業務部門，先從美國部署開始。除硬體協議外，我們近期也宣布與 Imperial Imaging Technology（美國診斷影像解決方案供應商）簽署經銷協議，以支持在美國東南部的推廣，特別是在[optic]聚焦的環境中，對即時照護（point-of-care）影像的需求強勁。

In addition, we signed agreements with distributors such as integrity imaging, a U.S.-based provider of medical imaging solution with established relationships across hedging centers, health care providers. Elite Surgical, which serves surgical and specialty care environments, digital X-ray imaging a leading diagnostic imaging provider with deep reginal presence across Arkansas.

此外，我們也與多家經銷商簽署協議，例如 Integrity Imaging（美國醫療影像解決方案供應商），其與影像中心、醫療照護提供者之間已建立穩固關係。Elite Surgical 服務於手術與專科照護環境；Digital X-ray imaging 則是具備深厚區域布局、在阿肯色州擁有強大在地能見度的領先診斷影像供應商。

And most recently, a collaboration with (inaudible) an imaging solution provider focused on expanding access to diagnostic imaging and radiology oncology system to support all to support the deployment of Nanox.ARC systems.

而就在最近，我們也與（聽不清）展開合作；該公司為影像解決方案供應商，聚焦於擴大診斷影像與放射腫瘤系統的可近性，以支持（重複）部署 Nanox.ARC 系統。

These collaborations aim to strengthen our distribution capability by adding sales resources and on the ground presence expands our geographic coverage, and we believe it is the potential to become a meaningful contributor to revenues per time. In parallel, we remain active discussion with additional partners reflecting continued interest from medical equipment providers and likely further expansion of our U.S. pipeline.

這些合作旨在透過增加銷售資源與在地據點來強化我們的通路能力、擴大地理覆蓋範圍；我們相信其有潛力隨時間推進成為營收的重要貢獻來源。同時，我們仍與更多合作夥伴保持積極洽談，反映醫療設備供應商持續的興趣，並可能進一步擴大我們在美國的商機管線。

Alongside our channel strategy, our U.S. direct sales team on the ground continues to make progress in targeted clinical segments. For example, we recently signed an agreement with regional sports medicine in orthopedic Group, our first orthopedic practice customer in the United States.

除通路策略外，我們在美國的直銷團隊也持續在目標臨床領域取得進展。例如，我們近期與一家地區性運動醫學骨科團體簽署協議，這是我們在美國的首位骨科診所客戶。

This represents an important step into a segment where imaging plays a central role in diagnostic and treatment decisions and where providers benefit from having imaging available on site. Orthopedics remain a high volume and imaging-driven specialty with a strong incentives to retain imaging in-house.

這代表我們在一個影像於診斷與治療決策中扮演核心角色的領域邁出重要一步；在該領域，醫療提供者也能因院內具備影像設備而受益。骨科仍是高量、且高度依賴影像的專科，並具有強烈誘因將影像服務保留在院內。

Additionally, we are advancing the Nano-X Imaging network. A focused initiative designed to build a network-based imaging services model in the U.S. This initiative target segment, such as the workers' compensation and specialized care for reimbursement dynamics may support higher per scan pricing. We are currently deploying already systems across a number of sites in the U.S.

此外，我們也在推進 Nano-X Imaging network。這是一項聚焦型計畫，旨在於美國建立以網路為基礎的影像服務模式。該計畫鎖定的細分市場包括勞工補償與專科照護，其給付（reimbursement）動態可能支持較高的每次掃描定價。我們目前已在美國多個據點部署系統。

Under this model, Nano-X supports Nanox.ARC system deployment, maintenance and connectivity, while our partners manage tight operation and local engagement. While still in the very early stage, we believe this initiative can become an important component of our long-term commercial strategy as the utilization increases and the model is further validated.

在此模式下，Nano-X 負責支援 Nanox.ARC 系統的部署、維護與連線，而合作夥伴則負責日常營運與在地互動。雖然仍處於非常早期階段，我們相信隨著使用率提升且模式進一步獲得驗證，該計畫可成為我們長期商業策略的重要組成。

To provide additional context around this shift in engagement, we participated in two major industry events during the period. At RSNA, the world's largest annual radiology conference held in the U.S., our booth featuring live demonstration of the Nanox.ARC system saw strong interest throughout the event. At the European Congress of Radiology, ECR, the largest radiology conference in Europe, we showcase the Nanox.ARC live in Europe for the first time and presented new clinical and AI data.

為了就此互動方式的轉變提供更多背景，我們在期間內參與了兩項主要產業活動。在 RSNA（於美國舉辦、全球最大的年度放射學會議）上，我們展位展示 Nanox.ARC 系統的現場示範，整個活動期間都獲得高度關注。在歐洲放射學大會（ECR，歐洲最大的放射學會議）上，我們首次在歐洲進行 Nanox.ARC 的現場展示，並發表新的臨床與 AI 數據。

Engagement levels were high, reflecting growing awareness of the system's clinical value and its potential role in routine imaging world. We were also proud to receive the redock awards from product design 226 for the Nano-X ARC prestigious international recognition that reflects the maturity usability and clinical readiness of our platform.

互動熱度很高，反映市場對該系統臨床價值的認知提升，以及其在日常影像工作流程中可能扮演的角色。我們也很榮幸獲得 product design 226 頒發的 redock awards，授予 Nano-X ARC；這項具聲望的國際認可反映了我們平台的成熟度、可用性與臨床就緒程度。

Let's now turn to work outside of the U.S. As I mentioned earlier regarding ECR, we were also honored to receive the newcomer award at ECR 2026 reflecting the growing recognition of Nanox will in the European radiology community. In February, Nano-X announced an exclusive distribution agreement with (inaudible), a leading medical distributor in Argentina with more than 35 years of experience.

接著談美國以外的進展。如我先前在 ECR 相關內容中提到，我們也很榮幸在 ECR 2026 獲得 newcomer award，反映 Nanox 在歐洲放射學社群中日益受到肯定。2 月，Nano-X 宣布與（聽不清）簽署阿根廷獨家經銷協議；該公司為當地領先的醫療經銷商，擁有超過 35 年經驗。

Under this agreement, INTECH will oversee marketing, distribution installation and support for the Nanox.ARC system and related services across the country. The collaboration intended to support commercial expansion of Nano-X 3D digital tomosynthesis technology in Argentina and strengthened the company's presence in Latin America, leveraging index established relationship with the health care providers and nationwide service capabilities.

依據該協議，INTECH 將負責 Nanox.ARC 系統及相關服務在全國的行銷、經銷、安裝與支援。此合作旨在支持 Nano-X 3D 數位斷層合成（tomosynthesis）技術在阿根廷的商業擴張，並藉由 INTECH 與醫療照護提供者既有的合作關係及全國服務能力，強化公司在拉丁美洲的布局。

Commercialization will be subject to obtaining the required regulatory approval. In Latin America, we were expected for a significant presentation at the International Congress of Radiology, the ICR in Cartagena, Colombia. The presentation will support clinical discussion around digital tomosynthesis and contribute to engagement with regional clinicians and industry stakeholders.

商業化將以取得所需的監管核准為前提。在拉丁美洲，我們預計將於哥倫比亞卡塔赫納舉辦的國際放射學大會（ICR）進行重要發表。該發表將支持關於數位斷層合成的臨床討論，並促進與區域臨床醫師及產業利害關係人的互動。

In Europe, we continue to build momentum through partners and additional regional distributors. As a reminder, over the past few quarters, we have announced multiple European collaborations, including France, Romania, Czech Republic, Serbia alongside additional engagement in other European markets.

在歐洲，我們持續透過合作夥伴與更多區域經銷商累積動能。提醒一下，在過去幾個季度，我們已宣布多項歐洲合作，包括法國、羅馬尼亞、捷克、塞爾維亞，並在其他歐洲市場也有更多接觸。

These collaborations support our ability to navigate local regulatory environment and advanced commercialization across multiple countries. Switching gears, we continue to advance dilatory work that supports our commercial initiatives by expanding the use cases for our solution and making them accessible in more markets. We have advanced key milestones, including TAP2D clearance in the United States.

這些合作有助於我們因應各地監管環境，並在多個國家推進商業化。轉換話題，我們也持續推進支援商業計畫的（聽不清）工作，透過擴大解決方案的使用情境並使其在更多市場可取得。我們已達成關鍵里程碑，包括在美國取得 TAP2D 核准。

As a reminder, TAP2D is the 2D new image output for the Nanox.ARC system, a practical tool for a geologist to enhance their diagnostic confidence as they become more experienced evaluating digital tomosynthesis images in part of our broader vision to alleviate agentive use limitation over time.

提醒一下，TAP2D 是 Nanox.ARC 系統的 2D 新影像輸出；這是一項實用工具，可協助放射科醫師在逐步累積評估數位斷層合成影像的經驗時，提升其診斷信心，亦是我們更宏觀願景的一部分：隨時間推進以緩解 agentive 使用限制。

We also updated the AMR approval for Nanox.ARC in Israel based on our existing CE Mark enabling use of the system without object limitation. Removal of the agent usliitation in the U.S. remain a key regulatory priority. We believe this is an important step that can expand our addressable market and support broader adoption.

我們也基於既有的 CE Mark，更新了 Nanox.ARC 在以色列的 AMR 核准，使系統可在不受物件限制的情況下使用。在美國移除 agent usliitation 仍是重要的監管優先事項。我們相信這是能擴大可服務市場並支持更廣泛採用的重要一步。

We are also working to finalize our CMR submission for the Nanox.ARC in Europe, which is currently anticipated in 2026, subject to change based on regulatory priorities. Turning to our AI business. We continue to strengthen our position as a comprehensive platform for the interpretation of medical images.

我們也正著手完成 Nanox.ARC 在歐洲的 CMR 送件，目前預期於 2026 年進行，但可能因監管優先順序而有所變動。接著談我們的 AI 業務。我們持續強化我們作為醫學影像判讀之綜合平台的定位。

I'm happy to report that Cedars-Sinai Medical Center in Los Angeles is joining a trial studying the benefit of Nanox.AI aortic valve classification measurement solution, which is currently under development. We have recently conducted an on-site revaluation of the model across approximately 600 retrospective cases.

我很高興報告，位於洛杉磯的西達斯-西奈醫學中心（Cedars-Sinai Medical Center）將加入一項試驗，研究目前仍在開發中的 Nanox.AI 主動脈瓣分類量測解決方案之效益。我們近期已在約 600 例回溯性病例上完成模型的現場重新評估。

The result exceeded our expectations with six cases over severe classification identified in approximately 100 cases showing clinical relevant findings. The Cedars-Sinai team has also expressed interest in collaboration on scientific publications based on these results. We are very pleased to be partnering with Cedars-Sinai, one of the nation's premier medical institutions.

結果超出我們的預期：在約 100 例顯示具臨床相關發現的病例中，辨識出 6 例被分類為重度以上的案例。西達斯-西奈團隊也表示有興趣基於這些結果合作發表科學論文。我們非常高興能與西達斯-西奈這家全美頂尖醫療機構之一合作。

Overall, we are seeing growth in Nanox.AI business driven by new customers, expansion of existing agreements and the integration of Nano-X Health IT. During the quarter, we completed the strategic acquisition of Vaso HealthCare IT, now Nano-X Health IT, a health care IT provider serving hospitals and health care systems across the United States with expertise in health care IT implementation.

整體而言，我們看到 Nanox.AI 業務持續成長，動能來自新客戶、既有協議的擴展，以及 Nano-X Health IT 的整合。本季我們完成對 Vaso HealthCare IT 的策略性收購（現為 Nano-X Health IT）；該公司為醫療 IT 供應商，服務全美各地醫院與醫療體系，並具備醫療 IT 導入方面的專業。

Since completing the acquisition, we have been progressing with integration and alignment while also signing several new customer agreements. We are seeing growth driven by new customers, expansion of existing agreements and the integration of our health IT capabilities and we expect this business to contribute to revenue from day one.

完成收購後，我們持續推進整合與對齊，同時也簽署了數項新客戶協議。我們看到成長動能來自新客戶、既有協議的擴展，以及我們健康 IT 能力的整合；我們預期該業務將自第一天起就對營收做出貢獻。

In addition, to increasing our footprint in AI, the Health IT platform, enhance our ability to integrate into clinical workflow, expand customer cases and support cross engagement across our ecosystems. Moreover, the rest of the organization is leveraging the (inaudible) team's expertise and market presence, particularly as it pertains to lead generation for the U.S. [Iron] Nanox.AI and Nanox.ARC.

此外，除了擴大我們在 AI 的布局外，健康 IT 平台也提升我們整合至臨床工作流程的能力、擴大客戶案例，並支持我們生態系之間的交叉互動。同時，組織其他部門也在運用（聽不清）團隊的專業與市場能見度，特別是在美國市場的潛在客戶開發方面，涵蓋 [Iron] Nanox.AI 與 Nanox.ARC。

Similar to our regulatory work, clinical validation remains central to our strategy and support our commercial efforts to generating evidence across multiple applications and supporting the use of Nano-X solution. As already mentioned, the Cedars-Sinai Medical Center is joining a trial of Nanox.AI ARC clarification measurement solution, and we've accomplished much more recently.

與我們的法規工作類似，臨床驗證仍是我們策略的核心，並支援我們的商業推進，透過多項應用建立證據並支持 Nano-X 解決方案的使用。如先前所提，西達斯-西奈醫學中心正加入 Nanox.AI ARC 分類量測解決方案的試驗，而我們近期也取得了更多進展。

In an exciting update from our collaboration with MDS wellness, an independent provider of wellness screening programs located in Michigan, we secured our first Institutional Review Board approval for a clinical trial within the U.S. The trial will focus on line cancer screening of high-risk patients, and the applicability of Nanox.ARC technology as it relates to patient population of Nano-X MPS.

在我們與 MDS wellness（位於密西根州、提供健康篩檢計畫的獨立服務商）的合作中，有一項令人振奮的更新：我們在美國取得了首個機構審查委員會（IRB）對臨床試驗的核准。該試驗將聚焦於高風險患者的肺癌篩檢，以及 Nanox.ARC 技術在 Nano-X MPS 患者族群中的適用性。

As I stated earlier, we attended the European Conference of Radiology, the ECR, where we were able to present several scientific achievements and I'd like to share some highlights now. Dr. Nova Shashin, ARC's Chief Medical Officer, presented our scientific work on lung cancer screening using the Nanox.ARC in the work with our operations in what was shown that is the majority of patients, the screening outcomes based on the lung rug category, the standard lung cancer premicalification system was similar when analyzing the CT and digital tomosynthesis.

如我先前所述，我們參加了歐洲放射學大會（ECR），並在會中展示了多項科學成果；我現在想分享幾個重點。ARC 的首席醫療官 Nova Shashin 醫師展示了我們使用 Nanox.ARC 進行肺癌篩檢的科學研究與營運成果；結果顯示，對於多數患者而言，基於 lung rug 分類（標準肺癌預先分級系統）的篩檢結果，在分析 CT 與數位斷層合成（digital tomosynthesis）時呈現相近。

This further strengthens the applicability of the DTS as a potential addition to screening activities ramping up globally. Dr. (inaudible) firmer, senior medical and clinical adviser presented the proven value of our opportunistic screening for CT image using Nanox.AI and three FDA-cleared algorithm enabling earlier detection of chronic disease.

這進一步強化了 DTS 作為全球篩檢活動加速推進時之潛在補充工具的適用性。（聽不清）Firmer 醫師（資深醫療與臨床顧問）也展示了我們使用 Nanox.AI 與三項已獲 FDA 核准演算法，針對 CT 影像進行機會性篩檢的已證實價值，可更早偵測慢性疾病。

Our latest imaging, in addition, tomosynthesis augmented projection, known as TAP2D was also featured in several scientific posters showing value of TAP2D image and a supplemental image to DTS in lieu of the traditional two extra imaging with no additional dose or acquisition inflicted on the patient.

此外，我們最新的影像技術——斷層合成增強投影（tomosynthesis augmented projection），稱為 TAP2D——也在多張科學海報中亮相，展示 TAP2D 影像作為 DTS 的補充影像之價值，可取代傳統額外兩張影像，且不會對患者增加額外劑量或額外採集。

And in addition, at the recently concluded World conference of osteoporosis, Nanox.AI bone solution were featured, including updates from our ADAPT trial conducted across four NHS Trust and led by the University of Oxford as well as initial observation from our collaboration with the Greek Air Force.

另外，在近期落幕的世界骨質疏鬆大會上，也展示了 Nanox.AI 骨骼解決方案，包括我們在四個 NHS Trust 進行、由牛津大學主導的 ADAPT 試驗更新，以及我們與希臘空軍合作的初步觀察結果。

The data will show once more the clinical and economic benefits of AI-based opportunistic screening for routine city exempts. The validation abstract comparing the accuracy of the CCS 2.2 compared with cardiology expert reader as part of the [ InFO ] trial was expected as the poster at the Society of Cardiovascular Complete Thermotography Annual Scientific Meeting in the coming July.

這些數據將再次顯示，以 AI 為基礎的機會性篩檢在例行城市檢查中的臨床與經濟效益。作為 [ InFO ] 試驗的一部分，比較 CCS 2.2 與心臟科專家判讀者準確度的驗證摘要，預計將於今年七月在心血管完整熱斷層攝影學會（Society of Cardiovascular Complete Thermotography）年度科學會議上以海報形式發表。

Outside the U.S., we are excited about our recent collaboration with their Medical Center in Israel, which is part of the [Colleen ] Israel largest health services organization where we have an exciting relationship. The Nanox.ARC has been deployed in the emergency department and will be utilized by orthopedic staff as part of the clinical workflow to help establish the digital tomography as an effective tool with lower dose and more efficient workflow than today's CT-based workflow.

在美國以外，我們對近期在以色列與其醫學中心的合作感到振奮；該中心隸屬於 [Colleen ]——以色列最大的健康服務組織之一，我們與其建立了令人期待的合作關係。Nanox.ARC 已部署於急診部門，並將由骨科人員納入臨床工作流程使用，以協助建立數位斷層攝影作為一項相較於當前以 CT 為主的流程、具更低劑量且更高效率工作流程的有效工具。

This is the first time that Nanox.ARC is installed within an emergency department in a major hospital and represent the confidence our collaboration has a Nano-X solution. I'll now provide an update on our robust OEM relationship. Nano-X continued to advance its technology pipeline with ongoing development of next-generation field demand X-ray sources and tube architecture.

這是 Nanox.ARC 首次安裝於大型醫院的急診部門，代表我們的合作夥伴對 Nano-X 解決方案的信心。接下來我將更新我們強健的 OEM 合作關係。Nano-X 持續推進其技術管線，持續開發下一代場發射 X 光源與管體架構。

Recent progress includes improvement in [ telemeter ] design and fabrication processes aimed to expanding chip lifetime and enhancing performance, development of micro focus and multi-zone emitter configuration for application stated semiconductor inspection and held and continued advancement of the Nano-X MDX, the multisource two platform, enabling new system architecture for 3D imaging.

近期進展包括：改良 [ telemeter ] 的設計與製造流程，以延長晶片壽命並提升效能；開發微焦點與多區發射器配置，用於半導體檢測等應用；以及持續推進 Nano-X MDX（多源 2 平台），以實現用於 3D 影像的新系統架構。

The company is also progressing a multiple OEM collaboration in pilot projects across industrial, semiconductor and security market, supporting the expansion of Nano-X's technology into new applications. We recently received a purchase order from the leading semiconductor equipment manufacturer for the developmental meters, supporting advance inspection applications at the leading edge of next-generation IT technologies.

公司也在工業、半導體與安防市場的試點專案中推進多項 OEM 合作，支持 Nano-X 技術拓展至新應用。我們近期收到一家領先半導體設備製造商針對開發用計量器的採購訂單，以支援最前沿的下一代 IT 技術之先進檢測應用。

With [Ovi] National Laboratories, the U.S. government agency, a second round of product life is currently in progress, and in process with preparations underway as required materials become available. In parallel, one global imaging component supplier has agreed to evaluate our micro-focused meter technology and is caring dedicated test infrastructure to support that work.

與 [Ovi] 國家實驗室（美國政府機構）合作方面，目前正在進行第二輪產品壽命測試，並在所需材料可取得後，依流程進行相關準備。同時，一家全球影像元件供應商已同意評估我們的微焦點計量器技術，並正在建置專用測試基礎設施以支持該項工作。

Another major OEM continues to advance prototype development based on our meter design with validation activities are going. Overall, these engagements reflect continued momentum across multiple development track as we work to validate our technology with established industry partners.

另一家主要 OEM 也持續基於我們的計量器設計推進原型開發，相關驗證活動正在進行中。整體而言，這些合作反映出我們在多條開發軌道上持續取得動能，並與既有產業夥伴共同驗證我們的技術。

Before I move on, I'd like to briefly note that despite the current geopolitical situation in the Middle East, we have not experienced any material disruption to our operation and our business continues to operate event.

在我繼續之前，我想簡要說明：儘管中東目前的地緣政治情勢仍在，我們的營運並未遭遇任何重大中斷，我們的業務仍持續正常運作。

With that, I will turn the call over to Ran to review our financials. Ran, over to you.

接下來，我將把電話會議交給 Ran 來回顧我們的財務表現。Ran，交給你。

Thank you. We reported a GAAP net loss for the fourth quarter of 2025 of $33.4 million, which is the reported period. Compared with a net loss of $14.1 million in the fourth quarter of 2024, which is the comparable period.

謝謝。我們公布 2025 年第四季 GAAP 淨損為 3,340 萬美元，這是本報告期間的結果。相較之下，2024 年第四季（可比較期間）的淨損為 1,410 萬美元。

The increase was largely due to an impairment of long-lived assets in the amount of $17.5 million which was recorded during the reported period as a result of the company's restructuring plan that is intended to better align the company's manufacturing activities. The increase was also due to an increase of $0.7 million in the gross loss increase of $1.1 million in the sales and marketing expenses and increase of $1.4 million in other expenses.

增加主要是由於在所報告期間，因公司重組計畫（旨在更好地使公司的製造活動一致化）而認列了1,750萬美元的長期資產減損。增加亦源於毛損增加70萬美元、銷售與行銷費用增加110萬美元，以及其他費用增加140萬美元。

Revenue for the reported period was $3.7 million compared to revenue $3.0 million in the comparable period. The increase of $0.7 million increase of 23% in the revenues stands from an increase of $0.3 million in our revenue from the teleradiology services and an increase of $0.4 million in our revenue due to the consolidations of Nano-X Health IT Inc. since the completion of its acquisition on November 19, 2025.

所報告期間的營收為370萬美元，相較於可比期間的營收300萬美元。營收增加70萬美元、增幅23%，主要來自遠距放射影像判讀（teleradiology）服務營收增加30萬美元，以及自2025年11月19日完成收購後，因合併Nano-X Health IT Inc.而帶來的營收增加40萬美元。

Gross loss for the quarter period was $3.6 million on a GAAP basis compared to a gross loss of $2.9 million in the comparable period on a GAAP basis. Non-GAAP gross loss for the reported period was $1.2 million as compared to a gross loss of $0.3 million in the comparable period which represents a gross loss margin of approximately 32% on a non-GAAP basis for the reported period as compared to a gross loss margin of 9% on a non-GAAP basis in the comparable period.

該季度期間按GAAP基礎計算的毛損為360萬美元，相較於可比期間按GAAP基礎計算的毛損290萬美元。所報告期間的非GAAP毛損為120萬美元，相較於可比期間的毛損30萬美元；所報告期間按非GAAP基礎計算的毛損率約為32%，相較於可比期間按非GAAP基礎計算的毛損率9%。

Revenue from the teleradiology services for the reported period was $3.1 million compared to revenue of $2.8 million in the comparable period. The company's got to gross profit from the teleradiology services for the reported period was $0.9 million. Gross profit margins of approximately 27% compared to $0.6 million gross profit margin of approximately 21% in the comparable period.

所報告期間遠距放射影像判讀服務營收為310萬美元，相較於可比期間的營收280萬美元。公司遠距放射影像判讀服務於所報告期間的毛利為90萬美元。毛利率約為27%，相較於可比期間毛利60萬美元、毛利率約21%。

Non-GAAP gross profit of the company's teleradiology services for the reported period was $1.5 million gross profit margins of approximately 48% compared to a non-GAAP gross profit of $1.1 million, gross profit margin of approximately 41% in the comparable period. The increase in the company's revenue and gross profit from the teleradiology services was mainly attributable to customer retention, increased rates and increased volume of the company's reading services.

所報告期間公司遠距放射影像判讀服務的非GAAP毛利為150萬美元，毛利率約48%，相較於可比期間非GAAP毛利110萬美元、毛利率約41%。公司遠距放射影像判讀服務的營收與毛利增加，主要歸因於客戶留存、費率提高以及公司判讀服務量增加。

During the reported period, the company generated revenue for the sales and deployment of its imaging systems, which amounted $49,000 for the reported period with a gross loss of $2.6 million on a GAAP and non-GAAP basis compared to revenue of $136,000 with a gross loss of $1.5 million on a GAAP and non-GAAP basis in the comparable period.

於所報告期間，公司自其影像系統的銷售與部署產生營收4.9萬美元，按GAAP及非GAAP基礎計算的毛損為260萬美元；相較之下，可比期間營收為13.6萬美元，按GAAP及非GAAP基礎計算的毛損為150萬美元。

The revenue stems from the deployment of our Nanox.ARC systems and the sales of our OEM services in the U.S. The company's revenue from its AI and software solutions for the reported period was $0.5 million on a GAAP and non-GAAP basis compared to revenue of $0.1 million on a GAAP and non-GAAP basis in the comparable period.

該營收來自我們Nanox.ARC系統的部署以及在美國的OEM服務銷售。公司於所報告期間來自AI與軟體解決方案的營收按GAAP及非GAAP基礎計算為50萬美元，相較於可比期間按GAAP及非GAAP基礎計算的營收10萬美元。

Included in the reported period revenue of $0.4 million, which was generated by Nano-X Health IT Inc. since the completion of its acquisitions on November 19, 2025. The company's gross law for its AI and software solutions for the reported period was $1.9 million on a GAAP basis compared to a gross loss of $2.0 million on a GAAP basis in the comparable period. Non-GAAP gross profit of the company's AI and software solutions for the reported period was $0.1 million compared to $6,000 in the comparable period.

所報告期間營收中包含40萬美元，該營收係自2025年11月19日完成收購後由Nano-X Health IT Inc.所產生。公司於所報告期間其AI與軟體解決方案按GAAP基礎計算的毛損為190萬美元，相較於可比期間按GAAP基礎計算的毛損200萬美元。所報告期間公司AI與軟體解決方案的非GAAP毛利為10萬美元，相較於可比期間的6,000美元。

Research and development expenses net for the reported period were $4.8 million compared to $5.4 million in the comparable period, which represents a decrease of $0.6 million. The decrease was mainly due to a decrease of $0.2 million in share-based compensation, $0.6 million in grants received net and $0.4 million in expenses related to our research and development activities to maintain our current and future products.

所報告期間研發費用（淨額）為480萬美元，相較於可比期間的540萬美元，減少60萬美元。減少主要由於股份基礎給付減少20萬美元、收到的補助（淨額）減少60萬美元，以及與維持我們現有及未來產品之研發活動相關費用減少40萬美元。

The decrease was mitigated by an increase of $0.5 million in salaries and wages. Sales and marketing expenses for the reported period are $2.0 million, compared to $0.9 million in the comparable period, which represents an increase of $1.1 million, mainly due to an increase of $0.7 million in salaries and wages due to our increased efforts to commercialization of the commercialization of our products in the U.S. market and $0.4 million in sales and marketing activities mainly due to expenses that are related to the RSNA conference, which took place during the fourth quarter of 2025.

上述減少部分被薪資與工資增加50萬美元所抵銷。所報告期間銷售與行銷費用為200萬美元，相較於可比期間的90萬美元，增加110萬美元；主要由於薪資與工資增加70萬美元（因我們加大在美國市場推動產品商業化的努力），以及銷售與行銷活動增加40萬美元，主要為與2025年第四季舉行之RSNA會議相關的費用。

General and administrative expenses for the reported period was $6.0 million, compared to $5.8 million in the comparable period, that the increase of $0.2 million was mainly due to expenses that are related to the acquisitions of Nano-X Health IT Inc. Other expenses net for the reported period were $1.4 million, largely due to the noncash settlement with the shareholder.

所報告期間一般及行政費用為600萬美元，相較於可比期間的580萬美元，增加20萬美元；增加主要由於與收購Nano-X Health IT Inc.相關的費用。所報告期間其他費用（淨額）為140萬美元，主要由於與股東進行的非現金結算。

Recently, we initiated a restructuring plan that is intended to better align our refracturing and overhead cost structure and to support gross profit margin improvement to the company's long-term financial model and the company's strategic priorities.

近期，我們啟動了一項重組計畫，旨在更好地使我們的製造與間接費用結構一致化，並支持毛利率改善，以符合公司的長期財務模型及公司的策略重點。

As part of this restructuring plan, the company will shift its manufacturing operations from the company-owned facilities into a fully outsourced model. The plan will reduce structuring and overhead cost by downsizing the restructuring facilities located in the company's fab in South Korea to offer the production to other international manufacturers such as the Swiss chip maker System.

作為該重組計畫的一部分，公司將把製造營運從公司自有設施轉為完全外包模式。該計畫將透過縮減位於公司南韓晶圓廠（fab）的重組設施來降低結構性與間接成本，並將生產提供給其他國際製造商，例如瑞士晶片製造商System。

The restructuring plan is expected to be largely completed in fiscal year 2026 resulted with the company recording a noncash impairment of long-lived assets of approximately $17.5 billion in fiscal year of 2025, a cost that is related to the impairment of its machinery and equipment of the company's cheap manufacturing line.

該重組計畫預期將於2026會計年度大致完成，並使公司於2025會計年度認列約175億美元的長期資產非現金減損，該成本與公司晶片製造產線之機器設備減損相關。

We continue to evaluate the overall composition of the restructuring-related charges, including potential additional cash components. The remaining restructuring-related costs if any, are expected to be incurred over the course of the implementation of the restructuring plan that estimates of the total charges and the timing thereof are subject to a number of assumptions and uncertainties and actual results may differ materially.

我們持續評估重組相關費用的整體構成，包括可能的額外現金組成部分。如有任何剩餘的重組相關成本，預期將在重組計畫實施期間發生；對總費用及其發生時點的估計受多項假設與不確定性影響，實際結果可能出現重大差異。

Non-GAAP net loss attributable to ordinary shares for the reported period was $11.2 million compared to $10 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 $0.9 million in the non-GAAP gross loss and an increase of $1.4 million in the non-GAAP operating expenses.

所報告期間歸屬於普通股的非GAAP淨損為1,120萬美元，相較於可比期間的1,000萬美元。歸屬於普通股的非GAAP淨損增加120萬美元，主要由於非GAAP毛損增加90萬美元，以及非GAAP營業費用增加140萬美元。

Please refer to the non-GAAP adjustments, which were included in the financial portion of the PR that we have issued today. Turning to our balance sheet. As of December 31, 2025, we had cash, cash equivalents and marketable securities of approximately $60 million compared to $55 5 million as of September 30, 2025. We also had a $3.1 million short-term loan from a bank as of December 31, 2025.

請參閱我們今日發布之新聞稿（PR）財務部分所包含的非 GAAP 調整項目。接下來談談我們的資產負債表。截至 2025 年 12 月 31 日，我們的現金、約當現金及有價證券約為 6,000 萬美元，相較於 2025 年 9 月 30 日的約 5,550 萬美元。截至 2025 年 12 月 31 日，我們亦有一筆來自銀行的 310 萬美元短期貸款。

We ended the quarter with a property and equipment net of $29.7 million, compared to $45.4 million as of December 31, 2024. The decrease was mainly attributable to an impairment of approximately $17.5 million that was recorded in the reported period as a result of the above-mentioned impairment related to the machinery and equipment of the company's Korean fab.

本季末我們的固定資產淨額為 2,970 萬美元，相較於 2024 年 12 月 31 日的 4,540 萬美元。下降主要歸因於本報告期間認列約 1,750 萬美元的減損，係由於前述與公司韓國晶圓廠機器設備相關的減損所致。

We had approximately 69.6 million and 63.8 million shares outstanding as of December 31, 2025 and December 2024, respectively. During the fourth quarter of 2025, the company sold approximately 4.2 million ordinary shares, which generated net proceeds of approximately $15.5 million, net of issuance expenses.

截至 2025 年 12 月 31 日及 2024 年 12 月，我們的流通在外股數分別約為 6,960 萬股及 6,380 萬股。於 2025 年第四季，公司出售約 420 萬股普通股，扣除發行費用後的淨募資款約為 1,550 萬美元。

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

接下來我把電話交回給 Erez。

Thank you, Ran. Before closing, I'd like to address the leadership update. After five years with the company, our great Chief Financial Officer, Ran Daniel, decided to step down from his role to explore other opportunities.

謝謝你，Ran。在結束之前，我想說明一項領導層更新。在公司任職五年後，我們優秀的財務長 Ran Daniel 決定卸任其職務，以探索其他機會。

During his tenure, Ran played an important role in strengthening our financial discipline, supporting our transition to a public company in building the financial and reporting infrastructure needed to support our long-term strategy. We also led successful capital raises that strengthened our balance sheet.

在其任期內，Ran 在強化我們的財務紀律方面扮演了重要角色，並支持我們轉型為上市公司，建立支撐長期策略所需的財務與申報基礎架構。我們也完成了成功的募資，強化了資產負債表。

In addition to leading our finance organization, Ran also oversaw our Investor Relations activity and worked closely with investors and analysts throughout his tenure. We are grateful for his many contributions and wishing continued success in the future endeavors.

除了領導我們的財務組織外，Ran 亦負責投資人關係（IR）活動，並在任期內與投資人及分析師密切合作。我們感謝他做出的諸多貢獻，並祝福他未來的各項發展持續成功。

One will remain with the company to support a smooth transition period. As we look ahead, we are pleased to announce that Guy Nathanzon will be joining Nano-X as Chief Financial Officer. Guy brings extensive financial leadership experience with the U.S. publicly traded companies including several senior CFO and CEO roles in the med tech companies as well as his deep experience supporting growth, scale and global operations.

Ran 將留任公司一段時間，以支持順利的交接過渡期。展望未來，我們很高興宣布 Guy Nathanzon 將加入 Nano-X，擔任財務長。Guy 在美國上市公司擁有豐富的財務領導經驗，包括在醫療科技公司擔任多項資深 CFO 與 CEO 職務，並在支持成長、規模化與全球營運方面具備深厚經驗。

His background includes capital raising, capital markets, both sell-side and buy-side M&A and global financial operations. Guy also brings deep medical technology leadership experience with senior CFO, and COO at multiple medtech companies during periods of commercialization, (inaudible) and global expansion.

他的背景涵蓋募資、資本市場、賣方與買方的併購（M&A）以及全球財務營運。Guy 亦在多家醫療科技公司於商業化、（聽不清）及全球擴張期間擔任資深 CFO 與 COO，帶來深厚的醫療科技領導經驗。

Guy also brings medical technology experience, having served interior leadership role during periods of commercialization and expansion. His previous [Lee] served as the CFO Scorpio Labs Medical Technology company developing AI-based diagnostic platform and most recently was CFO of Valent Semiconductor and New York Stock Exchange listed company. We are pleased to welcome Guy to the leadership.

Guy 亦具備醫療科技經驗，曾在商業化與擴張期間擔任內部領導職務。他先前曾擔任 Scorpio Labs Medical Technology 的財務長，該公司開發以 AI 為基礎的診斷平台；最近則擔任 Valent Semiconductor 的財務長，該公司為紐約證券交易所上市公司。我們很高興歡迎 Guy 加入領導團隊。

He will join the company and will assume the role of Chief Financial Officer as of August 1. As we look back to this quarter, and ahead to the rest of 2026, I want to leave you with a few takeaways that underscore the momentum we are holding at Nano-X.

他將加入公司，並自 8 月 1 日起出任財務長一職。回顧本季並展望 2026 年剩餘期間，我想以幾點重點作結，凸顯 Nano-X 目前所保持的動能。

First, our commercial progress in the United States has been good. We have established a strong foundation with various partners expected to place systems over the next two to three years including significant agreements with our industry's internal imaging integrity, imaging and others.

第一，我們在美國的商業化進展良好。我們已與多家合作夥伴建立穩固基礎，預期未來兩到三年將陸續部署系統，其中包括與我們產業內部影像完整性、影像等方面的重要協議。

This represents a fundamental shift in how we are poised to scale our business from providing our technology to deploying in a meaningful volume shifting towards a growing CapEx portion, this is what we believe will get us closer to our India revenues of 2026.

這代表我們擴大業務規模方式的根本轉變：從提供技術轉向以具相當規模的部署量來推進，並逐步轉向資本支出（CapEx）占比提升；我們相信這將使我們更接近 2026 年的印度營收目標。

Second, our strategic acquisition of [Veda] Healthcare IT, now operating as Nano-X Health IT has immediately strengthen our capabilities and revenue base. The recognition we received at RSNA and ER including the newcomer awards at ACR reflect the broader truth. Nano-X recognize as a credible player contributing to conversation around the future standard of care in the medical imaging.

第二，我們策略性收購 [Veda] Healthcare IT（現以 Nano-X Health IT 營運）已立即強化我們的能力與營收基礎。我們在 RSNA 與 ER 所獲得的肯定（包括在 ACR 的新進者獎項）反映了一個更廣泛的事實。Nano-X 被視為可信賴的參與者，正為醫學影像未來照護標準的討論做出貢獻。

That perception shift in translating into deeper market engagement and robust supply. The foundation we have built positions us well to convert our pipeline into revenues and deliver on our growth objectives. We are excited about what lies ahead and remain committed to executing on our vision of de-marketizing medical imaging globally.

這種觀感的轉變正轉化為更深入的市場互動與強勁的供應。我們所建立的基礎使我們具備良好條件，將管線轉化為營收並達成成長目標。我們對未來充滿期待，並將持續致力於執行我們在全球「去市場化」醫學影像的願景。

Thank you all for your continued support, and we look forward to updating you on our progress in the quarters ahead. Operators, please open the call for questions.

感謝各位持續的支持，我們期待在未來幾季向各位更新我們的進展。接線生，請開放提問。

(Operator Instructions)

（接線生指示）

Jeffrey Cohen, Ladenburg Thalmann & Co Inc.

Jeffrey Cohen，Ladenburg Thalmann & Co Inc.

Hey, good morning. Just a couple of questions. I'd would like to dive a little further. So could you talk a little bit about your footprint and commercial organization, mainly related in the U.S. as far as teams that are direct sales organizations and talk a little bit about how that works with your distribution channels in the U.S?

嗨，早安。我有幾個問題。我想再深入一點。能否談談你們在美國的據點與商業組織架構，主要是直銷團隊的配置，以及它如何與你們在美國的經銷通路配合運作？

Okay. So we have in the U.S., what we call Nano-X impact. We have five direct salespeople with the director of the national sales that is coming from our biggest distributors in the country with a lot of experience. In addition, we have which we call the clinical education specialists where their role and assignment is to go to the places that we have the systems installed, trade the people, trying to get a better understanding of the referring physician who works with this site.

好的。在美國，我們有一個我們稱為 Nano-X impact 的團隊。我們有五位直銷人員，以及一位全國銷售總監，他來自全美最大的經銷商之一，經驗非常豐富。此外，我們還有所謂的臨床教育專員，他們的角色與任務是前往我們已安裝系統的地點，培訓現場人員，並嘗試更深入了解與該據點合作的轉診醫師。

So their job is to build awareness around the site and what's the clinical value that can be added or other referring physicians that we'll do there. We are -- we have a few organization and operational responsibilities, including tech people who are doing the part of the installations. And in addition, we are -- we have people who are doing the STR like building the deal flow.

他們的工作是提升該據點的能見度，以及能帶來的臨床價值，並觸及其他可能會把病人轉診到那裡的醫師。我們也承擔一些組織與營運責任，包括負責部分安裝工作的技術人員。此外，我們也有人員負責 STR，例如建立交易案源（deal flow）。

We are in the process of adding another two people who would be responsible for the channel management. But right now, since we have almost 10 business partners, one of them has mentioned today, is huge. This will require a lot of coordination, a lot of support.

我們正在增聘另外兩位人員，負責通路管理。但目前由於我們有將近 10 個業務合作夥伴，其中之一今天已提到，規模很大。這將需要大量協調與大量支援。

We have an onboarding processes for each one of them, which is very methodological that we do in the process to -- when we sign an agreement, the trading process, the unit, for example, we have a few of the business partners that we make each time. We have tens of billings that already were arranged with the potential customers in order to expand into from field where they are committed to in the agreement.

我們針對每一位合作夥伴都有一套導入（onboarding）流程，非常有方法論；在我們簽署協議後，會進行培訓流程、單位（unit）等，例如我們每次都會與其中幾位業務合作夥伴一起執行。我們已安排了數十場與潛在客戶的會議，以便在其於協議中承諾的領域內進一步擴張。

Okay. Got it. And then as a follow-up, could you talk a little bit about the South Korean facility and the impairment, what should we expect for 2026, you anticipate further restructuring and impairment? And will that be in the front half year versus the back half of the year? And could you estimate for us if there will be cash and noncash?

好的。了解。接著作為追問，能否請您談談南韓廠房與減損的情況？對於2026年我們應該預期什麼？您是否預期會有進一步的重整與減損？另外，這會發生在上半年還是下半年？以及您能否為我們估計是否會包含現金與非現金項目？

Besides the impairment expenses we recorded in 2025, which was the impairment of mainly whatever is related to the chip line in the Krean fab which was amounted to $17.5 million in the noncash expense, we do anticipate relatively minor expenses which are related to more efficiency that we're going to enact.

除了我們在2025年認列的減損費用之外——主要是與韓國晶圓廠晶片產線相關的減損，金額為1,750萬美元，屬於非現金費用——我們確實預期還會有相對較小的費用，主要與我們將推動的效率提升措施相關。

It won't be -- we don't anticipate that will be a significant amount of dollar. So that's actually going probably to be a cash expense. But as I said, it's not going to be material.

不會——我們不預期那會是很大的金額。所以那實際上很可能會是現金支出。但如我所說，它不會是重大項目。

Bear in mind that this fab was built during COVID when semiconductors were not necessarily available. So right now, we are rationalizing the situation where we have a sustainable supplier with a much lower cost of being chips that we do. The Southern Korea go, we converted to more of R&D center for the ceramic teams that we are developing there and might be even another product which is going to come out from this region.

請記住，這座晶圓廠是在COVID期間建造的，當時半導體不見得買得到。因此目前我們正在合理化現況：我們已有可持續的供應商，晶片成本也低得多。至於南韓那邊，我們已將其轉型為研發中心，用於我們在當地開發的陶瓷團隊，甚至可能還會有另一項產品從該地區推出。

Perfect. Thanks for taking your questions.

太好了。謝謝您回答問題。

(Operator Instructions)

（接線員指示）

Scott Henry, AGP.

Scott Henry，AGP。

Thank you, and good morning or afternoon, depending on your location. First, Ran, it was a pleasure working with you. I wish you the best in your future endeavors.

謝謝，早安或午安，取決於您所在的位置。首先，Ran，能與你共事很愉快。祝你未來一切順利。

But don't give me. I have another one earnings call.

但別把我送走。我還有另一場法說會。

Excellent. And then, I guess, the first question. When we look at the guidance for 2026, the $35 million which is strong growth. Can you talk about the cadence throughout the year, Q1 is over. So when will we see that inflection point to reach those impressive number? Thank you.

很好。那我想先問第一個問題。我們看2026年的指引是3,500萬美元，成長很強勁。能否談談全年節奏？第一季已經過了。那麼我們何時會看到達到那些亮眼數字的拐點？謝謝。

I think that you will see most of the -- in the second half -- towards the second half of 2026, I don't think that they should expect a big ramp in the revenue in Q1. But I think once we will be able to materialize all the opportunities in terms of distribution agreements that we just announced, you will see. You may see a ramp-up in the second half of 2026.

我認為你會看到大部分——在下半年——更接近2026年下半年，我不認為大家應該期待第一季營收會大幅爬升。但我想一旦我們能把剛宣布的各項經銷協議所帶來的機會全面落地，你就會看到成效。你可能會在2026年下半年看到營收加速成長。

Okay. Thanks, Scott. Most of the agreements were signed beginning of about a month or two after the RSNA and part of them also after the ECR. And most of them -- most of the business partners agreements, which are going to shift our revenues to be more coming from more from CapEx rather than only the stuff has been signed in the last few weeks, let's say, a month.

好的。謝謝，Scott。多數協議是在RSNA之後約一到兩個月開始簽署，其中一部分也在ECR之後簽署。而且大多數——多數商業夥伴協議，將使我們的營收更多來自資本支出（CapEx），而不僅僅是——這些都是在最近幾週、比如說一個月內才簽下來的。

So right now, we say we will do -- we will start the onboarding the process and the ramp-up will be, hopefully, its financial towards, as Ran said, towards the second part of the year.

所以目前我們的說法是——我們會開始進行導入（onboarding）流程，而營收爬坡希望會在財務上體現於——如Ran所說——接近下半年後段。

Okay. I appreciate that color. And just from a modeling perspective, the teleradiology services, which at this point is still your largest revenue driver. For 2026, should we be thinking about kind of low double-digit growth? Is it still on that trajectory?

好的。我很感謝這些補充說明。從建模角度來看，遠距放射服務（teleradiology）目前仍是你們最大的營收驅動因素。對於2026年，我們是否應該以低雙位數成長來思考？是否仍維持那樣的軌跡？

I don't think that we refer to the specific segment in our guidance. So I don't want to make any specific attribution to any specific line of business or segment. But generally saying, I think, that your assumption will be not far from real, yes.

我不認為我們在指引中有針對特定分部做說明。所以我不想把任何具體數字歸因到某一條業務線或某一個分部。但一般而言，我想你的假設離實際情況不會太遠，是的。

Okay. Thank you. I mean -- and then when we look at spending for Q4 removing the onetime items, it was a little elevated from Q3 with the restructuring, do you -- would you think that it should start declining from Q4 levels going forward? How should we think about those trends in spending?

好的。謝謝。我的意思是——再來看第四季的支出，扣除一次性項目後，相較第三季仍略高，且包含重整費用；你認為未來支出會從第四季水準開始下降嗎？我們應該如何看待支出趨勢？

Well, what happened in the -- you mean, if you look at the non-GAAP, of course, which adds on the impairment expenses and the expense -- the other expenses, that's mainly related to the settlement with the shareholder, you've seen an increase in G&A, which is, I would call it a seasonal increase mainly because of audit and all kind of other year-end items and expenses that were related to the acquisition of Vaso Healthcare, which is one-time in nature.

嗯，發生的情況是——你的意思是，如果你看的是非GAAP，當然會加回減損費用以及其他費用——那些主要與和股東的和解相關；你會看到一般及行政費用（G&A）增加，我會稱之為季節性增加，主要因為審計以及各種年終項目，還有與收購Vaso Healthcare相關的費用，這些本質上屬於一次性。

On the other end, you also see an increase in the social marketing, which are -- some of it is related to the commercialization effort in the U.S. market. So that's actually something that is not onetime item in nature, but on the other, and if we will participate again in our S&A conference that -- that really depends on the questions.

另一方面，你也會看到社群行銷增加，其中一部分與美國市場的商業化推進有關。所以那其實不是一次性項目；但另一方面，如果我們再次參加我們的S&A會議——那真的取決於問題（情況）。

We participate in the RSNA in the fourth quarter, as you remember, that cost money, unfortunately. But if we participate against then it will be recurring if we won't, we won't.

我們在第四季參加RSNA，如你所記得的，那是要花錢的，很可惜。但如果我們再次參加，那就會是經常性支出；如果不參加，就不會。

Okay. Great. That should do it for me. Thank you for taking the questions.

好的。很好。我這邊就到這裡。謝謝回答問題。

Thank you so much thank you so much.

非常感謝，非常感謝。

Thank you. And this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位參與，現在可以掛線。