Spectral AI vs Nano-x Imaging
Spectral AI is the larger business, with $19.6m of revenue in fiscal 2025 against $13.0m for Nano-x Imaging (1.5 times as much). Nano-x Imaging grew faster (15.4% against -33.6%). Spectral AI kept more of each dollar of sales as profit: a net margin of -38.5% against -576.1%.
| Latest fiscal year | Spectral AIMDAI, 2025 | Nano-x ImagingNNOX, 2025 |
|---|---|---|
| Revenue | $19.6m | $13.0m |
| Revenue growth | -33.6% | 15.4% |
| Net income | −$7.6m | −$75.0m |
| Operating margin | — | -600.8% |
| Net margin | -38.5% | -576.1% |
| Return on equity | — | -45.6% |
| Free cash flow | — | −$45.0m |
| Cash | $15.4m | $49.2m |
| Total debt | $12.1m | $3.3m |
| Debt to equity | — | 2.4% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 65 | — |
| Market value | $48.1m | $20.4m |
| Price vs our value range | — | — |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 0 sales | 10 buys, 2 sales |