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olivLaw · US equity research

Ainos, Inc. AIMD

Computer Peripheral Equipment, NEC · SIC 3577 · Vertical: Computer Peripheral Equipment, NEC (SIC 3577)

0.73USD+17.74% · 1 dayClose 04 Nov 2026

Ainos is a dual-platform company developing the AI Nose AI-based smell sensor and the VELDONA® oral interferon therapy. The company is at an early stage of commercializing AI Nose in industry, with revenue still very small against large operating losses and a tight cash position, around and million dollars.

At the close of 04 Nov 2026, Ainos, Inc. (AIMD) stock was 0.73 USD (+17.74% on the day), with market capitalisation 5.4 m USD, beta 1.66, 52-week range 0.62–3.26 USD. Latest reported quarter (Q2 2026): revenue of 152 USD (−96.7% YoY), net income of -4.6 m USD, diluted EPS -0.62 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
5.4 m USD
shares as of 03 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -2.53 · TTM to 30 Jun 2026
E/P (TTM)
-346.28%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.66
Volatility (1y) 116%
52-week range
0.623.26

Price history

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Technical reading

RSI (14)
31.0
weak (30–45)
Bollinger (20, 2)
0.53 – 1.23
in the lower half of the band · %B 0.29 · band width 79.5%
SMA 50 / 200
1.20 / 1.58
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.16 / -0.15
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−45.1%−1.1%−44.0 pp—
3 months−48.6%−0.5%−48.1 pp—
6 months−58.8%+4.4%−63.1 pp—
Year to date−55.5%+12.3%−67.8 pp—
1 year−77.7%+13.5%−91.3 pp−9.7%
3 years−95.1%+76.4%−171.5 pp+6.8%
5 years−99.5%+63.7%−163.2 pp—
Max drawdown (1y)
−81.0%
05 Nov 2025 → 02 Nov 2026
Max drawdown (5y)
−99.9%
04 Aug 2022 → 02 Nov 2026
Compound annual growth (5y)
−65.4%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
152 USD
−96.7% YoY
Net income
-4.6 m USD
unavailable YoY
Diluted EPS
-0.62
unavailable YoY
net / operating
-3,022,849.3% / -2,894,135.5%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue0 ≈0106.2 k4.7 k2.2 k11.1 k161152
Cost of revenue547-7918.2 k9374771.6 k76353
Gross profit-5477988.0 k3.7 k1.7 k9.5 k-60299
Research & development2.0 m2.3 m1.7 m1.9 m2.0 m2.1 m1.7 m1.9 m
SG&A1.0 m2.3 m1.5 m1.8 m795.3 k2.2 m593.2 k2.5 m
Operating income-3.0 m-4.6 m-3.2 m-3.7 m-2.8 m-4.3 m-2.3 m-4.4 m
Depreciation & amortisation1.2 m ≈1.2 m1.2 m1.2 m ≈1.2 m ≈1.2 m1.2 m1.2 m ≈
Interest expense264.6 k184.4 k180.4 k178.0 k176.6 k176.9 k176.9 k200.2 k
Pre-tax income-3.7 m-4.7 m-3.3 m-4.1 m-2.9 m-4.5 m-2.5 m-4.6 m
Net income-3.7 m-4.7 m-3.3 m-4.1 m-2.9 m-4.5 m-2.5 m-4.6 m
Diluted EPS-1.64-1.62 ≈-1.04-0.99-0.64-0.86 ≈-0.41-0.62
Operating cash flow-1.5 m ≈-864.2 k-1.2 m-1.4 m ≈-1.2 m ≈-855.0 k-983.4 k-1.4 m ≈
Capex10.1 k ≈90833.6 k-7.7 k ≈10.1 k ≈-1.5 k8.5 k5.8 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue77.7 k11.7 k16.6 k594.6 k3.5 m122.1 k20.7 k124.2 k
Revenue YoY−69.0%−84.9%+41.2%+3,489.7%+492.0%−96.5%−83.0%+499.0%
Net income-1.3 m-1.6 m-1.5 m-3.9 m-14.0 m-13.8 m-14.9 m-14.8 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailableunavailableunavailableunavailableunavailable-3.36-7.82-3.46
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %-1,722.3%-13,479.7%-8,758.2%-654.0%-398.0%-11,277.0%-71,702.3%-11,897.0%
Free cash flow-1.0 m-911.1 k-499.6 k-1.4 m-3.7 m-4.8 m-5.8 m-4.6 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
417.4 k USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
7.6 m USD
Total assets
20.9 m USD
Debt / equity
unavailable
Current ratio
1.06x
ROE
-128.0%
ROA
-59.5%
FCF margin
-3,744.7%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
122.1 k
2024
20.7 k
2025
124.2 k

SEC (XBRL)· 30 Mar 2026verified

Cost of revenue
2023
375.8 k
2024
52.6 k
2025
21.2 k

SEC (XBRL)· 30 Mar 2026verified

Gross profit
2023
-253.7 k
2024
-31.9 k
2025
102.9 k

SEC (XBRL)· 30 Mar 2026verified

Research & development
2023
7.3 m
2024
8.4 m
2025
7.7 m

SEC (XBRL)· 30 Mar 2026verified

SG&A
2023
5.6 m
2024
5.4 m
2025
6.3 m

SEC (XBRL)· 30 Mar 2026verified

Operating income
2023
-13.2 m
2024
-13.8 m
2025
-14.0 m

SEC (XBRL)· 30 Mar 2026verified

Depreciation & amortisation
2023
4.9 m
2024
4.8 m
2025
4.8 m

SEC (XBRL)· 30 Mar 2026verified

EBITDA
2023
-8.3 m ≈
2024
-9.0 m ≈
2025
-9.2 m ≈

SEC (XBRL)· 30 Mar 2026derived

Interest expense
2023
144.2 k
2024
616.5 k
2025
711.9 k

SEC (XBRL)· 30 Mar 2026verified

Pre-tax income
2023
-13.8 m
2024
-14.9 m
2025
-14.8 m

SEC (XBRL)· 30 Mar 2026verified

Income tax
2023
800
2024
800
2025
800

SEC (XBRL)· 30 Mar 2026verified

Net income
2023
-13.8 m
2024
-14.9 m
2025
-14.8 m

SEC (XBRL)· 30 Mar 2026verified

Diluted EPS
2023
-3.36
2024
-7.82
2025
-3.46

SEC (XBRL)· 30 Mar 2026verified

Weighted average diluted shares
2023
4.1 m
2024
1.9 m
2025
4.3 m

SEC (XBRL)· 30 Mar 2026verified

Balance sheet · USD

Cash
2023
1.9 m
2024
3.9 m
2025
417.4 k

SEC (XBRL)· 30 Mar 2026verified

Receivables
2023
455
2024
56
2025
22

SEC (XBRL)· 30 Mar 2026verified

Inventories
2023
167.6 k
2024
143.8 k
2025
295.6 k

SEC (XBRL)· 30 Mar 2026verified

Current assets
2023
2.5 m
2024
4.3 m
2025
1.1 m

SEC (XBRL)· 30 Mar 2026verified

Property, plant & equipment, net
2023
876.6 k
2024
559.6 k
2025
343.3 k

SEC (XBRL)· 30 Mar 2026verified

Intangibles (excl. goodwill)
2023
28.3 m
2024
23.7 m
2025
19.2 m

SEC (XBRL)· 30 Mar 2026verified

Total assets
2023
31.8 m
2024
28.8 m
2025
20.9 m

SEC (XBRL)· 30 Mar 2026verified

Accounts payable
2023
—
2024
—
2025
—

SEC (XBRL)· 30 Mar 2021verified

Current liabilities
2023
1.3 m
2024
4.0 m
2025
1.1 m

SEC (XBRL)· 30 Mar 2026verified

Total liabilities
2023
7.4 m
2024
13.3 m
2025
13.3 m

SEC (XBRL)· 30 Mar 2026verified

Equity
2023
24.4 m †
2024
15.5 m †
2025
7.6 m †

SEC (XBRL)· 30 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-4.7 m
2024
-5.8 m
2025
-4.6 m

SEC (XBRL)· 30 Mar 2026verified

Capex
2023
93.0 k
2024
21.3 k
2025
34.6 k

SEC (XBRL)· 30 Mar 2026verified

Free cash flow
2023
-4.8 m ≈
2024
-5.8 m ≈
2025
-4.6 m ≈

SEC (XBRL)· 30 Mar 2026derived

Investing cash flow
2023
-101.5 k
2024
-125.3 k
2025
-2.2 k

SEC (XBRL)· 30 Mar 2026verified

Financing cash flow
2023
4.9 m
2024
8.0 m
2025
1.0 m

SEC (XBRL)· 30 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
499.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
-67.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
49.6%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
78.7%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-66,143.9%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-101,210.2%
computed by olivLawTTM to 30 Jun 2026
Net margin
-106,283.3%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-33,046.9%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-196.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-66.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-419.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-18.8x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-4.5 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
22.9 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-4.5 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing

Market and valuation

Market capitalisation
5.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-346.3%
computed by olivLawTTM to 30 Jun 2026
P/B
1.6x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
396.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-83.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.73 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 5.4 m USD

Key indicators

Market capitalisation
5.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.6x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-196.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-106,283.3%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
499.0%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 03 Aug 2026
Source: SEC (XBRL)published 03 Aug 2026
verified 1889derived 174

Score by group

72% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Computer Peripheral Equipment, NEC (SIC 3577)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality78.7%97 (on a fixed band)15%
EBIT margin · Quality-101,210.2%0 (vs peers)12%
FCF margin · Quality-33,046.9%0 (on a fixed band)12%
Revenue CAGR 3Y · Growth-67.2%0 (on a fixed band)24%
Revenue growth (YoY) · Growth499.0%100 (vs peers)12%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.1x0 (on a fixed band)9%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuation-83.4%0 (on a fixed band)18%
Shareholder yield (distributions) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial0/100 · 1/2 factors with a value
  • Growth33/100 · 2/2 factors with a value
  • Quality37/100 · 3/3 factors with a value
  • Returns· partialunavailable · 0/1 factors with a value
  • Valuation· partial0/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

AINOS, INC. (AIMD). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 124.2 k USD in 2025; YoY growth 499.0%; net margin -106,283.3%; ROE -196.3%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Gross margin: 78.7%
  • Revenue growth (YoY): 499.0%

What contradicts it

  • EBIT margin: -101,210.2%
  • FCF margin: -33,046.9%
  • Revenue CAGR 3Y: -67.2%
  • Current ratio: 0.1x
  • FCF yield: -83.4%

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, Shareholder yield (distributions).

Versus the vertical median

Computer Peripheral Equipment, NEC (SIC 3577) · same industry (4-digit SIC) · compared with 17 companies

Multiples and returns vs the median

P/E
—
vertical median 31.1x
EV/EBITDA
—
vertical median —
P/S
396.4x
vertical median 2.4x
above median (+16,692.3%)
P/B
1.6x
vertical median 1.9x
below median (−14.3%)
ROE
-196.3%
vertical median 0.2%
below median (−80,583.8%)
Net margin
-106,283.3%
vertical median -0.8%
below median
EBIT margin
-101,210.2%
vertical median 0.5%
below median (−19,078,424.8%)
Revenue YoY
499.0%
vertical median 11.2%
above median (+4,340.7%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 3.1%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
PANWPalo Alto Networks, Inc.284.7 bn870.11.7%2.7%+24.5%+83% / +136%
FTNTFortinet, Inc.95.1 bn42.1153.1%29.0%+14.2%+59% / +146%
LOGILogitech International S.A.14.2 bn18.138.2%16.4%+6.3%−11% / +14%
CRSRCorsair Gaming, Inc.1.4 bn41.45.8%2.5%+11.9%+104% / +3%
EVLVEvolv Technologies Holdings, Inc.871.2 m—-4.9%-3.0%+40.5%−25% / +20%
MITKMitek Systems, Inc.861.4 m40.79.2%11.4%+4.4%+115% / +69%
SSYSStratasys Ltd.587.3 m—-12.7%-18.9%−3.7%−22% / −38%
IMMRImmersion Corporation237.8 m21.63.5%0.6%+11.2%+1% / +10%
RDCMRadcom Ltd.168.7 m14.311.4%16.8%+17.2%−22% / +29%
XRXXerox Holdings Corp155.0 m—-128.0%-11.9%+12.9%−58% / −92%
MYNDMynd.ai, Inc.126.0 m—-995.5%-32.2%−37.2%−56% / −97%
INVEInve Technologies, Inc.64.0 m—-10.9%-62.9%−19.3%−22% / −62%
TACTTransact Technologies Inc54.4 m—-1.3%-0.8%+18.7%+19% / −22%
LINKInterlink Electronics, Inc52.3 m—-10.5%-7.9%+1.8%−8% / −39%
WETHWetouch Technology Inc.11.6 m1.26.0%17.6%+6.8%−57% / unavailable
AIMDAinos, Inc.5.4 m—-196.3%-106,283.3%+499.0%−78% / −95%
VTIXVirtuix Holdings Inc.———-543.2%+18.4%unavailable / unavailable
YIBOPlanet Image International Limited——-14.4%-5.3%+3.6%+5% / unavailable

1- and 3-year price returns: for AIMD from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Ainos is a dual-platform company developing the AI Nose AI-based smell sensor and the VELDONA® oral interferon therapy. The company is at an early stage of commercializing AI Nose in industry, with revenue still very small against large operating losses and a tight cash position, around 1 and 2 million dollars.

    SWOT

    Strengths

    • The AI Nose platform has a large volume of proprietary data from industrial deployments, which the company uses to improve its models 3.
    • The company has won a multi-year industrial commercial contract with a semiconductor packaging customer 1.
    • The operating model outsources manufacturing and concentrates research in Taiwan, which keeps fixed costs lower 1.

    Weaknesses

    • Revenue is very small relative to operating expenses, and losses continue 12.
    • Current liabilities grew sharply in 2026, and available capital is limited relative to obligations 2.
    • The company has a small workforce and depends on external financing to continue its programs 1.

    Opportunities

    • If robotics and hospital infrastructure pilots turn into commercial contracts, revenue could grow 13.
    • Out-licensing partnerships for VELDONA® could bring funding without a large use of the company's own cash 1.
    • The SmellTech-as-a-Service model could generate recurring revenue after hardware installation 3.

    Threats

    • Reliance on third parties for components can delay deployments and raise costs 2.
    • Difficulty obtaining funding on acceptable terms could limit operations and product development 1.
    • Medical and radio device products require approvals that may delay or limit commercialization 1.

    Risks

    • Lack of significant revenuehigh

      The company has not yet generated revenue sufficient to cover operating costs, and profitability is uncertain 1.

    • Need for additional fundinghigh

      If funding cannot be obtained on acceptable terms, development programs could be scaled back or stopped 1.

    • Higher indebtednesshigh

      The sharp rise in current liabilities in the first half of 2026 may limit financial flexibility 2.

    • Component supplymedium

      Disruptions in the supply chain could delay deployments and increase costs 2.

    • Regulation and certificationmedium

      Approvals for medical and radio devices may delay commercialization in several countries 1.

    Investment thesis

    What would need to be true (bull case)

    • If semiconductor and robotics pilots turn into broader commercial contracts, AI Nose revenue could rise quickly from its current level.
    • A large volume of deployment data could improve model performance and strengthen the platform's position.
    • Out-licensing partnerships for VELDONA® could bring revenue without requiring significant additional funding.

    What would break the thesis

    • Revenue has remained very small, and large operating losses could continue if commercial adoption is delayed.
    • Growing current liabilities and limited available capital could force dilution or restructuring.
    • Dependence on partners and regulatory approvals could slow the whole commercialization plan.

    What to watch

    • Revenue in the second half of 2026 and conversion of pilots into contracts2026
    • Development of current liabilities and available cashQ3 2026
    • Progress of industrial contracts and VELDONA® out-licensing partnerships2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Ainos, Inc., incorporated in Texas in 1984, focuses on the AI Nose platform, an electronic olfaction system that converts scent and volatile organic compound signals into structured data called Smell ID, using gas sensor arrays and an artificial intelligence model called a smell language model. The company started from point-of-care healthcare applications and expanded toward industrial environments such as semiconductor manufacturing, robotics and smart manufacturing 1. In parallel it develops VELDONA®, a low-dose oral interferon formulation with clinical studies in Taiwan, while manufacturing is outsourced and research and operations are concentrated in Taiwan 1.

    In fiscal 2025 revenue was only 124,157 dollars, almost all from AI Nose, and the operating loss was 13,990,408 dollars 1. The company had 41 full-time employees as of December 31, 2025 1. The business model combines AI Nose hardware with recurring services, particularly subscription-based SmellTech-as-a-Service offerings, described in the August 2026 release 3.

    Segments

    VELDONA® (low-dose oral interferon)

    VELDONA® includes candidates for oral warts in HIV-positive patients, Sjögren's syndrome and feline chronic gingivostomatitis, with clinical studies in Taiwan. The company intends to seek out-licensing partners, and a pet supplement was launched in Taiwan with limited sales 1.

    Market context

    AI Nose positions itself in the markets for environmental sensing and volatile organic compound detection, where industrial applications in semiconductors, robotics and hospital infrastructure are at pilot stage or in first commercial orders 13. The market size is not quantified in the sources provided, and adoption depends on converting pilots into larger contracts.

    In immune therapeutics, VELDONA® competes in rare and autoimmune niches, where clinical data and partnerships define value. The sources give no market figures for these niches, so the assessment remains qualitative.

    Competitive position

    The sources provided do not explicitly name direct competitors to AI Nose or VELDONA®. The company mentions partners and distributors such as Inabata and Topco Scientific, but these are commercial partners rather than competitors 1.

    The filing describes competition as a general pressure: delays or technological developments by rivals can affect results expectations, and industry consolidation is a named factor 1.

    • Distribution and integration partners in Asia (Inabata, Topco Scientific)

      Named in the filing as commercial partners for product commercialization, not as direct competitors.

    • Gas sensor manufacturers (as a category)

      The sources contrast conventional gas sensors with AI Nose, which is positioned as a connected and trainable platform 1.

    • Companies with industrial sensor platforms

      The sources do not name specific competitors in this category, so they cannot be identified from the documents.

    • Other interferon and immune therapy developers

      The sources mention general competition in immune therapeutics without naming companies with tickers.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Current report16 Oct 2026
      Amendments to articles or bylaws · Other events · Financial statements and exhibits
    • Current report28 Sept 2026
      Material agreement · Regulation FD disclosure · Financial statements and exhibits
    • Current report03 Aug 2026
      Results of operations · Financial statements and exhibits
    • Quarterly report03 Aug 2026
    • Current report10 Jul 2026
      Item 4.01 · Financial statements and exhibits
    • Current report09 Jul 2026
      Creation of a direct financial obligation · Financial statements and exhibits
    • Quarterly report13 May 2026
    • Current report13 May 2026
      Results of operations · Financial statements and exhibits
    • Annual report30 Mar 2026
    • Current report30 Mar 2026
      Results of operations · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ainos, Inc. · 30 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ainos, Inc. · 03 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Ainos, Inc. · 03 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.