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olivLaw · US equity research

AIOS Tech Inc. AIOS

Services-Computer Integrated Systems Design · SIC 7373 · Vertical: Services-Computer Integrated Systems Design (SIC 7373)

9.45USD+0.21% · 1 dayClose 03 Nov 2026

AIOS Tech Inc. is a company that in 2025 shifted from SME financing in mainland China and supply chain trading toward artificial intelligence and information technology services through its Hong Kong subsidiary YD Network Technology. The company ended fiscal 2025 with revenue of about 5.1 million USD from continuing operations, but with a net loss attributable to shareholders of 220.9 million USD, driven largely by the exit from legacy activities. The change matters for investors because it shows a new business model whose viability is still unproven.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 03 Nov 2026, AIOS Tech Inc. (AIOS) stock was 9.45 USD (+0.21% on the day), with market capitalisation 138.9 m USD, beta 1.41, 52-week range 7.88–78.20 USD.

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

Market cap
138.9 m USD
shares as of 31 Dec 2017
P/E (TTM)
unavailable
Diluted EPS TTM -47.65 · TTM to 31 Dec 2025
E/P (TTM)
-504.23%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.41
Volatility (1y) 175%
52-week range
7.8878.20

Price history

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Technical reading

RSI (14)
36.1
weak (30–45)
Bollinger (20, 2)
8.64 – 12.10
in the lower half of the band · %B 0.23 · band width 33.4%
SMA 50 / 200
12.24 / 13.78
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.84 / -0.82
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−16.5%−2.0%−14.5 pp—
3 months−19.8%−2.2%−17.7 pp—
6 months−51.8%+4.3%−56.1 pp—
Year to date−55.8%+10.6%−66.4 pp—
1 year−88.2%+10.5%−98.7 pp−33.2%
3 years−79.5%+73.7%−153.1 pp−15.9%
5 years−99.6%+61.7%−161.3 pp—
Max drawdown (1y)
−89.9%
04 Nov 2025 → 23 Apr 2026
Max drawdown (5y)
−99.8%
10 Nov 2021 → 23 Apr 2026
Compound annual growth (5y)
−67.2%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

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 year2018⚠ 2019202020212022202320242025
Revenue25.3 m2.5 m42.2 m160.2 m234.2 m386.7 m340.2 m5.1 m
Revenue YoY−13.4%—+1,570.6%+279.7%+46.2%+65.1%−12.0%−98.5%
Net income-5.1 m2.7 m-13.1 m30.4 m17.6 m17.6 m5.8 m-220.9 m
Net income YoY−172.1%—−577.8%unavailable−42.0%−0.2%−67.1%−3,917.1%
Diluted EPS-0.330.17-7.0414.134.424.461.43-47.65
Diluted EPS YoY−167.3%—−4,241.2%unavailable−68.7%+0.9%−67.9%−3,432.2%
net %-20.3%108.5%-31.0%19.0%7.5%4.5%1.7%-4,359.1%
Free cash flow-799.3 k97.7 k2.5 m23.7 m-29.6 m35.0 m-75.7 munavailable

The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.4 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
4.7 m USD
Total assets
5.1 m USD
Debt / equity
unavailable
Current ratio
12.26x
ROE
-204.7%
ROA
-159.8%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
386.7 m
2024
340.2 m
2025
5.1 m

SEC (XBRL)· 20 Apr 2026verified

Cost of revenue
2023
346.7 m
2024
309.3 m
2025
1.4 m

SEC (XBRL)· 20 Apr 2026verified

Gross profit
2023
40.0 m
2024
30.9 m
2025
3.6 m

SEC (XBRL)· 20 Apr 2026verified

Research & development
2023
472.4 k
2024
10.0 m
2025
2.2 m

SEC (XBRL)· 20 Apr 2026verified

Operating income
2023
-472.4 k
2024
-10.0 m
2025
1.5 m

SEC (XBRL)· 20 Apr 2026verified

Depreciation & amortisation
2023
2.2 m
2024
1.7 m
2025
1.6 m

SEC (XBRL)· 20 Apr 2026verified

EBITDA
2023
1.8 m ≈
2024
-8.2 m ≈
2025
3.1 m ≈

SEC (XBRL)· 20 Apr 2026derived

Interest expense
2023
125.9 k
2024
98.6 k
2025
—

SEC (XBRL)· 29 Apr 2025verified

Pre-tax income
2023
-540.2 k
2024
-9.9 m
2025
-223.6 m

SEC (XBRL)· 20 Apr 2026verified

Income tax
2023
5.8 m
2024
4.5 m
2025
67.4 k

SEC (XBRL)· 20 Apr 2026verified

Net income
2023
17.6 m
2024
5.8 m
2025
-220.9 m

SEC (XBRL)· 20 Apr 2026verified

Diluted EPS
2023
4.46
2024
1.43
2025
-47.65

SEC (XBRL)· 20 Apr 2026verified

Weighted average diluted shares
2023
3.9 m
2024
4.1 m
2025
4.6 m

SEC (XBRL)· 20 Apr 2026verified

Balance sheet · USD

Cash
2023
114.5 m
2024
6.1 m
2025
1.4 m

SEC (XBRL)· 20 Apr 2026verified

Receivables
2023
21.1 m
2024
54.4 m
2025
1.6 m

SEC (XBRL)· 20 Apr 2026verified

Inventories
2023
31.0 m
2024
806.8 k
2025
—

SEC (XBRL)· 29 Apr 2025verified

Current assets
2023
293.3 m
2024
251.3 m
2025
5.0 m

SEC (XBRL)· 20 Apr 2026verified

Property, plant & equipment, net
2023
881.3 k
2024
358.0 k
2025
—

SEC (XBRL)· 29 Apr 2025verified

Goodwill
2023
17.7 m
2024
17.1 m
2025
—

SEC (XBRL)· 29 Apr 2025verified

Intangibles (excl. goodwill)
2023
882.8 k
2024
205.0 k
2025
54.1 k

SEC (XBRL)· 20 Apr 2026verified

Total assets
2023
315.9 m
2024
271.4 m
2025
5.1 m

SEC (XBRL)· 20 Apr 2026verified

Accounts payable
2023
45.5 m
2024
34.6 m
2025
—

SEC (XBRL)· 29 Apr 2025verified

Short-term debt
2023
2.0 m
2024
5.3 m
2025
—

SEC (XBRL)· 29 Apr 2025verified

Long-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 08 Aug 2023verified

Current liabilities
2023
111.1 m
2024
59.5 m
2025
411.3 k

SEC (XBRL)· 20 Apr 2026verified

Total liabilities
2023
112.8 m
2024
60.3 m
2025
411.3 k

SEC (XBRL)· 20 Apr 2026verified

Equity
2023
203.1 m
2024
211.1 m
2025
4.7 m

SEC (XBRL)· 20 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
35.5 m
2024
-75.7 m
2025
-26.9 m

SEC (XBRL)· 20 Apr 2026verified

Capex
2023
504.0 k
2024
26.7 k
2025
—

SEC (XBRL)· 29 Apr 2025verified

Free cash flow
2023
35.0 m ≈
2024
-75.7 m ≈
2025
—

SEC (XBRL)· 29 Apr 2025derived

Investing cash flow
2023
-87.2 m
2024
-32.9 m
2025
-14.5 m

SEC (XBRL)· 20 Apr 2026verified

Financing cash flow
2023
-6.7 m
2024
-739.8 k
2025
695.3 k

SEC (XBRL)· 20 Apr 2026verified

Share repurchases
2023
—
2024
—
2025
—

SEC (XBRL)· 08 Aug 2023verified

Computed indicators

Growth

Revenue growth (YoY)
-98.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
-72.1%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-34.5%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
-3,917.1%
computed by olivLawFY 2025
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)
-3,432.2%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
72.0%
computed by olivLawFY 2025
EBITDA margin
61.0%
computed by olivLawFY 2025
EBIT margin
29.0%
computed by olivLawFY 2025
Net margin
-4,359.1%
computed by olivLawFY 2025
FCF margin
-530.9%
computed by olivLawFY 2025

Returns

ROE
-208.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-159.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
31.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
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
14.9x
computed by olivLawFY 2025

Liquidity

Current ratio
12.3x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
3.4x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-26.9 m USD
computed by olivLawFY 2025
Capital expenditure
26.7 k USD
computed by olivLawFY 2024
Free cash flow
-26.9 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
-869.5%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
2,018 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
unavailable
input data missing

Market and valuation

Market capitalisation
138.9 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-504.2%
computed by olivLawFY 2025
P/B
29.6x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
27.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
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
-19.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
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

9.45 USD

03 Nov 2026Source: olivLaw, closing series

Market cap: 138.9 m USD

Key indicators

Market capitalisation
138.9 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
29.6x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
-208.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-4,359.1%
computed by olivLawFY 2025
Revenue growth (YoY)
-98.5%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

33/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2017
Source: SEC (XBRL)published 20 Apr 2026
verified 368

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: Services-Computer Integrated Systems Design (SIC 7373)

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 · Quality72.0%80 (on a fixed band)15%
EBIT margin · Quality29.0%100 (vs peers)12%
FCF margin · Quality-530.9%0 (on a fixed band)12%
Revenue CAGR 3Y · Growth-72.1%0 (on a fixed band)24%
Revenue growth (YoY) · Growth-98.5%0 (vs peers)12%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet12.3x100 (on a fixed band)9%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuation-19.4%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· partial100/100 · 1/2 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality61/100 · 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

AIOS Tech Inc. (AIOS). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 5.1 m USD in 2025; YoY growth -98.5%; net margin -4,359.1%; ROE -208.9%.

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: 72.0%
  • EBIT margin: 29.0%
  • Current ratio: 12.3x

What contradicts it

  • FCF margin: -530.9%
  • Revenue CAGR 3Y: -72.1%
  • Revenue growth (YoY): -98.5%
  • FCF yield: -19.4%

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

Versus the vertical median

Services-Computer Integrated Systems Design (SIC 7373) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 23.3x
EV/EBITDA
—
vertical median 12.9x
P/S
27.4x
vertical median 2.0x
above median (+1,303.6%)
P/B
29.6x
vertical median 1.7x
above median (+1,639.5%)
ROE
-208.9%
vertical median -5.2%
below median
Net margin
-4,359.1%
vertical median -8.1%
below median
EBIT margin
29.0%
vertical median -8.2%
above median
Revenue YoY
-98.5%
vertical median 7.1%
below median (−1,484.1%)
Net debt/EBITDA
—
vertical median 2.1x
Dividend yield
—
vertical median 1.3%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
LDOSLeidos Holdings, Inc.16.4 bn12.128.2%8.0%+3.1%−30% / +26%
GDDYGoDaddy Inc.14.3 bn16.2—18.6%+8.3%−7% / +18%
CACICACI International Inc14.0 bn25.912.5%5.5%+10.9%+2% / +97%
JKHYJack Henry & Associates, Inc.12.6 bn25.724.0%19.8%+7.1%+3% / +13%
IONQIonQ, Inc.11.3 bn—-60.8%-553.3%+201.9%−40% / +142%
OTEXOpen Text Corp6.4 bn10.316.2%12.3%+1.5%−21% / −34%
SAICScience Applications International Corporation6.3 bn17.625.7%5.1%−2.9%+75% / +28%
WAYWaystar Holding Corp.5.7 bn42.93.7%10.7%+16.5%−20% / unavailable
PSNParsons Corporation5.5 bn38.25.7%2.3%−5.7%−38% / −16%
KDKyndryl Holdings, Inc.3.7 bn46.27.6%0.6%+0.2%−35% / −7%
AGYSAgilysys, Inc.3.5 bn78.513.6%12.9%+15.9%−0% / +42%
NTCTNetscout Systems Inc2.8 bn23.37.5%13.7%+4.5%+42% / +90%
AURAurora Innovation, Inc.2.6 bn—-45.7%-13,328.6%unavailable−3% / +86%
PONYPony AI Inc.2.1 bn—-10.3%-148.9%+20.0%−65% / unavailable
OSPNOneSpan Inc.872.9 m13.226.8%27.5%+0.0%+94% / +136%
TLSTelos Corporation378.2 m—-14.9%-8.1%+52.2%−12% / +23%
SLPSimulations Plus, Inc.374.2 m46.76.2%9.9%+13.1%unavailable / unavailable
SMRTSmartrent, Inc.310.4 m—-8.4%-13.0%−12.9%−6% / −48%
ASURAsure Software, Inc.293.6 m—-1.9%—+24.3%+22% / +22%
VEEAVeea Inc.281.2 m——-2,491.9%+56.6%−55% / −98%
RBBNRibbon Communications Inc.275.9 m22.55.0%2.3%+1.3%−46% / −28%
KDKKodiak AI, Inc.220.7 m——-4,259.6%−74.6%−82% / unavailable
UISUnisys Corp171.4 m——-21.7%−2.9%−12% / −51%
AIOSAIOS Tech Inc.138.9 m—-208.9%-4,359.1%−98.5%−88% / −79%
MRLNMerlin, Inc.91.5 m———unavailable−92% / unavailable

1- and 3-year price returns: for AIOS 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.

    Possibly outdated: the newest document it read is from 20 Apr 2026; since then the company filed 6-K (19 Oct 2026), 6-K (30 Sept 2026), 6-K (21 Sept 2026), 6-K (26 Jun 2026), 6-K (29 May 2026), 6-K (12 May 2026).

    In brief

    AIOS Tech Inc. is a company that in 2025 shifted from SME financing in mainland China and supply chain trading toward artificial intelligence and information technology services through its Hong Kong subsidiary YD Network Technology. The company ended fiscal 2025 with revenue of about 5.1 million USD from continuing operations, but with a net loss attributable to shareholders of 220.9 million USD, driven largely by the exit from legacy activities. The change matters for investors because it shows a new business model whose viability is still unproven.

    SWOT

    Strengths

    • The company has built trusted relationships with financial institutions and corporate clients in its traditional segment, which may help it enter the new services 1.
    • The acquisition of YD Network gives the company an immediate operating base in Hong Kong without building a team from scratch 1.
    • The group structure was simplified by divesting legacy activities, which reduces exposure to mainland China regulation 1.

    Weaknesses

    • The company has a very short operating history in its new segments, which makes it difficult for investors to assess its prospects 1.
    • Continuing revenue fell sharply in 2025, and the net loss was very large relative to the revenue earned 1.
    • Several processes, including transformation and integration of acquisitions, are still ongoing and may consume significant resources 1.

    Opportunities

    • Corporate demand for AI solutions and digital transformation could open new contracts if the services are proven in the market 1.
    • Expansion of SME financing into other markets outside mainland China could diversify revenue sources 1.
    • Partnerships with financial institutions that need IT support could strengthen the company's position in professional services 1.

    Threats

    • Competition from better-funded established IT service providers could limit the company's ability to win new contracts 1.
    • Regulatory changes on AI and data could force the company to modify its business models 1.
    • Risks of tax claims or penalties linked to the former subsidiaries in mainland China remain present 1.

    Risks

    • Limited operating historyhigh

      The company has little long-term experience in IT and AI services, and success in the new segments is not assured; the source warns that it cannot guarantee establishing a stable market position 1.

    • Reliance on non-exclusive contractshigh

      Most client contracts are not exclusive, and clients can replace the provider or develop in-house solutions 1.

    • Changing regulationmedium

      The regulatory framework for AI and data security is evolving, and violations could lead to fines or revocation of licences 1.

    • Liabilities from former activitiesmedium

      Chinese authorities could retrospectively review the activities of the former VIEs and seek taxes or penalties, even though those entities no longer belong to the consolidated group 1.

    • Transformation managementmedium

      Integrating new operations, sustaining innovation and retaining qualified AI and IT staff are challenges that could disrupt operations 1.

    Investment thesis

    What would need to be true (bull case)

    • If YD Network's AI and IT services win corporate and institutional clients, the company could turn its existing relationships into recurring revenue while the loss from legacy activities recedes 1.
    • Cleaning up the group structure by divesting mainland China activities could reduce risk exposure and let the company focus resources on segments with growth potential 1.
    • If SME financing outside mainland China grows, it could complement IT services revenue and reduce dependence on a single segment 1.

    What would break the thesis

    • Continuing revenue is very small compared with the 2025 net loss, and without rapid growth in contracts, operating costs could keep exceeding revenue 1.
    • The company is at an early stage in its new segments and has no track record proving it can win and keep clients against larger competitors 1.
    • Regulatory risks and risks linked to former subsidiaries could create unforeseen costs or tax obligations that affect future results 1.

    What to watch

    • Revenue trend of YD Network's IT and AI services and the number of new contractsQ1 2027
    • Results of the SME financing segment outside mainland China2027
    • Trend in net loss and operating costs after the 2025 restructuringnext 10-K
    • Any new AI and data security regulation that could affect the business model2027

    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.

    Possibly outdated: the newest document it read is from 20 Apr 2026; since then the company filed 6-K (19 Oct 2026), 6-K (30 Sept 2026), 6-K (21 Sept 2026), 6-K (26 Jun 2026), 6-K (29 May 2026), 6-K (12 May 2026).

    The business

    The company was established in the British Virgin Islands in 2012 and was previously known as Hebron Technology and then Nisun International. In December 2025 it divested Nisun BVI and its VIEs in mainland China, and on December 1, 2025 it acquired YD Network Technology, a Hong Kong IT services company. From February 2026 it changed its name to AIOS Tech Inc. and its ticker to AIOS, according to the 20-F for fiscal 2025 1. Current activity consists of AI and data-driven professional services through YD Network, plus SME financing outside mainland China, conducted directly through the parent company.

    The principal executive office is in Kowloon, Hong Kong, and the company presents itself as a provider of technology-enabled professional services rather than a financial institution. Management identifies the lack of a long operating history in the new segments as a significant risk factor 1.

    The 2025 restructuring was described as the fourth major reorganization in the company's history, which makes earlier results difficult to compare with current ones 1.

    Segments

    SME financing

    The SME financing segment generated 3.0 million USD in 2025, down 96% from 2024, because activity in mainland China was moved to discontinued operations; a similar segment outside mainland China was launched in December 2025 through the parent company 1.

    Market context

    The company describes the IT and AI services markets in Hong Kong and globally as characterized by rapid technological progress and frequent product introductions 1. It also operates in SME financing, mainly outside mainland China, and expansion into Southeast Asia is mentioned as a possible direction 1. The exact size of these markets is not quantified in the source used.

    Corporate clients, including financial institutions that need IT support, form the targeted customer base, and vendor selection is made through complex bidding processes 1.

    Trends

    • Corporate adoption of artificial intelligencetailwind

      Corporate demand for AI solutions and digital transformation could give the company a growth direction, particularly in Hong Kong, if YD Network services win stable clients 1.

    • Regulation of AI and data securityheadwind

      The regulatory framework for algorithms, cross-border data transfers and data security is changing quickly, and changes may require the company to adapt its business models or technical solutions 1.

    • Competitive pressure in IT servicesheadwind

      Competition from established IT service providers could limit the company's ability to win contracts, and clients may choose in-house solutions or other vendors 1.

    • Shift toward digital SME financingmixed

      Interest in digital financing solutions for SMEs outside mainland China could support the financing segment, but that activity is at an early stage 1.

    Competitive position

    The company acknowledges competition from established IT service providers and notes that some competitors have greater resources than it does 1. Client contracts are largely non-exclusive, which allows clients to build in-house solutions or choose other providers 1. The source does not name specific competitors or their ticker symbols.

    • Established IT service providers

      Companies with greater resources, referred to generically in the 20-F as competitive pressure on the IT segment.

    • Clients' in-house platforms

      Corporate clients that build their own research and development teams can replace an external provider.

    • Other AI solution providers

      Third-party technology providers that clients may choose for specific needs.

    • Digital SME financing providers

      Firms active in digital SME financing in Hong Kong and Southeast Asia, which the source does not name.

    News & filings

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