Ainos (AIMD) AI Stock Analysis

• Market Cap: $14.24M
• Dividend Yield: N/A
• Average Volume (3M): 78.00K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.78
• Revenue Growth: 178.19%
• EPS Growth: 68.57%
• Country: US
• Employees: 44
• Sector: Technology
• Sector Strength: 88
• Industry: Biotechnology
• EPS (TTM): -0.64
• Shares Outstanding: 6,982,675
• 10 Day Avg. Volume: 93,591
• 30 Day Avg. Volume: 77,998
• PEG Ratio: 0.03
• Price to Book (P/B): 1.40
• Price to Sales (P/S): 1045.31
• P/FCF Ratio: -3.72
• Enterprise Value/Market Cap: 1.35
• Enterprise Value/Revenue: 170.51
• Enterprise Value/Gross Profit: 206.20
• Enterprise Value/Ebitda: -2.04
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $2.00 ▼(-12.28% Downside)

The score is held down primarily by weak financial performance—persistent losses, negative cash flow, and rising leverage—despite improving TTM revenue and strong gross margin. Technicals are mixed (short-term strength but longer-term weakness), valuation remains challenging due to unprofitability, and recent corporate developments are a modest positive.

Positive Factors

Revenue rebound & high gross margin

Sustained top-line recovery with an ~83% gross margin indicates strong unit economics and possible pricing power in core diagnostics. If management maintains scale and mix, gross profits can fund investment in commercialization and reduce reliance on external capital over the medium term.

Multi-year distribution partnership

A structured three-year distribution deal with a one-year exclusivity window materially expands regional sales reach and channel capacity. Durable channel partnerships shorten sales cycles, enable repeatable deployments, and support scaling revenue and services over several years.

SmellTech platform & SLM strategy

A layered hardware/software platform and dedicated Smell Language Model create a durable competitive moat by owning sensor data and enabling recurring SaaS/API monetization. Separation preserves governance and scalability, positioning the company to capture both device and high-margin software revenue as deployments grow.

Negative Factors

Persistent net losses

Continued deep losses undermine self-funded growth and strain returns on invested capital. Persistent negative margins increase dependence on external financing, risk dilution, and may limit the firm's ability to invest in long-term commercialization without improving unit economics or achieving meaningful scale.

Negative operating and free cash flow

Sustained negative operating and free cash flow reflects structural cash burn from operations. This reduces financial flexibility, forces reliance on external funding, and can constrain R&D and commercial rollout timelines unless cash generation improves or financing sources are secured on favorable terms.

Rising leverage

A rapid increase in leverage raises interest and covenant risk, reducing balance sheet resilience. Higher debt-to-equity limits financial flexibility for strategic investments and increases the probability that capital-raising or restructuring will be required if operating losses persist over the medium term.

Ainos Business Overview & Revenue Model

Company Description

Ainos, Inc., a healthcare company, engages in the developing medical technologies for point-of-care testing and safe and novel medical treatment for disease indications. The company offers COVID-19 antigen rapid test kit and Ainos' cloud-based test management App, a cloud-based test management platform comprising an antigen rapid test kit, a personal application, and an enterprise app; COVID-19 nucleic acid test; volatile organic compounds point-of-care testing; Very Low-Dose Oral Interferon Alpha, a low-dose oral interferon alpha formulation based IFN-a's broad treatment applications; and Synthetic RNA developing a SRNA technology platform in Taiwan. The company was formerly known as Amarillo Biosciences, Inc. and changed its name to Ainos, Inc. in May 2021. Ainos, Inc. was incorporated in 1984 and is based in San Diego, California.

How the Company Makes Money

Ainos generates revenue primarily through the sales of its diagnostic devices and related healthcare solutions. The company has established a revenue model that includes direct sales to healthcare providers, partnerships with medical institutions, and licensing agreements for its proprietary technologies. Key revenue streams also include research and development collaborations with pharmaceutical companies and government grants aimed at advancing medical technologies. Additionally, Ainos may benefit from strategic partnerships that enhance market reach and distribution capabilities, thereby contributing to its overall earnings.

Ainos Financial Statement Overview

Summary

Revenue rebounded sharply in the TTM period and gross margin is high (~83%), but the company remains deeply unprofitable with large, persistent losses and ongoing cash burn (TTM operating cash flow and free cash flow both negative). Leverage has risen (debt-to-equity ~1.10), increasing financial risk while returns on equity remain meaningfully negative.

Income Statement

TTM (Trailing-Twelve-Months) revenue rebounded strongly (about +196% growth), and gross margin is high (about 83%), indicating potential pricing power or favorable mix. However, the business remains deeply unprofitable: TTM net income is roughly -$15.0M with extremely negative operating and EBITDA margins, and losses have persisted across all provided annual periods. Overall, top-line momentum is improving, but profitability is still far from sustainable.

Balance Sheet

The balance sheet shows positive equity in recent periods (TTM equity about $10.0M), but leverage has increased: TTM debt is about $11.0M and debt-to-equity is ~1.10 (up from ~0.24 in 2023). Returns on equity are meaningfully negative in TTM and recent years, reflecting ongoing losses and pressure on capital. Overall, assets remain sizable, but rising leverage and persistent losses elevate financial risk.

Cash Flow

Cash generation remains weak, with TTM operating cash flow around -$4.6M and free cash flow about -$4.7M, indicating continued cash burn. Free cash flow deterioration is notable (TTM free cash flow growth ~-5.87), and operating cash flow has been negative in every period shown. While free cash flow tracks net losses closely, the company is still reliant on external funding until cash burn improves materially.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	113.04K	20.73K	122.11K	3.52M	594.56K	16.56K
Gross Profit	93.47K	-31.87K	-253.73K	1.41M	410.38K	5.29K
EBITDA	-9.47M	-9.44M	-8.77M	-9.14M	-1.83M	-1.43M
Net Income	-14.96M	-14.86M	-13.77M	-14.01M	-3.89M	-1.45M
Balance Sheet
Total Assets	22.68M	28.82M	31.84M	37.11M	40.82M	260.29K
Cash, Cash Equivalents and Short-Term Investments	1.13M	3.89M	1.89M	1.85M	1.75M	22.25K
Total Debt	11.00M	12.00M	5.96M	1.27M	3.62M	953.00K
Total Liabilities	12.63M	13.30M	7.39M	2.48M	30.63M	1.10M
Stockholders Equity	10.04M	15.52M	24.45M	34.63M	10.20M	-838.28K
Cash Flow
Free Cash Flow	-4.66M	-5.83M	-4.79M	-3.67M	-1.39M	-506.79K
Operating Cash Flow	-4.62M	-5.81M	-4.69M	-3.04M	-1.25M	-499.55K
Investing Cash Flow	173.00	-125.29K	-101.53K	-630.18K	-180.52K	-7.24K
Financing Cash Flow	582.63K	8.03M	4.92M	3.85M	3.15M	120.00K

Ainos Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.28
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AIMD, the sentiment is Negative. The current price of 2.2800000000000002 is above the 20-day moving average (MA) of 1.95, above the 50-day MA of 2.01, and below the 200-day MA of 2.84, indicating a bearish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 48.28 is Neutral, neither overbought nor oversold. The STOCH value of 46.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AIMD.

Ainos Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
BLRX	48 Neutral	$13.39M	-2.14	-22.03%	―	-41.76%	87.36%
AIMD	47 Neutral	$14.24M	-0.47	-106.58%	―	178.19%	68.57%
FBLG	44 Neutral	$16.64M	-0.47	-1292.87%	―	―	18.47%
SNGX	43 Neutral	$11.70M	-0.28	-169.32%	―	―	53.13%
CMMB	39 Underperform	$10.03M	-0.78	-73.63%	―	―	53.19%

Ainos Corporate Events

Ainos Signs Three-Year Distribution Agreement With Trusval

On December 30, 2025, Ainos, Inc. entered into a three-year distribution agreement with Trusval Technology Co. Ltd., granting Trusval rights to distribute Ainos’s AINOS AI Nose and related products and services, including one year of exclusive distribution rights for sales to certain clients, a move that is expected to expand the company’s market reach and deepen its presence with key customers through a structured regional sales channel.

The most recent analyst rating on (AIMD) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Ainos stock, see the AIMD Stock Forecast page.

Ainos Unveils Long-Term SmellTech Platform for AI

On January 5, 2026, Ainos announced a long‑term platform strategy to digitize smell and establish scent as a native data language for AI, built on a layered SmellTech architecture that separates hardware and software operations for scalability and governance. The company will generate reliable, repeatable scent data via its AI Nose hardware operating at the physical edge, while ScentAI develops a Smell Language Model to classify and contextualize this data, with 2026 marking a shift from validation to scaled deployment initially targeting advanced semiconductor manufacturing and robotic applications, laying the groundwork for recurring, intelligence‑driven software services over time.

The most recent analyst rating on (AIMD) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Ainos stock, see the AIMD Stock Forecast page.

Ainos Restructures Equity Through Internal Share Exchange

On December 30, 2025, Ainos, Inc. issued 1,160,000 shares of its common stock to its wholly owned subsidiary ScentAI Inc. in exchange for 116,000,000 newly issued ScentAI common shares, with the Ainos shares held by ScentAI carrying no voting rights while they remain owned by a wholly owned subsidiary. The private, unregistered share swap, conducted under a Securities Act exemption, left Ainos with 6,982,675 common shares outstanding as of December 30, 2025, effectively adjusting its equity structure and internal ownership without involving a public offering.

The most recent analyst rating on (AIMD) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Ainos stock, see the AIMD Stock Forecast page.

Ainos Annual Meeting Highlights Strategic Growth Plans

On November 7, 2025, Ainos held its annual meeting of stockholders in Taiwan, where seven directors were elected, and key proposals were ratified, including the appointment of YCM CPA INC. as the independent auditor and the reservation of shares for special stock awards. Ainos also reported its third-quarter financial results, highlighting the acceleration of its AI Nose commercialization through strategic partnerships and product launches. The company secured new patents, expanded its industrial collaborations, and showcased its technology at major exhibitions, reinforcing its market position in the growing electronic-nose market projected to reach $130 billion by 2034. Ainos’ focus on AI-driven scent digitization and its expanding SmellTech-as-a-Service model are positioning it for significant growth, particularly in the Asia Pacific region.

The most recent analyst rating on (AIMD) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Ainos stock, see the AIMD Stock Forecast page.