Detailed financial statements for Ainos, Inc. (AIMD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Ainos, Inc. operates as a healthcare technology company, specializing in point-of-care diagnostics and the development of safe, novel treatments for various disease indications. Its current portfolio encompasses a COVID-19 antigen rapid test kit, which integrates with a cloud-based test management platform known as the Ainos App, offering both personal and enterprise applications.
Analysis Summary
Ainos, Inc. reported revenue of $124157 in the most recent fiscal year, growing at a 5-year CAGR of 49.6%.
Trailing-twelve-month margins: gross margin -349.9%, operating margin -1012.1%, net margin -1062.8%.
At the current price of $1.38, AIMD has negative trailing earnings (P/E not meaningful) and an ROE of -217.50%. Market capitalisation stands at $10M.
Balance sheet quality for AIMD: current ratio of 1.1, net debt of $10.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | $250928 | $77724 | $11731 | $16563 | $594563 | $3.5M | $122112 | $20729 | $124157 |
| Cost of Revenue | $25956 | $60316 | $64877 | $8772 | $11277 | $184181 | $2.1M | $375845 | $52595 | $4.8M |
| Gross Profit | -$25956 | $190612 | $12847 | $2959 | $5286 | $410382 | $1.4M | -$253733 | -$31866 | -$4.7M |
| Research & Development | 0 | 0 | $32591 | $52510 | $389 | $1.9M | $6.8M | $7.3M | $8.4M | $7.7M |
| Selling, General & Admin | $667111 | $770375 | $1.3M | $1.5M | $1.4M | $2.4M | $8.5M | $5.6M | $5.4M | $1.6M |
| Operating Expenses | $667111 | $770375 | $1.3M | $1.6M | $1.4M | $4.3M | $15.4M | $13.0M | $13.8M | $9.3M |
| Operating Income | -$667111 | -$579763 | -$1.3M | -$1.6M | -$1.4M | -$3.9M | -$14.0M | -$13.2M | -$13.8M | -$14.0M |
| EBITDA | -$641155 | -$539773 | -$1.3M | -$1.6M | -$1.4M | -$1.8M | -$9.1M | -$8.8M | -$9.4M | -$9.3M |
| Interest Expense | $2871 | $37612 | $3963 | $885 | $10188 | $18689 | $53528 | $144193 | $616467 | $711903 |
| Pre-tax Income | -$669982 | -$617375 | -$1.3M | -$1.6M | -$1.5M | -$3.9M | -$14.0M | -$13.8M | -$14.9M | -$14.8M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | $16141 | 0 | $800 | $800 | $800 |
| Net Income | -$669982 | -$617375 | -$1.3M | -$1.6M | -$1.5M | -$3.9M | -$14.0M | -$13.8M | -$14.9M | -$14.8M |
| EPS | $-0.50 | $-0.41 | $-0.56 | $-0.74 | $-2.69 | $-2.59 | $-5.14 | $-3.36 | $-1.56 | $-3.46 |
| EPS (Diluted) | $-0.50 | $-0.41 | $-0.56 | $-0.74 | $-2.69 | $-2.59 | $-5.14 | $-3.36 | $-1.56 | $-3.46 |
| Shares Outstanding (Diluted) | $1.3M | $1.5M | $2.4M | $2.1M | $543079 | $1.5M | $2.7M | $4.1M | $9.5M | $4.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $2167 | $11120 | $161 | $152 |
| Gross Profit | -$1.2M | -$1.2M | -$1.2M | -$1.2M |
| Operating Income | -$2.8M | -$4.3M | -$2.3M | -$4.4M |
| EBITDA | -$1.5M | -$3.1M | -$1.1M | -$3.2M |
| Net Income | -$2.9M | -$4.5M | -$2.5M | -$4.6M |
| EPS | $-0.64 | $-0.85 | $-0.41 | $-0.62 |
| EPS (Diluted) | $-0.64 | $-0.85 | $-0.41 | $-0.62 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $134125 | $2.0M | $1.3M | $409039 | $22245 | $1.8M | $1.9M | $1.9M | $3.9M | $417353 |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | -$32124 | 0 | 0 | $201546 | $455 | $56 | $22 |
| Inventory | $14700 | $22666 | 0 | $4131 | $3024 | 0 | $595222 | $167593 | $143756 | $295565 |
| Total Current Assets | $262399 | $2.1M | $1.3M | $445294 | $76413 | $2.2M | $2.8M | $2.5M | $4.3M | $1.1M |
| Property, Plant & Equipment | $44214 | $26997 | $14010 | $5069 | $3249 | $1.2M | $1.4M | $876572 | $559645 | $343281 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $156063 | $182386 | $146456 | $146263 | $180628 | $37.3M | $32.8M | $28.3M | $23.7M | $19.2M |
| Total Assets | $462676 | $2.3M | $1.5M | $596626 | $260290 | $40.8M | $37.1M | $31.8M | $28.8M | $20.9M |
| Accounts Payable | $168761 | $159300 | $115313 | $208727 | $145567 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $791481 | $886481 | $513356 | $444581 | $953000 | $3.6M | $1.3M | $42000 | $3.0M | 0 |
| Total Current Liabilities | $1.3M | $1.8M | $733621 | $753308 | $1.1M | $30.6M | $2.5M | $1.3M | $4.0M | $1.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $5.9M | $9.0M | $11.0M |
| Total Liabilities | $1.3M | $1.8M | $733621 | $753308 | $1.1M | $30.6M | $2.5M | $7.4M | $13.3M | $13.3M |
| Retained Earnings | -$1.3M | -$1.9M | -$3.2M | -$4.8M | -$6.2M | -$10.1M | -$24.1M | -$37.9M | -$52.7M | -$67.5M |
| Total Equity | -$809899 | $470795 | $730079 | -$156682 | -$838278 | $10.2M | $34.6M | $24.4M | $15.5M | $7.6M |
| Total Debt | $791481 | $886481 | $513356 | $444581 | $953000 | $3.6M | $1.3M | $6.0M | $12.0M | $11.0M |
| Net Debt | $657356 | -$1.1M | -$763298 | $35542 | $930755 | $1.9M | -$584740 | $4.1M | $8.1M | $10.6M |
| Working Capital | -$1.0M | $261412 | $569613 | -$308014 | -$1.0M | -$28.4M | $373005 | $1.1M | $382864 | $60116 |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.1M | $417353 | $2.8M | $1.4M |
| Total Assets | $22.7M | $20.9M | $22.1M | $19.6M |
| Total Liabilities | $12.6M | $13.3M | $16.4M | $16.3M |
| Total Equity | $10.0M | $7.6M | $5.7M | $3.3M |
| Total Debt | $11.0M | $11.0M | $13.8M | $13.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$669982 | -$617375 | -$1.3M | -$1.6M | -$1.5M | -$3.9M | -$14.0M | -$13.8M | -$14.9M | -$14.8M |
| Depreciation & Amortization | $25956 | $39990 | $56194 | $22241 | $14698 | $2.0M | $4.8M | $4.9M | $4.8M | $4.8M |
| Stock-based Compensation | 0 | $106250 | $100366 | 0 | $524777 | $150295 | $6.4M | $1.1M | $3.5M | $1.7M |
| Change in Working Capital | $123218 | -$110456 | $145116 | $254544 | $411597 | $441719 | -$289354 | $189797 | $37121 | $728676 |
| Operating Cash Flow | -$520808 | -$542703 | -$1.0M | -$909476 | -$499551 | -$1.2M | -$3.0M | -$4.7M | -$5.8M | -$4.6M |
| Capital Expenditure | -$148330 | -$49096 | -$7277 | -$13107 | -$7243 | -$143792 | -$633823 | -$92984 | -$21331 | -$34561 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$301 | 0 | -$260 |
| Dividends Paid | 0 | 0 | -$34280 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$669138 | -$591799 | -$1.0M | -$922583 | -$506794 | -$1.4M | -$3.7M | -$4.8M | -$5.8M | -$4.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$1.2M | -$855018 | -$983421 | -$1.4M |
| Capital Expenditure | -$10141 | $1529 | -$8542 | -$5780 |
| Free Cash Flow | -$1.2M | -$853489 | -$991963 | -$1.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $348356 | $1.9M | 0 | $2.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -69.0% | -84.9% | +41.2% | +3489.7% | +492.0% | -96.5% | -83.0% | +499.0% | ||
| Net Income Growth (YoY) | +7.9% | -116.8% | -18.2% | +8.3% | -168.1% | -260.2% | +1.7% | -7.9% | +0.6% | |
| EPS Growth (YoY) | +18.0% | -36.6% | -32.1% | -263.5% | +3.7% | -98.5% | +34.6% | +53.6% | -121.8% | |
| Shares Change (YoY) | +12.5% | +57.3% | -9.7% | -74.7% | +178.1% | +80.6% | +50.3% | +131.9% | -55.1% | |
| FCF Growth (YoY) | +11.6% | -71.8% | +9.2% | +45.1% | -175.0% | -163.6% | -30.3% | -21.8% | +20.2% | |
| Gross Margin | 76.0% | 16.5% | 25.2% | 31.9% | 69.0% | 39.9% | -207.8% | -153.7% | -3767.2% | |
| Operating Margin | -231.0% | -1717.2% | -13472.1% | -8696.7% | -650.5% | -397.1% | -10815.0% | -66772.2% | -11268.3% | |
| EBITDA Margin | -215.1% | -1644.9% | -13282.5% | -8608.0% | -307.0% | -259.7% | -7184.5% | -45560.2% | -7472.9% | |
| Net Margin | -246.0% | -1722.3% | -13487.2% | -8758.2% | -654.0% | -398.0% | -11277.0% | -71702.3% | -11897.0% | |
| FCF Margin | -235.8% | -1307.8% | -7864.5% | -3059.8% | -234.4% | -104.4% | -3920.7% | -28122.9% | -3744.7% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.4% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.50 | $-0.39 | $-0.43 | $-0.43 | $-0.93 | $-0.92 | $-1.35 | $-1.17 | $-0.61 | $-1.09 |
| Dividends Per Share | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.3M | $1.5M | $2.4M | $2.1M | $543079 | $1.5M | $2.7M | $4.1M | $9.5M | $4.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -217.50% |
| Return on Invested Capital | -80.51% |
| Return on Assets | -73.89% |
| Gross Margin | -34987.54% |
| Operating Margin | -101210.17% |
| Net Margin | -106283.32% |
Financial Health
| Debt / Equity | 4.21 |
| Current Ratio | 0.13 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -114.80 | -140.00 | -102.50 | -77.57 | -21.34 | -121.63 | -3.02 | -3.05 | -1.46 | -0.47 |
| P/B | -95.18 | 184.21 | 186.82 | -786.48 | -37.19 | 46.66 | 1.22 | 1.72 | 1.40 | 0.93 |
| P/S | 0.00 | 345.62 | 1754.89 | 10504.36 | 1882.07 | 800.19 | 12.01 | 343.99 | 1045.31 | 56.41 |
| Gross Margin | 0.0% | 76.0% | 16.5% | 25.2% | 31.9% | 69.0% | 39.9% | -207.8% | -153.7% | -3767.2% |
| Operating Margin | 0.0% | -231.0% | -1717.2% | -13472.1% | -8696.7% | -650.5% | -397.1% | -10815.0% | -66772.2% | -11268.3% |
| Net Margin | 0.0% | -246.0% | -1722.3% | -13487.2% | -8758.2% | -654.0% | -398.0% | -11277.0% | -71702.3% | -11897.0% |
Related companies: ADTX · ANL · ATHA · BLRX · DARE · FBLG · GOVX
Explore sector: Healthcare · Biotechnology
More sections of AIMD: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Radar — undervalued stock signals · Investment Academy — learn to analyze stocks