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AI

Ainos, Inc. (AIMD)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 was an execution-heavy quarter focused on commercial partnerships and IP expansion while maintaining disciplined OpEx; revenue declined sequentially to $0.002M and net loss narrowed versus Q2 .
  • Management highlighted accelerating AI Nose pilots and broadened industrial distribution partnerships (NEXCOM, Topco), expanding collaborators to six and reinforcing a 2026 scale-up roadmap .
  • SG&A fell 22% YoY and total operating expenses declined 8% YoY, reflecting tighter cost control; cash and equivalents decreased to $1.13M, preserving balance sheet flexibility amid measured capital allocation .
  • No quantitative financial guidance was provided; operational targets center on pilot deployments and ecosystem build-out, including earlier-announced three-year $2.1M subscription order with ASEH to seed scale-up .

What Went Well and What Went Wrong

What Went Well

  • “AI Nose pilots are scaling rapidly, setting the stage for wider commercial rollouts in 2026,” supported by expanded industrial partnerships to six and strong visibility at exhibitions, including SEMICON Taiwan 2025 .
  • Distribution agreements broadened go-to-market reach: Topco to distribute AI Nose across the U.S., Taiwan, Japan, and Southeast Asia; NEXCOM partnership integrates AI Nose into edge industrial platforms .
  • IP moat strengthened with seven new patents; Ainos now holds 123 active patents across major regions, reinforcing leadership in digital olfaction for healthcare, semiconductors, and robotics .

What Went Wrong

  • Revenue declined sequentially to $2.2K in Q3 from $4.7K in Q2, with gross profit compressing; no revenue guidance or call transcript to clarify drivers and timing of commercialization revenue ramp .
  • Cash balance ticked down to $1.13M, reflecting continued operating cash outflows while the company advances pilots and R&D; levered free cash flow continues negative, underscoring need for external capital or revenue scale .
  • Consensus estimates from S&P Global were unavailable for EPS and revenue, limiting beat/miss context for investors; Ainos does not present non-GAAP metrics, constraining comparability [GetEstimates*].

Financial Results

Income Statement and Margins (GAAP)

MetricQ1 2025Q2 2025Q3 2025
Revenue ($USD)$106,207 $4,663 $2,167
Cost of Revenues ($USD)$(18,233) $(937) $(477)
Gross Profit ($USD)$87,974 $3,726 $1,690
Gross Margin (%)82.8% 79.9% 78.0%
R&D ($USD)$1,724,084 $1,911,800 $1,990,630
SG&A ($USD)$1,526,761 $1,837,613 $795,253
Total Operating Expenses ($USD)$3,250,845 $3,749,413 $2,785,883
Loss from Operations ($USD)$(3,162,871) $(3,745,687) $(2,784,193)
Net Loss ($USD)$(3,286,022) $(4,084,990) $(2,931,702)
EPS (Basic & Diluted)$(0.21) N/A (not disclosed) N/A (not disclosed)

Balance Sheet Snapshot

MetricQ1 2025Q2 2025Q3 2025
Cash & Equivalents ($USD)$2,628,286 $1,223,184 $1,128,217
Total Assets ($USD)$26,353,076 $23,922,176 $22,679,340
Total Liabilities ($USD)$13,231,424 $12,479,390 $12,634,391
Stockholders’ Equity ($USD)$13,121,652 $11,442,786 $10,044,949

KPIs and Operating Highlights

KPI / HighlightQ1 2025Q2 2025Q3 2025
AI Nose accuracy (eldercare hygiene detection)—85% —
AI Nose accuracy (semiconductor facilities)—80% —
AI Nose accuracy (F&B scents classification)—90% —
Strategic partnerships count (industrial ecosystem)—Partnerships expanded across robotics/semiconductors Expanded industrial collaborators to six
New patents granted (cumulative active patents)——7 new patents; 123 active patents
Distribution/Go-to-market expansionASECL, ugo groundwork Kenmec, Solomon, ASE roadmap Topco distribution; NEXCOM edge integration

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
AI Nose pilot deployments (units)2H 2025 to 2026Evaluation ~1,400 units; Phase 1 ~5,000; Phase 2 up to ~15,000 (ASEH/SPIL roadmap) 2026 scale-up reiterated; specific unit counts not updated in Q3 release Maintained (no numeric update)
Revenue / EPS2H 2025 / FY 2025None providedNone providedMaintained (no guidance)
Operating expenses, margins, tax rateFY 2025None providedNone providedMaintained (no guidance)
Commercial contract order3-year term$2.1M subscription with ASEH announced Reiterated commercial momentum; no change Maintained

Earnings Call Themes & Trends

Note: No Q3 2025 earnings call transcript was available; theme tracking uses management’s Q1–Q3 press release commentary.

TopicPrevious Mentions (Q1–Q2)Current Period (Q3)Trend
AI/technology initiatives (SLM, Smell ID)Launch into robotics and semiconductor; first robotic installation; accuracy benchmarks; ecosystem partners (Kenmec, Solomon) World’s first commercial AI Nose device launched; expanded edge AI integration via NEXCOM Strengthening platform and productization
Supply chain / industrial deploymentASE roadmap to 1,400/5,000/15,000 units; pilots across Asia Distribution via Topco across U.S., Taiwan, Japan, SE Asia; showcased at SEMICON Taiwan Scaling channels and visibility
Tariffs/macroNot highlightedNot highlightedNeutral
Product performanceAccuracy metrics (85% eldercare; 80% semiconductor; 90% F&B) Focus on commercial device launch and PPB sensitivity claims From pilots to product launch
Regional trendsFocus on Asia (Japan/Taiwan) pilots and partners Asia Pacific cited as leading growth wave; momentum in Asia with U.S. market “next frontier” Asia-first go-to-market, U.S. targeted next
Regulatory/legal (VELDONA)TFDA & IRB approvals; FCGS interim results in animals Continued clinical programs with capital discipline Steady progress
R&D execution / IPBuilding SLM dataset, pilot validation 7 new patents; 123 active patents worldwide IP moat expanding

Management Commentary

  • CEO: “AI Nose pilots are scaling rapidly, setting the stage for wider commercial rollouts in 2026… expanding our network of major industrial collaborators to six… validating digital olfaction as a transformative capability for intelligent sensing.”
  • CEO: “Asia Pacific is expected to lead the next growth wave—precisely where Ainos is building scale… As a U.S.-incorporated company… the U.S. market [is] the next major growth frontier.”
  • CFO: “SG&A expenses declined 22% year over year, contributing to an 8% reduction in total operating expenses… With a lean cost structure and effective capital allocation, Ainos remains well positioned to execute its 2026 scale-up roadmap.”

Q&A Highlights

  • No Q3 2025 earnings call transcript was available; no Q&A themes to report [ListDocuments: earnings-call-transcript returned none].

Estimates Context

  • Wall Street consensus (S&P Global) for EPS and revenue was unavailable for Q1–Q3 2025, limiting beat/miss analysis; actuals are shown below for reference [GetEstimates*].
  • Investors should focus on operational milestones (pilot count, partnerships, device launch) and cash runway while awaiting revenue scale-up disclosures.
MetricQ1 2025Q2 2025Q3 2025
Revenue Actual ($USD)$106,207 $4,663 $2,167
Revenue Consensus Mean ($USD)N/A (Unavailable via S&P Global)*N/A (Unavailable via S&P Global)*N/A (Unavailable via S&P Global)*
EPS Actual ($USD)$(0.21) N/A (not disclosed) N/A (not disclosed)
Primary EPS Consensus Mean ($USD)N/A (Unavailable via S&P Global)*N/A (Unavailable via S&P Global)*N/A (Unavailable via S&P Global)*

Values retrieved from S&P Global where marked with an asterisk (*).

Key Takeaways for Investors

  • Execution over income: Q3 focused on ecosystem build-out (NEXCOM, Topco) and IP expansion (123 active patents), advancing the 2026 commercialization roadmap despite minimal revenue recognition in the quarter .
  • Cost discipline is visible: SG&A down 22% YoY and total OpEx down 8% YoY; net loss narrowed vs Q2 as management maintains a “lean cost structure,” helpful for runway while pilots scale .
  • Cash runway: Cash and equivalents fell to $1.13M; balance sheet flexibility is a stated priority—watch subsequent financing updates, ATM usage, or milestone receipts from commercial orders (e.g., ASEH $2.1M) .
  • Commercial traction catalysts: First commercial AI Nose device launched; broader distribution and industrial edge integration could accelerate pilot-to-deployment conversion, with Asia leading and U.S. as next target market .
  • Revenue trajectory: Sequential revenue declines underscore timing risk in converting pilots to recurring SmellTech-as-a-Service; monitor unit deployment milestones (1,400/5,000/15,000 roadmap) and senior care scale-up .
  • Data/IP moat: Continued patent grants and SLM dataset growth should reinforce defensibility and enable higher-accuracy, multi-industry use cases (semiconductor, robotics, healthcare) .
  • Near-term focus: Track press releases for pilot completions, contract expansions, and any quantitative guidance; with consensus unavailable, any disclosed ranges or initial roll-out revenues would be stock-moving [GetEstimates*].

Notes:

  • Ainos did not provide non-GAAP metrics in the Q3 8-K press release; analysis uses GAAP figures and disclosed operational details .
  • No earnings call transcript was available for Q3 2025; narrative themes are synthesized from Q1–Q3 press releases .