10-Q · May 13, 2026
Ainos, Inc. reported a significant drop in revenue in Q1 2026, bringing in just $161, down from $106,207 in Q1 2025. Despite this revenue decline, the company managed to reduce its net loss to $2,459,800 from $3,286,022…
Earnings analysis · 10-Q
AIMD earnings analysis
Filed August 3, 2026 · Our reading of the company's report
The latest report
Ainos reported Q2 revenue of just $152, down 97% year over year, as it shifted from healthcare-adjacent AI Nose programs and VELDONA pet supplements toward industrial AI Nose deployments that remain early in…
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Ainos reported Q2 revenue of just $152, down 97% year over year, as it shifted from healthcare-adjacent AI Nose programs and VELDONA pet supplements toward industrial AI Nose deployments that remain early in commercialization. The Q2 net loss widened 12% to $4.6 million and operating margin was deeply negative at approximately -2.89 million% due to the negligible revenue base, although H1 losses modestly narrowed year over year. Liquidity improved to $1.4 million through loan financing, but H1 operating cash burn was $2.4 million and management explicitly anticipates a need for further capital.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Segment
- The filing does not report revenue by operating segment. H1 2026 AI Nose-related revenue was $0 versus $105,942 in H1 2025; pet-supplement revenue was $313 versus $4,928.
What stood out
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Liquidity increased through financing
Cash and cash equivalents increased to $1,422,912 at June 30, 2026 from $417,353 at December 31, 2025, supported by $3,414,540 of financing cash inflow during H1 2026.
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First-half losses modestly improved
H1 operating loss narrowed 3% to $6,682,733 from $6,908,558, while net loss narrowed 4% to $7,054,531 from $7,371,012.
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AI Nose semiconductor activity advances
Management continued deployments tied to an initial $2.1 million commercial arrangement in backend semiconductor manufacturing, although these activities have not yet translated into material reported revenue.
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Sequential gross margin recovered
Q2 gross margin was 65.1% ($99 gross profit on $152 revenue), recovering from a gross loss in Q1 2026, though at an immaterial revenue base.
What to watch
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Revenue base collapsed during commercialization shift
Q2 revenue fell 97% year over year to $152 from $4,663; H1 revenue declined to $313 from $110,870, including AI Nose-related revenue of $0 versus $105,942. Management attributes the decline partly to its shift toward earlier-stage industrial deployments.
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Quarterly losses widened despite lower R&D
Q2 operating loss widened 17% to $4,399,086 and net loss widened 12% to $4,594,731. SG&A rose 39% to $2,548,776, principally due to higher share-based compensation and professional fees.
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Ongoing cash burn and financing dependence
Operating activities consumed $2,431,754 in H1 2026. While cash was $1,422,912 at quarter-end, management states it will need additional capital to finance continuing operations and cannot assure profitability or financing availability.
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New borrowing raises interest and maturity risk
Debt servicing increased after the new loan agreement: Q2 interest expense rose 12% to $200,162. Of the NT$90 million loan, NT$62 million (about $1,937,800) was extended to July 31, 2027, while NT$28 million (about $875,140) remains due March 27, 2027.
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New FX and trade-policy risk disclosures
The filing adds foreign-exchange and international-trade policy risks. With only $152 of Q2 revenue and $1,422,912 of cash, adverse currency moves, tariffs, component-price increases, or supply disruptions could further constrain commercialization economics.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q. Management expects cash reserves, business revenues and potential debt financing to fund operations for the next 12 months, but says it may need to reevaluate its operating plan if financing is unavailable.
Earlier filings 4
10-K · March 30, 2026
Ainos describes a dual-platform strategy: commercializing its AI Nose scent-digitization platform (hardware + subscription services) while advancing VELDONA® low-dose oral interferon therapeutics. Revenue expanded to…
10-Q · November 13, 2025
Ainos reported Q3 2025 revenue of $2,167 (vs $0 in Q3 2024) and a net loss per share of $(0.64), an improvement from $(1.64) in Q3 2024. Gross profit was $1,690 and operating loss narrowed to $(2,784,193) from…
10-Q · August 13, 2025
Ainos reported Q2 2025 revenue of $4,663 (vs $0 in Q2 2024) and a gross profit of $3,726 (gross margin 79.9%), but operating loss widened to $(3,745,687) and net loss was $(4,084,990) or $(0.99) per share. Cash declined…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.