The company has maintained a zero-revenue profile over the last ten quarters, while operating expenses consistently exceed $1 million per quarter, reflecting a lack of commercial traction.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 574.25K | 294.17K | 659.1K | 650.19K | 229.63K | 149.63K | 392.07K | 886.57K | 762.42K | 1.62M | 1.23M | 1.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.04K | 0 |
| Revenue Growth % | - | - | -100% | 95.21% | -55.37% | 1.37% | 183.15% | 53.47% | -61.84% | -55.78% | 16.28% | -53.05% | 32.03% | -9.56% | - | - | - | - | - | - | - | - | - | - | - | - | - | -100% | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.08B | 2.63B | 0 | 0 | 0 | 0 | 0 | 2.07M | 1.65B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 316.12K | 451.09K | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | 1342674.36% | 1761027.23% | - | - | - | - | - | 152.35% | - | - | - | - | - | - | - | - | - | - | - | - | - | 2251.52% | - |
| Gross Profit | 0 | 0 | 0 | 574.25K | 294.17K | 659.1K | 650.19K | -2.85B | -2.49B | -3.09B | -1.41B | -954.48M | 0 | -178.36M | -712.15K | -1.65B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -316.12K | -431.06K | 0 |
| Gross Margin % | - | - | - | 100% | 100% | 100% | 100% | -1242674.36% | -1661027.23% | -787423.26% | -159599.56% | -125190.94% | - | -14500.89% | -52.36% | - | - | - | - | - | - | - | - | - | - | - | - | - | -2151.52% | - |
| Gross Profit Growth % | - | - | -100% | 95.21% | -55.37% | 1.37% | 100.02% | -14.81% | 19.5% | -118.19% | -48.25% | - | 100% | -24945.5% | 99.96% | - | - | - | - | - | - | - | - | - | - | - | 100% | 26.66% | - | - |
| Operating Expenses | 7.29M | 9.34M | 12.64M | 12.47M | 10.72M | 8.55M | 6.58M | 6.23M | 4.98M | 6.49M | 5.27M | 4.75M | 4.68M | 4.8M | 4.47M | 1.64M | 2.85M | 2.92M | 2.89M | 2.08M | 2.1M | 2.18M | 995.55K | 1.64M | 2.27M | 2.1M | 889.69K | 24.46K | -431.06K | 1.53K |
| OpEx % of Revenue | - | - | - | 2172.05% | 3642.53% | 1297.31% | 1012.04% | 2712.68% | 3328.99% | 1655.3% | 594.54% | 623.67% | 288.16% | 390.65% | 328.97% | - | - | - | - | - | - | - | - | - | - | - | - | - | -2151.52% | - |
| Selling, General & Admin | 2.7M | 9.34M | 12.64M | 12.47M | 10.72M | 8.55M | 6.58M | 6.23M | 4.98M | 6.49M | 5.27M | 4.75M | 4.68M | 4.81M | 4.47M | 4.56M | 2.85M | 2.92M | 2.89M | 2.08M | 2.01M | 2.18M | 995.55K | 1.64M | 2.07M | 1.87M | 857.73K | 0 | 0 | 0 |
| SG&A % of Revenue | - | - | - | 2172.05% | 3642.53% | 1297.31% | 1012.04% | 2712.68% | 3328.82% | 1655.41% | 594.58% | 623.67% | 288.16% | 390.68% | 328.97% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 2.21M | 2.52M | 2.75M | 2.34M | 2.07M | 927K | 896K | 586K | 673K | 782K | 1.03M | 1.51M | 1.44M | 1.09M | 0 | 0 | 0 | 0 | 673.61K | 754K | 496K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 478.02% | 795.81% | 314.37% | 142.57% | 390.2% | 391.65% | 171.65% | 88.2% | 134.83% | 92.92% | 117.07% | 80% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4.6M | -2.21M | -2.52M | -2.75M | -2.34M | -2.07M | -927K | -896K | -586K | -673.43K | -782.41K | -1.03M | -1.51M | -1.44M | -1.09M | -2.92M | 0 | 0 | 0 | -673.61K | -672K | -496K | 0 | 0 | 204K | 229K | 31.96K | 24.46K | -431.06K | 1.53K |
| Operating Income | -7.29M | -9.34M | -12.64M | -11.9M | -10.42M | -7.89M | -5.93M | -6M | -4.83M | -6.1M | -4.38M | -3.99M | -3.06M | -3.58M | -3.11M | -4.56M | -2.85M | -2.92M | -2.89M | -2.08M | -2.01M | -2.18M | -996K | -1.64M | -2.27M | -2.1M | -890K | -340.58K | -456.65K | -1.53K |
| Operating Margin % | - | - | - | -2072.05% | -3542.53% | -1197.31% | -912.04% | -2612.52% | -3228.74% | -1555.32% | -494.6% | -523.73% | -188.18% | -290.65% | -228.97% | - | - | - | - | - | - | - | - | - | - | - | - | - | -2279.27% | - |
| Operating Income Growth % | 21.92% | 26.08% | -6.2% | -14.18% | -32.05% | -33.08% | 1.15% | -24.18% | 20.78% | -39.06% | -9.82% | -30.66% | 14.52% | -14.8% | 31.67% | -59.95% | 2.53% | -1.04% | -38.82% | -3.53% | 7.79% | -119.18% | 39.16% | 27.98% | -8.5% | -135.39% | -161.32% | 25.42% | -29668.64% | - |
| EBITDA | -6.97M | -9M | -12.28M | -11.66M | -10.3M | -7.85M | -5.9M | -5.97M | -4.8M | -6.07M | -4.35M | -3.96M | -3.03M | -3.56M | -3.1M | -4.54M | -2.84M | -2.91M | -1.68M | -2.06M | -1.98M | -2.14M | -869K | -1.48M | -2.07M | -1.87M | -586.88K | -316.12K | -431.06K | -1.53K |
| EBITDA Margin % | - | - | - | -2030.1% | -3500.48% | -1191.25% | -907.99% | -2599.15% | -3204.91% | -1547.06% | -490.26% | -518.83% | -186.88% | -289.8% | -227.7% | - | - | - | - | - | - | - | - | - | - | - | - | - | -2151.52% | - |
| EBITDA Growth % | 22.57% | 26.68% | -5.32% | -13.21% | -31.15% | -33% | 1.08% | -24.46% | 20.94% | -39.55% | -9.88% | -30.34% | 14.86% | -15.1% | 31.76% | -60.05% | 2.46% | -73.43% | 18.66% | -4.14% | 7.67% | -146.62% | 41.17% | 28.6% | -10.83% | -218.05% | -85.65% | 26.66% | -28000.2% | - |
| D&A (Non-Cash Add-back) | 323.65K | 339.56K | 359.06K | 240.89K | 123.69K | 39.94K | 26.37K | 30.7K | 35.66K | 32.41K | 38.52K | 37.35K | 21.09K | 10.48K | 17.22K | 19.1K | 13.65K | 16.28K | 1.22M | 23.4K | 34.24K | 39.84K | 127K | 159.78K | 204.2K | 228.42K | 303.12K | 24.46K | 25.59K | 0 |
| EBIT | -7.14M | -13.38M | -12.21M | -12.03M | -10.42M | -7.89M | -5.93M | -6M | -5.34M | -7M | -4.38M | -6.54M | -13.01M | -3.89M | -4.36M | -1.76M | -3.01M | -4.31M | -2.82M | -5.63M | -2.47M | -2.1M | -996K | 0 | 0 | -2.1M | 0 | -340.58K | -456.65K | 0 |
| Net Interest Income | 142.16K | 288.01K | 428.39K | 10.97K | 0 | -1.58K | -54.23K | -220K | -362K | -304K | -574K | -440K | -431K | -1.13M | -3.79M | -3.93M | -1.56M | -1.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 156.53K | 298.12K | 428.39K | 10.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 172 | 0 | 23.61K | 3.14K | 2.77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 14.37K | 10.11K | 0 | 0 | 0 | 1.58K | 54.23K | 220.49K | 361.6K | 304.33K | 573.78K | 440.28K | 430.01K | 1.13M | 3.79M | 3.95M | 1.56M | 1.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 142.16K | -4.05M | 428.39K | -131.15K | 0 | 0 | -450.05K | -220K | -869K | -1.21M | -574K | -2.99M | -10.38M | -1.32M | -5M | -1.15M | -1.72M | -3.16M | -1.25M | -3.55M | -457K | 86.43K | 0 | -334K | -1.72M | -2.33M | -405K | -11.48K | -36.98K | 0 |
| Pretax Income | -7.15M | -13.39M | -12.21M | -12.03M | -10.42M | -7.89M | -6.38M | -6.22M | -5.7M | -7.31M | -4.96M | -6.98M | -13.44M | -4.89M | -8.11M | -5.71M | -4.57M | -6.08M | -4.14M | -5.63M | -2.55M | -2.1M | 0 | -1.97M | -4M | -4.42M | -1.29M | -352.05K | -493.63K | 0 |
| Pretax Margin % | - | - | - | -2094.89% | -3542.53% | -1197.31% | -981.26% | -2708.76% | -3809.52% | -1863.68% | -559.35% | -915.38% | -827.52% | -397.72% | -596.4% | - | - | - | - | - | - | - | - | - | - | - | - | - | -2463.84% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -24.79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.72M | 3.16M | 1.25M | 3.94M | 825.24K | -86.43K | 523.25K | 824.03K | 0 | 2.33M | 5.16K | 625 | -1.76K | 1.53K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.4% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -37.7% | -51.96% | -30.14% | -69.93% | -32.34% | 4.12% | - | -41.81% | 0% | -52.63% | -0.4% | -0.18% | 0.36% | - |
| Net Income | -7.15M | -13.39M | -12.21M | -12.03M | -10.42M | -7.89M | -6.37M | -6.2M | -5.68M | -7.28M | -4.87M | -6.8M | -13.36M | -4.89M | -8.11M | -5.71M | -4.57M | -6.08M | -4.14M | -6.03M | -2.92M | -2.1M | -1.52M | -2.46M | -4M | -4.42M | -1.3M | -352.68K | -491.87K | -1.53K |
| Net Margin % | - | - | - | -2094.89% | -3540.9% | -1196.58% | -980.33% | -2697.88% | -3796.16% | -1855.78% | -549.53% | -891.51% | -822.48% | -397.72% | -596.4% | - | - | - | - | - | - | - | - | - | - | - | - | - | -2455.06% | - |
| Net Income Growth % | 46.58% | -9.66% | -1.48% | -15.49% | -32.07% | -23.73% | -2.89% | -9.07% | 21.94% | -49.34% | 28.32% | 49.11% | -173.04% | 39.69% | -42.02% | -24.89% | 24.84% | -46.96% | 31.29% | -106.34% | -39.25% | -38.05% | 38.28% | 38.41% | 9.65% | -240.49% | -268.32% | 28.3% | -31964.67% | - |
| Net Income (Continuing) | -7.15M | -13.39M | -12.21M | -12.03M | -10.42M | -7.89M | -6.38M | -6.22M | -5.7M | -7.31M | -4.96M | -6.98M | -13.44M | -4.89M | -8.11M | -5.71M | -4.57M | -6.08M | -4.14M | -6.03M | -2.92M | -2.1M | -1.52M | -2.46M | -4M | -4.42M | -1.3M | -352.68K | -491.87K | -1.53K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | -141.71K | -136.91K | -132.12K | -126.03K | -101.25K | -80.97K | -50.35K | 35.93K | 218.27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -10.61 | -85.80 | -48.60 | -58.60 | -70.60 | -65.20 | -186.70 | -512.70 | -691.70 | -1410.00 | -988.50 | -1822.50 | -5160.00 | -2458.80 | -0.80 | -615.40 | -605.80 | -1062.50 | -902.80 | -1677.40 | -1120.20 | -1120.40 | -1392.40 | -3324.00 | -7806.00 | -91575.00 | -3730.60 | -1755.50 | -14216.00 | -0.00 |
| EPS Growth % | 87.63% | -76.54% | 17.06% | 17% | -8.28% | 65.08% | 63.58% | 25.88% | 50.94% | -42.64% | 45.76% | 64.68% | -109.86% | -307250% | 99.87% | -1.58% | 42.98% | -17.69% | 46.18% | -49.74% | 0.02% | 19.53% | 58.11% | 57.42% | 91.48% | -2354.7% | -112.51% | 87.65% | - | - |
| EPS (Basic) | -10.61 | -85.80 | -48.60 | -58.60 | -70.60 | -65.20 | -186.70 | -513.00 | -691.70 | -1405.70 | -988.50 | -1822.50 | -5160.00 | -2458.80 | -597.80 | -615.40 | -605.80 | -1062.50 | -902.80 | -1677.40 | -1120.20 | -1120.40 | -1392.40 | -3324.00 | -7806.00 | -91575.00 | -3730.60 | -1755.50 | -14216.00 | -9.00 |
| Diluted Shares Outstanding | 673.95K | 156.08K | 251.3K | 205.4K | 147.6K | 120.9K | 34.15K | 12.08K | 8.21K | 5.18K | 4.93K | 3.73K | 2.59K | 1.99K | 10.18K | 9.28K | 7.55K | 5.73K | 4.59K | 3.59K | 2.61K | 1.87K | 1.09K | 740 | 512 | 371 | 348 | 201 | 170 | 170 |
| Basic Shares Outstanding | 673.95K | 156.08K | 251.3K | 205.4K | 147.6K | 120.9K | 34.15K | 12.08K | 8.21K | 5.18K | 4.93K | 3.73K | 2.59K | 1.99K | 10.18K | 9.28K | 7.55K | 5.73K | 4.59K | 3.59K | 2.61K | 1.87K | 1.09K | 740 | 512 | 371 | 348 | 201 | 170 | 170 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Capital exhaustion and dilution
As indicated by the company's financial disclosures, Aethlon Medical remains a pre-revenue entity, with zero reported revenue across the last ten quarters, underscoring the speculative nature of its clinical-stage business model and the ongoing reliance on external capital to fund its research and development initiatives.
The lack of top-line growth reflects the company's status as a clinical-stage developer rather than a commercial enterprise. Investors should monitor the transition from R&D-focused activities to potential commercialization, as the current trajectory offers no evidence of market adoption or product-market fit.
Based on the provided income statement data, Aethlon Medical consistently records significant quarterly operating losses, with SG&A expenses frequently exceeding $1 million, which highlights the heavy financial burden of maintaining regulatory compliance and administrative infrastructure while the core Hemopurifier technology remains in the clinical trial phase.
The cost structure is dominated by fixed overhead and clinical trial expenses, which are essential for regulatory progression but provide no immediate return on investment. This high-burn profile suggests that management's expense discipline is secondary to the immediate necessity of funding pivotal trials to avoid total operational stagnation.
According to recent financial filings, the company's net losses are compounded by significant stock-based compensation and frequent equity issuance, which suggests that the reported EPS figures are heavily impacted by dilution rather than core operational performance, warranting caution regarding the true economic value for existing shareholders.
The volatility in EPS, including extreme negative values, reflects the company's reliance on dilutive financing to bridge the gap between clinical milestones. Analysts should interpret these figures as a reflection of capital structure management rather than operational efficiency, as the underlying business remains fundamentally unprofitable.
As reported in the latest financial statements, the company's cash position of approximately $5 million against a consistent quarterly burn rate suggests a precarious financial runway, indicating that the current business model may face a liquidity crisis without immediate access to further dilutive capital or strategic partnerships.
The persistent negative operating income, combined with the absence of revenue, creates a high-risk environment where the company's survival is tied to its ability to raise funds in unfavorable market conditions. Investors should monitor the 'going concern' risk, as the current cash burn rate appears unsustainable over the long term.
Quick answers to the most common questions about buying AEMD stock.
For fiscal year 2026, Aethlon Medical, Inc. (AEMD) reported total revenue of $0.0M.
Aethlon Medical, Inc. (AEMD) reported a net loss of $7.2M for the fiscal year ending 2026.