The firm exhibits a persistent cash-burn profile, with free cash flow deficits frequently exceeding $1 million per quarter and a 2026Q1 CapEx/Revenue ratio of 53.1% that lacks commercial justification.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -4.37M | -4.61M | -5.81M | -4.69M | -3.04M | -1.25M | -499.55K | -909.48K | -1.01M | -542.7K | -520.81K | -366.41K | -554.98K | -664.25K | -489.44K | -309.7K | -584.54K | -903.11K | -948.81K | -1.41M | -1.46M | -655.39K | -328.05K | -275.36K | -542.13K | -369.86K | -2.72M | -5.67M | -2.1M | -2.71M | -1.95M |
| Operating CF Margin % | - | -3716.82% | -28020.01% | -3844.56% | -86.39% | -210.23% | -3016.07% | -7752.76% | -1298.44% | -216.28% | - | -18552.61% | - | - | -92347.55% | -530.36% | -11350.25% | -1728.32% | -863.84% | -2015.23% | -1090.93% | -424.02% | -636.92% | -276.48% | -679.96% | -52.54% | -5063.47% | -236356.88% | -944.25% | -415.88% | -292.23% |
| Operating CF Growth % | 72.04% | 20.55% | -23.72% | -54.39% | -143.26% | -150.22% | 45.07% | 9.88% | -85.96% | -4.2% | -42.14% | 33.98% | 16.45% | -35.72% | -58.03% | 47.02% | 35.28% | 4.82% | 32.81% | 3.36% | -122.95% | -99.78% | -19.13% | 49.21% | -46.58% | 86.41% | 52.02% | -170.26% | 22.67% | -38.88% | -50.34% |
| Net Income | -13.94M | -14.77M | -14.86M | -13.77M | -14.01M | -3.89M | -1.45M | -1.58M | -1.34M | -617.38K | -669.98K | -521.87K | 2.84M | -622.6K | -650.85K | -1.31M | 506.31K | -2.97M | -1.92M | -2.51M | -2.78M | -669.01K | -595.21K | 166.63K | -705.82K | -481.61K | -3.4M | -6.12M | -2.33M | -2.47M | -1.62M |
| Depreciation & Amortization | 4.78M | 4.78M | 4.8M | 4.85M | 4.83M | 2.04M | 14.7K | 22.24K | 56.19K | 39.99K | 25.96K | 19.77K | 17.54K | 16.12K | 15.57K | 16.6K | 19.85K | 21.98K | 19.77K | 18.78K | 15.18K | 12.44K | 29.04K | 22.14K | 22.83K | 22.93K | 23.98K | 25.72K | 27.96K | 29.04K | 25.97K |
| Stock-Based Compensation | 1.67M | 1.73M | 3.54M | 1.11M | 6.42M | 150.29K | 524.78K | 0 | 100.37K | 106.25K | 0 | 0 | 0 | 0 | 1.75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 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 | 0 |
| Other Non-Cash Items | 2.06M | 2.92M | 672.96K | 2.9M | 0 | 2.22K | 0 | 395.04K | 27.77K | 38.89K | 66.61K | 39.54K | -3.4M | -46.92K | -36.1K | 514.72K | -1.37M | 885.53K | 578.6K | 1.05M | 1.13M | 170.82K | 105.96K | -619.92K | 46.08K | 12.2K | 221.43K | 165.74K | 74.59K | -45.91K | 395K |
| Working Capital Changes | 1.06M | 728.68K | 37.12K | 189.8K | -289.35K | 441.72K | 411.6K | 254.54K | 145.12K | -110.46K | 123.22K | 135.69K | -17.07K | -10.85K | 181.93K | 472.76K | 260.01K | 1.16M | 375.88K | 29.58K | 170.28K | -169.64K | 132.15K | 155.78K | 94.78K | 76.61K | 428.08K | 254.56K | 131.29K | -226.13K | -757.15K |
| Change in Receivables | 69 | 34 | 399 | 201.09K | -201.55K | 0 | 0 | 0 | -502.01K | 31.8K | -93.87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -181.27K | -151.81K | 23.84K | 221.77K | -595.22K | 3.02K | 1.11K | -4.13K | 22.67K | -7.97K | -14.7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.2K | -7.2K | -48.64K | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 794.17K | 419.62K | 261.67K | 54.84K | -9.46K | 106.95K | -8.61K | -61.8K | -61.8K | 78.87K | 253.71K | 218.43K | 413.03K | 413.03K | 111.87K | 0 | 18.49K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 18.29K | -2.22K | -125.29K | -101.53K | -630.18K | -180.52K | -7.24K | -13.11K | -7.28K | -49.1K | -148.33K | -11.58K | -10.6K | -15.06K | -4.07K | -2.81K | -11.73K | -13.08K | -21.15K | -11.6K | -37.75K | -3.49K | -3.49K | 102.13K | -44.68K | -32.32K | -45.24K | -44.43K | 6M | 494.13K | -6.03M |
| Capital Expenditures | -9.46K | -34.56K | -21.33K | -92.98K | -633.82K | -143.79K | -7.24K | -13.11K | -7.28K | -49.1K | -148.33K | -11.58K | 0 | -15.06K | -4.07K | -2.81K | -11.73K | -13.08K | -21.15K | -11.6K | -37.75K | 0 | 0 | -3.06K | -7.36K | 0 | 0 | -6.13K | -11.07K | -12.69K | -48.19K |
| CapEx % of Revenue | 52.25% | 27.84% | 102.9% | 76.15% | 18.01% | 24.18% | 43.73% | 111.73% | 9.36% | 19.57% | - | 586.23% | - | - | 768.68% | 4.81% | 227.83% | 25.03% | 19.26% | 16.56% | 28.18% | - | - | 3.07% | 9.23% | - | - | 255.42% | 4.98% | 1.94% | 7.21% |
| Acquisitions | 1.75K | 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 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 26K | 32.34K | -103.96K | -8.54K | 3.65K | -36.73K | 0 | 0 | -2.37K | -49.1K | -100.64K | -4.5K | -10.6K | -15.06K | -4.07K | -2.81K | -11.73K | -20.17K | -20.17K | -19.34K | 0 | -3.49K | -3.49K | 105.18K | -37.32K | -32.32K | -45.24K | -38.3K | 6.01M | 506.81K | -5.98M |
| Cash from Financing | 4.41M | 1.01M | 8.03M | 4.92M | 3.85M | 3.15M | 120K | 54.97K | 254.98K | 2.44M | 782.13K | 80.57K | 877.6K | 678.59K | 497.96K | 311K | 576.39K | 929.56K | 933.63K | 1.26M | 1.52M | 842.42K | 326.52K | 184.44K | 518.6K | 128.51K | 1.81M | 2.24M | 0 | 300K | 9.68M |
| Debt Issued (Net) | 1.81M | -1M | 8.12M | 5.31M | 2.07M | 3.09M | 120K | -70.08K | 0 | 95K | 262.5K | 0 | 877.6K | 679.09K | 477.96K | 120K | 0 | 0 | 0 | 0 | -68.5K | -20K | 9.5K | -23.76K | 39.2K | 87.31K | 1M | 1M | 0 | 300K | 300K |
| Equity Issued (Net) | 2.6M | 2.01M | 0 | -301 | 1.78M | 0 | 0 | 125.05K | 0 | 144.36K | 0 | 0 | 0 | -500 | 20K | 106K | 438.19K | 759.74K | 933.63K | 1.26M | 1.59M | 862.42K | 317.02K | 208.19K | 479.4K | 41.2K | 806.8K | 1.24M | 0 | 0 | 9.38M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -34.28K | 0 | 0 | 0 | 0 | 0 | -23.58K | 0 | -1.23K | -77.9K | -77.9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -260 | 0 | -301 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -500 | 41.83K | 0 | 0 | 0 | 0 | 0 | 0 | -66 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -97.5K | -390K | 0 | 64.75K | 0 | 0 | 289.26K | 2.2M | 519.63K | 80.57K | 0 | 0 | 23.58K | 85K | 139.43K | 247.72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 213.14K | -3.48M | 2.01M | 32.27K | 101.86K | 1.73M | -386.79K | -867.62K | -761.5K | 1.85M | 112.99K | -297.42K | 686.38K | -722 | 4.44K | -1.51K | -19.88K | 13.36K | -36.33K | -166.66K | 20.53K | 187.03K | -5.02K | 11.2K | -68.22K | -273.67K | -960.36K | -3.47M | 3.9M | -1.92M | 1.69M |
| Free Cash Flow | -4.38M | -4.65M | -5.83M | -4.79M | -3.67M | -1.39M | -506.79K | -922.58K | -1.02M | -591.8K | -669.14K | -377.99K | -554.98K | -679.31K | -493.52K | -312.51K | -596.27K | -916.19K | -969.97K | -1.42M | -1.5M | -655.39K | -328.05K | -278.42K | -549.49K | -369.86K | -2.72M | -5.68M | -2.11M | -2.73M | -2M |
| FCF Margin % | -24200.77% | -3744.66% | -28122.91% | -3920.71% | -104.4% | -234.42% | -3059.8% | -7864.49% | -1307.8% | -235.84% | - | -19138.84% | - | - | -93116.23% | -535.17% | -11578.08% | -1753.35% | -883.1% | -2031.79% | -1119.11% | -424.02% | -636.92% | -279.55% | -689.19% | -52.54% | -5063.47% | -236612.29% | -949.23% | -417.82% | -299.43% |
| FCF Growth % | 21.57% | 20.25% | -21.76% | -30.29% | -163.64% | -175.02% | 45.07% | 9.24% | -71.76% | 11.56% | -77.02% | 31.89% | 18.3% | -37.65% | -57.92% | 47.59% | 34.92% | 5.54% | 31.87% | 5.02% | -128.71% | -99.78% | -17.83% | 49.33% | -48.57% | 86.41% | 52.07% | -169.13% | 22.62% | -36.17% | -54.04% |
| FCF per Share | -0.73 | -1.09 | -0.61 | -1.17 | -1.35 | -0.92 | -0.93 | -0.43 | -0.43 | -0.39 | -0.50 | -0.28 | -0.74 | -2.64 | -1.92 | -1.37 | -2.99 | -6.18 | -8.90 | -15.27 | -19.00 | -11.32 | -7.51 | -8.10 | -17.67 | -13.42 | -100.55 | -254.39 | -111.07 | -143.55 | -144.86 |
| FCF Conversion (FCF/Net Income) | 0.31x | 0.31x | 0.39x | 0.34x | 0.22x | 0.32x | 0.34x | 0.57x | 0.75x | 0.88x | 0.78x | 0.70x | 0.89x | 1.07x | 0.75x | 0.24x | -1.15x | 0.30x | 0.49x | 0.56x | 0.53x | 0.98x | 0.55x | -1.65x | 0.77x | 0.77x | 0.80x | 0.93x | 0.90x | 1.10x | 1.21x |
| Interest Paid | 0 | 32 | 21.67K | 16.9K | 43.25K | 19.38K | 0 | 903 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 800 | 800 | 800 | 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 |
Imminent liquidity insolvency risk
According to quarterly financial data, Ainos consistently reports net losses that dwarf operating cash outflows, with an OCF/NI ratio hovering around 0.40, suggesting that non-cash charges like depreciation and stock-based compensation are masking the true, underlying cash-consumptive nature of the firm's current diagnostic development activities.
The persistent gap between net income and operating cash flow indicates that the company's accounting losses are significantly mitigated by non-cash expenses, which may obscure the severity of the cash burn. Investors should monitor whether this divergence continues as the company attempts to scale its VOC sensing platform, as it currently suggests a reliance on accounting adjustments rather than operational efficiency.
As reported in recent financial statements, Ainos continues to experience a sustained free cash flow deficit, with quarterly outflows frequently exceeding $1 million, highlighting a business model that lacks the necessary revenue generation to cover its heavy research and development expenditures in the current market environment.
The consistent negative free cash flow trajectory suggests that the company is not yet capable of self-funding its operations, necessitating ongoing reliance on external capital. This trend warrants further investigation into how long the firm can sustain such burn rates before its cash reserves are fully depleted.
Based on reported figures, Ainos exhibits erratic capital expenditure patterns, with CapEx/Revenue ratios reaching as high as 53.1% in 2026Q1, which indicates that the firm is investing heavily in infrastructure despite a lack of meaningful commercial scale or predictable revenue streams to justify such capital intensity.
The high variability in capital spending suggests that the company is struggling to balance its R&D requirements with its limited liquidity. This level of capital intensity appears unsustainable for a firm that has yet to demonstrate a clear path to commercial viability or product-market fit.
Analysis of recent filings reveals significant fluctuations in working capital, with changes ranging from -$465.9K to $504.0K, which suggests that the company's cash management is highly sensitive to the timing of sporadic diagnostic kit orders and the lack of a stable, recurring operational cycle.
These swings in working capital appear to reflect the company's reliance on transactional, non-recurring revenue rather than a predictable business model. Investors should monitor these shifts as they may indicate underlying difficulties in managing inventory and collections during periods of low commercial activity.
As indicated by the provided financial statements, Ainos frequently utilizes stock-based compensation, with quarterly figures reaching as high as $2.2 million, which serves to preserve cash but potentially dilutes existing shareholders to fund the ongoing operational burn that the core business cannot currently support.
The reliance on equity-based incentives appears to be a strategic choice to conserve limited cash reserves, yet it highlights the company's inability to generate sufficient internal cash flow. This practice may indicate that the firm is prioritizing survival over shareholder value, warranting close scrutiny of future dilution risks.
Quick answers to the most common questions about buying AIMD stock.
Ainos, Inc. (AIMD) generated $-4.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ainos, Inc. (AIMD) reported negative free cash flow of $4.6M in 2025, indicating capital requirements exceeded cash from operations.
Ainos, Inc. (AIMD) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ainos, Inc. (AIMD) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.