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• A pre-clinical Gilead Sciences for antiviral treatments.
• A small Moderna also developing rapid diagnostic tests.
• A nascent Abbott Laboratories with a strong focus on anti-viral drugs and rapid diagnostics.

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Ainos, Inc. is focused on the research, development, manufacturing, and commercialization of new medical technologies and products. The company develops diagnostic and therapeutic products targeting viral diseases and cancers, as well as AI-powered analytical solutions.

Its major products and services include:

• Veldt™ COVID-19 Saliva Test: A CE-IVD marked, AI-powered rapid antigen test designed for accurate and quick detection of COVID-19 from saliva samples.
• Ainos AI-Powered Analytical Platform: A platform that utilizes artificial intelligence and machine learning for analyzing medical data, drug discovery, and diagnostics.
• Antiviral and Anticancer Therapies (Preclinical/R&D): Development of drug candidates, such as VIM-1 and VIM-2, for treating various viral infections and cancers.

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Ainos (AIMD) primarily sells its products and services to other companies (B2B) rather than directly to individual consumers. Their revenue streams include the sale of COVID-19 antigen rapid test kits, contract manufacturing of diagnostic products, sales of health supplements, and licensing agreements.

Ainos's financial filings indicate significant customer concentration. For example, in 2023, three customers collectively accounted for 82% of their total revenue, and in 2022, a single customer represented 80% of total revenue.

However, the specific names of these major customer companies, or any other significant B2B customers, are not publicly disclosed in Ainos's SEC filings (such as their 10-K reports) or press releases. Companies often maintain the confidentiality of their key B2B customer relationships. Ainos generally refers to its customers as:

• Distributors: Companies that purchase Ainos's products for resale to other businesses, healthcare providers, or retail channels.
• Manufacturers: Other companies for whom Ainos performs contract manufacturing of diagnostic products.
• Retailers: Businesses that sell Ainos's health supplements to end-consumers.

While Ainos has entered into a licensing agreement with CytoMed Therapeutics Limited for certain animal health products, CytoMed Therapeutics is not a publicly traded company with a readily identifiable stock symbol in major markets.

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Chun-Hsien Tsai, Chairman of the Board of Directors, President & Chief Executive Officer

Mr. Tsai has served as Ainos' Chairman, President, and Chief Executive Officer since April 2021. He also served as Chief Financial Officer from April 2021 to August 2021. Mr. Tsai has been the chairman and CEO of Taiwan Carbon Nano Technology Corporation (TCNT) since July 2018 and a director of TCNT since 2012. He has also served as a director of Ainos Inc. (Cayman Islands) since October 2017 and as a director and CEO of AI Nose Corporation since 2016.

Christopher Lee, Chief Financial Officer

Mr. Lee has served as Ainos' Chief Financial Officer since March 2024. He brings over 25 years of experience in accounting and finance, including US GAAP, PCAOB standards, and SEC rules and regulations. Prior to joining Ainos, Mr. Lee served as CFO of a Nasdaq-listed company for 10 years. He was also a partner at KEDP CPA Group from August 2009 to June 2011 and operated as a self-employed accountant from July 2011 to August 2014. Mr. Lee has served on the Board of Directors of Aixin Life International Inc. since February 2021.

Ting-Chuan Lee, Director

Ms. Lee has served as a Director of Ainos since April 2021 and is also a manager at the CEO office. She has served as the chairperson of AI Nose Corporation since March 2016 and as a member of the board of directors of Taiwan Carbon Nano Technology Corporation (TCNT) since July 2012.

Chun-Jung Tsai, Director

Mr. Tsai has served as a Director of Ainos since April 2021 and is also a manager of the Company's sales team. He has served as a director of Ainos Inc. (Cayman Islands) since 2019, a director of AI Nose Corporation since March 2016, and a director of Taiwan Carbon Nano Technology Corporation (TCNT) since July 2012.

Chung-Yi Tsai, Member of the Board of Directors

Mr. Tsai has served as a member of Ainos' Board of Directors since April 2021 and as a director of TCNT since July 2012. He is a seasoned executive in product and business development in the technology hardware sector. From May 2023 to present, he has served as a senior product marketing director at Alpha & Omega Semiconductor. Previously, he held senior product marketing and executive business manager roles at Renesas Electronics, Maxim Integrated, and Intersil Corporation.

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Ainos (AIMD) faces several key business risks, primarily centered around its financial viability, product development, and market challenges.

1. Financial Health and Path to Profitability: Ainos has demonstrated precarious financial health, marked by significant net losses, negative operating margins, and a substantial debt burden relative to its cash reserves. In 2024, the company's revenue decreased by over 83% year-over-year, and it reported a net loss of $14.86 million, an increase from the previous year. The company's Altman Z-Score, which assesses the likelihood of bankruptcy, places it in the distress zone. Despite a recent surge in Q1 2025 revenue from AI Nose product sales, the base was minimal, and the company continues to incur net losses. Ainos's ability to raise additional capital to fund product development is also a concern.
2. Dependence on Successful Product Development and Regulatory Approval: As a dual-platform AI and biotech company, Ainos's future largely hinges on the successful development and regulatory approval of its AI Nose technology and VELDONA® therapeutic programs. While its VELDONA® therapeutic program is advancing through clinical trials for conditions like HIV-related oral warts and Sjögren's syndrome, there is inherent uncertainty and potential for delays in completing these trials, obtaining necessary marketing approvals, and ultimately commercializing any product candidates. For example, its lead point-of-care testing (POCT) candidate, Ainos Flora, had not been approved for sale by the FDA or TFDA as of December 31, 2024.
3. Intense Market Competition and Rapid Technological Changes: Operating in the technology and biotechnology sectors, Ainos is exposed to rapid technological advancements and fierce competition. While the company is actively expanding its AI Nose technology into various sectors through strategic partnerships, the electronic nose market, though projected to grow significantly, remains highly competitive. Ainos must continuously innovate and adapt to market shifts to maintain a competitive edge and ensure the commercial viability of its products.

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One clear emerging threat for Ainos (AIMD) stems from its strategic focus on developing non-invasive glucose monitoring (NIGM) devices. Several major technology and medical device companies, most notably Apple, are reportedly investing significant resources into developing their own non-invasive blood glucose monitoring technologies. If a large, well-resourced company like Apple successfully launches a reliable and accurate non-invasive glucose monitor, integrated into a popular ecosystem like the Apple Watch, it could severely disrupt the market. Such a development would pose a direct and formidable competitive threat to smaller players like Ainos aiming to establish a presence in this highly coveted and potentially lucrative market, potentially rendering their offerings less competitive or even obsolete before widespread adoption.

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Ainos (NASDAQ: AIMD) is strategically positioning itself for future revenue growth over the next 2-3 years by focusing on its innovative AI Nose technology and the advancement of its VELDONA® therapeutic programs, alongside a significant shift away from its previous reliance on COVID-19 antigen rapid tests. The company's expected drivers of future revenue growth include:

1. Expansion of AI Nose Technology into New Industrial and Healthcare Markets: Ainos is aggressively expanding its AI Nose platform beyond its initial healthcare applications (such as women's health with Ainos Flora and elderly care) into high-growth industrial sectors like robotics and semiconductor manufacturing. The company has launched its first commercial AI Nose module optimized for these settings and secured a three-year "SmellTech-as-a-Service" (SaaS) subscription order valued at $2.1 million for semiconductor manufacturing. Strategic partnerships with companies like ugo Inc. (Japanese robotics leader) and Advanced Semiconductor Engineering (semiconductor packaging giant) are central to this expansion, with pilot deployments in robotics and semiconductor factories targeted for the second half of 2025 and large-scale commercialization planned for 2026. This diversification aims to tap into multi-billion dollar markets, with the e-nose market projected to reach $76.5 billion by 2032 and the robotics market $178.6 billion by 2030.
2. Commercialization of the SmellTech-as-a-Service (SaaS) Model: A key revenue driver will be the recurring revenue generated from its "SmellTech-as-a-Service" subscription model for the AI Nose platform. This model provides ongoing software upgrades, cloud-based AI model enhancements, and tailored data analytics, ensuring continuous engagement and value for industrial and healthcare clients. The first half of 2025 saw initial AI Nose revenues of approximately $110,000 from a senior care pilot program in Japan, demonstrating early commercial traction for this service model.
3. Advancement and Commercialization of VELDONA® Therapeutics: Ainos is progressing with its VELDONA® drug development pipeline, which focuses on low-dose oral interferon for both human and animal health. The company is conducting clinical studies for conditions such as HIV oral warts, Sjögren's syndrome, and feline chronic gingivostomatitis (FCGS), with regulatory and commercial opportunities anticipated from these programs. The strategic shift highlighted in early 2025 indicates a commitment to accelerating innovation in these therapeutic areas.
4. Strategic Partnerships and Intellectual Property Expansion: Ainos is actively forming strategic partnerships to integrate its AI Nose technology, as seen with collaborations in robotics and semiconductor sectors. Concurrently, the company is expanding its intellectual property portfolio, holding 123 active patents across various key technologies, which strengthens its competitive position and facilitates further commercialization efforts. These partnerships and a robust IP portfolio are expected to accelerate the global expansion and adoption of Ainos's SmellTech solutions.

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Share Issuance

• Ainos completed a 1-for-5 stock consolidation effective June 30, 2025, which reduced the number of outstanding shares while proportionally increasing the share price.
• In August 2022, Ainos conducted a Secondary Public Offering (SPO) of 780,000 shares, raising approximately $3.32 million at a final placement price of $4.25 per share.
• Stockholders approved a proposal on September 27, 2024, to reserve up to two million shares of common stock for special stock awards.

Outbound Investments

• Ainos acquired exclusive licenses for 10 invention patents from Taiwan Carbon Nano Technology, valued at approximately $5.4 million, to enhance its AI Nose and point-of-care testing technologies.

Capital Expenditures

• Capital expenditures were approximately -$0.04 million for the trailing twelve months ending June 30, 2025, -$0.02 million in fiscal year 2024, -$0.09 million in fiscal year 2023, -$0.63 million in fiscal year 2022, and -$0.14 million in fiscal year 2021.
• The company continues to invest in research and development to advance its AI Nose platform and clinical trial progress for VELDONA.
• Capital expenditures are primarily focused on the deployment of AI Nose units in various applications, including senior care, robotics, and semiconductor manufacturing.