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Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>Key takeaways from 3Q25 earnings release. Lu highlighted Ainos’ strong revenue momentum, up more than 4x Y/Y, driven almost entirely by the deployment of AI Nose in senior care programs.</li><li>Lu noted that the reported revenue has yet to include any of the $2.1-million, three-year AI Nose subscription order from a semiconductor customer, signaling additional upside in the SmellTech platform’s revenue, the turnaround in gross margin to 82% YTD from negative last year, and Ainos’ cost management with cash operating expenses reduced by 15% YTD versus the previous year.</li><li>Lu also highlighted the company’s enhanced visibility through major tech exhibitions resulting in multiple leads, inclusion in a leading tech consultant’s annual tech report, and a GICS code change for the company to technology.</li></ul>

Key takeaways from 3Q25 earnings release. Lu highlighted Ainos’ strong revenue momentum, up more than 4x Y/Y, driven almost entirely by the deployment of AI Nose in senior care programs.Lu noted that the reported revenue has yet to include any of the $2.1-million, three-year AI Nose subscription order from a semiconductor customer, signaling additional upside in the SmellTech platform’s revenue, the turnaround in gross margin to 82% YTD from negative last year, and Ainos’ cost management with cash operating expenses reduced by 15% YTD versus the previous year.Lu also highlighted the company’s enhanced visibility through major tech exhibitions resulting in multiple leads, inclusion in a leading tech consultant’s annual tech report, and a GICS code change for the company to technology.

WTR Small-Cap Spotlight Recap: AI Nose's Continuing Momentum in 2025 and What to Expect in 2026

<ul><li>GICS reclassification. Our update report dated August 18, 2025, assumed coverage of Ainos under the WTR Technology research platform.</li><li>While remaining dedicated to advancing its core therapeutic program VELDONA, the report discusses Ainos’ prioritized strategic focus on the development of and commercialization pathway for its proprietary digital AI-powered olfaction platform, Al Nose.</li><li>Effective October 1, 2025, Ainos has been reclassified under the Global Industry Classification Standard (GICS®), developed and administered by S&amp;P Dow Jones Indices and MSCI, from the biotechnology sector to Technology Hardware, Storage &amp; Peripherals (Code 45202030). </li></ul>

GICS reclassification. Our update report dated August 18, 2025, assumed coverage of Ainos under the WTR Technology research platform.While remaining dedicated to advancing its core therapeutic program VELDONA, the report discusses Ainos’ prioritized strategic focus on the development of and commercialization pathway for its proprietary digital AI-powered olfaction platform, Al Nose.Effective October 1, 2025, Ainos has been reclassified under the Global Industry Classification Standard (GICS®), developed and administered by S&amp;P Dow Jones Indices and MSCI, from the biotechnology sector to Technology Hardware, Storage &amp; Peripherals (Code 45202030). 

Ainos, Inc: Announces GICS Reclassification; Secures Seven New Patents; Expands Portfolio to 123

<ul><li>Ainos adds Topco to its list of industrial partners. Ainos has forged a distribution agreement with Taiwan’s Topco Scientific Co., recognized as a leading global semiconductor solutions provider.</li><li>This is the fifth industrial partnership that Ainos has established in 2025, building on the ecosystem established by the ASE, ugo, Kenmec, and Solomon partnerships, with the scaling runway spanning semiconductor manufacturing, automation, smart manufacturing, and robotics.</li><li>Topco brings scale to AI Nose in the chip industry. </li></ul>

Ainos adds Topco to its list of industrial partners. Ainos has forged a distribution agreement with Taiwan’s Topco Scientific Co., recognized as a leading global semiconductor solutions provider.This is the fifth industrial partnership that Ainos has established in 2025, building on the ecosystem established by the ASE, ugo, Kenmec, and Solomon partnerships, with the scaling runway spanning semiconductor manufacturing, automation, smart manufacturing, and robotics.Topco brings scale to AI Nose in the chip industry. 

Ainos, Inc: Continuing to Build Up Momentum Toward Large-Scale AI Nose Commercialization in 2026

<ul><li>The pivot from biotech to AI technology company. While still committed to advancing its VELDONA drug platform to commercialization, Ainos’ growth strategy is now primarily being driven by its AI Nose SmellTech platform.</li><li>The pivot began in 2021 when Ainos acquired this AI Nose technology for initial deployment in healthcare settings.</li><li>However, with other significant opportunities beckoning, it has since been positioned as a platform technology with a substantial runway beyond healthcare. </li></ul>

The pivot from biotech to AI technology company. While still committed to advancing its VELDONA drug platform to commercialization, Ainos’ growth strategy is now primarily being driven by its AI Nose SmellTech platform.The pivot began in 2021 when Ainos acquired this AI Nose technology for initial deployment in healthcare settings.However, with other significant opportunities beckoning, it has since been positioned as a platform technology with a substantial runway beyond healthcare. 

Ainos, Inc: AI Nose Gears Up for Large-Scale Commercialization in 2026

<ul><li>Ainos can now be considered a technology company.</li><li>This report discusses Ainos’ prioritized strategic focus on the development of and commercialization pathway for its proprietary digital AI-powered SmellTech platform, Al Nose.</li><li>But while remaining dedicated to advancing its core therapeutic program VELDONA, 2025 marks a strategic inflection point in Ainos’ transition from its biotech roots to becoming principally a foundational AI technology innovator, with the stage set for accelerating momentum toward large-scale commercialization in 2026 of its AI Nose platform, which is expected to drive the company’s revenue growth for years to come. </li></ul>

Ainos can now be considered a technology company.This report discusses Ainos’ prioritized strategic focus on the development of and commercialization pathway for its proprietary digital AI-powered SmellTech platform, Al Nose.But while remaining dedicated to advancing its core therapeutic program VELDONA, 2025 marks a strategic inflection point in Ainos’ transition from its biotech roots to becoming principally a foundational AI technology innovator, with the stage set for accelerating momentum toward large-scale commercialization in 2026 of its AI Nose platform, which is expected to drive the company’s revenue growth for years to come. 

Ainos, Inc: A Foundational AI-Driven Technology Innovator Set to Ramp Up Its Revenue Base

United States

Ainos, Inc. is a diversified healthcare company. The Company engages in the discovery and development of novel biopharmaceuticals, technologically medical treatments, and consumer products, as well as provides treatments of neoplastic, viral, and autoimmune diseases. Ainos operates in the United States and Taiwan.

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Ainos (AIMD US)

WTR Small-Cap Spotlight Recap: AI Nose's Continuing Momentum in 2025 and What to Expect in 2026

Lu highlighted Ainos’ strong revenue momentum, up more than 4x Y/Y, driven almost entirely by the deployment of AI Nose in senior care programs.

Water Tower Research

Ainos, Inc: Announces GICS Reclassification; Secures Seven New Patents; Expands Portfolio to 123

GICS reclassification. Our update report dated August 18, 2025, assumed coverage of Ainos under the WTR Technology research platform.

Water Tower Research

Ainos, Inc: Continuing to Build Up Momentum Toward Large-Scale AI Nose Commercialization in 2026

Ainos adds Topco to its list of industrial partners. Ainos has forged a distribution agreement with Taiwan’s Topco Scientific Co., recognized as a...

Water Tower Research

Ainos, Inc: AI Nose Gears Up for Large-Scale Commercialization in 2026

While still committed to advancing its VELDONA drug platform to commercialization, Ainos’ growth strategy is now primarily being driven by its AI...

Water Tower Research

Ainos, Inc: A Foundational AI-Driven Technology Innovator Set to Ramp Up Its Revenue Base

This report discusses Ainos’ prioritized strategic focus on the development of and commercialization pathway for its proprietary digital AI-powered...

Water Tower Research

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