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AIOS, AIOS Tech Inc. Class A

Industrial Machinery capital-intensive CyclicalNet current asset value

AIOS Tech is a technology-driven professional service provider.

On November 30, 2025, as part of a strategic shift, the Company completed the transfer of Nisun BVI and all of its subsidiaries to an independent third party, and discontinued its former financial services in mainland China and supply chain trading businesses.

Meanwhile, effective December 1, 2025, the Company acquired a new operating entity, YD Network, and gradually shifted its business focus to information technology services, progressively implementing the management's strategic focus on positioning the Company as a provider of AI and technology-empowered professional services.

Latest annual: FY2025 20-F

AIOS · AIOS Tech Inc. Class A

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$5M

−98.5% YoY · −35% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $5M 5-yr avg $225M

Gross margin 72% 5-yr avg 45%

Operating margin 29.0% 5-yr avg 11.5%

Owner-earnings margin −531% 5-yr avg −3%

Free cash flow margin −531% 5-yr avg −3%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Small and Medium Enterprise Financing Solutions (59%) and Information Technology Services (41%).
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power. Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
What moves the needle: Gross margin has run about 38% and operating margin about 13% through the cycle, a spread the cycle sets more than the company does. The margin is cyclical, swinging between −8.3% and 47% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 10%). Owner earnings, the cash-based check, have been thin too. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

Revenue spreads across 2 lines, the largest Small and Medium Enterprise Financing Solutions at 59%.

Revenue by product line, FY2025

Small and Medium Enterprise Financing Solutions59%$3M
Information Technology Services41%$2M

By geographyBritish Virgin Islands59%Hong Kong SAR China41%

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2025

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
										Income statement
$29M	$25M	$3M	$42M	$160M	$234M	$387M	$340M	$5M	$5M	RevenueRevenue
38%	31%	—	53%	58%	40%	28%	27%	72%	72%	Gross marginGross mgn
$4M	($2M)	$1M	$10M	$38M	$18M	($472K)	($10M)	$1M	$1M	Operating incomeOp. inc.
13.3%	−8.3%	46.5%	23.8%	23.8%	7.6%	−0.1%	−2.9%	29.0%	29.0%	Operating marginOp. mgn
$7M	($5M)	$3M	($13M)	$31M	$18M	$18M	$6M	($221M)	($221M)	Net incomeNet inc.
—	—	-2%	—	25%	21%	25%	43%	—	—	Effective tax rateTax rate
										Cash flow & returns
($6M)	($725K)	$335K	$3M	$24M	($29M)	$35M	($76M)	($27M)	($27M)	Operating cash flowOp. cash
$940K	$1M	$242K	$2M	$2M	$2M	$2M	$2M	$2M	$2M	DepreciationDeprec.
($14M)	$3M	($3M)	$14M	($9M)	($49M)	$16M	($83M)	$192M	$192M	Working capital & otherWC & other
$3M	$74K	$238K	$205K	$187K	$653K	$504K	$27K	—	$27K	CapexCapex
10.7%	0.3%	9.4%	0.5%	0.1%	0.3%	0.1%	0.0%	—	0.5%	Capex / revenueCapex/rev
($7M)	($799K)	$98K	$2M	$24M	($30M)	$35M	($76M)	—	($27M)	Owner earningsOwner earn.
−24.1%	−3.2%	3.9%	5.9%	14.8%	−12.6%	9.1%	−22.3%	—	−530.9%	Owner earnings marginOE mgn
($9M)	($799K)	$98K	$2M	$24M	($30M)	$35M	($76M)	—	($27M)	Free cash flowFCF
−31.6%	−3.2%	3.9%	5.9%	14.8%	−12.6%	9.1%	−22.3%	—	−530.9%	Free cash flow marginFCF mgn
10%	-5%	2%	14%	32%	11%	-0%	-3%	35%	—	ROICROIC
18%	-14%	5%	-17%	17%	10%	9%	3%	-4714%	-4714%	Return on equityROE
18%	−14%	5%	−17%	17%	10%	9%	3%	n/m	n/m	Retained to equityRetained/eq
										Balance sheet
$3M	$948K	$3M	$27M	$132M	$76M	$127M	$13M	$1M	$1M	Cash & investmentsCash+inv
$1M	$3M	$1M	$5M	$19M	$19M	$21M	$54M	$2M	$2M	ReceivablesReceiv.
$2M	$365K	$636K	$5M	$19M	$32M	$31M	$807K	—	$807K	InventoryInvent.
$1M	$1M	$224K	$1M	$35M	$41M	$45M	$35M	—	$35M	Accounts payablePayables
$2M	$2M	$2M	$9M	$2M	$10M	$7M	$21M	$2M	($32M)	Operating working capitalOper. WC
$39M	$35M	$53M	$60M	$228M	$231M	$293M	$251M	$5M	$5M	Current assetsCur. assets
$13M	$20M	$37M	$27M	$89M	$90M	$111M	$59M	$411K	$411K	Current liabilitiesCur. liab.
2.9×	1.8×	1.4×	2.3×	2.6×	2.6×	2.6×	4.2×	12.3×	12.3×	Current ratioCurr. ratio
—	—	$11M	$25M	$26M	$24M	$18M	$17M	—	$17M	GoodwillGoodwill
$55M	$57M	$94M	$108M	$274M	$283M	$316M	$271M	$5M	$5M	Total assetsAssets
$873K	$0	$2M	—	—	$435K	—	—	—	($1M)	Total debtDebt
($2M)	($948K)	($987K)	—	—	($75M)	—	—	—	($3M)	Net debt / (cash)Net debt
68.1×	-10.1×	7.4×	—	1218.0×	—	-3.8×	-100.9×	—	14.9×	Interest coverageInt. cov.
$41M	$37M	$54M	$77M	$181M	$186M	$199M	$207M	$5M	$5M	Shareholders’ equityEquity
										Per share
29.4M	31.5M	32.5M	3.7M	4.3M	4.0M	3.9M	4.1M	4.6M	14.7M	Shares out (diluted)Shares
$0.99	$0.80	$0.08	$11.35	$37.24	$58.74	$98.05	$83.94	$1.09	$0.34	Revenue / shareRev/sh
$0.24	$-0.16	$0.08	$-3.51	$7.09	$4.46	$4.49	$1.46	$-47.64	$-15.03	EPS (diluted)EPS
$-0.24	$-0.03	$0.00	$0.67	$5.50	$-7.43	$8.87	$-18.68	—	$-1.83	Owner earnings / shareOE/sh
$-0.31	$-0.03	$0.00	$0.67	$5.50	$-7.43	$8.87	$-18.68	—	$-1.83	Free cash flow / shareFCF/sh
$0.11	$0.00	$0.01	$0.06	$0.04	$0.16	$0.13	$0.01	—	$0.00	Cap. spending / shareCapex/sh
$1.38	$1.17	$1.66	$20.67	$41.99	$46.57	$50.41	$51.01	$1.01	$0.32	Book value / shareBVPS

The diluted share count moved ×1/8.75 into 2020 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Share counts before 2022 are restated ×2 for a stock split, so per-share figures sit on one basis.

The diluted share count moved ×3.17 into TTM — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	+1.2%/yr	−37.4%/yr
Capital spending / share	−32.8%/yr (7-yr)	−2.1%/yr
Book value / share	−3.8%/yr	−45.3%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.

Share count

5Mpeak FY2019

ROIC

35%low FY2018

Gross margin

72%low FY2024

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($76M)owner earningsvs.$6Mnet incomelow FY2024

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2023

Owner-earnings bridge

FY2020–FY2024cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2024 the business reported $6M of profit but ($76M) of owner earnings: $82M less than the profit line, taken out by capital spending and the timing of cash.

	FY2024	FY2023	FY2022	FY2021	FY2020
Reported net income	$6M	$18M	$18M	$31M	($13M)
Depreciation & amortizationnon-cash charge added back	+$2M	+$2M	+$2M	+$2M	+$2M
Working capital & othertiming of cash in and out, other non-cash items	−$83M	+$16M	−$49M	−$9M	+$14M
Cash from operations	($76M)	$35M	($29M)	$24M	$3M
Capital expenditurecash put back in to keep running and to grow	−$27K	−$504K	−$653K	−$187K	−$205K
Owner earnings	($76M)	$35M	($30M)	$24M	$2M
Owner-earnings marginowner earnings ÷ revenue	-22%	9%	-13%	15%	6%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Much of fiscal 2024's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 14.9×

Comfortable

Operating income $1M ÷ interest expense $99K

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$3M

Net cash

Cash $1M + ST investments $3K − debt ($1M)

What this means
Cash and short-term investments exceed every dollar of debt by $3M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? -8572d

Negative, funded by others

DSO 114 + DIO 207 − DPO 8893 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.

Is it a good business?

Return on invested capital 10%

Solid through the cycle

10-yr median, range -5%–35%; the latest year is left out — large non-operating charges put its operating line well above pretax profit

Industry peers: median 11%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years, so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin -3%

Consumes cash through the cycle

8-yr median margin, range -24%–15%; latest ($27M) = operating cash ($27M) − maintenance capex $27K

Industry peers: median 8%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -531% of revenue this year, a -3% median across 8 years.
Are earnings backed by cash? ($27M)

Loss, and burning cash

Net income ($221M) · cash from operations ($27M)

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 0.02×

Harvesting

Capex $27K ÷ depreciation $2M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $5M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 12.26×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · ($1M) vs $5M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 3 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −2589%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-14.18/share (latest year $-47.64), the averaged base the calculator's gate runs on, and book value is $1.01/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 6 of 9

What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 4 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 17% → 9% (3-yr avg ends)

What this means
The recent-years average (9%) sits below the early years (17%), but the latest year (29%) is back near the early level: a cyclical trough dragging the window down, not a one-way slide. The through-cycle median is 13% — read it across the cycle, not on the dip.
Reinvestment, incremental ROIC −10%

What this means
Reinvested capital came back at a negative incremental return over this window — the invested base grew while operating profit did not. The filings show where it went.
Worst year 2018 · −8.3% op. margin

What this means
Operations went underwater in 2018, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“As a result of this pivot, we are effectively a new entrant in the IT and AI services, and technology-driven financing sectors.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$5M

Cash & short-term investments$1M
Receivables$2M
Inventory$807K
Other current assets$1M

Current liabilities$411K

Debt due within a year($2M)
Accounts payable$35M

Current ratio12.26×all current assets ÷ what's due · Graham looked for 2×

Quick ratio10.30×stricter: inventory excluded

Cash ratio3.44×strictest: cash alone against what's due

Working capital$5Mthe cushion left after near-term bills

Cash runway0.1 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Deeper floors

Tangible book value($12M)equity stripped of goodwill & intangibles

Net current asset value$5MGraham's net-net: current assets less all liabilities

Deferred revenue$8Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$17M336% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equityexceeds itgoodwill alone is larger than the company’s entire book equity; stripped of the acquisition premium, there is no net book worth

Cash spent acquiring$0over 10 years buying other businesses, against $5M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

What an owner would ask, FY2025

read the 10-K →

How much of the revenue rides on one buyer?
≈$2M · 30% of revenue on the largest customers (TTM)
“For the year ended December 31, 2024, four customers accounted for 30%, 14%, 13%, and 13% of the Company's total revenue from the financial services business and two customer accounted for 23% and 13% of the Company's total revenue from its supply chain trading business.”verify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Industrial Machinery

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
CXTCrane NXT Co.	$1.7B	40%	14.4%	14%	11%
MWAMueller Water Products	$1.4B	33%	12.6%	11%	8%
HLIOHelios Technologies Inc.	$839M	37%	15.2%	8%	12%
PRLBProto Labs Inc.	$533M	48%	11.0%	7%	15%
NPKNational Presto Industries Inc.	$504M	22%	13.2%	11%	7%
XPELXPEL Inc.	$476M	38%	14.4%	31%	8%
SMRNuScale Power Corporation	$31M	38%	-2069.5%	-164%	-1370%
AIOSAIOS Tech Inc. Class A	$5M	39%	13.3%	11%	0%
Group median	—	38%	13.3%	11%	8%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the home-market price, not the US ADR quote. AIOS Tech Inc. Class A reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.

AIOS Tech Inc. Class A is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

Today’s price $

The assumptions Required return 9% Years to get there 10 Revenue growth 0%

Revenue, delivered66%/yr’20→’25

Mature owner-earnings margin 15%

Enter a price to run it.

Owner earnings it must reach—

Margin the price demands—

Owner-earnings margin today−531%

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh AIOS against another business →

Cite: Owner Scorecard, "AIOS Tech Inc. Class A (AIOS), the owner's record," https://ownerscorecard.com/c/AIOS, data as of 2026-07-09.

Manual order: ← AIIO its page in the Manual ALAR →

Industry order: ← AIN the Industrial Machinery chapter ALH →