Ainos, Inc.: Form 10-Q for the period ended Sep 30, 2025

The unaudited condensed financial statements and this Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2024 and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, both of which are contained in our Form 10-K for the period ended December 31, 2024 (the “2024 Annual Report”). In addition to historical information, this discussion and analysis contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These forward-looking statements are subject to risks and uncertainties, including those set forth under “Part I. Item 1A. Risk Factors” in our 2024 Annual Report, “Part II. Item 1A. Risk Factors” in this Quarterly Report, and elsewhere in this Quarterly Report, that could cause actual results to differ materially from historical results or anticipated results.

When used in this Quarterly Report, all references to “Ainos,” the “Company,” “we,” “our” and “us” refer Ainos, Inc.

Overview

Ainos, Inc. (the “Company”), incorporated in the State of Texas in 1984, is an artificial intelligence (“AI”) and healthcare company focused on the commercialization of proprietary scent digitization technology, AI-powered sensing solutions, point-of-care testing (“POCT”), and low-dose oral interferon therapeutics. We are advancing these technologies primarily through strategic partnerships.

Our core scent digitization technology platform, AI Nose, is an AI-based electronic nose system that integrates gas sensors with a proprietary smell language model (“SLM”) algorithm, aiming to enabling trainable and sensitive digital olfaction. We are developing this platform to digitize scent data, including volatile organic compound (“VOC”), into Smell ID, a machine-readable format designed to enable intelligent scent-based sensing across industries including robotics, smart manufacturing, and healthcare. We are positioning AI Nose to ultimately become AI’s nose.

In parallel, we continue to develop therapeutic candidates based on VELDONA, our low-dose oral interferon platform, targeting rare, autoimmune, and infectious diseases. Our lead programs include candidates for the treatment of oral warts in HIV-positive patients, Sjögren’s syndrome, and feline chronic gingivostomatitis (“FCGS”). We have researched and developed VELDONA since our inception.

Between 2021 and 2024, we expanded our intellectual property portfolio through transactions with our controlling shareholders, including Ainos, Inc., a Cayman Islands company (“Ainos KY”), and Taiwan Carbon Nano Technology Corporation (“TCNT”). These transactions included acquisitions and license agreements primarily involving patents and patent applications related to our AI Nose platform, and POCT technologies.

While our AI Nose technology was initially developed for healthcare applications, we are actively expanding its use into other sectors, including robotics and industrial environments by forming strategic relationships.

Our Pipeline

We structure our development pipeline around three core platforms—AI Nose, POCT, and VELDONA—each designed to generate revenue through commercialization, partnerships, and/or licensing.

Our products are at different stages of development. For AI Nose, we expect to enter commercial pilot phase across industrial, robotics, and long-term care environments over the second half of 2025. For VELDONA, our oral interferon platform, we plan to enter Taiwan clinical trials for two lead indications, HIV-related oral warts, and Sjögren’s syndrome. The HIV oral wart program has received Orphan Drug Designation from the U.S. FDA. Our POCT portfolio includes clinical-stage tools such as Ainos Flora, while legacy products, including our COVID-19 test kits, have been discontinued.

1. AI Nose – Digital Olfaction Platform

AI Nose is our proprietary digital olfaction platform. We develop integrated hardware solutions with third-party gas sensors and our AI algorithm which we refer to as the smell language model (SLM). It aims to digitize scent and volatile organic compound (VOC) profiles into structured data (“Smell ID”) for analysis and classification. Backed by our extensive scent data moat and medtech expertise, AI Nose aims to deliver continuous monitoring, predictive analytics, and instant alerts to enhance safety, quality, and efficiency. To be delivered as SmellTech-as-a-Service, it aims to offer subscription access to ongoing scent intelligence, analytics, and real-time alerts, turning the invisible into strategic advantage.

While we initially applied AI Nose in healthcare through point-of-care testing (POCT) devices, we are actively expanding its use into industrial and robotics settings. Through September 2025, we have formed several strategic partnerships to deploy AI Nose across a range of industrial environments. Aligned with this strategy, in the third quarter 2025, we launched our AI Nose modules for industrial applications and showcased the product in Automation Taipei and Semicon Taiwan.

We are working with ugo, Inc., a Japanese robotics company, to integrate AI Nose into autonomous robots for environmental monitoring, safety, and healthcare support. We are working with ugo to pilot deploy service robots equipped with AI Nose at seven industrial sites in Japan, spanning pharmaceutical manufacturing, facility management, energy operations, power substations, and water treatment plants. We believe this marks an important milestone in robotic perception, blending olfactory sensing with industrial AI.

With ASE Technology Holding Co., Ltd. (“ASEH”), a Taiwan-based global semiconductor packaging and testing company, we are targeting AI Nose deployment across key manufacturing sites to enable real-time anomaly detection and process monitoring. In August 2025, we signed a three-year subscription-based order, valued at $2.1 million, to deploy 1,400 AI Nose units across ASEH’s three manufacturing sites.

We are partnering with Topco Scientific Co., Ltd. (“Topco”), one of Taiwan’s leading semiconductor solution providers, to accelerate the commercialization of our AI Nose platform, leveraging Topco’s extensive global network across semiconductors, optoelectronics, renewable energy, and healthcare industries.

We are also collaborating with Kenmec Mechanical Engineering Co., Ltd., a Taiwan-based provider of automation and smart logistics solutions, to integrate AI Nose into smart factory ecosystems, including robotics, HVAC systems, public infrastructure, airports, logistics, and healthcare applications. Kenmec’s subsidiary will manufacture AI Nose devices under this partnership.

We are partnering with Solomon Technology Corporation (“Solomon”), a Taiwan-based company specializing in machine vision, industrial AI, and smart automation. Solomon is marketing AI Nose on a non-exclusive basis to customers in semiconductors, petrochemicals, autonomous mobile robots (AMRs), defense, and healthcare. Together, we are exploring ways to combine AI Nose with Solomon’s machine vision and inspection technologies.

In parallel, we are co-developing a VOC sensing platform with Nisshinbo Micro Devices Inc. (NISD) and Taiwan Inabata Sangyo Co. to build compact, high-performance sensors for telehealth, automotive, industrial safety, and environmental monitoring. Our current efforts currently focus on semiconductor and long-term care applications.

2. Point-of-Care Testing (POCT)

Our POCT products aim to provide simple, effective, and telehealth-friendly tests that deliver results within minutes. Our detection platforms include VOC sensing powered by AI Nose, lateral flow immunochromatographic assays, and nucleic acid technologies. We are currently prioritizing development based on VOC sensing, including the following:

• Long-term Care Monitoring: We are applying AI Nose to provide telehealth-friendly, non-invasive monitoring of long-term care patients, including detection of bowel movements through scent analysis. Pilot deployments are planned in Japan and Taiwan.
• Ainos Flora: A non-invasive VOC-based test designed to assess female vaginal health and detect certain sexually transmitted infections (STIs). A companion mobile app is in development. Clinical studies are ongoing in Taiwan, and we are exploring commercialization through strategic partners.
• Ainos Pen: A portable, cloud-connected breath analyzer for general wellness and health monitoring. It is designed to support rapid health assessments and telehealth consultations.
• CHS430 Device: A VOC-based diagnostic system under development to detect ventilator-associated pneumonia (VAP) non-invasively, with results expected in minutes.
• COVID-19 Antigen Rapid Test Kit: We previously marketed COVID-19 antigen test kits in Taiwan under emergency use authorization issued by the Taiwan Food and Drug Administration (TFDA) to TCNT, the product manufacturer. We ceased selling this product in the first quarter of 2024.

3. VELDONA – Low-Dose Oral Interferon Therapeutics

VELDONA is our proprietary low-dose oral interferon platform targeting rare, autoimmune, and infectious diseases across both human and animal health.

Our human pipeline includes oral drug candidates for the treatment of oral warts in human immunodeficiency virus (HIV) seropositive patients, Sjögren’s syndrome, common cold, influenza, and mild COVID-19 symptoms. We have conducted Phase 2 studies for all programs except for COVID-19. The U.S. Food and Drug Administration (FDA) has granted Orphan Drug Designation for our VELDONA formulation as a potential treatment for oral warts in HIV-seropositive patients. Our near-term focus is on two lead indications, with clinical studies underway in Taiwan: oral warts in human immunodeficiency virus (HIV) seropositive patients and Sjögren’s syndrome.

In veterinary health, we are conducting clinical studies in Taiwan for feline chronic gingivostomatitis (FCGS), a chronic oral inflammatory condition. We believe interim results from these trials have shown symptom improvement and reduced reliance on steroid use. In addition, in Taiwan, we market VELDONA Pet, a supplement formulated to support canine and feline health, including gums, skin, eyes, and allergy-related conditions.

Commercialization and Development Priorities

Our top near-term priority is scaling the AI Nose platform in industrial, robotics, and long-term care settings, through our partnerships and supported by a subscription-based model that aims to offer AI-driven scent analytics and hardware services. This Smelltech-as-a-Service (SaaS) approach is designed to generate recurring revenue, while we continue targeted, capital-efficient clinical validation of Ainos Flora in Taiwan and explore potential partnerships or licensing opportunities.

In parallel, we are advancing select VELDONA programs through cost-effective clinical studies in Taiwan, balancing development progress with capital discipline and exploring potential licensing or partnership opportunities.

We may reprioritize programs based on funding availability, regulatory progress, or market conditions.

As of September 30, 2025, we had available cash and cash equivalents of $1,128,217. We anticipate business revenues and external financing options, if necessary, to fund our operations over the next twelve months. We have based this estimate on assumptions that may prove to be incorrect, and we could exhaust our available capital resources sooner than we expect. See “Liquidity and Capital Resources” for additional information. To finance our continuing operations, we will need to raise additional capital, which cannot be assured.

Recent Development

Effective June 30, 2025, at 5:01 a.m., Central time (the “Effective Time”), the Company filed a certificate of amendment (the “Certificate of Amendment”) to amend its Restated Certificate of Formation, as amended, with the Secretary of the State of Texas, to effect a reverse stock split of the Company’s common stock at a ratio of 1-for-5 (the “Reverse Stock Split”).

The terms of the Reverse Stock Split are such that every five shares of the Company’s issued and outstanding common stock were automatically combined into one issued and outstanding share of common stock, without any change in par value per share. Holders of fractional shares were paid out in cash for the fractional portion. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who would otherwise be entitled to a fraction of one share as a result of the Reverse Stock Split instead received an amount in cash equal to such fraction of a share multiplied by the closing sale price of common stock on Nasdaq on June 27, 2025, as adjusted for the Reverse Stock Split. The number of outstanding options and warrants was adjusted accordingly. The Reverse Stock Split does not otherwise modify any rights or preferences of the Company’s common stock.

Effective at market open on June 30, 2025, the Company’s common stock began trading on a split-adjusted basis on Nasdaq.

Results of Operations for Quarter Ended September 30, 2025 (“Q3 2025”) and September 30, 2024 (“Q3 2024”):

Revenues, Cost and Gross Loss

The Company reported $2,167 and nil in revenue in Q3 2025 and Q3 2024, respectively, from product sales of VELDONA pet supplements in Taiwan. The increase was due to include sales volume of VELDONA pet supplements and exchange rate fluctuation, while we were advancing pilot programs for our AI Nose platform during this quarter.

The cost of revenue related to product sales in Q3 2025 was $477 compared to $547 in Q3 2024. The decrease in cost of revenue was due to lower produce volume for VELDONA pet supplements during the reporting period, as the Company shifts operational focus to AI Nose platform.

Gross profit from product sales in Q3 2025 was $1,690 as compared to $547 gross loss from product sales in Q3 2024. The increase in gross profit was due to increase the sale volume.

Research and Development (R&D) Expenses

R&D expenses in Q3 2025 and Q3 2024 were $1,990,630 and $2,022,244, respectively. The decrease of $31,614 (2%) was due to reduced expenses associated with co-research for technology partially offset by increased product and staffing expenditures (including share-based compensation). We expect that our R&D expenses related to clinical trials will continue to grow as we further develop AI Nose, VOC POCT and VELDONA drug candidates.

The share-based compensation expense and the depreciation and amortization expense in Q3 2025 and Q3 2024 were $1,378,248 and $1,305,461, respectively. When excluding these non-cash expenses, R&D expenses decreased to $612,382 in Q3 2025 from $716,783 in Q3 2024.

Selling, General and Administrative (SG&A) Expenses

SG&A expenses were $795,253 and $1,015,758 in Q3 2025 and Q3 2024, respectively, reflecting a decrease of $220,505 (22%) due to a significant decrease in share-based compensation, D&O insurance fee and SEC reporting related fees.

The share-based compensation expense and the depreciation and amortization expense in Q3 2025 and Q3 2024 were $176,749 and $377,020 respectively. When excluding these non-cash expenses, SG&A expenses decreased to $618,504 in Q3 2025 compared to $638,738 in Q3 2024.

Operating Loss

The Company’s operating loss was $2,784,193 and $3,038,549 in Q3 2025 and Q3 2024, respectively, reflecting a $254,356 (8%) decrease in operating loss between the reporting periods. We continued to invest resources to execute our growth strategy and product roadmap to improve our profitability.

Interest Expense and Issuance Cost of Convertible Note

In Q3 2025, interest expense was $176,584 compared to $264,648 in Q3 2024. The decrease in interest expense was due to the company paid off Lee’s convertible note, the convertible note of principal amount is decrease.

Net Loss

Net loss was $2,931,702 in Q3 2025 compared to $3,699,317 in Q3 2024, resulting in a $767,615 (21%) decrease in net loss attributable to our shareholders of common stock. The net loss was due to expanding operating expense as we continued to invest resources to execute our growth strategy and product roadmap to improve our profitability.

Results of Operations for Nine Months Ended September 30, 2025 (“first nine months 2025”) and September 30, 2024 (“first nine months 2024”):

Revenues, Cost and Gross Loss

The Company reported $113,037 and $20,729 in revenue in the first nine months of 2025 and the first nine months of 2024, respectively, from product sales of VELDONA pet supplements in Taiwan and VOC sensing products related to NISD co-development. The increase in revenue was due to realization of $112,349 in revenues from sales of VOC sensing products related to NISD co-development.

The cost of revenue related to product sales in the first nine months of 2025 was $19,647 compared to $52,674 in the first nine months of 2024. The decrease in cost of revenue was due to a change in product compositions.

The share-based compensation expense and the depreciation expense for manufacturing in the first nine months of 2025 and the first nine months of 2024 were nil and $9,032, respectively. When excluding these non-cash cost, cost of revenue decreased to $19,647 in the first nine months of 2025 compared to $43,642 in the first nine months of 2024.

Gross profit from product sales in the first nine months of 2025 was $93,390 as compared to $31,945 gross loss from product sales in the first nine months of 2024. The increase in gross profit was due to increase of sales volume of VEDONA pet supplements and a change in product compositions.

When excluding these non-cash costs, gross profits were $93,390 in the first nine months of 2025 compared to $22,913 gross loss in the first nine months of 2024.

Research and Development (R&D) Expenses

R&D expenses in the first nine months of 2025 and the first nine months of 2024 were $5,626,514 and $6,085,648, respectively. The decrease of $459,134 (8%) was due to decreased expenses associated with clinical trial fees, co-research for technology and product and staffing expenditures (including share-based compensation) offset by increased patent application and maintenance fee. We expect that our R&D expenses related to clinical trials will continue to grow as we further develop AI Nose, VOC POCT and VELDONA drug candidates.

The share-based compensation expense and the depreciation and amortization expense in the first nine months of 2025 and the first nine months of 2024 were $3,780,461 and $3,866,581, respectively. When excluding these non-cash expenses, R&D expenses decreased to $1,846,053 in the first nine months of 2025 from $2,219,067 in the first nine months of 2024.

Selling, General and Administrative (SG&A) Expenses

SG&A expenses were $4,159,627 and $3,090,056 in the first nine months of 2025 and the first nine months of 2024, respectively, reflecting an increase of $1,069,571 (35%) due to a significant increase in share-based compensation offset by a decrease in professional expenses, D&O insurance fee and SEC related fees.

The share-based compensation expense and the depreciation and amortization expense in the first nine months of 2025 and the first nine months of 2024 were $2,387,907 and $1,053,642 respectively. When excluding these non-cash expenses, SG&A expenses decreased to $1,771,720 in the first nine months of 2025 compared to $2,036,414 in the first nine months of 2024.

Operating Loss

The Company’s operating loss was $9,692,751 and $9,207,649 in the first nine months of 2025 and the first nine months of 2024, respectively, reflecting a $485,102 (5%) increase in operating loss between the reporting periods. This increase reflects our continued to invest resources to execute our growth strategy and advance our product roadmap to improve our profitability.

Interest Expense and Issuance Cost of Convertible Note

In the first nine months of 2025, interest expense was $534,986 compared to $432,097 in the first nine months of 2024. The increase in interest expense was due to accrued interest for convertible notes issued in May 2024 has a higher principal amount compared to the same period in 2024.

Net Loss

Net loss was $10,302,714 in the first nine months of 2025 compared to $10,209,149 in the first nine months of 2024, resulting in a $93,565 (1%) increase in net loss attributable to our shareholders of common stock. The net loss was due to expanding operating expense as we continued to invest resources to execute our growth strategy and product roadmap to improve our profitability.

Liquidity and Capital Resources

As of September 30, 2025 and December 31, 2024, the Company had available cash of $1,128,217 and $3,892,919, respectively.

The following table summarizes our cash flow during the nine months ended September 30, 2025 and 2024:

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Operating activities:

Cash used in operating activities decreased by $1,184,357 during the first nine months of 2025 compared to the first nine months of 2024. Our net loss for the first nine months of 2025 increased by $93,565 primarily due to the company expanding operating expense. The operating cash outflow as a result of changes in operating assets and liabilities was mainly attributable to:

• Non-cash expenses including share-based compensation, depreciation and amortization, issuance cost of secured convertible note, and change in fair value of senior secured convertible note, issuance common stock for paying consulting fees increased approximately by $805,100;
• Working capital injected into accounts receivable, inventories and other current assets decreased by approximately $199,400; and
• Working capital injected into accrued expenses, operating lease liabilities, contract liabilities and other current and long-term liabilities increased by approximately $672,100.

Investing activities

Cash used for investing activities were $13,112 and $138,577 during the first nine months of 2025 and the first nine months of 2024, respectively. The increase was due to a reduction in refundable deposits and other noncurrent assets offset by increase in purchases of property and equipment.

Financing activities

Cash provided by financing activities were $852,635 and $8,295,746 during the first nine months of 2025 and the first nine months of 2024, respectively. The $7,443,111 decrease was primarily reflected by the following:

• Proceeds from convertible notes and other notes payable financing decreased by $9,875,000; and
• Proceeds from at-the-market offering, net of issuance costs increased by $1,852,895; and
• Payments of issuance cost of senior secured convertible note measured at fair value decreased by $97,500.
• Repayments of convertible note increased by $1,000,000.
• Repayments of senior secured convertible note decrease by $1,439,754
• Repayments of other note decreased by $42,000
• Fractional shares paid out in cash for the reverse stock split increase by $260

In the near-term, we expect to invest in our product development and clinical trial activities to advance our product pipeline. We may also increase our sales and marketing efforts.

The Company anticipates that cash reserves, business revenues, and potential debt financing through convertible and non-convertible notes will fund the Company’s operations over the next twelve months. There can be no assurance that we will be successful in our efforts to make the Company profitable. If those efforts are not successful, the Company may raise additional capital through the issuance of equity securities, debt financings or other sources to further implement its business plan. However, if such financing is not available when needed and at adequate levels, the Company will need to reevaluate its operating plan.

Critical Accounting Policies and Significant Management Estimates

Our management’s discussion and analysis of our financial condition and results of operations are based on our unaudited condensed financial statements, which have been prepared in accordance with the accounting principles generally accepted in the United States, or U.S. GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses.

We evaluate our estimates and judgments, including those related to inventory valuation, useful lives of property and equipment, valuation of stock option, warrants and convertible note, and impairment testing of intangible assets, on an ongoing basis. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

There have been no material changes to our critical accounting policies and estimates as compared to the critical accounting policies and estimates disclosed in “Management’s Discussion and Analysis - Critical Accounting Policies and Significant Management Estimates” of our 2024 Annual Report, except for those accounting subjects discussed in the Notes, if any, to the unaudited condensed financial statements included in this Quarterly Report on Form 10-Q.

We are a smaller reporting company as defined in Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this Item 3.

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, have evaluated our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on the evaluation of our disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2025.

Changes in Internal Control over Financial Reporting

There were no changes in our internal controls over financial reporting during the period covered by this Quarterly Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

This Quarterly Report contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed in this Quarterly Report. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this Quarterly Report.

You should carefully consider the risk factors disclosed in our 2024 Annual Report, together with all other information in this Quarterly Report, including our unaudited condensed financial statements and notes thereto, and in our other filings with the Securities and Exchange Commission. If any such risks, including the risk set out below, or other risks not presently known to us or that we currently believe to not be significant, develop into actual events, then our business, financial condition, results of operations or prospects could be materially adversely affected. If that happens, the market price of our common stock could decline, and stockholders may lose all or part of their investment.

Information on risk factors can be found in Part I, Item 1A (Risk Factors) of our 2024 Annual Report. Other than the following risk factor, there have been no material changes from the risk factors previously disclosed in our 2024 Annual Report, other than the risk factor set forth below.

Fluctuating foreign currency and exchange rates may negatively impact our business, results of operations, and financial position.

Due to our foreign operations, a portion of our business is denominated in foreign currencies. As a result, fluctuations in foreign currency and exchange rates may have an impact on our business, results of operations and financial position. Foreign currency exchange rates have fluctuated and may continue to fluctuate. Significant foreign currency exchange rate fluctuations may negatively impact our international revenue, which in turn would affect our consolidated revenue. Currencies may be affected by internal factors, general economic conditions and external developments in other countries, all of which can have an adverse impact on a country’s currency. We cannot predict whether we will incur foreign exchange losses in the future. Further, significant foreign exchange fluctuations resulting in a decline in the respective local currency may decrease the value of our foreign assets, as well as decrease our revenues and earnings from our foreign subsidiaries, which would reduce our profitability and adversely affect our financial position.

Policy changes affecting international trade could adversely impact the demand for our products and our competitive position.

Changes in government policies on foreign trade and investment can affect the demand for our products and services, impact the competitive position of our products and services or prevent us from being able to sell products and services in certain countries. The implementation of more restrictive trade policies, such as more detailed inspections, higher tariffs, import or export licensing requirements, economic sanctions, anti-boycott laws, exchange controls or new barriers to entry could have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, the Trump Administration has announced tariffs on certain imports from Canada, Mexico and the EU, among others, that could affect the demand for our products. Such tariffs and any retaliatory tariffs (including those announced by China, Canada and Mexico) may put upwards pressure on prices in other jurisdictions from which we purchase product components, which could reduce our ability to offer competitive pricing to potential customers. We cannot predict what changes to trade policy will be made by the Trump Administration, the U.S. Congress or other governments, including whether existing tariff policies will be maintained or modified or whether the entry into new bilateral or multilateral trade agreements will occur, nor can we predict the effects that any such changes would have on our business or the global economy. Changes in U.S. trade policy, or threat of such changes, have resulted and could again result in reactions from U.S. trading partners, including adopting responsive trade policies making it more difficult or costly for us to export our products or import products or product components from countries where we currently purchase products or product components or sell products or services. Such changes, or threatened changes, to trade policy or in laws and policies governing foreign trade, and any resulting negative sentiments towards the United States as a result of such changes, could materially and adversely affect our business, financial condition, results of operations and liquidity.