Anbio Biotechnology (NNNN)

Price$6.46Cached quoteAs of 2026-09-04 16:23 UTC

AI: Overvalued

Valuation remains demanding despite the sharp share-price declineAt $5.53 and approximately 43.89 million economically participating Class A shares, Anbio's equity value is about $243 million, roughly 28x FY2025 revenue and 38x FY2025 net income.

FY2025 revenue increased only 5.6% to $8.65 million while net income reached $6.40 million. The market value is also about 8.0x FY2025 shareholders' equity of $30.16 million. Anbio's unusually high reported margins and debt-light balance sheet merit a premium, but the valuation remains high for a very small diagnostic supplier with negative operating cash flow, concentrated customers and suppliers, limited U.S. regulatory penetration and no reported 2026 interim operating results.

High margins are impressive, but cash conversion raises revenue-quality questionFY2025 gross margin expanded to 87.2% and operating margin to 66.7%, yet operating cash flow swung to negative $6.74 million despite $6.40 million of reported net income.

Management attributed margin expansion to product mix, customer selection and procurement cost control. Cash conversion was much weaker because accounts receivable increased by $2.59 million and supplier prepayments increased by $8.40 million. Year-end receivables were $3.66 million, while prepayments reached $14.08 million, nearly half of total assets. One customer represented 82% of receivables, making collections and working-capital normalization important tests of earnings quality.

International point-of-care portfolio is broad but commercially concentratedAnbio markets IVD solutions spanning LFIA, FIA, LAMP, RT-PCR, chemiluminescence and dry chemistry for laboratory, point-of-care and OTC settings across Europe, APAC and other international markets.

Molecular assays include rapid LAMP testing capable of point-of-care use, while the broader portfolio addresses infectious disease, cardiovascular, cancer, hormone and other biomarkers. Pandemic dependence is falling: the SARS-CoV-2 and SARS-CoV-2/Flu A/B antigen products contributed about 20% of FY2025 sales versus 54% in FY2024. However, two customers generated 35% and 12% of FY2025 revenue, and two suppliers accounted for 100% of purchases, leaving substantial customer and supply-chain concentration.

Balance sheet is strong, but regulatory, competition and dilution risks are mateAnbio ended FY2025 with $30.24 million of assets, only $0.088 million of liabilities and $30.16 million of equity, with no meaningful reported debt, but commercialization requires continued regulatory execution.

The supplied FY2025 snapshot reports $16.9 million of cash and no total debt, giving Anbio substantial solvency flexibility. The company states that some molecular assays are registered for commercialization in the EU, but it had no products with U.S. FDA 510(k) clearance as of its annual report. EU IVDR compliance can require constrained Notified Body capacity. Competition includes established diagnostic companies, competing rapid-test platforms and entrenched healthcare distribution relationships. A July 2026 automatic shelf registration permits future shares, debt, warrants and other securities, adding potential dilution risk.

AI: News

July shelf registration increases financing flexibility and dilution optionalityAnbio's most recent SEC filing is a July 9 automatic shelf registration covering Class A shares, debt, warrants, rights, units and other securities.

The base F-3ASR does not itself announce a specific financing, but it gives Anbio broad flexibility to raise capital or facilitate selling-shareholder offerings through future prospectus supplements. That flexibility is useful for international commercialization and product investment, while also creating an overhang because additional Class A issuance could dilute existing investors. The filing followed a strong FY2025 accounting profit but negative operating cash generation.

Commercialization is shifting beyond COVID while U.S. access remains a future opThe latest operating disclosures show non-COVID diagnostics becoming a larger part of sales, while Anbio continues promoting decentralized and rapid testing internationally.

COVID and combination respiratory antigen products declined to roughly 20% of FY2025 revenue from 54% in FY2024, indicating meaningful mix diversification. Anbio previously launched a Chikungunya IgM/IgG rapid test and a 15-minute ultra-fast PCR system and in March 2026 highlighted its diagnostic pipeline and commercialization strategy at the KeyBanc healthcare forum. As of September 17, no newer substantive company press release was found after that March announcement; regulatory expansion into the U.S. still depends on obtaining FDA clearances.

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

No reported data

Total cash / debt

CashTotal debt

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2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$8.6M	$8.2M	$6.7M	$23.5M	—
Gross profit	$7.5M	$5.9M	$3.4M	$12.6M	—
Gross margin	87.24%	71.90%	50.07%	53.36%	—
Research & development	$201,305	$454,227	$134,700	$200,000	—
Operating expenses	$1.8M	$3.9M	$1.4M	$2.4M	—
Operating income	$5.8M	$2.0M	$2.0M	$10.2M	—
Operating margin	66.70%	24.38%	29.22%	43.30%	—
EBITDA	$5.8M	$2.0M	$2.0M	$10.0M	—
EBITDA margin	66.70%	24.38%	29.39%	42.58%	—
Net income	$6.4M	$2.4M	$2.3M	$10.0M	—
Net profit margin	74.06%	28.99%	33.58%	42.52%	—
Basic EPSper basic share	$0.15	$0.06	$0.11	$100,112.00	$0.03
Diluted EPSper diluted share	$0.15	$0.06	$0.11	$100,112.00	$0.03

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

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Top 12 reported holders of NNNN
Holder	Shares held
GEODE CAPITAL MANAGEMENT, LLC	26.74K
BANK OF AMERICA CORP /DE/	13.42K
BNP PARIBAS FINANCIAL MARKETS	11.8K
MARSHALL WACE, LLP	11.5K
MORGAN STANLEY	7.23K
UBS Group AG	828
EverSource Wealth Advisors, LLC	187
OSAIC HOLDINGS, INC.	77
JPMORGAN CHASE & CO	53
Bare Financial Services, Inc	15
Larson Financial Group LLC	5
Silver Grove Financial Group, Inc.	4

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

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Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

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