AI Financial Corporation
AIFC Technology Software Infrastructure
AI Financial Corporation’s revenue for fiscal 2025 (year ended December 2025) was $24.8 million, up 109.0% from fiscal 2024. In the quarter to June 2026, revenue fell 62.2%, EPS fell 242.0%, free cash flow fell 16.1% and total debt rose 31.9%, each against the same quarter a year earlier.
Follow AIFC
AI Financial Corporation (AIFC) Beneish M-score
AI Financial Corporation's Beneish M-score for fiscal 2025 is −2.71; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.71 | (104.54) |
| FY2022 | 101.83 | 103.81 |
| FY2021 | −1.98 | 2.61 |
| FY2020 | −4.59 | (0.57) |
| FY2019 | −4.02 | 0.03 |
| FY2018 | −4.05 | (4.14) |
| FY2017 | 0.09 | 2.60 |
| FY2016 | −2.50 | (1.37) |
| FY2015 | −1.13 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.40 | — | 0.37 | |
| Gross margin index | 1.16 | — | 0.61 | |
| Asset quality index | 1.84 | — | 0.74 | |
| Sales growth index | 2.09 | — | 1.86 | |
| Depreciation index | 0.54 | — | 0.06 | |
| SG&A index | 1.26 | — | −0.22 | |
| Total accruals to total assets | (0.27) | — | −1.28 | |
| Leverage index | 0.07 | — | −0.02 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.71 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| VERI Veritone, Inc. compare | −3.8× |
| LYLTQ Loyalty Ventures Inc. compare | −3.1× |
| REKR Rekor Systems, Inc. compare | −2.9× |
| AIFC AI Financial Corporation | −2.7× |
| FATN FatPipe, Inc. compare | −1.4× |
| BNAI Brand Engagement Network Inc. compare | −0.1× |
| AVX AVAX One Technology Ltd. compare | 72.6× |
| AILEQ iLearningEngines, Inc. compare | — |
| VHC VirnetX Holding Corp compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI