Xiao-I Corporation announced its audited financial results for the year 2024 on May 15, 2025, reporting approximately $70.31 million in revenue, an 18.8% year-over-year growth. This growth was driven by demand for its Hua Zang LLM-powered Model-as-a-Service (MaaS) solutions and AI hardware sales.
The company's gross profit increased by 21.9% to $48,049,547 in 2024, with the gross profit margin improving to 68.3% from 66.6% in 2023. Research and development expenses decreased by 33.8% to $34.66 million, reflecting improved efficiency.
Net loss significantly narrowed by 46.1% to $14.55 million in 2024, down from $27.01 million in 2023. These results position the company to achieve profitability in 2025, supported by disciplined cost management and revenue scalability.
In a related update, Xiao-I Corporation's legal proceedings against Apple Inc. regarding alleged patent infringement saw key developments in 2024. The trial phase concluded on July 31, 2024, and the Shanghai High People's Court convened the second session of hearings on November 1, 2024.
As of the date of this release, all legal processes have been completed, with all parties awaiting the court's final ruling. The outcome of this lawsuit remains uncertain but could have material financial implications for the company.
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