Xiao‑I Corporation Crosses into Profitability on Run‑Rate Basis; Pre‑Announces 2024 Revenue Up 19% and Guides to Full‑Year Profit in 2025

Core Insights - Xiao-I Corporation has reported a revenue of approximately US$70.3 million for the year ended December 31, 2024, reflecting a 19% year-over-year increase driven by the adoption of its HuaZang large language model as a Model-as-a-Service and rising sales of AI-powered consumer hardware [2][3] - The company achieved a gross margin improvement to 69% in 2024, up from 67% in 2023, due to a higher-margin service mix and scale efficiencies [3] - Xiao-I has narrowed its net loss to US$12.9 million, marking a 52% improvement from the previous year, attributed to disciplined cost control and revenue growth [3] Financial Highlights - Revenue: ~US$70.3 million in 2024, +19% YoY [3] - Gross Margin: Improved to 69% (vs. 67% in 2023) [3] - Net Loss: Narrowed to US$12.9 million, a 52% improvement from 2023 [3] Management Commentary - The company has expressed confidence in achieving full-year profitability in 2025, supported by the momentum in HuaZang MaaS deployments and AI hardware sales [4] - The focus will remain on high-margin, recurring revenue streams while investing in innovation to strengthen competitive advantages [4] Litigation Update - Xiao-I has ongoing litigation against Apple Inc. for alleged patent infringement related to voice-assistant technologies, with a ruling from the Shanghai High People's Court pending [5]