Core Insights - Xiao-I Corporation reported approximately $70.31 million in revenue for 2024, marking an 18.8% year-over-year growth, driven by demand for its AI solutions and hardware sales [1][2] - The company achieved a gross profit margin improvement of 2 percentage points, reaching 68.3% in 2024, compared to 66.6% in 2023 [3] - Net loss narrowed significantly to $14.55 million in 2024, a 46.1% reduction from $27.01 million in 2023, indicating improved cost management and revenue scalability [4] Financial Performance - Revenue for 2024 was approximately $70.31 million, up 18.8% from the previous year, primarily due to increased demand for Hua Zang LLM-powered Model-as-a-Service (MaaS) solutions and AI hardware sales [2] - Gross profit increased from $39.42 million in 2023 to $48.05 million in 2024, reflecting a growth rate of approximately 21.9% [2] - Research and development expenses decreased by 33.8% to $34.66 million in 2024 from $52.39 million in 2023, showcasing improved efficiency [3] Legal Matters - Xiao-I Corporation is involved in legal proceedings against Apple Inc. regarding alleged patent infringement, with all legal processes completed and awaiting the court's final ruling [5] Management Outlook - Management emphasized the company's evolution into a mature AI-driven growth entity, with a focus on achieving profitability in 2025 through hardware innovations and disciplined execution [6] - The company faces material risks, including geopolitical fragmentation and supply chain resilience challenges, but maintains a strong domestic operational base to mitigate some risks [6] Company Overview - Xiao-I Corporation is a leading cognitive intelligence enterprise in China, specializing in a wide range of AI solutions, including natural language processing and machine learning [7]