Overview
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- TickerAIXI on Nasdaq1
- IndustryServices-Prepackaged Software1
- HeadquartersShanghai, China1
- Incorporated inCayman Islands4
- Business address7Th Floor, Building 398, No. 1555 West Jinshajiang Rd., Shanghai, F4 2018034
- Filer categoryNon-accelerated filer, Emerging growth company4
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INVESTMENTS INC invested $667,000 in Xiao-I Plus Inc., acquiring a 40% ownership stake, with AI Plus retaining 60%.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
44.4%Gross margin3
-783.6%Operating margin3
-821.1%Net margin3
17054.9%Revenue growth, 20253
-$3.7MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Platform Products brought in 34% of the revenue Xiao-I Corp broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Platform Products | $47.0M | $40.9M | $4.3M |
| Sale Of Cloud Platform Products | $47.0M | $40.9M | $4.3M |
| Technology Service | $7.8M | $24.1M | $2.1M |
| Hardware Products | $75.4K | $1.4M | $567.9K |
| Sale Of Hardware Products | $75.4K | $1.4M | $567.9K |
| Sale Of Software Products | $1.6M | $1.5M | $472.6K |
| Software Products | $1.6M | $1.5M | $472.6K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue22¢$6.8M
- Research and development78¢$24.5M
Out of $12.3M in revenue.3 The company lost money this year.
Financial statements
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net revenues | $12.3M | $70.3M | $59.2M |
| Cost of revenues | -$6.8M | -$22.3M | -$19.7M |
| Gross profit | $5.5M | $48.0M | $39.4M |
| Selling expenses | -$1.1M | -$3.3M | -$4.6M |
| General and administrative expenses | -$76.6M | -$22.9M | -$4.4M |
| Research and development expenses | -$24.5M | -$34.7M | -$52.4M |
| Total operating expenses | -$102.1M | -$60.9M | -$61.3M |
| Loss from operations | -$96.6M | -$12.9M | -$21.9M |
| Investment (loss)/income | -$81.6K | $75.5K | |
| Interest expenses, net | -$3.1M | -$2.3M | -$2.3M |
| Foreign currency exchange (loss)/gain | -$148.1K | $3.9K | $2.8K |
| Gain (Loss) from disposal of property, plant and equipment | -$1.8M | ||
| Impairment loss on an unconsolidated entity | -$2.5M | ||
| Other income, net | $2.3M | $717.3K | $949.1K |
| Total other expenses | -$5.2M | -$1.7M | -$1.3M |
| Loss before income tax expense | -$101.8M | -$14.6M | -$23.2M |
| Income tax expense | -$3.8M | ||
| Net loss | -$101.8M | -$14.6M | -$27.0M |
| Net loss attributable to non-controlling interests | -$605.4K | -$45.9K | -$544.0K |
| Net loss attributable to XIAO-I CORPORATION shareholders | -$101.2M | -$14.5M | -$26.5M |
| Foreign currency translation change, net of nil income taxes | -$1.5M | $233.7K | $303.1K |
| Total other comprehensive income | -$1.5M | $233.7K | $303.1K |
| Total comprehensive loss | -$103.3M | -$14.3M | -$26.7M |
| Total comprehensive income/(loss) attributable to non-controlling interests | -$467.1K | $37.6K | -$505.0K |
| Total comprehensive loss attributable to XIAO-I CORPORATION shareholders | -$102.9M | -$14.4M | -$26.2M |
| Basic (in Dollars per share) | -$2.44 | -$0.56 | -$1.12 |
| Diluted (in Dollars per share) | -$2.44 | -$0.56 | -$1.12 |
| Basic (in Shares) | 41.5M shares | 25.8M shares | 23.6M shares |
| Diluted (in Shares) | 41.5M shares | 25.8M shares | 23.6M shares |
| Share based compensation | $5.8M | $1.6M |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $2.3M | $846.6K | ||
| Restricted cash | $116.9K | |||
| Accounts receivable, net | $6.3M | $55.5M | ||
| Inventories | $14.4K | |||
| Contract costs | $1.8M | $2.5M | ||
| Advance to suppliers | $36.5K | $3.2M | ||
| Prepaid expenses and other current assets, net | $1.3M | $792.7K | ||
| Total current assets | $11.9M | $76.5M | ||
| Property and equipment, net | $141.8K | $1.9M | ||
| Intangible assets, net | $114.4K | $143.4K | ||
| Long-term investments | $2.5M | |||
| Right of use assets | $62.0K | $833.0K | ||
| Prepaid expenses and other non-current assets | $3.7M | $3.7M | ||
| Total non-current assets | $4.0M | $9.0M | ||
| TOTAL ASSETS | $15.9M | $85.5M | ||
| Short-term borrowings | $29.2M | $32.9M | ||
| Accounts payable | $39.2M | $27.1M | ||
| Deferred revenue | $2.8M | $2.4M | ||
| Convertible loans | $2.0M | $216.8K | ||
| Accrued expenses and other current liabilities | $29.9M | $23.3M | ||
| Lease liabilities, current | $40.1K | $483.7K | ||
| Total current liabilities | $103.3M | $86.6M | ||
| Accrued liabilities, non-current | $8.5M | $7.0M | ||
| Long-term borrowing | $1.4M | |||
| Lease liabilities, non-current | $18.4K | $296.0K | ||
| Total non-current liabilities | $17.5M | $14.7M | ||
| TOTAL LIABILITIES | $120.8M | $101.3M | ||
| Ordinary shares (par value of $0.00005 per share; 1,000,000,000 shares and 1,000,000,000 shares authorized as of December 31, 2024 and 2025, respectively; 31,949,038 shares and 55,235,284 shares issued and outstanding as of December 31, 2024 and 2025, respectively) | $2.8K | $1.6K | ||
| Preferred shares (par value of $0.00005 per share; 3,700,000 preferred shares authorized as of December 31, 2024 and 2025, respectively; 3,700,000 preferred shares issued and outstanding as of December 31, 2024 and 2025, respectively) | $185 | $185 | ||
| Additional paid-in capital | $130.1M | $115.7M | ||
| Statutory reserve | $237.5K | $237.5K | ||
| Accumulated deficit | -$226.6M | -$125.3M | ||
| Accumulated other comprehensive loss | -$4.4M | -$2.8M | ||
| XIAO-I CORPORATION shareholders deficit | -$100.6M | -$12.2M | ||
| Non-controlling interests | -$4.3M | -$3.6M | ||
| Total shareholders deficit | -$104.9M | -$15.8M | -$8.5M | -$9.0M |
| TOTAL LIABILITIES AND SHAREHOLDERS DEFICIT | $15.9M | $85.5M | ||
| Ordinary shares, per share (in Dollars per share) | $0.00 | $0.00 | ||
| Ordinary shares, shares authorized (in Shares) | 1.0B shares | 1.0B shares | ||
| Ordinary shares, shares issued (in Shares) | 55.2M shares | 31.9M shares | ||
| Ordinary shares, shares outstanding (in Shares) | 55.2M shares | 31.9M shares | ||
| Preferred shares, par value (in Dollars per share) | $0.00 | $0.00 | ||
| Preferred shares, shares authorized (in Shares) | 3.7M shares | 3.7M shares | ||
| Preferred shares, shares issued (in Shares) | 3.7M shares | 3.7M shares | ||
| Preferred shares, shares outstanding (in Shares) | 3.7M shares | 3.7M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $2.3M | $846.6K | ||
| Restricted cash | $116.9K | |||
| Accounts receivable, net | $6.3M | $55.5M | ||
| Inventories | $14.4K | |||
| Contract costs | $1.8M | $2.5M | ||
| Advance to suppliers | $36.5K | $3.2M | ||
| Prepaid expenses and other current assets, net | $1.3M | $792.7K | ||
| Total current assets | $11.9M | $76.5M | ||
| Property and equipment, net | $141.8K | $1.9M | ||
| Intangible assets, net | $114.4K | $143.4K | ||
| Long-term investments | $2.5M | |||
| Right of use assets | $62.0K | $833.0K | ||
| Prepaid expenses and other non-current assets | $3.7M | $3.7M | ||
| Total non-current assets | $4.0M | $9.0M | ||
| TOTAL ASSETS | $15.9M | $85.5M | ||
| Short-term borrowings | $29.2M | $32.9M | ||
| Accounts payable | $39.2M | $27.1M | ||
| Deferred revenue | $2.8M | $2.4M | ||
| Convertible loans | $2.0M | $216.8K | ||
| Accrued expenses and other current liabilities | $29.9M | $23.3M | ||
| Lease liabilities, current | $40.1K | $483.7K | ||
| Total current liabilities | $103.3M | $86.6M | ||
| Accrued liabilities, non-current | $8.5M | $7.0M | ||
| Long-term borrowing | $1.4M | |||
| Lease liabilities, non-current | $18.4K | $296.0K | ||
| Total non-current liabilities | $17.5M | $14.7M | ||
| TOTAL LIABILITIES | $120.8M | $101.3M | ||
| Ordinary shares (par value of $0.00005 per share; 1,000,000,000 shares and 1,000,000,000 shares authorized as of December 31, 2024 and 2025, respectively; 31,949,038 shares and 55,235,284 shares issued and outstanding as of December 31, 2024 and 2025, respectively) | $2.8K | $1.6K | ||
| Preferred shares (par value of $0.00005 per share; 3,700,000 preferred shares authorized as of December 31, 2024 and 2025, respectively; 3,700,000 preferred shares issued and outstanding as of December 31, 2024 and 2025, respectively) | $185 | $185 | ||
| Additional paid-in capital | $130.1M | $115.7M | ||
| Statutory reserve | $237.5K | $237.5K | ||
| Accumulated deficit | -$226.6M | -$125.3M | ||
| Accumulated other comprehensive loss | -$4.4M | -$2.8M | ||
| XIAO-I CORPORATION shareholders deficit | -$100.6M | -$12.2M | ||
| Non-controlling interests | -$4.3M | -$3.6M | ||
| Total shareholders deficit | -$104.9M | -$15.8M | -$8.5M | -$9.0M |
| TOTAL LIABILITIES AND SHAREHOLDERS DEFICIT | $15.9M | $85.5M | ||
| Ordinary shares, per share (in Dollars per share) | $0.00 | $0.00 | ||
| Ordinary shares, shares authorized (in Shares) | 1.0B shares | 1.0B shares | ||
| Ordinary shares, shares issued (in Shares) | 55.2M shares | 31.9M shares | ||
| Ordinary shares, shares outstanding (in Shares) | 55.2M shares | 31.9M shares | ||
| Preferred shares, par value (in Dollars per share) | $0.00 | $0.00 | ||
| Preferred shares, shares authorized (in Shares) | 3.7M shares | 3.7M shares | ||
| Preferred shares, shares issued (in Shares) | 3.7M shares | 3.7M shares | ||
| Preferred shares, shares outstanding (in Shares) | 3.7M shares | 3.7M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$101.8M | -$14.6M | -$27.0M |
| (Recovery of allowance)/ Allowance for credit losses | $45.8M | $2.1M | -$5.1M |
| Interest expenses from convertible loans | $417.3K | $195.8K | |
| Share-based compensation expenses | $5.9M | $1.6M | |
| (Recovery of allowance)/Allowance for prepaid expenses and other current and non-current assets | $1.1M | $7.0M | -$1.1M |
| Allowance for advance to suppliers | $833.8K | ||
| Allowance for amount due from a related party | $13.7M | ||
| Impairment on equity investment | $2.5M | $150.7K | |
| Written-down of inventories | $557.5K | ||
| Interest expenses on loans from shareholder | $420.3K | $449.8K | $522.1K |
| Depreciation and amortization | $120.8K | $539.9K | $692.8K |
| Loss from the disposal of property and equipment | $1.7M | $80.5K | $3.4K |
| Loss from lease termination and modification | $19.7K | $592.0K | |
| Gain from the disposal of equity investment | -$208.8K | ||
| Loss from equity investment | $81.6K | $155.7K | |
| Deferred tax expenses | $3.8M | ||
| Right-of-use assets amortization | $49.4K | $604.3K | $616.0K |
| Accounts receivable | $3.5M | -$30.4M | $11.1M |
| Inventories | $14.4K | $52.4K | $122.8K |
| Contract costs | $702.7K | -$867.9K | $264.3K |
| Prepaid expenses and other current assets | -$645.2K | -$2.2M | -$2.5M |
| Amount due from related parties | -$124.3K | -$108.3K | $47.6K |
| Accounts payable | $12.1M | $14.1M | $4.8M |
| Deferred revenue | $457.6K | $787.4K | -$829.0K |
| Accrued expenses and other current liabilities | $7.1M | $5.1M | -$1.2M |
| Amount due to related parties | -$152.1K | -$84.7K | -$134.6K |
| Advance to suppliers | $3.2M | ||
| Lease payment liabilities | $506 | -$647.4K | -$1.1M |
| Prepaid expenses and other non-current assets | -$978.9K | $222.0K | -$408.6K |
| Accrued liabilities, non-current | $1.4M | $458.9K | |
| Net cash used in operating activities | -$3.7M | -$15.1M | -$15.8M |
| Purchase of property and equipment | -$41.7K | -$368.2K | -$2.2M |
| Purchase of intangible assets | -$3.1K | -$41.2K | |
| Cash received from property and equipment | $83.8K | ||
| Purchase of equity investments | -$918.0K | ||
| Disposal of equity investments | $164.7K | ||
| Collection of loans to third parties | $4.4M | ||
| Loan to third parties | -$97.3K | -$7.9M | |
| Collection of loans to related parties | $290.1K | ||
| Loan to related parties | -$13.9M | ||
| Net cash used in investing activities | $42.1K | -$468.6K | -$20.1M |
| Proceeds from short borrowings | $10.4M | $34.0M | $26.8M |
| Repayments of short-term borrowings | -$15.4M | -$27.1M | -$18.3M |
| Proceeds from long-term borrowings | $1.4M | ||
| Proceeds from interests-free borrowings from related parties | $150.0K | ||
| Repayments of interests-free borrowings from related parties | -$150.0K | -$416.9K | -$31.8K |
| Proceeds from borrowings from related parties | $400.0K | ||
| Repayments of borrowings from related parties | -$812.7K | -$1.4M | |
| Proceeds from borrowings from third-parties | $3.1M | $5.7M | $4.6M |
| Repayments of borrowings from third-parties | -$3.5M | -$1.2M | -$6.4M |
| Repayment of convertible loans | -$3.7M | ||
| Convertible notes payable | $1.4M | ||
| Proceeds from convertible loans | $8.5M | $4.5M | |
| Proceeds from issuance of ordinary shares | $980.0K | ||
| Proceeds from issuance of ordinary shares upon Initial Public Offering, net of issuance cost | $34.4M | ||
| Proceeds from issuance of preferred shares | $731 | ||
| Net cash provided by financing activities | $5.7M | $15.8M | $36.5M |
| Effect of exchange rate changes | -$483.0K | -$950.8K | -$85.5K |
| Net change in cash, cash equivalents and restricted cash | $1.6M | -$717.9K | $538.3K |
| Interest paid | $3.1M | $1.6M | $3.8M |
| Recognition of right-of-use assets and lease payment liabilities | $2.8M | ||
| Accrued expense and other liabilities, non-current converted into current | $512.3K | $605.6K | |
| -Conversion of convertible loans | $4.5M |
No quarter-by-quarter statement was filed.
Corporate structure
Xiao-I Corp sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Xiao-I Corp
- Streeterville Capital LLC Filed SCHEDULE 13G/A on Xiao-I Corp, latest Aug 28, 2026 (6 filings since Oct 31, 2024)
- River Hill China Fund L.P. Filed SC 13G on Xiao-I Corp, latest Jul 9, 2024
- Hui Yuan Filed SC 13D/A on Xiao-I Corp, latest Jan 12, 2024 (2 filings since Dec 22, 2023)
- Xiao-I Corp Shanghai, China
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Xiao-I Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Accumulated depreciation | $435.3K3 Dec 31, 2025 | $916.7K3 Dec 31, 2024 | −52.5% |
| Property and equipment, net | $141.8K3 Dec 31, 2025 | $1.9M3 Dec 31, 2024 | −92.4% |
| Operating-lease assets (leased space) | $62.0K3 Dec 31, 2025 | $833.0K3 Dec 31, 2024 | −92.6% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $2.3M3 Dec 31, 2025 | $846.6K3 Dec 31, 2024 | +174.0% |
| Long-term investments | $2.5M3 Dec 31, 2024 | $2.7M7 Dec 31, 2023 | −5.8% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $114.4K3 Dec 31, 2025 | $143.4K3 Dec 31, 2024 | −20.2% |
| Finite-lived intangibles, gross | $1.0M3 Dec 31, 2025 | $979.4K3 Dec 31, 2024 | +4.4% |
| Accumulated amortization | $907.8K3 Dec 31, 2025 | $836.0K3 Dec 31, 2024 | +8.6% |
| Finite-lived intangibles, net | $114.4K3 Dec 31, 2025 | $143.4K7 Dec 31, 2024 | −20.2% |
Inventory
Filings
108 filings to the SEC since October 2021: 6 annual reports, 9 large holders, 93 other. The latest 20:
- Oct 1, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Sep 3, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Aug 28, 2026SCHEDULE 13G/A EDGAR
- Aug 26, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Aug 26, 2026424B5 PROSPECTUS SUPPLEMENT EDGAR
- Aug 20, 2026F-6 POS EDGAR
- Aug 20, 2026F-6 POS EDGAR
- Aug 7, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jul 7, 2026SCHEDULE 13G/A EDGAR
- Jun 30, 2026424B5 PROSPECTUS SUPPLEMENT EDGAR
- Jun 30, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jun 23, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jun 3, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- May 29, 2026SCHEDULE 13G EDGAR
- May 26, 2026424B5 PROSPECTUS SUPPLEMENT EDGAR
- May 22, 202620-F/A AMENDMENT NO. 1 TO FORM 20-F EDGAR
- May 15, 202620-F ANNUAL REPORT EDGAR
- May 7, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- May 5, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Apr 30, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
The 108 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Streeterville Capital LLCSCHEDULE 13G/A, 6 filings Oct 31, 2024 to Aug 28, 20269
- River Hill China Fund L.P.SC 13G, 1 filing Jul 9, 202410
- Hui YuanSC 13D/A, 2 filings Dec 22, 2023 to Jan 12, 202411
SEC filer profile
How Xiao-I Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARXiao-I Corp1
- CIK0001935172
- Filer statusNon-accelerated filer an emerging growth company; not a shell company5
- Incorporated inCayman Islands5
- Fiscal year endsDecember 311
- Industry code (SIC)7372 Services-Prepackaged Software1
- SEC reviewing officeOffice of Technology, Division of Corporation Finance1
- Business address7Th Floor, Building 398, No. 1555 West Jinshajiang Rd., Shanghai, F4 2018031
- Phone(86) 021-395121121
- Shares outstanding55,235,284 shares as of Dec 31, 20255
- AuditorCHI-LLTC, Malaysia PCAOB ID 7320; no auditor attestation of internal control over financial reporting5
- On EDGAR sinceJul 8, 20221
- Filings108 in all: 6-K (40), UPLOAD (10), CORRESP (8), 424B5 (7), 20-F (4), F-6 POS (4), SCHEDULE 13G/A (4), DRS/A (3)1
All 26 form types
DRSLTR (3), EFFECT (3), 20-F/A (2), F-1/A (2), F-3/A (2), NT 20-F (2), S-8 (2), SC 13G (2), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), F-1 (1), F-3 (1), F-6 (1), SC 13D (1), SC 13D/A (1), SCHEDULE 13G (1)
- Latest filingsAnnual report (20-F) May 15, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| American Depositary Shares, each representing three Ordinary Shares, par value $0.00005 per share | AIXI | Nasdaq Global Market |
From the cover page of the 20-F filed May 15, 2026 (Section 12(b) of the Exchange Act).5
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARXiao-I Corp filings on SEC EDGAR
- 2Yahoo FinanceAIXI quote
- 3SEC EDGARXiao-I Corp 10-K for fiscal 2025
- 4SEC EDGARXiao-I Corp filings on SEC EDGAR
- 5
- 6SEC EDGARXiao-I Corp 10-K for fiscal 2020
- 7SEC EDGARXiao-I Corp 10-K for fiscal 2023
- 8SEC EDGARXiao-I Corp 10-K for fiscal 2021
- 9
- 10
- 11SEC EDGARHui Yuan SC 13D/A on Xiao-I Corp