XIAO-I Corporation American Depositary Shares - AIXI STOCK NEWS

Xiao-I Corporation reported a 48% increase in net revenues for the year ending December 31, 2022, achieving a record of US$48.2 million, up from US$32.5 million in 2021.

Revenue from cloud platform products soared by 364% to US$25.7 million, while technology services rose by 78% to US$16.4 million.

Despite the growth, the company recorded a net loss of US$6.0 million, compared to a net income of US$3.4 million in 2021. Increased operating expenses of 104% to US$33.9 million, driven mainly by R&D investments, contributed to this loss. The gross profit rose 42% to US$30.8 million, but gross margin declined to 63.9%.

Notably, Xiao-I completed its initial public offering (IPO) in March 2023, raising approximately US$39 million to support growth initiatives.

Xiao-I Corporation (Nasdaq: AIXI) announced a strategic partnership with Guizhou Chinadatapay Network Technology Co., Ltd. on April 24, 2023. This collaboration aims to enhance Xiao-I's growth in cognitive artificial intelligence by integrating its capabilities with Chinadatapay’s big data expertise. The partnership seeks to develop large-scale models for various industries through intelligent data analysis, model training, and application development.

Chinadatapay is noted for its innovative data security solutions and has extensive connections across 50 industries with nearly 300 deployments. This partnership is expected to bolster Xiao-I's position in the global cognitive intelligence market, promoting digital transformation across sectors like finance, government, healthcare, education, and transportation.

Xiao-I Corporation (Nasdaq: AIXI), a cognitive AI enterprise in China, is set to release its unaudited financial results for the full year 2022 on April 26, 2023, before the U.S. market opens. The announcement includes a corresponding conference call scheduled for 8:00 a.m. U.S. Eastern Time to discuss the results. Investors can join the call by pre-registering online to access dial-in information. The company specializes in AI solutions such as natural language processing, voice recognition, and machine learning, and has been operational since 2001, focusing on business transformation through AI technologies.

Xiao-I Corporation (Nasdaq: AIXI) attended the Boao Forum for Asia Annual Conference 2023, where Chairman Hui Yuan shared insights on artificial intelligence (AI) and its potential across various industries. This marks Yuan's seventh participation in the Forum, which aims to promote economic integration in Asia. Following its recent IPO, Xiao-I is focusing on global expansion and increased investment in AI technology. Yuan emphasized the importance of integrating AI into industries such as healthcare and smart cities, forecasting a significant growth potential for AI companies in the upcoming decade.

Xiao-I Corporation, a leading AI provider in China, officially listed on NASDAQ under the stock symbol AIXI on March 9, 2023. The IPO is seen as a positive sign for Chinese technology firms seeking capital in U.S. markets. The company operates a proprietary cognitive intelligence platform, CIAI, which has achieved large-scale commercialization. Looking ahead, Xiao-I aims to leverage advancements in AI, particularly in integrating technologies like ChatGPT, to develop innovative digital products and expand its applications across various industries globally.

Xiao-I Corporation (Nasdaq: AIXI) has successfully closed its initial public offering (IPO) of 5,700,000 American Depositary Shares (ADS) priced at US$6.8 each, raising total proceeds of approximately US$38.76 million. Each ADS represents one third of an ordinary share. The offering included a 45-day option for underwriters to purchase an additional 855,000 ADSs, potentially increasing proceeds to around US$44.57 million. The registration statement for the offering was declared effective by the U.S. Securities and Exchange Commission on March 8, 2023.