Detailed financial statements for Xiao-I Corporation (AIXI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Xiao-I Corporation, headquartered in Shanghai, China, operates primarily through its subsidiary, Shanghai Xiao-i Robot Technology Co., Ltd. Established in 2018, the company delivers a broad spectrum of artificial intelligence services throughout the People's Republic of China, encompassing smart city initiatives, software solutions, and architectural design. Their extensive portfolio features advanced AI-driven software and cognitive intelligence platforms.
Analysis Summary
Xiao-I Corporation reported revenue of $12.3M in the most recent fiscal year, growing at a 5-year CAGR of -2.3%.
Trailing-twelve-month margins: gross margin 44.4%, operating margin -7.8%, net margin -8.2%.
At the current price of $2.08, AIXI has negative trailing earnings (P/E not meaningful) and an ROE of 152.17%. Market capitalisation stands at $0M.
Balance sheet quality for AIXI: current ratio of 0.1, net debt of $44.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $13.9M | $32.5M | $48.2M | $59.2M | $70.3M | $12.3M |
| Cost of Revenue | $7.2M | $10.9M | $17.4M | $19.7M | $22.3M | $6.8M |
| Gross Profit | $6.6M | $21.6M | $30.8M | $39.4M | $48.0M | $5.5M |
| Research & Development | $4.2M | $5.4M | $24.0M | $52.4M | $34.7M | $24.5M |
| Selling, General & Admin | $10.3M | $11.3M | $9.9M | $9.0M | $26.3M | $77.6M |
| Operating Expenses | $14.5M | $16.6M | $33.9M | $61.3M | $60.9M | $102.1M |
| Operating Income | -$7.9M | $5.0M | -$3.1M | -$21.9M | -$12.9M | -$96.6M |
| EBITDA | -$4.5M | $7.0M | -$2.0M | -$19.6M | -$11.1M | -$98.6M |
| Interest Expense | $1.0M | $1.9M | $2.4M | $2.3M | $2.3M | $3.1M |
| Pre-tax Income | -$7.3M | $3.9M | -$5.3M | -$23.2M | -$14.6M | -$101.8M |
| Income Tax | -$235854 | $552355 | $660655 | $3.8M | 0 | 0 |
| Net Income | -$6.8M | $3.7M | -$5.9M | -$26.5M | -$14.5M | -$101.2M |
| EPS | $-128.67 | $67.13 | $-111.89 | $-469.93 | $-222.60 | $-1026.90 |
| EPS (Diluted) | $-130.07 | $67.13 | $-113.29 | $-469.93 | $-222.60 | $-1026.90 |
| Shares Outstanding (Diluted) | $52656 | $53244 | $52656 | $56299 | $65407 | $98824 |
Income Statement (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Revenue | $32.9M | $37.4M | $11.5M | $813105 |
| Gross Profit | $21.2M | $26.8M | $6.7M | -$1.2M |
| Operating Income | -$14.8M | $2.0M | -$29.4M | -$67.4M |
| EBITDA | -$14.3M | $2.2M | -$28.9M | -$67.4M |
| Net Income | -$15.5M | $994526 | -$30.2M | -$71.3M |
| EPS | $-271.33 | $14.78 | $-352.80 | $-674.52 |
| EPS (Diluted) | $-271.33 | $14.78 | $-352.80 | $-674.52 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $366865 | $1.3M | $1.0M | $1.6M | $846593 | $2.4M |
| Short-term Investments | $306513 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $8.1M | $31.7M | $42.1M | $30.7M | $67.4M | $4.1M |
| Inventory | $273364 | $768762 | $768216 | $1.2M | $14362 | 0 |
| Total Current Assets | $12.1M | $35.8M | $48.4M | $38.1M | $76.5M | $10.1M |
| Property, Plant & Equipment | $2.5M | $1.4M | $1.1M | $4.6M | $2.7M | $203786 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $886479 | $798459 | $637114 | $212445 | $143370 | $114442 |
| Total Assets | $25.2M | $47.2M | $60.6M | $66.3M | $85.5M | $15.9M |
| Accounts Payable | $2.5M | $6.2M | $9.5M | $13.7M | $27.1M | $39.2M |
| Short-term Debt | $16.5M | $20.9M | $30.0M | $31.8M | $42.5M | $41.6M |
| Total Current Liabilities | $25.8M | $36.1M | $52.6M | $57.7M | $86.6M | $103.3M |
| Long-term Debt | 0 | $8.9M | $11.9M | $2.7M | $2.5M | $5.2M |
| Total Liabilities | $31.8M | $50.6M | $69.6M | $74.8M | $101.3M | $120.8M |
| Retained Earnings | -$76.3M | -$72.6M | -$78.5M | -$110.8M | -$125.3M | -$226.6M |
| Total Equity | -$3.8M | -$189158 | -$5.9M | -$4.9M | -$12.2M | -$100.6M |
| Total Debt | $18.8M | $31.1M | $42.6M | $36.9M | $45.9M | $46.8M |
| Net Debt | $18.1M | $29.8M | $41.6M | $35.3M | $45.0M | $44.3M |
| Working Capital | -$13.7M | -$257625 | -$4.2M | -$19.6M | -$10.1M | -$93.2M |
Balance Sheet (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Cash & Equivalents | $1.8M | $846593 | $5.0M | $2.4M |
| Total Assets | $87.6M | $85.5M | $82.4M | $15.9M |
| Total Liabilities | $110.7M | $101.3M | $119.2M | $120.8M |
| Total Equity | -$19.5M | -$12.2M | -$32.8M | -$100.6M |
| Total Debt | $35.7M | $45.9M | $48.9M | $46.8M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$7.1M | $3.4M | -$6.0M | -$26.5M | -$14.6M | -$101.5M |
| Depreciation & Amortization | $1.5M | $1.3M | $895113 | $1.3M | $1.1M | $170711 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $1.6M | 0 |
| Change in Working Capital | $1.3M | -$18.8M | -$8.6M | $10.5M | -$14.0M | $26.7M |
| Operating Cash Flow | -$3.5M | -$11.9M | -$10.9M | -$15.8M | -$15.1M | -$3.5M |
| Capital Expenditure | -$41081 | -$18853 | -$107122 | -$2.2M | -$371291 | -$41849 |
| Acquisitions | $15282 | $96239 | -$2.7M | 0 | 0 | $84047 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.5M | -$11.9M | -$11.0M | -$18.0M | -$15.5M | -$3.6M |
Cash Flow (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Operating Cash Flow | 0 | 0 | -$2.3M | -$1.2M |
| Capital Expenditure | 0 | 0 | $5 | -$41858 |
| Free Cash Flow | 0 | 0 | -$2.3M | -$1.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +134.7% | +48.2% | +22.8% | +18.8% | -82.5% |
| Net Income Growth (YoY) | | +154.0% | -260.4% | -348.6% | +45.2% | -597.8% |
| EPS Growth (YoY) | | +152.2% | -266.7% | -320.0% | +52.6% | -361.3% |
| Shares Change (YoY) | | +1.1% | -1.1% | +6.9% | +16.2% | +51.1% |
| FCF Growth (YoY) | | -239.8% | +7.4% | -63.1% | +13.8% | +76.9% |
| Gross Margin | 47.8% | 66.5% | 63.9% | 66.6% | 68.3% | 44.4% |
| Operating Margin | -56.8% | 15.4% | -6.5% | -37.1% | -18.3% | -783.6% |
| EBITDA Margin | -32.6% | 21.7% | -4.2% | -33.1% | -15.8% | -799.7% |
| Net Margin | -49.1% | 11.3% | -12.2% | -44.7% | -20.6% | -821.1% |
| FCF Margin | -25.3% | -36.6% | -22.9% | -30.4% | -22.1% | -29.1% |
| Effective Tax Rate | 3.2% | 14.1% | -12.4% | -16.3% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-66.55 | $-223.61 | $-209.48 | $-319.63 | $-237.12 | $-36.31 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $52291 | $53244 | $52015 | $56253 | $65407 | $98824 |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 152.17% |
| Return on Invested Capital | 211.61% |
| Return on Assets | -638.31% |
| Gross Margin | 44.44% |
| Operating Margin | -783.83% |
| Net Margin | -821.30% |
Financial Health
| Debt / Equity | -0.47 |
| Current Ratio | 0.10 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -46.22 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -56.89 | 109.05 | -65.43 | -5.68 | -3.63 | -0.06 |
| P/B | -100.54 | -2060.61 | -64.69 | -30.90 | -4.33 | -0.06 |
| P/S | 27.63 | 11.98 | 7.90 | 2.54 | 0.75 | 0.46 |
| Gross Margin | 47.8% | 66.5% | 63.9% | 66.6% | 68.3% | 44.4% |
| Operating Margin | -56.8% | 15.4% | -6.5% | -37.1% | -18.3% | -783.6% |
| Net Margin | -49.1% | 11.3% | -12.2% | -44.7% | -20.6% | -821.1% |