Xiao-I sees FY24 revenue $73M vs. $59M last year

Xiao-I announced its projection of a 25% increase in revenue for the fiscal year ended December 31, 2024, expecting a revenue of approximately $73M for the company’s fiscal year ended December 31, 2024 comparing to revenue of $59M which was reported for fiscal year ended December 31, 2023. This projected growth is attributed to the successful refinement and market deployment of its AI technologies. Additionally, the company anticipates a decline in research and development expenses as it strategically focuses on achieving profitability. CEO Hui Yuan commented, “Our AI systems have reached a high level of maturity and are now fully optimized for the market. This allows us to decrease our R&D spending, which aligns with our strategy to improve margins and enhance our overall financial performance.” The reduction in R&D expenses is expected to contribute to improved profit margins and a continued reduction in losses, underscoring Xiao-I Corporation’s commitment to profitability while delivering innovative AI solutions. “Our focus remains on leveraging our refined AI technologies to drive sustainable growth and create long-term value for our shareholders,” Hui Yuan added.