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Xiao-I Corporation (AIXI) reports developments as a Nasdaq-listed ADR issuer and artificial intelligence company focused on cognitive intelligence solutions. Its updates center on AI customer-service and conversational platforms, including iBot Pro, intelligent dialogue robots, smart voice customer service, and applications that use natural language processing, speech and recognition, machine learning, affective computing, computer vision, data intelligence, and hyper-automation.
Company news also covers enterprise renewals in banking, insurance, and automotive customer engagement, patent matters involving its variable interest entity's core AI technology, ADS ratio changes, Nasdaq listing-compliance notices, capital actions, and governance changes. These items reflect both Xiao-I's operating focus in AI industrialization and the disclosure profile of a foreign issuer with American depositary shares.
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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.