Xiao-I Corporation reported H1 2024 net revenues of $32.95M, up 24.5% YoY from $26.48M, driven by Hua Zang LLM and Technology Development Services. Gross margin declined to 64.5% from 77.3%, while net loss narrowed to $15.54M from $18.77M. R&D expenses decreased 9.3% to $26.90M as AI systems reached maturity.The company's growth was primarily fueled by its Hua Zang LLM solution, which offers ChatGPT-like capabilities with local deployment options addressing security concerns. The transition to a Model-as-a-Service (MaaS) approach has established scalable, subscription-based revenue streams, with MaaS revenue reaching $24.77M. Technology Development Services saw significant growth, increasing 355.8% to $8.04M.Looking ahead, Xiao-I maintains its full-year revenue projection of $73M and expects stronger H2 performance. The company is expanding into B2C markets with Hearview AI glasses and exploring overseas opportunities, particularly in the U.S. market with its Hua Zang LLM offering. Management anticipates reduced losses through revenue growth and continued R&D optimization.

Xiao-I Corporation reported H1 2024 net revenues of $32.95M, up 24.5% YoY from $26.48M, driven by Hua Zang LLM and Technology Development Services. Gross margin declined to 64.5% from 77.3%, while net loss narrowed to $15.54M from $18.77M. R&D expenses decreased 9.3% to $26.90M as AI systems reached maturity.The company's growth was primarily fueled by its Hua Zang LLM solution, which offers ChatGPT-like capabilities with local deployment options addressing security concerns. The transition to a Model-as-a-Service (MaaS) approach has established scalable, subscription-based revenue streams, with MaaS revenue reaching $24.77M. Technology Development Services saw significant growth, increasing 355.8% to $8.04M.Looking ahead, Xiao-I maintains its full-year revenue projection of $73M and expects stronger H2 performance. The company is expanding into B2C markets with Hearview AI glasses and exploring overseas opportunities, particularly in the U.S. market with its Hua Zang LLM offering. Management anticipates reduced losses through revenue growth and continued R&D optimization.