Summary by Futu AI
Xiao-I Corporation reported a significant improvement in its financial performance for fiscal year 2024, with net loss narrowing by 45.2% to $14.51M from $26.46M in 2023. The company's total assets increased by 59.3% to $32.11M, while cash position improved by 29.3% to $2.44M. Operating expenses stood at $8.38M, primarily consisting of G&A expenses of $8.23M.The company strengthened its capital structure through multiple convertible notes issuances totaling $10.08M at 6% interest rate, issued between June 2024 and January 2025. The outstanding ordinary shares increased to 31.95M from 24.02M in 2023, while additional paid-in capital rose by 6.5%. However, total liabilities increased by 77.1% to $44.31M, leading to a shareholders' deficit of $12.20M.Xiao-I faced several legal challenges, including securities class actions with one case dismissed in April 2025 and another pending from October 2024. The company is also dealing with ongoing patent litigation against Apple and labor disputes involving over 40 former employees. Cash flow from operations showed an outflow of $5.48M, offset by equivalent financing inflows.
