Earnings ·
Xiao-I reports net revenues plummeting 90.96% to $1.04 million for six months ended June 30
AIXIXiao-I Corp
Xiao-I Corporation filed its unaudited condensed consolidated financial statements for the six months ended June 30, 2026. Net revenues plummeted 90.96% year-over-year to $1.04 million from $11.52 million, driven by the discontinuation of low-margin cloud platform resale activities and scaled-back technology development services. The company reported a net loss of $13.05 million compared to $30.39 million in the prior period year, with operating expenses decreasing significantly due to workforce reductions and curtailed research and development expenditures. Cash and cash equivalents rose to $3.45 million following $3.0 million in net proceeds from convertible note issuances, which were partially offset by debt repayments and restricted funds resulting from litigation over overdue borrowings. The filing highlights substantial doubt regarding the company's ability to continue as a going concern due to a working capital deficit of $99.62 million and an accumulated deficit of $239.60 million. Xiao-I Corporation operates in the artificial intelligence industry, providing cognitive AI solutions, natural language processing services, and Model-as-a-Service offerings.