Xiao-I Corporation ("Xiao-I" or the "Company") has reported its unaudited financial results for the full year ended December 31, 2023. Mr. Hui Yuan, Chairman and Chief Executive Officer of Xiao-I, expressed pride in the company's achievements, stating, "Our achievements are a testament to our commitment." He highlighted a significant 22.8% increase in net revenues, reaching $59.2 million, demonstrating the company's success in a competitive landscape and solidifying its position in the market.
The year 2023 marked a milestone for Xiao-I with the introduction of the 'Hua Zang Universal Large Language Model'. Mr. Hui Yuan emphasized the success of the Hua Zang LLM, stating, "Our MaaS business grew 48.5% to $19.2 million, primarily attributed to Hua Zang LLM." He also mentioned the company's expansion internationally, including the establishment of subsidiaries in the U.S. and the United Arab Emirates.
Regarding the company's growth in both MaaS and non-MaaS business segments, Mr. Hui Yuan noted, "Our MaaS business experienced a significant growth rate of 48.5%, reaching US$19.2 million." He also highlighted the growth in revenue from the non-MaaS segment, which grew by 13.4% to US$40.0 million.
Looking ahead, Mr. Hui Yuan anticipates further enhancement in commercialization efforts, stating, "With a proven track record of completing over 1,000 projects, we expect our B2B operations will continue to exhibit robust and consistent growth." He also mentioned the company's expansion into the B2C market to capitalize on opportunities in integrating AI models and consumer applications.
In terms of financial results, Xiao-I reported net revenues of US$59.2 million for 2023, up 22.8% year over year. The company also saw improvements in cost efficiency and gross margin. However, total operating expenses increased by 80.7% year over year, leading to a loss from operations of US$21.9 million for 2023.
The financial statements for the year ended December 31, 2023, have not been audited by the Company's independent registered accounting firm. Xiao-I Corporation will hold an earnings conference call on April 30, 2024, to discuss the full year 2023 financial results and address any inquiries from investors and stakeholders.
Xiao-I Corporation, a leading artificial intelligence company, continues to offer a diverse range of business solutions and services in artificial intelligence, catering to various business scenarios and promoting industrial digitization and intelligent transformation. The company remains committed to innovation and growth in the AI landscape.