For the month of September 2023


Commission File Number 001-41631


Xiao-I Corporation

(Translation of registrant’s name into English)


7th floor, Building 398, No. 1555 West
Jinshajiang Rd 

Shanghai, China 201803
(Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:


Form 20-F              Form 40-F 








On September 25, 2023, Xiao-I Corporation announced its unaudited and unreviewed financial results for the six months ended June 30, 2023. A copy of that press release is furnished as Exhibit 99.1 to this Report on Form 6-K.


Exhibit Index


  Description of Document
99.1   Press Release, dated September 25, 2023







Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date: September 25, 2023 Xiao-I Corporation
  By:   /s/ Hui Yuan
  Name:  Hui Yuan
  Title:   Chief Executive Officer





Exhibit 99.1


Xiao-I Corporation Announces Unaudited and Unreviewed First Half 2023 Financial Results


-   Net revenues grew 106% year over year to a record high of US$26.5 million


-   Gross margin rose 620 basis points year over year to 77.3%


-   Cash and cash equivalents more than quadrupled to US$4.7 million, compared with end-2022


SHANGHAI, China, September 25, 2023 (GLOBE NEWSWIRE) -- Xiao-I Corporation (“Xiao-I” or the “Company”), a leading cognitive artificial intelligence (“AI”) enterprise in China, today announced its unaudited and unreviewed financial results for the six months ended June 30, 2023.


First Half 2023 Financial Highlights


Net revenues increased 106% year over year to a record high of US$26.5 million.


Sale of cloud platform products increased 523% year over year to US$22.7 million.


Gross profit increased 124% year over year to US$20.5 million.


Gross margin was 77.3%, up 620 basis points year over year.


Mr. Hui Yuan, Chairman and Chief Executive Officer of Xiao-I, commented, “Amidst our industry’s dynamic and ever-evolving landscape, we remained steadfast in our dedication to innovation and growth. Our results speak volumes, as we achieved an outstanding 106% increase in net revenues during the first half of this year, reaching a record-breaking $26.5 million. This remarkable performance underscores the value of our continuous investments in cutting-edge AI technology that are effectively aligned with the growing digital transformation demands of various businesses.”


“Our commitment to innovation is exemplified by our unparalleled R&D investment in the first half of 2023, which surpasses our entire investment for the previous year. More importantly, we have significantly expanded our product and service portfolio with the introduction of our distinguished large language model, Hua Zang. This innovative offering is expected to be seamlessly applied across a wide array of industries swiftly with cost-efficiency, opening up new horizons for our clients. In addition to our product innovations, we have also made substantial strides in our global expansion. This includes the establishment of a U.S. subsidiary and active participation in a local exhibition. These concerted efforts place us in a good position to lead the global AI industry into a future full of immense opportunities and transformative solutions to drive our continued growth.”





Recent Developments and Strategic Highlights:


Secured Contract for AI Contact Center Project with Leading Chinese Aviation Group: In June 2023, Xiao-I secured a contract for an intelligent contact center project with a leading Chinese aviation group. This partnership aims to enhance the aviation group’s service provision capabilities and drive its digital transformation.


Introduced Pioneering Hua Zang Generative AI Model: In June 2023, Xiao-I launched Hua Zang, its advanced large language model. The model, analogous to an operating system, is built on Xiao-I’s robust platform capabilities and designed to empower various industries.


Establishment of U.S. Subsidiary as Part of Going Global Strategy: In June 2023, Xiao-I established an U.S. subsidiary, Xiao-I Plus Inc., marking another significant milestone for its global expansion strategy.


Launched IDP Solution for Future-Ready Enterprise Document Management: In May 2023, Xiao-I launched its state-of-the-art Intelligent Document Processing (“IDP”) product. This innovative solution is delivered by a smart and efficient platform that streamlines and automates the document management process, empowering businesses towards an era of intelligent operations.


Recognition as Outstanding Supplier by China Merchants Bank Credit Card Center: In May 2023, Xiao-I announced that the Credit Card Center of China Merchants Bank Co. recognized it as an outstanding supplier. This prestigious acknowledgement follows the Bank’s annual supplier assessment evaluation for 2022, during which Xiao-I demonstrated exemplary performance in business collaboration, product implementation, and service quality.


First Half 2023 Financial Results


Net Revenues


Net revenues were US$26.5 million for the first half of 2023, up 106% year over year from US$12.9 million for the same period of 2022. The increase was primarily due to the increased sales of cloud platform products and hardware products.


By Revenue Type 

1H 2023

   1H 2022   %
Sale of cloud platform products  $22,719,659   $3,648,339    523 
Technology development service   1,763,797    6,296,844    (72)
Sale of software products   535,004    1,397,996    (62)
Maintenance & support service   1,426,784    1,497,871    (5)
Sale of hardware products   30,175    18,431    64 
Total  $26,475,419   $12,859,481    106 





Cost of Revenues


Cost of revenues was US$6.0 million for the first half of 2023, up 61% year over year from US$3.7 million for the same period of 2022. With a smaller increase compared to net revenues, cost efficiency has improved due to economies of scale.


Gross Profit


Gross profit was US$20.5 million for the first half of 2023, representing an increase of 124% year over year from US$9.1 million for the same period of 2022. Gross margin was 77.3% for the first half of 2023, up 620 basis points from 71.1% for the same period of 2022. The increase in gross margin was mainly due to a shift in product mix towards subscription for cloud platform products from one-time software sales.


Operating Expenses


Total operating expenses were US$34.1 million in the first half of 2023, representing an increase of 355% year over year from US$7.5 million for the same period of 2022. While the selling, general and administrative expenses demonstrated improved efficiency with larger business scales, they couldn’t offset the increase in research and development expenses, which grew by 708% year over year.


Income (Loss) from Operations


Loss from operations was US$13.6 million for the first half of 2023, compared to an income of US$1.6 million from operations for the same period of 2022.


Total Other Loss


Total other loss was US$1.3 million for the first half of 2023, generally on par with the same period of 2022.





Net Income (Loss)


Net loss was US$18.8 million for the first half of 2023, compared to a net income of US$0.6 million for the same period of 2022.


The financial statements for the first half year ended June 30, 2023 herein have not been audited or reviewed by the Company’s independent registered accounting firm. The financial statements for the six months ended June 30, 2023 to be disclosed in the Company’s Form 6-K may differ from the above-mentioned unaudited and unreviewed financial statements.


Conference Call Information


The Company will conduct a corresponding conference call at 8:00 a.m. U.S. Eastern Time (8:00 p.m. China Time) to discuss the results.


  What: Xiao-I First Half 2023 (ended June 30, 2023) Earnings Call
  When: 8:00 a.m. U.S. Eastern Time on Monday, September 25, 2023
  Webcast: ir.xiaoi.com/events


To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call.


Online Registration:




Participants who have not pre-registered may join the webcast by accessing the link at ir.xiaoi.com/events.


A live and archived webcast of the conference call will be available on the Investors section of Xiao-I’s website at www.xiaoi.com.


About Xiao-I Corporation


Xiao-I Corporation is a leading cognitive intelligence enterprise in China that offers a diverse range of business solutions and services in artificial intelligence, covering natural language processing, voice and image recognition, machine learning and affective computing. Since its inception in 2001, the Company has developed an extensive portfolio of cognitive intelligence technologies that are highly suitable and have been applied to a wide variety of business cases. Xiao-I powers its cognitive intelligence products and services with its cutting-edge, proprietary AI technologies to enable and promote industrial digitization, intelligent upgrading, and transformation.


Forward-Looking Statements


Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.


For investor and media inquiries, please contact:


Ms. Berry Xia

Phone: +86 186 8158 5169

Email: ir@xiaoi.com





(In U.S. dollars, except for share and per share data, or otherwise noted)


   As of 
   December 31,
   June 30,
Current assets:        
Cash and cash equivalents  $1,026,245   $4,746,836 
Accounts receivable, net   41,362,705    16,025,831 
Amounts due from related parties   346,517    - 
Inventories   768,216    701,119 
Contract costs   2,012,309    1,936,073 
Advance to suppliers   1,115,672    1,586,618 
Deferred offering costs   1,330,902    - 
Prepaid expenses and other current assets, net   460,854    6,656,705 
Total current assets   48,423,420    31,653,182 
Non-current assets:          
Property and equipment, net   219,470    313,953 
Intangible assets, net   637,114    557,995 
Long-term investment   2,852,492    3,187,416 
Right of use assets   865,399    969,400 
Deferred tax assets, net   3,888,574    - 
Prepaid expenses and other, non-current assets   3,697,675    3,616,218 
Amount due from related parties-non current   -    11,018,714 
Total non-current assets   12,160,724    19,663,696 
TOTAL ASSETS  $60,584,144   $51,316,878 
Commitments and Contingencies          
Current liabilities:          
Short-term borrowings  $18,784,459   $16,548,757 
Accounts payable   9,180,532    7,222,235 
Amount due to related parties-current   896,431    742,714 
Deferred revenue   2,553,808    3,444,636 
Convertible loans   3,754,269    - 
Accrued expenses and other current liabilities   17,006,713    9,214,618 
Lease liabilities, current   435,462    458,018 
Total current liabilities   52,611,674    37,630,978 
Non-current liabilities:          
Amount due to related parties-non current   8,581,743    7,573,563 
Accrued liabilities, non-current   8,073,912    5,194,843 
Lease liabilities, non-current   300,974    392,436 
Total non-current liabilities   16,956,629    13,160,842 
TOTAL LIABILITIES   69,568,303    50,791,820 
Shareholders’ (deficit)/equity          
Ordinary shares (par value of $0.00005 per share; 1,000,000,000 shares authorized as of December 31, 2022 and June 30, 2023, respectively; 22,115,592 and 24,015,592 shares issued and outstanding as of December 31,2022 and June 30, 2023, respectively)  $1,106   $1,201 
Additional paid-in capital   75,621,294    108,762,797 
Statutory reserve   237,486    237,486 
Accumulated deficit   (78,483,156)   (102,449,177)
Accumulated other comprehensive loss   (3,262,666)   (2,852,695)
XIAO-I CORPORATION shareholders’ (deficit)/equity   (5,885,936)   3,699,612 
Non-controlling interests   (3,098,223)   (3,174,554)
Total shareholders’ (deficit)/equity   (8,984,159)   525,058 





(In U.S. dollars, except for share and per share data, or otherwise noted)


   For the six months ended
June 30,
   2022   2023 
Sale of software products  $1,397,996   $535,004 
Sale of hardware products   18,431    30,175 
Technology development service   6,296,844    1,763,797 
M&S service   1,497,871    1,426,784 
Sale of cloud platform products   3,648,339    22,719,659 
Net revenues   12,859,481    26,475,419 
Cost of sale of software products   (170,377)   (368,021)
Cost of sale of hardware products   (12,545)   (26,118)
Cost of technology development service   (2,661,707)   (1,286,290)
Cost of M&S service   (339,213)   (805,948)
Cost of sale of cloud platform products   (536,863)   (3,519,521)
Cost of revenues   (3,720,705)   (6,005,898)
Gross profit   9,138,776    20,469,521 
Operating expenses:          
Selling expenses   (2,094,124)   (2,377,409)
General and administrative expenses   (1,725,928)   (2,070,052)
Research and development expenses   (3,669,196)   (29,649,703)
Total operating expenses   (7,489,248)   (34,097,164)
Income/(Loss) from operations   1,649,528    (13,627,643)
Other loss:          
Investment losses   (121,618)   (225,351)
Interest expenses   (1,202,391)   (1,570,847)
Other income, net   44,160    525,431 
Total other loss   (1,279,849)   (1,270,767)
Income/(Loss) before income tax expense   369,679    (14,898,410)
Income tax benefits/(expenses)   220,820    (3,871,118)
Net income/(loss)  $590,499   $(18,769,528)
Net loss attributable to non-controlling interests   (2,674)   (173,782)
Net income/(loss) attributable to XIAO-I CORPORATION shareholders   593,173    (18,595,746)
Other comprehensive income/(loss)          
Foreign currency translation change, net of nil income taxes   145,129    507,422 
Total other comprehensive income   145,129    507,422 
Total comprehensive income/(loss)  $735,628   $(18,262,106)
Total comprehensive income/(loss) attributable to non-controlling interests   124,849    (76,331)
Total comprehensive income/(loss) attributable to XIAO-I CORPORATION shareholders   610,779    (18,185,775)
Earnings/(Loss) per ordinary share attributable to XIAO-I CORPORATION shareholders          
Basic   0.03    (0.80)
Diluted   0.03    (0.80)
Weighted average number of ordinary shares outstanding          
Basic   22,115,592    23,308,370 
Diluted   22,362,552    23,308,370