Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Xiao-I Corp files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Revenue
13.9
32.5
48.2
59.2
70.3
12.3
Cost of revenue
7.23
10.9
17.4
19.7
22.3
6.85
Gross profit
6.63
21.6
30.8
39.4
48
5.48
Research and development
4.24
5.36
24
52.4
34.7
24.5
General and administrative
5.69
6.66
6.03
4.41
22.9
76.6
Operating expenses
14.5
16.6
33.9
61.3
60.9
102
Operating income
-7.87
5
-3.14
-21.9
-12.9
-96.6
Interest expense
0.82
1.01
0.63
0.26
0.45
Other non-operating income
0.58
-1.08
-2.21
-1.3
-1.68
-5.22
Pre-tax income
-7.29
3.92
-5.34
-23.2
-14.6
-102
Income tax
-0.24
0.55
0.66
3.79
Net income to minority interests
-0.25
-0.31
-0.11
-0.54
-0.05
-0.61
Net income
-6.81
3.68
-5.9
-26.5
-14.5
-101
EBITDA
-7.7
5.17
-2.95
-21.2
-12.3
-96.5
EPS, basic
-0.31
0.17
-0.27
-1.12
-0.56
-2.44
EPS, diluted
-0.31
0.16
-0.27
-1.12
-0.56
-2.44
Shares, basic (weighted)
22.1
22.1
22.1
23.6
25.8
41.5
Shares, diluted (weighted)
22.1
22.4
22.1
23.6
25.8
41.5
Balance sheet
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.83
1.31
1.03
1.56
0.85
2.32
Receivables
31.2
41.4
28.3
55.5
6.31
Inventory
0.77
0.77
0.07
0.01
Other current assets
0.39
2.2
0.02
0.79
1.32
Total current assets
35.8
48.4
38.1
76.5
11.9
Property, plant and equipment
0.21
0.22
2.13
1.87
0.14
Lease right-of-use assets
1.19
0.87
2.43
0.83
0.06
Intangible assets
0.8
0.64
0.21
0.14
0.11
Long-term investments
0.34
2.85
2.65
2.5
Total assets
47.2
60.6
66.3
85.5
15.9
Accounts payable
5.58
9.18
13.7
27.1
39.2
Accrued liabilities
0.89
2.02
3.06
2.97
Deferred revenue
2.95
2.55
1.65
2.39
2.84
Short-term debt
9.12
18.8
26.8
32.9
29.2
Total current liabilities
36.1
52.6
57.7
86.6
103
Long-term debt
8.58
7.91
1.39
Lease liabilities
0.45
0.3
1.47
0.3
0.02
Other non-current liabilities
4.77
4.63
Total liabilities
50.6
69.6
74.8
101
121
Total debt
3.3
2.53
1.39
Paid-in capital
75.6
75.6
109
116
130
Retained earnings
-72.6
-78.5
-111
-125
-227
Other comprehensive income
-3.46
-3.26
-3
-2.85
-4.37
Shareholders' equity
-0.19
-5.89
-4.86
-12.2
-101
Minority interests
-3.19
-3.1
-3.6
-3.57
-4.31
Total equity
-6.63
-3.38
-8.98
-8.47
-15.8
-105
Total liabilities and equity
47.2
60.6
66.3
85.5
15.9
Shares outstanding
22.1
22.1
24
31.9
55.2
Cash flow statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Net income
-7.06
3.37
-6.01
-27
-14.6
-102
Depreciation and amortization
0.17
0.17
0.18
0.69
0.54
0.12
Stock-based compensation
1.56
5.88
Deferred income tax
-0.24
0.53
0.66
3.79
Change in receivables
-0.7
-23.4
-15
11.1
-30.4
3.46
Change in inventory
0.26
-0.5
-2.13
0.12
0.05
0.01
Change in payables
-0.61
3.39
4.12
4.77
14.1
12.1
Cash from operations
-3.46
-11.9
-10.9
-15.8
-15.1
-3.69
Capital expenditures
-0.02
-0.02
-0.11
-2.16
-0.37
-0.04
Purchases of investments
-0.92
Cash from investing
-0.03
0.08
-2.86
-20.1
-0.47
0.04
Debt issued
0.5
1.39
Stock issued
0.98
Cash from financing
1.79
12.2
13.5
36.5
15.8
5.72
Exchange rate effect
-0.8
0.1
-0.01
-0.09
-0.95
-0.48
Net change in cash
-2.49
0.48
-0.29
0.54
-0.72
1.59
Free cash flow
-3.48
-11.9
-11
-18
-15.5
-3.73
Interest paid
0.75
0.12
0.61
3.8
1.61
3.08
Income taxes paid
0.05
-0.04
0
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.72 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
44.4%
Gross profit / revenue.
Operating margin
-783.6%
Operating income / revenue.
EBITDA margin
-782.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-826.0%
Pre-tax income / revenue.
Net margin
-821.1%
Net income / revenue.
FCF margin
-30.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-29.9%
Cash from operations / revenue.
Return on assets (ROA)
-199.6%
Net income / average total assets.
R&D / revenue
198.4%
Research and development expense / revenue.
Stock-based pay / revenue
47.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.3%
Capital expenditures / revenue.
D&A / revenue
1.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-82.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-36.5%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-2.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-88.6%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-43.8%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
-3.7%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-81.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-36.0%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
61.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
23.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
13.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.12x
Current assets / current liabilities.
Quick ratio
0.08x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.02x
(Cash + short-term investments) / current liabilities.
Debt / assets
8.7%
Total debt / total assets.
Liabilities / assets
759.5%
Total liabilities / total assets.
Net debt
-$932.4K
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$2.44
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.30
Revenue / diluted weighted shares.
FCF per share
-$0.09
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.09
Cash from operations / diluted weighted shares.
Book value per share
-$1.82
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.38x
Market cap / revenue.
EV/Sales
0.31x
Enterprise value / revenue.
FCF yield
-79.2%
Free cash flow / market cap.
Earnings yield
-2,150.0%
Net income / market cap (the inverse of P/E).
What was Xiao-I Corp's revenue in fiscal 2025?
Xiao-I Corp reported revenue of $12.3M for fiscal 2025, 82.5% lower than the year before.
Was Xiao-I Corp profitable in fiscal 2025?
No. It reported a net loss of $101.2M.
How much free cash flow did Xiao-I Corp generate in fiscal 2025?
Cash from operations of $3.7M minus capital expenditures of $41.7K left free cash flow of -$3.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.