SHANGHAI, Sept. 5,
2024 /PRNewswire/ -- Xiao-I Corporation
("Xiao-I" or the "Company") (NASDAQ: AIXI), a leading artificial
intelligence company today announced its projection of a 25%
increase in revenue for the fiscal year ended
December 31, 2024, expecting a revenue of approximately
$73 million for the company's fiscal
year ended December 31, 2024 comparing to revenue of
$59 million which was reported for
fiscal year ended December 31, 2023. This projected
growth is attributed to the successful refinement and market
deployment of its AI technologies. Additionally, the company
anticipates a decline in research and development (R&D)
expenses as it strategically focuses on achieving
profitability.
CEO Mr. Hui Yuan commented, "Our
AI systems have reached a high level of maturity and are now fully
optimized for the market. This allows us to decrease our R&D
spending, which aligns with our strategy to improve margins and
enhance our overall financial performance."
The reduction in R&D expenses is expected to contribute to
improved profit margins and a continued reduction in losses,
underscoring Xiao-I Corporation's commitment to profitability while
delivering innovative AI solutions.
"Our focus remains on leveraging our refined AI technologies to
drive sustainable growth and create long-term value for our
shareholders," Mr. Hui Yuan
added.
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. For more information, please visit:
www.xiaoi.com.
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's ability to achieve its goals and
strategies, the Company's future business development and plans for
future business development, including its financial conditions and
results of operations, product and service demand and acceptance,
reputation and brand, the impact of competition and pricing,
changes in technology, government regulations, fluctuations in
general economic and business conditions in China, and assumptions underlying or related
to any of the foregoing and other risks contained in reports filed
by the Company with the U.S. Securities and Exchange Commission
("SEC"). For these reasons, among others, investors are cautioned
not to place undue reliance upon any forward-looking statements in
this press release. Additional factors are discussed in the
Company's filings with the SEC, including under the section
entitled "Risk Factors" in its annual report on Form 20-F filed
with the SEC on April 30, 2024, as
well as its current reports on Form 6-K and other filings, all of
which are available for review at www.sec.gov. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof.
For investor and media inquiries, please contact:
Ms. Berry Xia
Email: ir@xiaoi.com
View original
content:https://www.prnewswire.com/news-releases/xiao-i-corporation-issues-revenue-guidance-of-73-million-for-fiscal-year-2024-302239496.html
SOURCE Xiao-I Corporation