Xiao-I
AIXINASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $2.08 Prior regular-session close from the quote source.
- $2.04–$2.34 Regular-session low and high so far today.
- 159.6K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $1.18–$379.40 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own AIXI if Xiao-I proves FY2025 was a temporary commercial collapse, not evidence that customers have moved on to better-capitalized AI platforms.
AIXI price history
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Investment thesis
What must happen next
Enterprise customers resume paying for Xiao-I deployments after the FY2025 disruption, so the company’s software demand engine reappears rather than proving to be a one-year break.WeakeningMateriality: High
Annual GAAP revenue grew from $48.2 million in FY2022 to $59.2 million in FY2023 and $70.3 million in FY2024, showing the company previously converted customer demand into sales. If demand returns, the current sales base may be a trough; if it does not, the equity is priced for a rebound that never arrives.
Watch: Alibaba Cloud, Tencent Cloud, or Baidu bundle comparable enterprise AI assistants into existing cloud/software relationships and displace stand-alone vendors like Xiao-I.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP revenue grew from $48.2 million in FY2022 to $59.2 million in FY2023 and $70.3 million in FY2024, showing.
Open source ↗Xiao-I’s product differentiation restores software-like economics rather than forcing the company into lower-margin services or costly AI delivery.WeakeningMateriality: High
Annual GAAP gross margin was approximately 63.9% in FY2022, 66.6% in FY2023, and 68.3% in FY2024, consistent with historically software-like economics. Revenue recovery creates value only if it comes with gross-margin recovery, not if customers require uneconomic customization or infrastructure support.
Watch: Baidu, Alibaba, Tencent, or open-source large-model providers commoditize natural-language AI features and pressure Xiao-I’s pricing.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP gross margin was approximately 63.9% in FY2022, 66.6% in FY2023, and 68.3% in FY2024, consistent with historically software-like.
Open source ↗Management can resize the operating cost base fast enough that renewed sales flow through to narrower losses rather than being consumed by R&D, sales, and administrative spending.WeakeningMateriality: Medium
Annual GAAP operating loss narrowed from $21.9 million in FY2023 to $12.9 million in FY2024 before the FY2025 break. A turnaround in sales will not accrue to shareholders unless the company proves it can convert gross profit into operating leverage.
Watch: Xiao-I continues funding AI research and sales capacity for products that customers are not buying at scale.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP operating loss narrowed from $21.9 million in FY2023 to $12.9 million in FY2024 before the FY2025 break.
Open source ↗Capital providers remain willing to fund Xiao-I through the turnaround without forcing a restructuring that transfers value away from common shareholders.WeakeningMateriality: Medium
Cash increased from $0.8 million at FY2024 year-end to $2.3 million at FY2025 year-end. Even if the product recovers, common equity can be impaired if survival requires distressed debt, converts, or equity issuance.
Watch: Creditors demand repayment, collateral, or covenant concessions while the business remains loss-making.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash increased from $0.8 million at FY2024 year-end to $2.3 million at FY2025 year-end.
Open source ↗
Full investment case & evidence
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Original research
Enterprise customers resume paying for Xiao-I deployments after the FY2025 disruption, so the company’s software demand engine reappears rather than proving to be a one-year break. If demand returns, the current sales base may be a trough; if it does not, the equity is priced for a rebound that never arrives.
Xiao-I’s product differentiation restores software-like economics rather than forcing the company into lower-margin services or costly AI delivery. Revenue recovery creates value only if it comes with gross-margin recovery, not if customers require uneconomic customization or infrastructure support.
Management can resize the operating cost base fast enough that renewed sales flow through to narrower losses rather than being consumed by R&D, sales, and administrative spending. A turnaround in sales will not accrue to shareholders unless the company proves it can convert gross profit into operating leverage.
Capital providers remain willing to fund Xiao-I through the turnaround without forcing a restructuring that transfers value away from common shareholders. Even if the product recovers, common equity can be impaired if survival requires distressed debt, converts, or equity issuance.
All standing thesis claims
Original report summary
Xiao-I proves FY2025 was a temporary commercial collapse, not evidence that customers have moved on to better-capitalized AI platforms.
Bull case and bear case
Bull case and bear case for Xiao-I
Where the evidence on Xiao-I stands: Weakening on the latest evidence (Nov 12, 2026). Of its 4 thesis points, 4 weakening.
Bull case: what the evidence supports
No thesis point is strengthening or holding on the latest evidence.
Bear case: what the evidence questions
Enterprise customers resume paying for Xiao-I deployments after the FY2025 disruption, so the company’s software demand engine reappears rather than proving to be a one-year break.
Xiao-I’s product differentiation restores software-like economics rather than forcing the company into lower-margin services or costly AI delivery.
Management can resize the operating cost base fast enough that renewed sales flow through to narrower losses rather than being consumed by R&D, sales, and administrative spending.
Capital providers remain willing to fund Xiao-I through the turnaround without forcing a restructuring that transfers value away from common shareholders.
Thesis-Break Engine
Thesis-break watch · Xiao-I
Loading the break-condition record for Xiao-I.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedREPORT OF FOREIGN PRIVATE ISSUER.
Xiao-I filed an SEC report on 2026-10-01: REPORT OF FOREIGN PRIVATE ISSUER. It is a dated development that tests the current thesis.
- MixedREPORT OF FOREIGN PRIVATE ISSUER.
Xiao-I filed an SEC report on 2026-09-03: REPORT OF FOREIGN PRIVATE ISSUER. It is a dated development that tests the current thesis.
- MixedREPORT OF FOREIGN PRIVATE ISSUER.
Xiao-I filed an SEC report on 2026-08-26: REPORT OF FOREIGN PRIVATE ISSUER. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Alibaba Cloud, Tencent Cloud, or Baidu bundle comparable enterprise AI assistants into existing cloud/software relationships and displace stand-alone vendors like Xiao-I.
- Baidu, Alibaba, Tencent, or open-source large-model providers commoditize natural-language AI features and pressure Xiao-I’s pricing.
- Xiao-I continues funding AI research and sales capacity for products that customers are not buying at scale.
- Creditors demand repayment, collateral, or covenant concessions while the business remains loss-making.
AIXI news
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Financial statements
AIXI income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
AIXI: quick answers
- What is AIXI's short interest?
- As of October 30, 2026, 90,029 AIXI shares were sold short, down 70.8% from the count before. At the stock's average daily volume that is 1.0 day to cover. FINRA publishes the count twice a month. AIXI short interest history