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Xiao-i Corp (AIXI) stock

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NASDAQ: AIXI Nasdaq Application Software

D Fundamentals grade

Xiao-i Corp is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Xiao-i Corp is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: cash-flow, stock-pay or share-count figures missing or out of date. We'll show the comparison once resolved.

Xiao-i Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds6 adding, 0 cuttingOf 0 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Xiao-i files

Where Xiao-i stands after its latest Filing

Revenue for the twelve months was $12m, up 17054.9% on a year earlier, against a decline of 99.9% a quarter earlier. Free-cash-flow margin rose to -30.3% from -36.6% a year earlier. Operating margin narrowed to -783.6% from 15.4%. The diluted share count is up 61.1% on a year earlier, which dilutes existing holders. It passes 0 of our 5 financial-health checks.

Our model value for Xiao-i is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Xiao-i Corp's trailing-twelve-month revenue grew 17054.9% year on year, with a free-cash-flow margin of -30.3%. Where it stands out: revenue growth of 17054.9% ranks 1 of 184 application software companies we cover. Where it lags: days sales outstanding of 187 days ranks 156 of 162 application software companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 17054.9% (+17154.8pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 17054.9% over the last 12 months, against a median of 12.0% for application software companies we cover.
  • Growth speeding up. The growth rate is 17154.8 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 17127.4 points on a year ago.

Things to watch

  • Loss-making. Operating margin is -783.6%: costs exceed revenue.
  • Burning cash. Free cash flow was -30.3% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 47.7% of revenue, against a median of 9.3% for application software companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 61.1% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 596% and a beta of 2.3 against the S&P 500.
  • Below peers: days sales outstanding. Days sales outstanding of 187 days ranks 156 of 162 application software companies we cover (median 57 days).

Price chart

  • 1 day+6.9%
  • 1 week+1.9%
  • 1 month+66.0%
  • This year-95.1%
  • 1 year-97.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$12.3M
Operating margin
-783.6%
Net margin
-821.1%
EPS (TTM, diluted)
$-7.32

Growth

Revenue growth
+17054.9%
Change in growth rate
+17154.8 pts
Share count change
+61.1%

Cash

Free cash flow (TTM)
-$3.7M
FCF margin
-30.3%
Stock pay % of revenue
47.7%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for AIXI from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Xiao-i Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: cash-flow, stock-pay or share-count figures missing or out of date.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Xiao-i Corp as an operating company, with every model that fits that kind of business. Cost of equity 12.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.72 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.0 ~$1.0–$4.0 Left out: out of range vs price (0.01x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Xiao-i Corp with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202320242025
Share price$2860.20$807.80$57.40
Market value$22.5bn$6.9bn$794m
+ Net debt (− = net cash)$33m$35m$30m
Enterprise value$22.6bn$7.0bn$824m
Multiples
Price / sales n/mn/m64.4x
Price / earnings ———
Price / free cash flow ———
EV / EBITDA ———

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Xiao-i Corp: too few analysts cover it.

Positioning

Short interest
—
of tradable shares
Days to cover
0.03
at average volume
Short interest, 1 month
+903%
to October 15, 2026
Held by institutions
8%
of shares
Held by insiders
0.0%
of shares
Employees
58
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202420252026 to date
Return
AIXI−72%−93%−95%
Industry peers (median)+2%−20%−14%
S&P 500+25%+18%+11%
Months that ended higher
AIXI25%8%36%
S&P 50075%75%46%
Largest fall from a high during the year
AIXI−90%−93%−100%
S&P 500−8%−19%−9%

Worst fall since March 9, 2023: 100% from August 1, 2023 to October 1, 2026. Getting back needed a 1041085% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.22 – $273.00
From 52-week high
−99.0%
vs 50-day average
+2.9%
vs 200-day average
−92.6%
Volatility (1 year)
596%
Beta vs S&P 500
2.30

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Xiao-i Corp in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Xiao-i Corp
$0 $20M $40M $60M FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY20 Q4: $13.9M Revenue (TTM), FY21 Q4: $32.5M Revenue (TTM), FY22 Q4: $48.2M Revenue (TTM), FY23 Q4: $59.2M Revenue (TTM), FY24 Q4: $71.9K Revenue (TTM), FY25 Q4: $12.3M $12.3M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY20 Q4 $13.9M
FY21 Q4 $32.5M
FY22 Q4 $48.2M
FY23 Q4 $59.2M
FY24 Q4 $71.9K
FY25 Q4 $12.3M
Revenue growth, TTM YoY Xiao-i Corp
-5000% 0% 5000% 10000% 15000% 20000% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY21 Q4: 134.7% Revenue growth, TTM YoY, FY22 Q4: 48.2% Revenue growth, TTM YoY, FY23 Q4: 22.8% Revenue growth, TTM YoY, FY24 Q4: -99.9% Revenue growth, TTM YoY, FY25 Q4: 17054.9% 17054.9%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY21 Q4 134.7%
FY22 Q4 48.2%
FY23 Q4 22.8%
FY24 Q4 -99.9%
FY25 Q4 17054.9%
Operating margin (TTM) Xiao-i Corp
-20000% -15000% -10000% -5000% 0% 5000% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY20 Q4: -56.8% Operating margin (TTM), FY21 Q4: 15.4% Operating margin (TTM), FY22 Q4: -6.5% Operating margin (TTM), FY23 Q4: -37.1% Operating margin (TTM), FY24 Q4: -17911.0% Operating margin (TTM), FY25 Q4: -783.6% -783.6%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY20 Q4 -56.8%
FY21 Q4 15.4%
FY22 Q4 -6.5%
FY23 Q4 -37.1%
FY24 Q4 -17911.0%
FY25 Q4 -783.6%
FCF margin (TTM) Xiao-i Corp
-30000% -20000% -10000% 0% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY20 Q4: -25.1% FCF margin (TTM), FY21 Q4: -36.6% FCF margin (TTM), FY22 Q4: -22.9% FCF margin (TTM), FY23 Q4: -30.3% FCF margin (TTM), FY24 Q4: -21578.4% FCF margin (TTM), FY25 Q4: -30.3% -30.3%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY20 Q4 -25.1%
FY21 Q4 -36.6%
FY22 Q4 -22.9%
FY23 Q4 -30.3%
FY24 Q4 -21578.4%
FY25 Q4 -30.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 14 33 48 59 0 12
Gross profit 7 22 31 39 48 5
EBITDA −8 5 −3 −21 −12 −96
Operating income −8 5 −3 −22 −13 −97
Net income −7 4 −6 −26 −15 −101
Diluted EPS −$0.93 $0.48 −$0.81 −$3.36 −$1.68 −$7.32
Growth (year on year)
Revenue — +134.7% +48.2% +22.8% −99.9% +>999%
EBITDA — — −157.1% — — —
Operating income — — −162.8% — — —
Net income — — −260.4% — — —
Diluted EPS — — −268.8% — — —
Margins
Gross margin 47.8% 66.5% 63.9% 66.6% — 44.4%
EBITDA margin −55.6% 15.9% −6.1% −35.9% <−999% −782.6%
Operating margin −56.8% 15.4% −6.5% −37.1% <−999% −783.6%
Net margin −49.1% 11.3% −12.2% −44.7% <−999% −821.1%
Free-cash-flow margin −25.1% −36.6% −22.9% −30.3% <−999% −30.3%
Cash flow
Cash from operations −3 −12 −11 −16 −15 −4
Capital spending 0 0 0 2 0 0
Free cash flow −3 −12 −11 −18 −16 −4
Stock-based pay — — — — 2 6
Free cash flow after stock pay — — — — −17 −10
Balance sheet
Cash 1 1 1 2 1 2
Total debt 0 15 31 35 35 33
Net debt (negative = net cash) −1 14 30 33 35 30
Diluted shares 7m 7m 7m 8m 9m 14m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 5 checks passed · December 31, 2025
What it owns · $16m
Short-term assets $12mLonger-term assets $4m
What it owes, and who funded it · $121m
Short-term liabilities $103mLonger-term liabilities $17mShareholders' equity $-101m
  • Short-term assets cover short-term liabilities $12m of assets due within a year against $103m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $12m short-term assets against $17m of longer-dated liabilities.
  • More cash than debt $2m of cash against $31m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$4m of operating cash flow against $31m of debt.
  • Operating profit covers interest at least five times over Operating income of −$97m against $453,004 of interest.

From Xiao-i Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+61.1%
year over year
R&D spending
198.4%
of revenue
Days sales outstanding
187 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated AIXI PDYN PARA MF DKI NTCL Median
Revenue, last 12 months $12m $12m $11m $15m $10m $10m $482m
Revenue growth, last 12 months >999% 171.8% 19.6% −49.9% 27.3% −2.9% 12.0%
Revenue growth, latest quarter — 469.8% −27.3% — — — 11.9%
Gross margin 44.4% 28.7% 81.2% −0.5% 24.8% 22.8% 69.2%
Operating margin −783.6% −360.7% −177.7% −98.2% −85.3% −111.5% 1.1%
Operating margin, 3-year average — −649.8% −213.5% — — — −0.8%
Net margin −821.1% −254.7% −228.7% −222.9% −85.7% −110.4% 2.1%
Cash from operations / revenue −29.9% −297.2% −151.1% −14.5% −4.5% −58.3% 18.2%
Free-cash-flow margin −30.3% −310.0% −162.5% −14.5% −4.6% −58.4% 15.0%
Free-cash-flow margin, 3-year average — −467.0% −121.9% — — — 16.2%
Stock pay / revenue 47.7% 48.1% 37.6% 78.6% 87.4% 31.2% 9.3%
Change in share count 61.1% 35.5% — 362.2% 3.3% 14.2% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 17054.9% 12.0% 1 of 184
Change in growth rate Growth +17154.8pp +0.2pp 1 of 184
Gross margin Profitability 44.4% 69.8% 125 of 160
Operating margin Profitability -783.6% 1.1% 172 of 181
Net margin Profitability -821.1% 2.1% 174 of 185
Free-cash-flow margin Cash generation -30.3% 15.2% 144 of 180
Stock pay as % of revenue Cash generation 47.7% 9.3% 163 of 177
Long-term debt as % of assets Balance sheet 8.7% 16.9% 33 of 98
Change in share count Balance sheet 61.1% 1.7% 150 of 163
Days sales outstanding Balance sheet 187 days 57 days 156 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$138,008
Institutions reporting
6
Positions opened / closed
6 / 0

Top buyers and sellers, Q2 2026: 6 institutions bought and 0 sold ; the biggest buyer was UBS Group AG (+35K shares) . See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
UBS Group AG $64,236 35K 46.5% —
HRT Financial LP $45,000 25K 32.6% —
Virtu Financial LLC $28,000 15K 20.3% —
Signaturefd, LLC $460 0K 0.3% —
Morgan Stanley $296 0K 0.2% —
Jones Financial Companies LLLP $16 0K 0.0% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Xiao-i Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Data status

When each part of this page on Xiao-i Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Xiao-i Corp in brief

What does Xiao-i Corp do?
Xiao-i Corp is a US-listed company in the application software industry. Its financial year ends in December.
What is Xiao-i Corp's stock ticker?
Xiao-i Corp trades under the ticker AIXI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Xiao-i Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Xiao-i Corp reported revenue of $12.3M, 17054.9% higher than a year earlier, according to its SEC filings.
What is Xiao-i Corp's free cash flow?
Xiao-i Corp's free-cash-flow margin is -30.3% of revenue over the trailing twelve months, ranking 144 of the 180 application software companies we cover.
Who are Xiao-i Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are UBS Group AG, HRT Financial LP and Virtu Financial LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Xiao-i Corp's market cap?
On December 31, 2025, Xiao-i Corp's market capitalisation was about $794M and net debt of $30.3M. Market figures come from third-party market data and may be delayed.
Who are Xiao-i Corp's competitors?
In our Application Software peer group, the companies closest to Xiao-i Corp are Palladyne AI Corp., Banzai International, Inc., Mindforge Inc., Darkiris Inc. and Netclass Technology Inc. The side-by-side comparison below sets their revenue, margins and growth against Xiao-i Corp's.