Xiao-i Corp key statistics and ratios

In fiscal 2025, Xiao-i Corp had an operating margin of -783.6% and a current ratio of 0.12. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Xiao-i Corp: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	47.8%	66.5%	63.9%	66.6%	—	44.4%
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%
Return on assets	—	7.8%	−10.9%	−41.7%	−19.1%	−199.6%
Asset turnover	—	0.69	0.89	0.93	0.00	0.24
Current ratio	—	0.99	0.92	0.66	0.88	0.12
Interest cover (operating income ÷ interest)	—	6.1x	n/m	n/m	n/m	n/m
Effective tax rate	—	14.1%	—	—	—	—
R&D as % of revenue	30.6%	16.5%	49.8%	88.5%	>999%	198.4%
Capital spending as % of revenue	0.1%	0.1%	0.2%	3.7%	512.3%	0.3%
Free cash flow ÷ net income	—	−323.7%	—	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Xiao-i Corp's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Xiao-i Corp.