The company's financial foundation has eroded significantly, resulting in a deep equity deficit of -$100.6M and a precarious current ratio of 0.10 as of 2025Q4.
Xiao-I Corporation (AIXI) balance sheet — 6-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Total Current Assets | 5.88M | 10.13M | 76.49M | 38.05M | 48.42M | 35.81M | 12.09M |
| Cash & Short-Term Investments | 3.62M | 2.44M | 846.59K | 1.56M | 1.03M | 1.31M | 673.38K |
| Cash Only | 3.62M | 2.44M | 846.59K | 1.56M | 1.03M | 1.31M | 366.87K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 306.51K |
| Accounts Receivable | 834.7K | 4.09M | 67.42M | 30.73M | 42.07M | 31.67M | 8.05M |
| Days Sales Outstanding | 247.27 | 121.06 | 349.98 | 189.6 | 318.67 | 355.45 | 212.11 |
| Inventory | 0 | 0 | 14.36K | 1.22M | 768.22K | 768.76K | 273.36K |
| Days Inventory Outstanding | 0.53 | - | 0.24 | 22.51 | 16.13 | 25.78 | 13.8 |
| Other Current Assets | 1.3M | 1.16M | 2.56M | 3.02M | 5.22M | 1.68M | 3.09M |
| Total Non-Current Assets | 298.28K | 5.77M | 9.02M | 28.28M | 12.16M | 11.38M | 13.09M |
| Property, Plant & Equipment | 69K | 203.79K | 2.7M | 4.56M | 1.08M | 1.4M | 2.49M |
| Fixed Asset Turnover | 38.38x | 60.49x | 26.03x | 12.98x | 44.42x | 23.18x | 5.57x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.64K | 114.44K | 143.37K | 212.44K | 637.11K | 798.46K | 886.48K |
| Long-Term Investments | 8.03M | 3M | 2.5M | 2.65M | 2.85M | 335.45K | 482.46K |
| Other Non-Current Assets | 226.64K | 2.46M | 3.68M | 20.54M | 3.7M | 3.94M | 3.91M |
| Total Assets | 6.18M | 15.9M | 85.51M | 66.33M | 60.58M | 47.19M | 25.18M |
| Asset Turnover | 1.07x | 0.78x | 0.82x | 0.89x | 0.80x | 0.69x | 0.55x |
| Asset Growth % | -150.9% | -81.4% | 28.91% | 9.49% | 28.38% | 87.43% | - |
| Total Current Liabilities | 105.73M | 103.29M | 86.6M | 57.66M | 52.61M | 36.06M | 25.76M |
| Accounts Payable | 40.61M | 39.2M | 27.13M | 13.67M | 9.51M | 6.23M | 2.5M |
| Days Payables Outstanding | 693.96 | 2.09K | 444.78 | 252.82 | 199.78 | 208.81 | 126.07 |
| Short-Term Debt | 40.16M | 41.61M | 42.54M | 31.79M | 30.02M | 20.93M | 16.49M |
| Deferred Revenue (Current) | 9.51M | 2.84M | 2.39M | 7.08M | 2.55M | 2.95M | 2.16M |
| Other Current Liabilities | 12.86M | 9.94M | 3.06M | 3.68M | -108.07K | -269.71K | 37.9K |
| Current Ratio | 0.06x | 0.10x | 0.88x | 0.66x | 0.92x | 0.99x | 0.47x |
| Quick Ratio | 0.06x | 0.10x | 0.88x | 0.64x | 0.91x | 0.97x | 0.46x |
| Cash Conversion Cycle | -446.17 | - | -94.57 | -40.71 | 135.03 | 172.42 | 99.84 |
| Total Non-Current Liabilities | 18.24M | 17.48M | 14.68M | 17.14M | 16.96M | 14.51M | 6.05M |
| Long-Term Debt | 5.38M | 5.15M | 2.53M | 2.67M | 11.89M | 8.91M | 0 |
| Capital Lease Obligations | 420.71K | 18.39K | 295.96K | 1.47M | 300.97K | 446.14K | 1.01M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 12.85M | 12.31M | 11.85M | 13M | 4.77M | 5.16M | 5.04M |
| Total Liabilities | 123.97M | 120.77M | 101.28M | 74.8M | 69.57M | 50.57M | 31.81M |
| Total Debt | 45.54M | 46.78M | 45.86M | 36.86M | 42.65M | 31.08M | 18.81M |
| Net Debt | 41.92M | 44.34M | 45.01M | 35.29M | 41.62M | 29.77M | 18.45M |
| Debt / Equity | -0.39x | - | - | - | - | - | - |
| Debt / EBITDA | -0.43x | - | - | - | - | 4.97x | - |
| Net Debt / EBITDA | -0.39x | - | - | - | - | 4.76x | - |
| Interest Coverage | -18.01x | -32.11x | -5.27x | -8.99x | -1.19x | 3.10x | -5.91x |
| Total Equity | -117.79M | -104.86M | -15.77M | -8.47M | -8.98M | -3.38M | -6.63M |
| Equity Growth % | -930.59% | -565.05% | -86.23% | 5.76% | -165.59% | 48.98% | - |
| Book Value per Share | -413.39 | -1061.12 | -241.07 | -150.39 | -170.62 | -63.53 | -125.92 |
| Total Shareholders' Equity | -113.46M | -100.56M | -12.2M | -4.86M | -5.89M | -189.16K | -3.81M |
| Common Stock | 11.87K | 2.76K | 1.6K | 1.2K | 1.11K | 1.11K | 1.11K |
| Retained Earnings | -239.61M | -226.56M | -125.34M | -110.83M | -78.48M | -72.58M | -76.26M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -8.3M | -4.13M | -2.61M | -2.76M | -3.03M | -3.23M | -3.17M |
| Minority Interest | -4.33M | -4.31M | -3.57M | -3.6M | -3.1M | -3.19M | -2.82M |
Quick answers to the most common questions about buying AIXI stock.
As of 2025, Xiao-I Corporation (AIXI) had total assets of $15.9M including $10.1M in current assets.
Xiao-I Corporation (AIXI) carries total debt of $46.8M, offset by $2.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Xiao-I Corporation (AIXI) has total shareholders' equity (book value) of $-100.6M ($-1061.12 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Xiao-I Corporation (AIXI) reported a current ratio of 0.10x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Imminent insolvency and dilution
Balance Sheet Erosion Accelerates Rapidly
As reported in recent financial statements, AIXI's total equity has plummeted into a deep deficit of $100.6M by 2025Q4, marking a significant deterioration from the $421.6K positive equity position observed in 2022Q2, which underscores the company's rapidly weakening financial foundation and structural instability.
The consistent expansion of the accumulated deficit, now reaching $226.6M, suggests that the company's business model has failed to generate sufficient returns to offset its operational costs. This trajectory indicates that the balance sheet is no longer a source of stability but rather a reflection of persistent capital destruction.
Leverage Burdening Strained Capital Structure
Based on the company's reported figures, total debt has climbed to $46.8M as of 2025Q4, representing a substantial portion of the firm's $15.9M in total assets, which suggests that debt service obligations may be severely constraining the company's remaining operational flexibility.
The reliance on debt in the face of negative equity and shrinking assets implies that the company is likely utilizing external financing to fund ongoing operating losses rather than growth initiatives. Investors should monitor whether these debt levels are sustainable given the current lack of cash-generative capacity.
Liquidity Buffer Nearing Critical Depletion
According to the latest quarterly data, AIXI's current ratio has collapsed to a precarious 0.10, while cash reserves have dwindled to just $2.4M, indicating that the company possesses minimal liquidity to cover its immediate short-term liabilities and ongoing operational burn.
A current ratio of 0.10 is a strong indicator of an acute liquidity crisis, suggesting that the company may be unable to meet its near-term obligations without immediate capital intervention. This lack of a liquidity buffer leaves the firm highly exposed to any further disruptions in its project-based revenue cycle.
Negative Equity Reflects Structural Impairment
As indicated by the provided balance sheet data, the company's equity position has remained in negative territory for most of the last ten quarters, reaching a record low of -$100.6M in 2025Q4, which highlights the severe erosion of shareholder value over the observed period.
The persistent negative equity suggests that the company's liabilities have consistently outpaced its assets, a condition that typically necessitates significant recapitalization or restructuring. This state of affairs implies that the current capital structure is fundamentally impaired and may require drastic measures to rectify.