MeritValue

Xiao-I Corp

AIXIdata completeness 100%6 fiscal years on file
The thesis, from the filings

Xiao-I Corp earns about -27% on invested capital, but has diluted owners by 86% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$32.5M1$48.2M2$59.2M3$70.3M3$12.3M3
Net income$3.68M4−$5.9M5−$26.5M6−$14.5M6−$101.2M6
Operating cash flow−$11.9M7−$10.9M8−$15.8M9−$15.1M9−$3.69M9
Capital expenditure$18,85310$106,81411$2.16M12$368,17112$41,73912
Free cash flow (derived)−$11.9M7−$11M8−$18M9−$15.5M9−$3.73M9
Total debt$9.12M13$22.1M14$26.8M15$35.4M16$32M17
Cash & equivalents$1.31M18$1.03M19$1.56M20$846,59321$2.32M21
Diluted shares22.4M22.1M23.6M25.8M41.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$24.23
your share of equity
Profit it earned you last year
−$24.39
Free cash flow it threw off
−$0.9
Debt you’d be carrying
$7.71

10 shares is a claim on −$24.23 of net worth that earned you −$24.39 and generated −$0.9 of cash last year, against $7.71 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-27% avg · 5y
FY21 53%FY22 -23%FY23 -88%FY24 -50%FY25 —

It earned an average -27% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+86% shares · 5y

Share count is up 86% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 251% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001213900-24-037684 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-044439 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F/A · period ending 2023-12-31 · accession 0001213900-26-060270 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-037684 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-044439 (NetIncomeLoss)
  6. 20-F/A · period ending 2023-12-31 · accession 0001213900-26-060270 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-037684 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-044439 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F/A · period ending 2023-12-31 · accession 0001213900-26-060270 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-24-037684 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-25-044439 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F/A · period ending 2023-12-31 · accession 0001213900-26-060270 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F/A · period ending 2021-12-31 · accession 0001213900-23-065338 (ShortTermBorrowings)
  14. 20-F/A · period ending 2022-12-31 · accession 0001213900-23-065338 (LongTermDebt)
  15. 20-F · period ending 2023-12-31 · accession 0001213900-25-044439 (ShortTermBorrowings)
  16. 20-F · period ending 2024-12-31 · accession 0001213900-25-044439 (LongTermDebt)
  17. 20-F/A · period ending 2025-12-31 · accession 0001213900-26-060270 (LongTermDebtNoncurrent)
  18. 20-F/A · period ending 2021-12-31 · accession 0001213900-23-065338 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2022-12-31 · accession 0001213900-24-037684 (CashAndCashEquivalentsAtCarryingValue)
  20. 20-F · period ending 2023-12-31 · accession 0001213900-25-044439 (CashAndCashEquivalentsAtCarryingValue)
  21. 20-F/A · period ending 2024-12-31 · accession 0001213900-26-060270 (CashAndCashEquivalentsAtCarryingValue)