Xiao-I Corporation announced its financial results for the first half of 2023, reporting a net loss of $18.8 million. This loss reflects the company's significant investments in its artificial intelligence initiatives.
Total operating expenses for the period increased by 355% year-over-year, driven primarily by a 708% year-over-year surge in R&D expenses. These investments are directed towards advancing the company's large language models and AI solutions.
The substantial increase in R&D spending underscores Xiao-I's commitment to technological development, even as it impacts short-term profitability.
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