Gaxos.ai Inc. reported a revenue of $4,027 for the fiscal year ending December 31, 2024, a significant increase from $256 in the previous year. This growth is attributed primarily to the sale of health coaching packages, which include lab tests and personal health coaching sessions. Despite this revenue increase, the company continues to operate at a loss, with a net loss of $3,424,283 for 2024, down from a net loss of $3,948,097 in 2023, reflecting a 13.3% improvement in financial performance.
Operating expenses for Gaxos.ai decreased to $3,707,632 in 2024 from $4,015,541 in 2023, marking a reduction of 7.7%. The decrease in expenses was driven by lower general and administrative costs, which fell from $3,047,360 in 2023 to $2,711,145 in 2024. Notably, compensation and related benefits saw a significant decline of 39.1%, primarily due to reduced stock-based compensation. Research and development expenses increased by 8.8% to $996,487, reflecting ongoing investments in the development of the Gaxos Health platform and other initiatives.
Strategically, Gaxos.ai has made significant advancements, including the launch of Gaxos Labs in September 2024, which offers generative AI services to game developers. The company has also introduced four proprietary games under the Gaxos Gaming platform, enhancing its product offerings. Additionally, Gaxos Health was launched to provide AI-driven health optimization solutions, integrating biometric data with personalized wellness strategies. The formation of RNK Health LLC in September 2024 further expands the company's reach into health-related products, including GLP-1 medications.
As of December 31, 2024, Gaxos.ai reported a cash balance of $14,398,099 and short-term investments of $2,167,419, indicating a solid liquidity position. The company raised approximately $16.6 million through financing activities during the year, which included proceeds from the sale of common stock. Looking ahead, Gaxos.ai anticipates continued operating losses as it invests in growth and development, but management believes that existing cash reserves will be sufficient to meet operational needs for at least the next twelve months.
In summary, Gaxos.ai Inc. is navigating a challenging financial landscape while making strategic investments in AI technology and health solutions. The company is focused on expanding its product offerings and user base, with a clear plan to leverage its current cash position to support ongoing operations and future growth initiatives.
About GAXOS.AI INC.
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