XtalPi Holdings (2228) H2 2024 earnings summary

Executive summary

• Revenue reached RMB 266.4 million in 2024, up 53% year-over-year, with accelerated growth in the second half and strong expansion in customer base and business segments.

• Adjusted net loss narrowed to RMB 456.8 million, down 13% year-over-year, reflecting improved operational efficiency and cost control.

• Monthly average cash burn reduced by 23% to RMB 48 million, and cash balance increased to RMB 3,123 million at year-end.

• Commercialization of AI and robotics solutions expanded into new materials, agriculture, and traditional Chinese medicine sectors, with significant global client growth and repeat business from leading pharma companies.

• Achieved the HK$250 million Commercial Company revenue threshold ahead of schedule, marking a new stage of large-scale development.

Financial highlights

• Revenue: RMB 266.4 million in 2024, up 53% from 2023; second half growth accelerated to 73%.

• Adjusted net loss: RMB 456.8 million, improved 13% from 2023.

• Monthly average cash burn: RMB 48 million, down 23% from 2023.

• Cash and equivalents, term deposits, and restricted cash: RMB 3,123 million at year-end, up 10% year-over-year.

• Net loss: RMB 1,514.9 million, down 20.5% year-over-year.

Outlook and guidance

• Expects continued revenue growth and new business milestones in 2025, driven by global expansion and new verticals, with ongoing investment in AI-driven drug discovery and robotics.

• Plans to deepen collaborations with leading pharma, materials, and consumer goods companies globally.

• Focus on scaling AI-powered robotics and data-driven platforms to maintain industry leadership and accelerate R&D.

• Sufficient working capital for approximately ten years, factoring in 2025 placings.