XtalPi's revenue jumps, adjusted net loss narrows, and board changes

XtalPi Holdings Limited (HKEX: 2228), a specialist technology company, announced a 52.8% increase in revenue to RMB266.4 million for the year 2024. The company also narrowed its adjusted net loss by 12.5% to RMB456.8 million and reached the Commercial Company revenue threshold (HK$250 million) under Chapter 18C of the Listing Rules ahead of schedule. Reflecting these operational improvements, monthly average cash burn decreased by 22.6% year-on-year. Alongside the results, XtalPi detailed several board changes, including the appointment of Mr. Law Cheuk Kin Stephen, Ms. Chan Wing Ki, and Mr. Chow Ming Sang as new independent non-executive Directors, effective May 28, 2024. These appointments followed the resignation of Dr. Gu Cuiping as a non-executive Director in October 2024, and lead to the establishment of key board committees: the Audit Committee, Remuneration Committee and Nomination Committee. Ms. Liu Shimei was also appointed as joint company secretary in December 2024, replacing Mr. Tam Man Hong in that role. Concurrently, the company is pursuing the development of AI for Science, having entered commercial agreements with the Sheikh Hamad Rakadh Salem Rakadh Office (UAE) to establish the Middle East's first modernized automated platform. As a testament to its dedication to ESG, XtalPi was commended for ESG Excellence by The Hong Kong Corporate Governance and ESG Excellence Awards. Following the conclusion of FY2024, the company completed a placing of 264,000,000 new shares at HKD4.28 per share. The total gross proceeds from the placing are approximately HKD1,130 million, and the net proceeds (after deducting all applicable costs and expenses, including commission and levies) arising from the placing amounted to approximately HKD1,125 million, which will continue to bolster its commitment to the strength of the company's overall position in the drug development, and materials science sectors.