Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 117

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 5
Chunk 117
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�────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Application development services               $                        1,927,120       36.0      $             543,214       5.6  
  Consulting and technical support services                               2,143,122       60.1                  2,204,965      61.1  
  Subscription services                                                     556,671       91.8                    592,437      85.2  
  Trading revenue                                                            10,842        0.5                     45,456       1.8  
  Others revenue                                                            (16,520      (44.3                     34,124      17.9  
  Total gross profit                             $                        4,621,235       39.8      $           3,420,196      20.3  

Our gross profit increased
by approximately $1.2 million or 35.1% from approximately $3.4 million for the year ended December 31, 2023 to approximately $4.6 million
for the year ended December 31, 2024. Gross margin as a percent of overall revenue for the years ended December 31, 2024 and 2023 was
39.8% and 20.3%, respectively.

Gross profit for application
development services increased by approximately $1.4 million or 254.8% from $0.5 million for the year ended December 31, 2023 to approximately
$1.9 million for the year ended December 31, 2024, the increase was driven by decreased outsourcing development fee. Gross profit margin
for the years ended December 31, 2024 and 2023 was 36.0% and 5.6%, respectively.

Gross profit for consulting
and technical support services decreased by approximately $0.1 million or 2.8% from approximately $2.2 million for the year ended December
31, 2023 to approximately $2.1 million for the year ended December 31, 2024. Gross profit margin for the years ended December 31, 2024
and 2023 was 60.1% and 61.1%, respectively.

Gross profit for subscription
services stayed at approximately $0.6 million for the year ended December 31,2024 and 2023. Gross profit margin was 91.