Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 122

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 5
Chunk 122
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our net loss decreased by $38.4 million from $122.2 million for the year ended December 31, 2023 to $83.8 million for the year ended December
31, 2024. The decreased net loss was the result of decreased fair value loss on financial instruments and financial assets and fair value
loss on financial instruments and financial assets, partially offset by increased operating expense as discussed above.

For the years ended December 31, 2023 and
2022

The following table summarizes
the results of our operations for the years ended December 31, 2023 and 2022, respectively, and provides information regarding the dollar
and percentage increase or (decrease) during such periods.

                                                 For the Years Ended                                                                                            
                                                 December 31,                                                                                                   
                                                 2023                                       2022                       Change                                   
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  REVENUES:                                                                                                                                                     
  Application development services               $                           9,780,115      $           3,847,199      $              5,932,916          154.2  
  Consulting and technical support services                                  3,609,158                  2,538,500                     1,070,658           42.2  
  Subscription services                                                        695,010                    758,526                       (63,516           (8.4  
  Trading revenue                                                            2,549,808                  3,338,584                      (788,776          (23.6  
  Others revenue                                                               190,732                          -                       190,732              -  
  Total revenues                                                            16,824,823                 10,482,809                     6,342,014           60.5  
  COST OF REVENUES:                                                                                                                                             
  Application development services                                           9,236,901                  2,443,460                     6,793,441          278.0  
  Consulting and technical support services                                  1,404,193                    983,700                       420,493           42.7  
  Subscription services                                                        102,573                    104,499                        (1,926           (1.8  
  Trading                                                                    2,504,352                  3,183,729                      (679,377          (21.3  
  Others                                                                       156,608                          -                       156,608