Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 90

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 4
Chunk 90
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 trade businesses and manufacturers; (ii) governmental agencies and authorities; and (iii) logistics
and other various service providers. We currently derive our revenues from five sources: (1) revenue from application development services
generated fromPowerbridge Digital Solutions, which require us to perform services including project planning, project design,
application development and system integration based on customers’ specific needs. These services also require significant production
and customization; (2) revenue from consulting and technical support services primarily generated from Powerbridge Digital Solutions;
(3) revenue from subscription services generated from Powerbridge SaaS Services; (4) revenue from trading business; and (5) others
revenue. We currently generate most of our revenues from application development services, which represented 46.1%, 58.1% and 36.7% of
total revenue for the fiscal year ended December 2024, 2023 and 2022, respectively. Revenue from consulting and technical support services
represented 30.7%, 21.5% and 24.2% of total revenue for the fiscal year ended December 31, 2024, 2023 and 2022, respectively. Revenue
from subscription services represented 5.2%, 4.1% and 7.2% of total revenue for the fiscal year ended December 31, 2024, 2023 and 2022,
respectively. Revenue from trading represented 17.7%, 15.2%, 31.8% of total revenue for the fiscal year ended December 31, 2024, 2023
and 2022. Revenue from others represented 0.3%, 1.1% and nil of our revenue for the fiscal year ended December 31, 2024, 2023 and 2022,
respectively. For the fiscal years ended December 31, 2024, 2023 and 2022, our revenues were $11.6 million, $16.8 million and $10.5 million,
respectively.

As of the date of this Annual
Report, we had a total of 137 full-time employees, of which 62 are in research and development, 10 are in sales and marketing, 29 are
in technical and customer services, and 36 are in general administration.

Our Competitive Strengths

We believe that the following
competitive strengths contribute to our success and differentiate us from our competitors:

  A diversified business with clear and robust growth strategies