Key Highlights

  • Helport AI's Revenue rose 7.7% to $17.7 million for the six months ended December 31, 2025, with a 51.4% gross margin, but cash was only $688,112 against Accounts Receivable of about $35.0 million.
  • Core AI Holdings reported 2025 revenue from continuing operations of $55.2 million, up 58.6%, but with a slightly negative gross margin, and first-quarter 2026 revenue fell 74% to $3.77 million.
  • Helport AI received a Nasdaq bid price deficiency notice in July 2026, with a deadline of January 11, 2027, despite average monthly subscribed users growing 16.8% to 37,908.
  • Core AI Holdings disclosed substantial doubt about its ability to continue as a Going Concern after reporting Negative equity at March 31, 2026, and raised about $5.4 million in a June 2026 offering.

A revenue number on its own says little about a company's health. What matters is whether the sales earn a profit after direct costs, whether customers actually pay in cash, and whether the revenue is likely to come back next quarter. Helport AI (NASDAQ:HPAI) and Core AI Holdings (NASDAQ:CHAI) both report tens of millions of dollars in annual sales, both trade below $1 and both have received Nasdaq bid-price notices, yet their revenue looks very different underneath.

Helport AI (NASDAQ:HPAI): Solid Gross Margins, Thin Cash

Singapore-based Helport AI sells AI-enabled customer communication software and services to contact centres and customer-service operations, which it now markets as an "AI Labor" system. Its fiscal year ends June 30. For the six months ended December 31, 2025, reported in June 2026, revenue rose 7.7% to $17.7 million, almost all of it from AI services. Gross Profit was $9.1 million, a 51.4% margin, down from 54.6% a year earlier. The company swung to a net loss of $1.7 million from Net Income of $1.1 million, as Research and Development spending rose to $5.7 million from $1.4 million.

The Balance Sheet is where revenue quality comes into focus. Operating Cash Flow was a positive $5.0 million for the half year, but cash on hand at December 31, 2025 was only $688,112, while accounts receivable stood at about $35.0 million, roughly two times half-year revenue. Credit losses on receivables also increased by $2.4 million. Average monthly subscribed users grew 16.8% to 37,908.

On the commercial side, Helport said in August 2026 that it had expanded AI Labor deployments with consumer hardware brands, including robot-vacuum maker Dreame, whose agreement began generating revenue in May 2026. In July 2026 the company received a Nasdaq notice for failing to meet the $1.00 minimum bid price, with until January 11, 2027 to regain compliance.

Core AI Holdings (NASDAQ:CHAI): Larger Revenue, Negative Gross Margin

Core AI Holdings is the former Siyata Mobile, a push-to-talk device maker. Following an October 2025 Merger with Core Gaming, a mobile game developer and publisher, the company divested the legacy Siyata Business in December 2025 and now presents itself as an AI technology platform spanning casual gaming, consumer AI apps and data centre ambitions. It files as a foreign private issuer.

For 2025, Core AI reported revenue from continuing operations of $55.2 million, up 58.6% from $34.8 million. But the gross Margin on that revenue was slightly negative, a gross loss of roughly $0.3 million. The overall net loss of about $31.6 million included roughly $24.4 million attributed to the discontinued Siyata operations. The first quarter of 2026 showed sharper pressure: revenue, all from Advertising publishing services, fell 74% to $3.77 million from $14.51 million a year earlier, while cost of revenue was $6.84 million, producing a gross loss of $3.07 million. The net loss was $3.63 million, cash was $2.51 million at March 31, 2026, liabilities exceeded assets, and management disclosed substantial doubt about the company's ability to continue as a going concern.

Since then, Core AI raised about $5.4 million in a June 2026 registered direct offering and set up an at-the-market equity program in August. It launched a HomeGPT home-design app, formed a Z Studio unit for consumer AI applications, and cited sharp quarter-over-quarter growth in user acquisition. Nasdaq notified the company in July 2026 of a bid-price deficiency, with a deadline of January 27, 2027.

Reading the Quality Behind the Revenue

The two companies show different revenue-quality issues. Helport earns a healthy gross margin, but much of its revenue has not yet turned into cash, which makes collections the central question. Core AI's headline revenue has been larger, yet in 2025 and early 2026 it cost more to generate than it brought in, which raises questions about the cost of acquiring users and ad placements.

  • Cash conversion: Whether Helport's receivables fall relative to revenue and whether credit-loss charges ease.
  • Gross margin: Whether Core AI's reported margin improvement turns positive and holds.
  • Revenue durability: How much of each company's sales comes from recurring subscriptions or ongoing contracts versus campaign-driven activity.
  • Funding needs: How much new equity each company issues to cover operations.

Using the Nasdaq Composite as a Benchmark

The Nasdaq Composite, heavily weighted toward large and profitable technology companies, gives a reference point for how AI-related shares are trading overall. Comparing each stock's performance and Volatility with the index over the same period shows whether moves reflect sector sentiment or company-specific events such as financings and compliance notices. The index serves here only as a comparison benchmark and implies nothing about index membership.

Microcaps trading below $1 can move sharply on small volumes and are prone to dilution, so their swings will usually be far wider than the index's.

Risks

For Helport AI, the main risks are the gap between receivables and cash, the chance of further credit losses, rising R&D costs that have pushed it into a loss, and the Nasdaq bid-price deadline.

Core AI faces a going-concern warning, negative equity at March 31, 2026, a history of negative gross margins, reliance on advertising-driven revenue that dropped steeply in early 2026, and ongoing equity raises.

Margins, Receivables and Cash Flow Say More Than Revenue Totals

Helport AI and Core AI Holdings both report meaningful revenue, but the quality of that revenue differs. Helport's sales carry solid gross margins, with open questions about collections and cash. Core AI's sales have been larger at times but unprofitable at the gross level, and its balance sheet is under strain.