By Lisa Thompson
NASDAQ:GXAI
READ THE FULL GXAI RESEARCH REPORT
- Gaxos.AI (NASDAQ:GXAI) is primarily comprised of two businesses: RNK Health and Gaxos Labs. The former sells peptides, wellness, health, and GLP-1 products through eCommerce, and accounted for 92% of sales in the first nine months of 2025, and the latter has web and mobile-based Generative AI subscription tools and services.
- Both businesses are in the start-up phase, having only been launched last fall, with RNK Health generating most of the revenues. Based on the last reported quarter, the health business is currently at a $682,000 run rate and growing rapidly. Gaxos Labs’ run rate was reported at $2,200, but its main product only launched in mid-August.
- While the company is burning about a million dollars a quarter, it has $13 million in cash and cash equivalents, giving it a runway for at least the next two to three years, even if cash burn does not decline.
- The stock currently trades at a negative fully diluted enterprise value of $5.4 million and has $13 million in cash plus short-term investments (or $1.82 per share). We believe the stock could be worth $2.47 by 2026 based on $3.4 million in revenues in 2026 at a blended EV to Sales, in line with its peers.
Gaxos.AI was founded in 2021, IPOed in February 2023 under the name The NFT Gaming Company, and then changed its name to Gaxos.AI in 2024. The company has only three full-time employees, and the rest are consultants. It is comprised of four different businesses, of which RNK Health is the largest in terms of revenues.
RNK Health
In September 2024, Gaxos.AI formed a wholly-owned subsidiary, RNK Health, to market certain health-related products. On October 10, 2024, Gaxos.AI, RNK Health, and Nekwellness entered into an operating agreement for this subsidiary, RNK Health. Gaxos.AI owns 70% of RNK Health, and Nekwellness owns 30%. In the first nine months of 2025, RNK Health provided 92% of the company’s total revenues.
RNK Health is a health and wellness eCommerce business that is currently providing access to certain prescription medications, supplements, and other wellness products and services, primarily NAD+, Sermorelin, and GLP-1, and it intends to add other products, such as testosterone replacement therapy (TRT) and hormone replacement therapies (HRT), in many ways following the strategy of Hims & Hers, but without taking on inventory and fulfilling orders. Orders are fulfilled through its fulfillment partners, and the company earns a fee from each sale; thus, there is no cost of sales for this business. All the products sold by RNK Health are taken orally, through a nasal spray, or injected. RNK Health’s expertise is in eCommerce, digital marketing, and customer acquisition.
Gaxos Labs
Gaxos Labs, launched in September 2024, provides web and mobile-based AI tools and services through its Art-Gen, AI image and video creation platform, UnGPT, an AI-written text humanization tool, and others. While it contributed only $57,000 in revenues last quarter, it is ramping quickly. The offerings are sold under a subscription, usage-based pricing system pursuant to a tiered model, allowing customers to choose the subscription level to be charged based on their intended usage.
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