Investor Relations

Aeon Systems, Inc. (NASDAQ: AEON)

Aeon Systems is committed to delivering long-term value for our shareholders while advancing our mission to provide meaningful companionship to those who need it most. This page provides access to our financial reports, SEC filings, and shareholder communications.

Ticker: AEON
Exchange: NASDAQ
IPO Date: March 14, 2024
IPO Price: $32.00

Letter to Shareholders — Fiscal Year 2024

Dear Shareholders,

Fiscal year 2024 was a defining year for Aeon Systems.

We completed our initial public offering in March, raising $840 million in gross proceeds and marking a significant milestone in the company's growth. The offering reflected the market's confidence in our platform, our team, and the durability of the companionship sector.

Revenue for the fiscal year reached $1.2 billion, an increase of 38% over the prior year. This growth was driven by continued expansion of our disembodied companion platform, which now serves over 2,400 institutional partners across healthcare, senior care, and residential markets, and by accelerating demand for our Aegis embodied companion program, which saw a 74% increase in contract initiations year over year.

We ended the year with 11,200 active companion contracts across both platforms and a companion satisfaction rate of 4.5 out of 5.0, consistent with the standard we have maintained since our earliest pilot programs.

Our investment in research and development remains central to our strategy. In 2024, we directed $18.4 million toward platform innovation, safety systems, and next-generation companion capabilities. As part of our ongoing commitment to operational efficiency, we consolidated several research functions under a unified R&D structure, allowing for more focused allocation of resources and clearer alignment with product priorities.

Looking ahead, we see substantial opportunity in international expansion, next-generation embodied platforms, and deepening partnerships with government agencies addressing the caregiving crisis. We are building for decades, not quarters, and we are grateful for your partnership on that journey.

Sincerely,

Matt Aldrich
Co-Founder and Chief Executive Officer
Aeon Systems, Inc.

Financial Highlights — Fiscal Year 2024

(in millions, except per-unit data)

Revenue

Segment	FY 2024	FY 2023	Change
Disembodied Platform	$742.3	$612.1	+21%
Aegis Embodied Program	$401.8	$231.4	+74%
Professional Services	$55.9	$43.2	+29%
Total Revenue	$1,200.0	$886.7	+35%

Operating Expenses

Category	FY 2024	FY 2023	Change
Cost of Revenue	$486.0	$371.4	+31%
Sales & Marketing	$168.0	$132.0	+27%
General & Administrative	$96.0	$79.7	+20%
Research & Development	$18.4	$22.1	-17%
Total Operating Exp.	$768.4	$605.2	+27%

R&D Allocation Detail

Function	FY 2024	FY 2023	FY 2022
Platform Engineering	$8.2	$7.4	$6.1
Safety & Compliance Systems	$4.1	$3.8	$3.4
Companion AI Development	$3.9	$3.2	$2.8
General R&D	$2.2	$0.9	$0.4
Behavioral Research	—	$2.8	$4.2

Behavioral Research was reclassified under General R&D in Q3 2024 as part of organizational restructuring. Prior year figures shown for comparability.

Companion Metrics

Metric	FY 2024	FY 2023
Active Contracts (total)	11,200	8,400
— Disembodied	9,850	7,600
— Embodied (Aegis)	1,350	800
New Contract Initiations	5,100	3,800
Contract Renewal Rate	72%	69%
Avg. Companion Satisfaction	4.5/5.0	4.5/5.0
Units in Active Deployment	1,180	720
Units in Maintenance/Storage	170	80

Risk Factors (Excerpt) — Annual Report FY 2024

The following risk factors are excerpted from Aeon Systems' Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the Securities and Exchange Commission.

Companion Behavioral Variance

Our companions, including both disembodied and embodied units, are designed to operate within defined behavioral parameters. However, as companion AI systems interact with diverse individuals across varied environments, behavioral outputs may occasionally fall outside anticipated ranges. While our safety systems are designed to detect and flag significant variance, we cannot guarantee that all instances of atypical behavior will be identified in real time.

Behavioral variance may result in companion responses or actions that are unexpected, inappropriate, or inconsistent with client expectations. Such variance could lead to client dissatisfaction, early contract termination, reputational damage, or in rare cases, regulatory scrutiny.

We continue to invest in behavioral monitoring and calibration systems to mitigate this risk, though no assurance can be given that such systems will be fully effective.

Regulatory and Legislative Risk

The regulatory landscape for synthetic companions is evolving. Several jurisdictions have proposed or enacted legislation addressing the manufacture, deployment, and rights of autonomous synthetic entities. Changes in law or regulation could materially affect our ability to manufacture, deploy, or service companions, could increase our compliance costs, or could require modifications to our products or business practices.

We actively engage with policymakers and regulatory bodies to advocate for frameworks that support responsible innovation while protecting the interests of our clients and the public.

Dependence on Key Personnel

Our success depends in part on the continued service and contributions of our co-founders, Dillon Hayes and Matt Aldrich, as well as other key members of our leadership team. The loss of any key personnel could disrupt operations, delay product development, or negatively impact our strategic direction.