The TSIA AI-20 Q4 Index

AI-native companies are telling a growth story, but growth isn't the same as profit. Across the twenty companies in TSIA's AI-20 Index, median revenue growth sits at 16.9% — real demand, unevenly distributed. Only two of the twenty post a GAAP operating profit. Median GAAP gross margin has fallen to 67.7%, down from 71.1% three years ago, and ten of the fifteen comparable constituents sit below the 75% floor that classic enterprise SaaS clears at scale. Six of the twenty headline numbers this quarter flatter the underlying result once you trace the mechanism behind them. If you're building an AI-delivered services offer and benchmarking it against a competitor's press release, you're benchmarking against the wrong number.

This eBook is TSIA's quarterly GAAP scorecard for twenty AI-exposed public companies, rebuilt every ratio from reported dollars rather than lifted from a press release. No adjusted, pro-forma, or company-preferred metric appears as a headline anywhere in the index — that discipline is the point, because it's the only way to see whether AI-first business models are producing profit or producing narrative. Inside, you'll find where gross margin erosion is coming from and why it traces to deliberate strategic choices rather than accounting quirks, a company-by-company breakdown of the six headlines that flatter the underlying data, and four concrete actions to instrument your own AI services P&L before your next board cycle. The growth in this cohort is real. The profit is two companies wide.