CXApp Inc. (Nasdaq: CXAI) Reports Q3 2024 With Highest Quarterly SaaS Metrics and Delivery of AI-Based CXAI Platform to Large Financial Services Customer
CXApp (NASDAQ:CXAI) reported strong Q3 2024 results with record SaaS metrics, including an 18% increase in recurring revenue and 106% net retention rate. The company achieved its highest quarterly revenue of $1.9M with 80% gross margins, with 88% coming from subscriptions. Key milestones include the successful delivery of the AI-based CXAI pilot platform to a financial services customer and the launch of CXAI Kiosk and CXAI BTS. The company's flagship products, CXAI and CXAI VU, are now available on AWS Marketplace. Non-GAAP operating expenses decreased by 22% year-over-year, showing improved cost management.
CXApp (NASDAQ:CXAI) ha riportato risultati solidi nel terzo trimestre del 2024 con metriche SaaS da record, inclusa un aumento del 18% nei ricavi ricorrenti e un tasso di retention netto del 106%. L'azienda ha raggiunto il suo fatturato trimestrale più alto di $1.9M con margini lordi dell'80%, di cui l'88% proviene da abbonamenti. Tra i principali risultati ci sono la consegna riuscita della piattaforma pilota CXAI basata sull'IA a un cliente nel settore dei servizi finanziari e il lancio di CXAI Kiosk e CXAI BTS. I principali prodotti dell'azienda, CXAI e CXAI VU, sono ora disponibili su AWS Marketplace. Le spese operative non-GAAP sono diminuite del 22% rispetto all'anno precedente, mostrando un miglioramento nella gestione dei costi.
CXApp (NASDAQ:CXAI) informó resultados sólidos en el tercer trimestre de 2024 con métricas de SaaS récord, incluyendo un aumento del 18% en ingresos recurrentes y una tasa de retención neta del 106%. La compañía alcanzó su mayor ingreso trimestral de $1.9M con márgenes brutos del 80%, de los cuales el 88% proviene de suscripciones. Los hitos clave incluyen la entrega exitosa de la plataforma piloto basada en inteligencia artificial CXAI a un cliente de servicios financieros y el lanzamiento de CXAI Kiosk y CXAI BTS. Los productos insignia de la empresa, CXAI y CXAI VU, están ahora disponibles en AWS Marketplace. Los gastos operativos no-GAAP disminuyeron un 22% interanual, mostrando una mejora en la gestión de costos.
CXApp (NASDAQ:CXAI)는 2024년 3분기 강력한 실적을 보고하며 기록적인 SaaS 지표를 기록했습니다. 여기에는 반복 수익 18% 증가와 106%의 순 유지율이 포함됩니다. 회사는 $1.9M의 최고 분기 매출을 달성했으며, 총 매출 이익률은 80%로, 이 중 88%가 구독에서 발생했습니다. 주요 이정표로는 금융 서비스 고객에게 AI 기반 CXAI 파일럿 플랫폼을 성공적으로 제공하고 CXAI Kiosk 및 CXAI BTS를 출시한 것이 포함됩니다. 회사의 대표 제품인 CXAI 및 CXAI VU는 이제 AWS 마켓플레이스에서 제공됩니다. 비GAAP 운영 비용은 전년 대비 22% 감소하여 비용 관리가 개선되었습니다.
CXApp (NASDAQ:CXAI) a annoncé des résultats solides pour le troisième trimestre 2024 avec des métriques SaaS record, y compris une augmentation de 18 % des revenus récurrents et un taux de rétention nette de 106 %. L'entreprise a atteint son chiffre d'affaires trimestriel le plus élevé de $1.9M avec une marge brute de 80 %, dont 88 % provient des abonnements. Parmi les jalons clés figurent la livraison réussie de la plateforme pilote CXAI basée sur l'IA à un client du secteur des services financiers et le lancement de CXAI Kiosk et CXAI BTS. Les produits phares de la société, CXAI et CXAI VU, sont désormais disponibles sur le Marketplace AWS. Les dépenses opérationnelles non-GAAP ont diminué de 22 % d'une année sur l'autre, montrant une meilleure gestion des coûts.
CXApp (NASDAQ:CXAI) meldete starke Ergebnisse im 3. Quartal 2024 mit Rekordwerten im Bereich SaaS, einschließlich eines Anstiegs von 18 % bei wiederkehrenden Einnahmen und einer Netto-Retention-Rate von 106 %. Das Unternehmen erzielte den höchsten Quartalsumsatz von $1.9M mit einer Bruttomarge von 80 %, wobei 88 % aus Abonnements stammen. Zu den wichtigsten Meilensteinen gehört die erfolgreiche Lieferung der KI-basierten CXAI-Pilotplattform an einen Kunden aus dem Finanzdienstleistungssektor sowie die Einführung von CXAI Kiosk und CXAI BTS. Die Hauptprodukte des Unternehmens, CXAI und CXAI VU, sind nun auf dem AWS Marketplace erhältlich. Die Betriebskosten nach Non-GAAP gingen im Jahresvergleich um 22 % zurück, was auf eine verbesserte Kosteneffizienz hinweist.
- Record quarterly revenue of $1.9M, up 7% YoY and QoQ
- 18% increase in subscription revenue YoY to $1.66M
- Improved net retention rate from 91% to 106% YoY
- 22% reduction in non-GAAP operating expenses
- 80% gross margin maintained
- 88% of revenue now from subscriptions
- First paid customer for CXAI VU platform
- None.
Insights
Q3 2024 showcases strong financial performance with
Cost management initiatives have yielded a
The launch of CXAI on AWS Marketplace represents a significant distribution channel expansion, potentially accelerating customer acquisition. The successful pilot deployment of the AI-based platform with a major financial services customer validates the technology's enterprise readiness. New products CXAI Kiosk and CXAI BTS, leveraging spatial intelligence and generative AI, demonstrate innovation in workplace experience management.
The commercialization of CXAI VU with its first paying customer marks an important milestone in monetizing AI capabilities. The platform's focus on workplace automation and intelligent workflows addresses growing enterprise demand for AI-driven productivity solutions.
CXAI Available on AWS Marketplace
Positioned for Continued Growth with New AI-based Product Launches
PALO ALTO, CA / ACCESSWIRE / November 12, 2024 / CXApp (NASDAQ:CXAI), the global technology leader in employee workplace experiences announced its Q3 2024 financial results and update on its state-of-the-art technology platform CXAI.
This quarter represents the highest SaaS metrics for the business:
The Company continues to strengthen its cloud partnerships with today's announcement of the availability of its flagship product, CXAI, and its generative AI-based analytics platform, CXAI VU, on AWS Marketplace, a curated digital catalogue that enables customers to easily find, buy, and deploy software.
Some of the critical product milestones the Company achieved this quarter include:
Successfully delivered the first end-to-end AI-based CXAI pilot platform to a leading financial service customer this quarter. This is an important milestone on the path to general availability of the solution to all existing and new customers.
Introduction of two new products, CXAI Kiosk and CXAI BTS enhancing employee engagement through spatial intelligence and generative AI.
CXAI VU gained traction with a first paid customer, marking its general availability for all clients and a significant opportunity for growth.
Khurram Sheikh, Founder, Chairman and CEO of CXApp, Inc. expressed confidence on the Company's performance, "CXApp continues on its business transformation journey to an AI-native SaaS model with continued positive trending of key SaaS metrics. We are excited to have achieved significant milestones in product delivery to meet our customers' expectations that has resulted in continued growth over the past year leading to our best financial quarter to date. The amazing innovations from our team with our analytics platform CXAI VU and the unique CXAI Kiosk position us well for exceeding our customer's expectations to provide the best employee experience solution in the market."
"Overall, the company has seen an improvement in financial metrics both year-over-year and quarter-over-quarter. Our strong performance this quarter demonstrates the effectiveness of our shift toward a subscription-based model and our focus on creating value through scalable, recurring revenue," said Joy Mbanugo, Chief Financial Officer of CXApp. "With
This quarter saw an increase in revenue to
"Our commitment to disciplined cost management has allowed us to achieve a
Khurram Sheikh concluded, "AI is transformative to the workplace and with our CXAI platform we are leading the industry with a disruptive offering. We're leveraging cutting-edge AI technology to enhance productivity, engagement, and efficiency in the enterprise. Our new generative AI capabilities allow us to automate complex workflows and offer our customers intelligent solutions that drive measurable outcomes, further establishing CXAI as a leader in workplace innovation."
"Our team's focus remains on maximizing customer value and expanding our business by developing AI-based technologies and leveraging industry strategic partnerships. As a result, we are well-prepared to deliver on our commitments to shareholders, clients, and the broader market as the demand for intelligent workplace technology accelerates."
We invite stakeholders, potential clients, and the media to join us on this exciting journey into the future of work. Sign up for our email list to stay updated on CXAI announcements and discover how our partnerships are setting new standards for workplace innovation. For more information on how to engage with CXAI, including upcoming events, webinars, or demonstrations, please visit our website www.cxapp.com
The release is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law.
About CXApp Inc.
CXApp Inc., is the global technology leader in employee workplace experiences. The Company is headquartered in the SF Bay Area and operates the CXAI SaaS platform that is anchored on the intersection of customer experience (CX) and artificial intelligence (AI) providing digital transformation for the workplace for enhanced experiences across people, places and things.
CXApp's customers include major Fortune 1000 Global Companies in the technology, financial services, consumer, healthcare, and media entertainment verticals.
CXApp Inc.: marketing@cxapp.com
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the Company may differ from its actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," or the negative or other variations thereof and similar expressions are intended to identify such forward looking statements. These forward-looking statements include, without limitation, expectations with respect to future performance of the Company, including projected financial information (which is not audited or reviewed by the Company's auditors), and the future plans, operations and opportunities for the Company and other statements that are not historical facts. These statements are based on the current expectations of the Company's management and are not predictions of actual performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that may cause such differences include, but are not limited to: the impact of the COVID-19 pandemic on our business, operations, results of operations and financial condition, including liquidity for the foreseeable future; the demand for the Company's services together with the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors or changes in the business environment in which the Company operates; changes in consumer preferences or the market for the Company's services; changes in applicable laws or regulations; the availability or competition for opportunities for expansion of the Company's business; difficulties of managing growth profitably; the loss of one or more members of the Company's management team; loss of a major customer and other risks and uncertainties included from time to time in the Company's reports (including all amendments to those reports) filed with the SEC. The Company cautions that the foregoing list of factors is not exclusive. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this communication.
SOURCE: CXAPP INC.
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