The following is a summary of the CXApp Inc. (CXAI) Q1 2024 Earnings Call Transcript:
Financial Performance:
CXApp Inc. saw a record increase in net retention rate to 108% in Q1 2024, renewing and expanding seven of their largest Fortune 1000 customers across all five verticals.
Subscription based revenue for the quarter accounted for 87% of total revenue.
The company successfully enhanced its gross margin, which stood at 82% for the quarter.
There was a significant net operating expense reduction of more than 20% from Q4 2023 to Q1 2024 as part of a planned strategy to scale up the business in 2024 with a lower cost structure.
Business Progress:
CXApp favored an AI-first technology business model and prioritized the growth of existing and new Fortune 100 customers.
The company launched the AI technology-based Sky platform to key customers, with its first Fortune 1000 customer deployment expected to be completed in the summer.
In partnership with Google Cloud, the SkyView platform was launched: an AI-based analytics solution for employee experiences.
The company implemented a new data-driven feature for comparisons on different datasets with the latest Gen-AI models allowing users to query in their native language.
Scaling plans are underway for CXApp's leading-edge enterprise AI Software as a Service platform among its existing customer base.
CXApp has diversified global deployments in over 60 countries, feeding datasets into their AI models for improved performance and customer outcomes.
Development is underway for a new software category focusing on employee experiences.
More details: CXApp IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.