The following is a summary of the CXApp Inc. (CXAI) Q3 2024 Earnings Call Transcript:
Financial Performance:
CXApp Inc. reported its best financial quarter ever in Q3 2024 with revenue of $1.9 million.
The company has achieved a recurring revenue growth of 18%, maintaining a healthy gross margin of 80%.
A significant revenue increase to $1.9 million from $1.77 million in Q3 2023, and net retention rate improved to 106%.Non-GAAP OpEx saw a 22% reduction, contributing to cash-based losses narrowing by 43%.
Business Progress:
CXApp Inc. is moving towards an AI-native SaaS model, enhancing its platform with Agentic AI.
Successfully delivered the first end-to-end AI-based Sky pilot platform to a leading financial service customer.
Announced collaboration with Amazon Web Services, adding to existing partnerships with Google Cloud and Microsoft Azure.
Introduced new offerings such as Skyview, which is now generally available, and Sky Kiosk, an advanced interactive digital signage.
Opportunities:
CXApp Inc.'s AI-driven platform positions the company to capitalize on increasing demand for digital workplace solutions.
Partnerships with major cloud providers like AWS, Google Cloud, and Microsoft Azure enhance scalability and security, vital for enterprise clientele.
The company's extensive IP and advancements in AI technology drive competitive advantage in the growing workplace experience market.
Risks:
As CXApp Inc. continues to innovate in AI and digital tools, operational disruptions such as technical failures or compliance issues could pose risks given the complexities of scaling AI technologies.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
