Key SaaS Metrics trending significantly upward from 2023
Record NRR Growth for Q1'24
PALO ALTO, CA / ACCESSWIRE / June 3, 2024 / CXApp Inc. (Nasdaq:CXAI),the global technology leader in employee workplace experiences announced that it filed its 10Q for Q1'2024 on May 31st,2024. The Company is now in full compliance as regards to regulatory filings and within the requisite Nasdaq timelines.
The delay in the 10Q filing was because of the initial delay in the filing of the yearly 10K as the Company had undergone a business combination in 2023. The 10Q filing can be accessed at https://ir.cxapp.com/node/7561/html. The 10Q filing is a week after we filed our annual 10K (https://ir.cxapp.com/node/7556/html) on May 24th, 2024 which includes our audited financials.
As we announced last week on our earnings call, the Company achieved a record Net Retention Rate (NRR) of 108% in the first quarter of 2024 and positive trending of key SaaS metrics. This growth is tied to renewals and expansions of seven large Fortune 1000 logos in Q1 across all five verticals- financial services, technology, consumer, healthcare and entertainment.
The CXAI technology platform represents a shift towards an AI-centric approach in workplace innovation. CXAI seamlessly integrates customer experience (CX) with artificial intelligence (AI) focused around the employee to deliver solutions that transform the way work happens, making workspaces more intuitive and efficient leading to happier and more engaged employees.
Khurram Sheikh, Chairman and CEO of CXApp Inc, expressed confidence in the Company's performance: "We are happy to share our 10K and 10Q filings where we have made significant achievements including increased ARR and strong balance sheet giving confidence to our customers, partners and stakeholders. We continue to make great progress in shaping the future of work with our record NRR rate this quarter following our record ARR growth in 2023. Our existing customers have reposed confidence in the CXAI technology platform and our roadmap. We are solving real problems in the work environment for them, and they are now planning to scale up with our AI-first solutions across their enterprise footprint".
Financial Performance
Between January 1st - March 31st,2024 we had record increase in NRR to 108% that was accomplished primarily by renewing and expanding seven of our large Fortune 1000 across all five verticals.
Our subscription-based recurring revenue of $1.58M was 87% of the total revenue of $1.818M, a metric which has been trending upward quarter after quarter and this quarter marks the highest ever in our history, increased 6 points from last quarter.
Our gross margin for the quarter was 82% which is an attractive figure that has increased over the last four quarters as our subscription revenues have increased.
CXAI's strategy of 'land & expand' continues to be a key contributor to growing subscription revenues with our existing customer base and with the new CXAI VU analytics product offering we are looking to ramp up product expansions.
We have continued to optimize the operational cost structure leveraging our investments in AI and headcount rationalization resulting in a net 20% cash operating expense reduction from Q4'23 to Q1'24.
Khurram Sheikh concluded "Q1 was a great start to our business in 2024 and given that AI is transformative to all markets, we are extremely optimistic on the transformation in the workplace experience market using our leading-edge AI platform. We are mission-focused on defining a new category in enterprise software: Employee Experiences."
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 partnership with Google Cloud is 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
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 CXAI Inc
CXAI 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.
CXAI's customers include major Fortune 1000 Global Companies in the technology, financial services, consumer, healthcare, and media entertainment verticals.
www.cxapp.com
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
2023年以來,SaaS關鍵指標明顯上升。
Q1'24淨保留率(NRR)創紀錄增長。
加利福尼亞州帕洛阿爾託/ACCESSWIRE/2024年6月3日——員工工作體驗全球科技領導者CXApp Inc. (Nasdaq:CXAI)宣佈於2024年5月31日提交了Q1'2024的10Q表格,現在已完全符合監管申報和必要的Nasdaq時間表。CXApp公司。由於CXApp公司2023年進行業務合併,首先拖延了一年度10K表格的提交,所以10Q表格的提交也相應被延遲。21世紀醫療改革法案10Q表格可以在這裏訪問。10Q表格是我們於5月24日提交年度10K表格後一週提交的。年度10K表格包括我們的審計財務報告。
與我們在業績會上宣佈的一樣,公司在2024年第一季度實現了108%的淨保留率,關鍵的SaaS指標正處於積極趨勢。這一增長與Q1中在五個垂直領域,金融服務、技術、消費、醫療保健和娛樂,續約和擴張了七個大型財富1000企業有關。https://ir.cxapp.com/node/7561/html公司的CXAI技術平台代表了一種以人工智能爲中心的工作場所創新。CXAI無縫地將客戶體驗(CX)與以員工爲中心的人工智能(AI)相結合,提供能改變工作方式的解決方案,使工作空間更加直觀和高效,從而讓員工更加幸福和參與。https://ir.cxapp.com/node/7556/htmlCXApp Inc.董事長兼首席執行官Khurram Sheikh對公司的表現表示信心:“我們很高興分享我們的10K和10Q報告,我們取得了顯著的成就,包括增加的年度收入和強大的資產負債表,爲我們的客戶、合作伙伴和利益相關者提供了信心。在2023年實現了紀錄性的ARR增長之後,這一季度我們創造了歷史最高的淨保留率,代表着我們的現有客戶對CXAI技術平台和我們的路線圖有信心。我們正在爲他們解決工作環境中的真實問題,他們現在計劃使用我們的以AI爲先的解決方案擴展其企業規模。”th財務表現。2024年1月1日至3月31日,我們的淨保留率創紀錄增長至108%,主要是通過在所有五個垂直領域續約和擴張七個大型財富1000的客戶而實現的。
我們訂閱式的經常收入爲158萬美元,佔總收入的87%,這一指標已經逐季上升,本季度標誌着我們歷史上最高點,較上一季度增加了6個點。
我們的毛利率爲82%,這是一個吸引人的數字,隨着我們的訂閱收入的增加,已經在過去四個季度逐漸增加。
CXAI的“着陸和擴張”策略繼續是推動訂閱收入增長的重要因素,而新的CXAI VU分析產品的推出將進一步促進產品的擴展。我們繼續優化運營成本結構,利用我們對AI的投資和人員優化,將運營費用從Q4'23到Q1'24淨降低20%。
財務表現
2024年1月1日至3月31日間,淨保留率創紀錄增長至108%。這主要是由於在所有五個垂直領域續約和擴張了七個大型財富1000的客戶而實現的。
我們的訂閱式經常收入爲158萬美元,佔總收入的87%,這一指標已經逐季上升,並且本季度達到了歷史最高水平,較上一季度增加了6個百分點。
我們的毛利率爲82%,這一吸引人的數字已經在過去四個季度中隨着訂閱收入的增長而增加。
CXAI的“着陸和擴張”策略繼續有助於推動訂閱收入的增長,而新的CXAI VU分析產品的推出將進一步促進產品的擴展。
我們繼續優化運營成本結構,利用我們對AI的投資和人員優化,將運營費用從Q4'23到Q1'24淨降低20%。
Khurram Sheikh總結道:“2024年第一季度是企業軟件業務的一個偉大開端,鑑於人工智能對所有市場都具有顛覆性作用,我們非常樂觀地看待使用我們領先的AI平台來變革工作場所體驗市場。我們以定義企業軟件中一個新的類別——員工體驗爲使命。”
我們邀請利益相關者、潛在客戶和媒體加入我們這場對未來工作的激動人心的旅程。請在我們的郵件列表中註冊以了解CXAI的公告,並發現我們與Google Cloud的合作是爲工作創新設定新標準的方式。有關如何與CXAI互動的更多信息,包括即將到來的事件、網絡研討會或演示,請訪問我們的網站。www.cxapp.com
本公告僅供參考,不構成要約、招股書、收購或出售任何證券的邀請,也不得在違反適用法律的任何管轄區以任何形式出售、發行或轉讓任何證券。
關於CXAI公司
CXAI公司是員工工作體驗的全球技術領導者。該公司總部位於舊金山灣區,運營CXAI SaaS平台,其基於客戶體驗(CX)和人工智能(AI)的交叉點,爲跨人員、場所和事物提供數字化轉型所需的工作場所增強體驗。
CXAI的客戶包括科技、金融服務、消費、醫療保健和媒體娛樂等主要的財富1000全球企業。
www.cxapp.com
CXApp Inc.:marketing@cxapp.com
前瞻性聲明
本新聞稿包含基於1995年《私人證券訴訟改革法》"安全港"規定的"前瞻性聲明"。公司的期望、估計和預測可能與其實際結果不同,因此您不應將這些前瞻性聲明視爲未來事件的預測。這些前瞻性聲明的目的是爲了識別這些前瞻性聲明,例如:"期望"、"估計"、"項目"、"預算"、"預測"、"預測"、"計劃"、"可能"、"將"、"可能"、"應該"、"相信"、"預測"、"潛在"、"繼續"或其負面表達,以及類似的表達。這些前瞻性聲明包括但不限於公司未經審計或經審查的財務信息的預期,以及公司未來的計劃、業務和機會,以及不是歷史事實的其他聲明。這些聲明基於公司管理層的當前期望,不是實際績效的預測。這些前瞻性聲明涉及重大風險和不確定性,可能導致實際結果與預期結果有很大的差異。可能導致這種差異的因素包括但不限於:COVID-19大流行對我們的業務、經營、業績和財務狀況(包括未來可持續性)的影響;公司服務的需求以及公司可能受到其他經濟、商業和/或競爭因素或業務環境變化的不利影響;消費者偏好或公司服務市場的變化;適用法律或法規的變化;公司業務擴展機會的可用性或競爭;管理增長盈利的困難;公司管理團隊中的一個或多個成員的離職;失去重要客戶以及其他不時在公司文件(包括所有該等文件的修訂版本)中包含的風險和不確定性。公司提醒,上述因素的列表並不全面。您不應過分依賴任何前瞻性聲明,這些前瞻性聲明僅在其發表日期有效。公司不承擔或接受任何更新或修訂任何前瞻性聲明以反映其期望或任何這樣的聲明所基於的事件、情況或情況的任何更改的義務或承諾,除非法律要求。這些前瞻性聲明不應作爲代表公司評估的任何日期後的評估的依據。