CXApp Inc. (CXAI) skyrocketed in after-hours trading, leaping an astonishing 73.47% to close at $2.55. The stock’s surge was driven by an impressive trading volume of 6.49 million shares, highlighting growing investor enthusiasm and the underlying catalysts fueling this extraordinary rise.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free.
Sponsored
Q2 2024 Financial Results: A Milestone for CXApp Inc.
In the latest development on August 12, 2024, CXApp Inc. (Nasdaq
), a global leader in workplace technology, unveiled its Q2 2024 financial results. This marks the first time the company’s financials can be compared year-over-year as a standalone entity following its business combination in March 2023.
Transformation into an AI-Native SaaS Powerhouse
CXApp has undergone a significant transformation, evolving into an AI-native SaaS powerhouse. The quarter saw an incredible 78% increase in renewal and expansion bookings compared to the same period last year. Among the highlights was the company’s largest “expansion” deal with a major financial enterprise, which is now scaling its global presence after successful pilot projects. This expansion led to a staggering 112% growth in annual recurring revenue (ARR) from this key customer.
Impressive Metrics and Renewals Across Multiple Sectors
Moreover, CXApp secured renewals and expansions with four other clients across various sectors, boosting its overall performance. The company achieved an 85% subscription-to-one-time revenue split for the quarter, up from 79% last year. Additionally, gross margin improved to 80%, compared to 75% in the previous year, and the net retention rate (NRR) stood strong at 105%.
Operational Efficiency and AI Investments
CXApp has also been optimizing its operational costs, leveraging AI investments to reduce operating expenses by 15% from Q2 2023 to Q2 2024.
Strategic Partnership with Google Cloud
In a significant milestone, CXApp announced a multi-year, multi-million dollar strategic partnership with Google Cloud. This collaboration is set to drive the development and delivery of advanced AI infrastructure, security, and application products. Google Cloud will also co-invest with CXApp in the ongoing deployment, monitoring, and modernization of the AI-native CXAI platform.
