CXApp Inc. (Nasdaq:CXAI) Announces Q2 2023 Financial Results: Record Growth & Customer Momentum for CXAI Platform

About this update from Cxapp Inc.

[{"type":"text","content":"55% growth in new bookings from last quarter2 New Fortune 200 LogosNew AI Application launch- \"CXAI Search\"PALO ALTO, CA / ACCESSWIRE / August 14, 2023 / CXApp Inc (Nasdaq:CXAI), the global technology leader in employee workplace experiences announced financial results for the second quarter 2023. The 10-Q has been filed with the SEC today and will be available on the Company's website www.cxapp.com.Khurram Sheikh, Chairman and CEO of CXApp said, \"The CXAI SaaS platform is anchored on the intersection of customer experience (CX) and artificial intelligence (AI) providing digital transformation for the physical workplace for enhanced experiences across people, places and things.We are pleased to announce the following financial results and business updates as we make progress on our journey to shape the future of work:1. Financial Performancea. The key highlight of this quarter has been the record growth we accomplished in our new bookings. Between April 1st - June 30th, 2023 we increased sales bookings by over 55% from the previous quarter which included a combination of expansions with existing customers as well as contracting new customers.b. We have optimized the operational cost structure with a net 50% operating expense reduction as compared to prior to the acquisition and 25% from the previous quarter.c. Our subscription-based recurring revenue was 79% of the total revenue, an overall increase of more than 25% from last year.d. Our gross margin for the quarter was 75% which is an attractive figure that will potentially increase as our subscription revenues increase.e. CXAI's strategy of ‘land & expand' also continues to be a key contributor to growing subscription revenues with our existing customer base.For example, one of our Media & Entertainment clients has grown subscription revenues by over 80% since being contracted in 2021. Growth has been fueled by product enhancements and a growing footprint from initially starting with 2 campuses to now having contracted over 50 campuses globally with additional potential campuses to be deployed on the horizon. We believe this example is representative of growth we can expect from other existing and new customers. Other notable expansion and add-on revenue this quarter came from existing customers that included a global insurance provider and a next generation auto manufactur...

More updates from Cxapp Inc.