CXApp Inc. (NASDAQ:CXAI) Announces Q3 2023 Financial Results: Record Growth & Industry Momentum for CXAI Platform

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[{"type":"text","content":"Double Digit RPO GrowthSigned Largest Fortune 100 Deal To-DateCXAI Platform to Launch in DecemberPalo Alto, CA / November 14, 2023 / CXApp Inc (NASDAQ:CXAI), the global technology leader in employee workplace experiences announced financial results for the third 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 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.A key highlight of the third quarter has been the record growth we accomplished in our Remaining Performance Obligation (RPO). We demonstrated record growth in our backlog as we grew RPO double digits sequentially through a combination of expansions with existing customers as well as contracting new customers.b.We have optimized the operational cost structure with a net 56% operating expense reduction year over year.c.Our subscription-based recurring revenue was 80% of the total revenue, up from 25% of total from last year.d.Our gross margin for the quarter was 80% (up from 75% last quarter), 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 and we have seen a double digit increase in ARR since the end of lastyear.2.Largest Customer Additiona.A key highlight of Q3 was being selected by one of the world's largest media organizations for a seven-figure agreement. After a rigorous due diligence process (where the customer evaluated multiple vendors), we were ultimately awarded a large subscription-based contract for an initial three-year term. There is also attractive growth potential through expansions and value-based applications as we launch the first deployment. This builds upon our momentum of large customer wins in Q2 and I believe this demonstrates that despite our small size, large companies are excited about our current solution...

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