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Palo Alto, CA – CXApp Inc. (Nasdaq: CXAI) announced its Q4 and Annual 2024 financial results, highlighting the transformation to an AI-centric subscription application business and the successful deployment of new products CXAI Kiosk and CXAI VU.
Key Highlights:
- ARR Growth: Double-digit growth in recurring revenue from 2023.
- Subscription Revenue: 87% in 2024, up from 78% in 2023.
- Net Revenue Retention (NRR): 101% from 73%.
- Gross Margin (GM): 82% from 78%.
- Opex and EBITDA: 20% reduction in expenses and 30% increase in EBITDA.
The company successfully enabled a single code-base solution, CXAI 1.0, for all existing customers, accelerating feature upgrades and optimizing cost structures. One of their largest customers increased their ARR by >100% YoY and plans to scale globally.
CXApp completed the first deployment of the CXAI 2.0 platform, including CXAI App, CXAI BTS, and CXAI VU, at a leading financial services customer. They also deployed CXAI Kiosk at a technology leader's headquarters in Silicon Valley and are implementing AI-based localization with Google Cloud for a major entertainment client.
Chairman and CEO Khurram Sheikh expressed confidence in the company's performance, noting the significant milestones in product delivery and customer satisfaction. He emphasized CXApp's leadership in the industry with its disruptive CXAI platform, leveraging AI to enhance productivity and engagement. The company anticipates a banner year in 2025 with expansion from existing customers and new enterprise clients.