The following is a summary of the CXApp Inc. (CXAI) Q4 2023 Earnings Call Transcript:
Financial Performance:
CXApp Inc. reported a double-digit growth in Annual Recurring Revenue (ARR) for Q4 2023.
The company's subscription revenue constituted 81% of total revenue, signifying the successful shift to a recurring revenue model.
Gross margins stayed robust at 80% with a reduction in operating expenses by 56% in the same quarter.
For the year 2023, an 80% increase in ARR for new bookings for its SuperApp product was reported.
The company saw an uplift in ARR by 24% within the year.
The subscription revenue mix for the year also rose from 65% to 78%.
CXApp Inc. registered a 37% year-on-year reduction in GAAP Operating Expense, resulting in savings around $13.2M.
Business Progress:
CXApp Inc., rebranded to CXAI, is focusing on transforming work experiences with the employee-first approach.
Significant customer acquisitions, including new Fortune 500 companies, were achieved.
The company filed 37 patents with 17 already granted and is expanding through partnerships, the latest being with Google Cloud.
Strategic initiatives for 2024 include scaling existing businesses globally, new client acquisitions, constant platform innovation, and expansion through partnerships.
CXAI has entered into a co-investment partnership for the CXAI platform focused on product innovation, faster deployment, and usage of cutting-edge tools.
The company's listing on the Google marketplace is geared towards customer base expansion and boosted solution delivery.
CXApp Inc. currently has a strong global presence with its solutions implemented in 59 countries and 280 cities.
Further, the company is aiming to pioneer in developing 'employee experiences' solutions in the software industry.
The unveiling of the new CXAI platform and brand demonstrates the company's commitment to persistent progression and business transformation.
More details: CXApp IR
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