By Kelly Cloonan
CXApp's climbed after the company said it recorded annual revenue and that it expects significantly higher demand for its agentic artificial intelligence this year.
Shares rose 61% to $1.30 in after-hours trading Thursday. The stock has plunged 84% through the market's close in the past year, and the stock fell to a 52-week low of 76 cents per share on March 31.
The workplace experience solutions provider said it posted double-digit growth in recurring revenue in 2024 compared with the prior year, driven by higher subscription revenue.
CXApp's subscription business accounted for 87% of overall revenue, up from 78% in 2023. The company also said it has completed a change to its platform enabling a single code-base for all existing customers, CXAI 1.0, to accelerate feature upgrades.
The company said it is now focused on investing in agentic AI. Its partnership with Google Cloud allows early access to AI models and tools to speed up the development and deployment of its new products, including its agentic AI offerings planned for this year.
"Our team has completed the product transformation to a single code base and streamlined our cost structure resulting in a profitable CXAI 1.0 application business and now we are investing in Agentic AI for the massive opportunity to reshape the whole market for employee experiences," Chief Executive Khurram Sheikh said.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
April 03, 2025 18:49 ET (22:49 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。