Company: CXAI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001829126-25-009077
Chunk: 51

Company: CXApp Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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 These sales were facilitated through a
third-party arrangement with Maxim Group LLC, acting as the Company’s agent under an equity distribution agreement. The
Company received $669 thousand and issued 782,102 shares of class A common stock, which are intended to be used for general working
capital and other general corporate purposes.

39

RESULTS
OF OPERATIONS

Comparison
of the results of operations for the three months ended September 30, 2025 and September 30, 2024

The
following table sets forth our results of operations. This data should be read together with our unaudited financial statements and related
notes.

    (in thousands)
     
     Nine months endedSeptember 30,2025

    Nine months endedSeptember 30,2024

    (unaudited)

    (unaudited)

    Condensed Consolidated
        Statements of Operations Data

    Revenues
     
    $
    3,561

    $
    5,481

    Cost of revenues

    (444
    )

    (1,052
    )
  
    Gross profit

    3,117

    4,429

    Operating expenses

    (14,798
    )

    (15,351
    )
  
    Loss from operations

    (11,681
    )

    (10,922
    )
  
    Other income (expense), net

    3,770

    (5,663
    )
  
    Income tax benefit, provision
        (expense)

    (1
    )

    513

    Net
        loss
     
    $
    (7,912
    )
     
    $
    (16,072
    )

Revenues

The
Company generates revenue primarily from subscription-based Software as a Service (“SaaS”), as well as from the design, deployment,
and implementation services provided through its enterprise applications platform. For the nine months ended September 30, 2025, total
revenue was $3,561 thousand, compared to $5,481 thousand for the nine months ended September 30, 2024. The decrease of $1,920 thousand,
or approximately 35%, was primarily attributable to a decline in non-recurring Professional Services and hardware revenue.

The
reduction in Professional Services revenue reflects the Company’s strategic transition to a full SaaS delivery model, with a focus
on recurring, high-margin revenue streams. Professional Services generally relate to implementation, customization