CXApp restates prior financials; reports record ARR and 82% gross margin for FY2024

CXApp Inc.

Restating unaudited Q2/Q3 2024 statements due to understated legal accrual and improper convertible note derivative accounting.
Management identifies material weakness in internal control over financial reporting; disclosure controls not effective.
FY2024 ARR grew double-digit; subscription revenue 87% of total vs. 78% in 2023; NRR 101% vs. 73%.
Gross margin improved to 82% (from 78%); expenses reduced 20%, EBITDA up 30%.
New CXAI Kiosk and CXAI VU deployed; Google Cloud partnership; plans Investor Day May 2025.

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