Revenue has contracted significantly to $950K in 2026Q1, while gross margins have eroded from historical highs above 80% to a concerning 11.3%.
| Sales/Revenue | 3.19M | 4.58M | 7.14M | 7.37M | 8.47M | 0 | 0 |
| Revenue Growth % | -51.21% | -35.83% | -3.04% | -13.03% | - | - | - |
| Cost of Goods Sold | 1.95M | 3.31M | 1.28M | 1.75M | 2.06M | 0 | 0 |
| COGS % of Revenue | - | 72.22% | 17.99% | 23.77% | 24.37% | - | - |
| Gross Profit | 1.24M | 1.27M | 5.86M | 5.62M | 6.41M | 0 | 0 |
| Gross Margin % | 38.84% | 27.78% | 82.01% | 76.23% | 75.63% | - | - |
| Gross Profit Growth % | - | -78.27% | 4.31% | -12.35% | - | - | - |
| Operating Expenses | 16.61M | 16.7M | 19.6M | 58.2M | 35.43M | 1.5M | 606.68K |
| OpEx % of Revenue | - | 364.43% | 274.4% | 790.17% | 418.31% | - | - |
| Selling, General & Admin | 9.27M | 10.07M | 10.49M | 11.87M | 16.67M | 0 | 0 |
| SG&A % of Revenue | - | 219.64% | 146.82% | 161.19% | 196.78% | - | - |
| Research & Development | 6.66M | 6.64M | 6.38M | 6.97M | 9.32M | 0 | 0 |
| R&D % of Revenue | - | 144.8% | 89.33% | 94.66% | 110.07% | - | - |
| Other Operating Expenses | 683K | 0 | 2.73M | 39.36M | 9.44M | 1.5M | 606.68K |
| Operating Income | -15.37M | -15.43M | -13.74M | -52.59M | -29.02M | -1.5M | -606.68K |
| Operating Margin % | -480.97% | -336.66% | -192.4% | -713.94% | -342.68% | - | - |
| Operating Income Growth % | - | -12.28% | 73.87% | -81.19% | -1837.69% | -146.9% | - |
| EBITDA | -12.48M | -12.27M | -10.54M | -48.98M | -24.23M | -1.5M | 0 |
| EBITDA Margin % | -390.77% | -267.64% | -147.56% | -664.95% | -286.04% | - | - |
| EBITDA Growth % | -16.56% | -16.39% | 78.48% | -102.16% | -1517.45% | - | - |
| D&A (Non-Cash Add-back) | 2.88M | 3.16M | 3.2M | 3.61M | 4.8M | 0 | 606.68K |
| EBIT | -13.9M | -15.43M | -13.74M | -57.19M | -23.47M | -1.5M | -606.68K |
| Net Interest Income | -647K | -701K | -1.76M | 66K | 4K | 68.37K | 7.8K |
| Interest Income | 17K | 0 | 0 | 66K | 4K | 68.37K | 7.8K |
| Interest Expense | 664K | 701K | 1.76M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -537K | 1.91M | -6.3M | -4.6M | 3K | 10.71M | -9.2M |
| Pretax Income | -15.9M | -13.52M | -20.04M | -57.19M | -29.02M | 9.21M | -9.8M |
| Pretax Margin % | -497.78% | -294.98% | -280.64% | -776.41% | -342.64% | - | - |
| Income Tax | -44K | -46K | -635K | -3.57M | 153K | 0 | 0 |
| Effective Tax Rate % | 0.28% | 0.34% | 3.17% | 6.25% | -0.53% | 0% | 0% |
| Net Income | -15.86M | -13.47M | -19.41M | -53.62M | -29.18M | 9.21M | -9.8M |
| Net Margin % | -496.4% | -293.98% | -271.74% | -727.91% | -344.45% | - | - |
| Net Income Growth % | -0.04% | 30.58% | 63.8% | -83.78% | -416.85% | 193.93% | - |
| Net Income (Continuing) | -15.86M | -13.47M | -19.41M | -53.62M | -29.18M | 9.21M | -9.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.35 | -0.58 | -1.22 | -4.70 | -4.00 | 0.27 | -0.50 |
| EPS Growth % | 40.53% | 52.46% | 74.04% | -17.5% | -1581.48% | 154% | - |
| EPS (Basic) | - | -0.58 | -1.22 | -4.32 | -4.00 | 0.27 | -0.50 |
| Diluted Shares Outstanding | 45.21M | 23.41M | 15.91M | 11.4M | 19.45M | 34.5M | 8.18M |
| Basic Shares Outstanding | 45.21M | 23.41M | 15.91M | 12.42M | 19.45M | 34.5M | 8.18M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Liquidity and solvency constraints
As reported in recent financial filings, CXApp has experienced a sustained decline in top-line performance, with revenue falling to $950K in 2026Q1, representing a significant year-over-year contraction that suggests a fundamental struggle to maintain product-market fit or successfully convert pilot programs into long-term enterprise contracts.
The consistent downward trajectory in quarterly revenue indicates that the company's spatial intelligence platform is failing to gain traction in the current corporate real estate environment. Investors should monitor whether this decline reflects structural churn or merely the volatility of a transition toward a new partner-led distribution model.
Based on the company's historical income statements, gross margins have exhibited extreme instability, plummeting from historical highs above 80% to a concerning 11.3% in 2026Q1, which implies that the cost of delivering services is rapidly outpacing the company's ability to generate high-margin software revenue.
This margin compression suggests that the business model may be shifting toward labor-intensive professional services rather than scalable SaaS subscriptions. Such a trend warrants further investigation into whether the company is incurring higher third-party cloud or mapping costs that are not being passed on to customers.
According to the provided quarterly data, CXApp continues to operate with significant negative operating leverage, as the company's inability to scale revenue while maintaining high R&D and SG&A expenses has resulted in consistent operating losses that frequently exceed the total revenue generated in the same period.
The persistent gap between operating expenses and gross profit indicates that the company has yet to achieve the necessary scale to cover its fixed cost base. This structure suggests that the current operating model is unsustainable without a drastic reduction in overhead or a massive, unforeseen acceleration in top-line growth.
Financial statements reveal that with quarterly operating losses consistently hovering around $3M to $4M, the company's cash position of $11.1M appears insufficient to support long-term operations, suggesting that the current business trajectory may necessitate dilutive financing or a significant strategic pivot to avoid a liquidity crisis.
Short-sellers would likely focus on the disconnect between the company's 'AI-native' branding and the reality of its shrinking revenue base and deteriorating margins. The lack of a clear path to profitability suggests that the market may be overestimating the value of the company's proprietary mapping technology.
Quick answers to the most common questions about buying CXAI stock.
For fiscal year 2025, CXApp Inc. (CXAI) reported total revenue of $4.6M.
CXApp Inc. (CXAI) reported a net loss of $13.5M for the fiscal year ending 2025.
CXApp Inc. (CXAI) reported an operating income of $-15.4M, resulting in an operating profit margin of -336.7%. This margin reflects the operational efficiency of the business before interest and taxes.
CXApp Inc. (CXAI) generated $1.3M in gross profit for the year, representing a gross profit margin of 27.8%. This demonstrates the company's core pricing power and production efficiency.