August 13, 2024 -  $CXApp (CXAI.US)$ shares skyrocketed 72.79% to $2.54 in pre-market trading on Tuesday. The company has announced its Q2 financial resutls and reported its largest "expansion" deal with Google Cloud.

CXApp Inc. has completed a major business transformation to an AI-native SaaS model with continued positive trending of key SaaS metrics. This quarter saw a massive increase of 78% in renewal and expansion bookings from the same period last year. The Company reported its largest "expansion" deal with a major enterprise customer in the financial sector that is now scaling its footprint globally after the initial pilots. This customer's annual recurring revenue (ARR) grew by 112% as a result of this expansion. The bookings growth was also accomplished by renewals and expansion by four other customers in different verticals. The subscription to one-time revenue split was 85% for the quarter compared to 79% last year, gross margin was 80% upward from 75% from last year and the net retention rate (NRR) was 105%.

The Company also announced the signing of a multi-year multi-million dollar strategic agreement with Google Cloud. This agreement entails mutual commitment on the development and delivery of advanced AI infrastructure, security and application products. Google Cloud will also co-invest with CXApp Inc. in the continuous deployment, monitoring and modernization of the AI-native CXAI platform.