$CXAI

CXApp Inc.

CIK:0001820875|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues	$ 1,694	$ 1,223	$ 2,644	$ 2,447
Cost of Revenues (excluding depreciation and amortization)	623	171	783	321
Gross Profit	1,071	1,052	1,861	2,126
Operating Expenses
Research and development	1,688	2,193	3,190	3,669
Sales and marketing	486	595	899	1,189
General and administrative	2,291	1,692	4,607	3,758
Amortization of intangible assets	725	683	1,408	1,366
Total Operating Expenses	5,190	5,163	10,104	9,982
Loss from Operations	(4,119)	(4,111)	(8,243)	(7,856)
Other Income (Expense)
Interest expense, net	(168)	(163)	(151)	(200)
Change in fair value of derivative liability and warrants	(5,005)	880	(4,827)	3,076
Loss on debt extinguishment				(48)
Other income (expense), net	21	256	(51)	274
Total Other Income (Expense)	(5,152)	973	(5,029)	3,102
Loss before tax	(9,271)	(3,138)	(13,272)	(4,754)
Deferred income tax (benefit)/expense	651	(1)	649	(1)
Net Loss	(8,620)	(3,139)	(12,623)	(4,755)
Unrealized foreign exchange loss from cumulative translation adjustments	(137)	(301)	(110)	(302)
Comprehensive Loss	$ (8,757)	$ (3,440)	$ (12,733)	$ (5,057)
Common Class A [Member]
Other Income (Expense)
Basic weighted average shares outstanding	83,695,853	20,718,170	64,557,602	20,201,031
Diluted weighted average shares outstanding	83,695,853	20,718,170	64,557,602	20,201,031
Basic net income (loss) per share	$ (0.10)	$ (0.15)	$ (0.20)	$ (0.24)
Diluted net income (loss) per share	$ (0.10)	$ (0.15)	$ (0.20)	$ (0.24)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (12,623)	$ (4,755)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	20	24
Amortization of intangible assets	1,408	1,366
Amortization of right of use asset	189	193
Original issue discount on convertible debt	310	281
Allowance for expected credit losses	2
Deferred income taxes	(651)
Stock-based compensation expense	811	1,378
(Loss) Gain on foreign currency transactions	122	(299)
Loss on debt extinguishment		48
Change in fair value of derivative liability and warrants	4,827	(3,076)
Loss on contract to issue common stock		20
Earn-out compensation expense	21
Change in operating assets and liabilities:
Accounts receivable and other receivables	456	869
Prepaid expenses and other current assets	148	(39)
Other assets	17	(19)
Accounts payable	30	414
Accrued liabilities	724	(38)
Operating lease liabilities	(189)	(203)
Other current liabilities	23
Deferred revenue	(100)	(155)
Net cash used in operating activities	(4,455)	(3,991)
Purchases of property and equipment and internally developed software	(56)	(16)
Cash paid for acquisition of Engine Room, net of cash acquired	(3,217)
Net cash used in investing activities	(3,273)	(16)
Financing activities
Proceeds from issuance of convertible debt, net of issuance costs	5,990	3,990
Payments for taxes related to vested restricted stock units	(146)
Proceeds from at-the-market offering, net of issuance cost	2,464
Net cash provided by financing activities	8,308	3,990
Effect of exchange rate changes on cash and cash equivalents	(6)	(9)
Net increase/(decrease) in cash and cash equivalents	574	(26)
Cash and cash equivalents, beginning of period	11,101	4,880
Cash and cash equivalents, end of period	11,675	4,854
Supplemental disclosures of cash flow information
Cash paid for taxes	2
Cash paid for interest
Supplemental schedule of noncash investing and financing activities
Financing of Director and Officer Insurance	240	240
Purchase consideration included in other current liabilities	24
Taxes related to vested restricted stock units	539
Common shares issued for debt conversion	13,576	2,331
Common shares issued as commitment shares		89
Right of use asset obtained in exchange for lease liability	$ 394	$ 144

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 11,675	$ 11,101
Accounts receivable, net of allowance for expected credit losses of $37 and $0, respectively	706	789
Unbilled and other receivables	446	178
Prepaid expenses and other current assets	631	765
Total current assets	13,458	12,833
Property and equipment, net	78	39
Intangible assets, net	14,803	12,672
Operating lease right-of-use asset, net	426	224
Goodwill	7,681	6,589
Other assets	94	73
Total Assets	36,540	32,430
Current Liabilities
Accounts payable	1,679	766
Accrued liabilities	3,676	2,281
Deferred revenue	1,365	1,465
Warrant liability	1,199	1,051
Operating lease obligation, current	258	195
Other current liabilities	23
Total current liabilities	8,200	5,758
Operating lease obligation, noncurrent	170	31
Deferred tax	26
Convertible debt	10,062	12,659
Other noncurrent liabilities	31
Total Liabilities	18,489	18,448
Stockholders’ Equity
Additional paid-in capital	121,485	104,691
Accumulated deficit	(103,305)	(90,682)
Accumulated other comprehensive loss	(140)	(30)
Total Stockholders’ Equity	18,051	13,982
Total Liabilities and Stockholders’ Equity	36,540	32,430
Common Class A [Member]
Stockholders’ Equity
Common Stock value	$ 11	$ 3