CXApp
CXAI on Nasdaq. CXApp sells workplace software to large companies. Market value $155m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-6.91 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$1.35 a share, 7% above its 1-year low
Over the past year the price has ranged from $1.26 to $36.80.
Pays no dividend
Prices from Monday’s close (2 November).
Five years of cash, in billions
| Revenue | ||||
| Revenue | n/a | n/a | n/a | $5m |
| Operating margin | ||||
| Operating margin | n/a | n/a | n/a | -383.5% |
| Debt to equity | ||||
| Debt to equity | n/a | n/a | n/a | n/a |
| Shares outstanding | ||||
| Shares outstanding | n/a | 0.02bn | 0.02bn | 0.12bn |
Health checks
- Free cash flow positive0 of 1 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsUnknown
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $2 million last quarter, up 39% on a year ago.
- A loss of $9 million, compared with a loss of $3 million a year ago.
| Quarter to | Amount |
|---|---|
| June 2024 | $2m |
| September 2024 | $2m |
| March 2025 | $1m |
| June 2025 | $1m |
| September 2025 | $1m |
| December 2025 | $1m |
| March 2026 | $950,000 |
| June 2026 | $2m |
| Quarter to | Amount |
|---|---|
| June 2024 | -$5m |
| September 2024 | -$5m |
| March 2025 | -$2m |
| June 2025 | -$3m |
| September 2025 | -$3m |
| December 2025 | -$6m |
| March 2026 | -$4m |
| June 2026 | -$9m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 30 March 2026
- Next quarterly (estimated, 10-Q)
- 13 November 2026
Who owns it
None of the long-term investors we follow own it. 41 funds in all.
Largest holders overall
- Jane Street Group$686,445Added
- UBS Group AG$558,235Added
- HRT Financial LP$256,000New
- Vanguard Capital Management$255,235Added
- Renaissance Technologies$117,912Added
- Geode Capital Management$75,146Cut
- Vanguard Fiduciary Trust$67,043Added
- Citadel Advisors$61,511New
- State Street$59,952Added
- Susquehanna International Group, LLP$44,385Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Avondale Capital, LLCPassive investorat least 9.9%(filed with 3 related holders)Since 11 December 2025
- JANE STREET GROUP, LLCPassive investorat least 5.3%−0.8 pts(filed with 2 related holders)Since 30 June 2026
- Wolverine Trading Partners, Inc.Passive investorat least 4.4%−0.7 pts(filed with 4 related holders)Since 30 September 2025
- TD SECURITIES (USA) LLCPassive investorSold down below 5%Since 31 March 2025
- Walleye Capital LLCPassive investorSold down below 5%Since 31 December 2024
- COWEN AND COMPANY, LLCPassive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
Avondale Capital, LLC Passive investor | at least 9.9% (filed with 3 related holders) | 11 December 2025 | |
JANE STREET GROUP, LLC Passive investor | at least 5.3%−0.8 pts (filed with 2 related holders) | 30 June 2026 | |
Wolverine Trading Partners, Inc. Passive investor | at least 4.4%−0.7 pts (filed with 4 related holders) | 30 September 2025 | |
TD SECURITIES (USA) LLC Passive investor | Sold down below 5% | 31 March 2025 | |
Walleye Capital LLC Passive investor | Sold down below 5% | 31 December 2024 | |
COWEN AND COMPANY, LLC Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in CXApp’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 30 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 11 later 8-Ks.
Its past accounts can't be relied on
SeriousIt told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.
8-K Item 4.02 filed 7 Apr 2025: the company said its earlier financial statements should no longer be relied on.
From an 8-K filed 7 April 2025: Previously issued accounts should no longer be relied on. Open the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On June 30, 2026, the Audit Committee (the “ Committee ”) of the Board of Directors of the Company dismissed WithumSmith+Brown, PC (“ Withum ”) as the Company’s independent registered public accounting firm.”
From an 8-K filed 6 July 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.