CXApp Inc. Q1 FY2026 Earnings Call

Greetings. Welcome to the CXApp First Quarter 2026 Earnings Call. I will now turn the conference over to your host, Khurram Sheikh, Chairman and CEO. You may begin.

Thank you, John. Good afternoon, everyone, and thank you for joining CXAI's Q1 2026 Earnings Call. I'm also joined on the call by our CFO, Joy Mbanugo. This quarter represents an important step forward for CXAI, for Sky. We're not simply building workplace software. We are building an AI-driven orchestration layer for the modern enterprise. The enterprise workplace is changing quickly. Companies are looking for platforms that can connect employees, spaces, assets, services, workflows and data into one intelligent system. This is exactly where CXAI is positioned. Our message today is clear. Enterprise demand is increasing. Our product roadmap is accelerating. Our monetization model is expanding, and we believe CXAI is positioned to convert that demand into recurring margin-protected revenue growth. With that, I'm going to start going through the disclaimer slides. Please note I want to remind everybody that today's presentation includes forward-looking statements. These statements are based on current expectations and assumptions and are subject to risks and uncertainties. Please review our SEC filings for a complete discussion on those risks. We will also reference certain financial information, including non-GAAP measures and market data. We believe these metrics help investors understand our operating performance and the direction of the business, but they should be reviewed together with our GAAP results and public filings. By the way, we have also filed our 10-Q for Q1, so you should be able to see that in parallel to this presentation. So let me start with the scale of CXAI or Sky today. We are deployed across more than 200 cities, over 50 countries and five continents, reaching more than 1 million users. We have a global operating footprint, a strong IP foundation and a team that remains heavily focused on product and engineering with more than 70% of our team in R&D. That is important because enterprise AI is not just about launching an assistant. It requires secure deployment, trusted integrations, global scalability, support infrastructure and domain-specific intelligence. Our installed base and global platform footprint create a foundation for future expansion. We believe growth can come from new enterprise wins, renewals, user expansion, analytic modules, integration, AI consumption and the launch of CXAI, our flagship agentic AI solution. So you're going to hear about that today, and I just want to recap that we are still doing really well with all our customers. We're growing, and it's been a really exciting quarter. So let me move forward to the next slide where we talk about our mission. Our mission is really to power the AI orchestration layer for the modern enterprise. As you know, we've been talking about people, places and things for a while, and the team has seen a lot of growth in the way our customers are responding to our vision. Our mission becomes more and more important every day as we work with our clients. Today, I want to launch this new mission, which is really at the heart of where our agentic AI solution drives. CXAI connects people, places, assets, workflows and enterprise context into one intelligent platform. That means the workplace is no longer just a static environment. It becomes a system that understands, decides and acts. This is the evolution from workplace experience to workplace intelligence. We've seen that now with Gartner recognizing us as one of the leaders in the workplace industry and calling us the workplace visionary leader. I think that's a testament to the team's strategy and vision, but now also the execution. We believe the future of enterprise work will be shaped by platforms that can connect context with action. CXAI is being built for the future. As you become more deeply embedded into enterprise workflows, we believe our revenue opportunity expands beyond software licensing into workflow automation, AI usage, analytics and recurring integrations. So let me show you a video that describes the user experience and why we think CXAI is going to be that operating layer for the enterprise. Hopefully, people on the webcast could hear the folks on the phone; you're going to get the video as part of the recording when we publish it. As you can see, CXAI is all about the user experience. We really focus on that. The workplace experience needs to become more intelligent, more personalized and more automated. That's our mission. Employees want to know where to work, who is nearby, what resources are available and how to get things done quickly. CXAI brings that together through one intelligent interface. But what matters most is what happens behind the scenes: identity, maps, reservations, wayfinding, services, analytics, integrations and now agenda. We do all of that heavy lifting to make the user experience simple and contextual. This is why we believe CXAI will become an operating layer for the enterprise work, and that's our focus. The more workflows we connect, the more value we deliver and the more opportunities we have to expand revenue per customer over time with this strategy. So let me talk about the market. We believe the timing is right right now. CXAI sits at the convergence of two major growth markets. Number one, digital workplace platforms and, secondly, enterprise AI assistants and agents. Digital workplace platforms are projected to grow significantly through 2030 and enterprise AI systems and agents are to grow even faster. CXAI plays across both markets. We play at the intersection of these. On one side, we support workplace orchestration, platform adoption, mobile and web experiences, maps and reservations. On the other side, we are building embedded AI task agents, workflow automation and the CXAI agentic layer. This convergence is what creates the opportunity. We're not trying to be a generic AI company. We are applying AI to a specific enterprise problem, making the workplace intelligent, automated and operationally efficient. That market convergence supports a large revenue opportunity for CXAI from enterprise SaaS today to AI-native licensing, analytics, consumption and platform expansion over time. So this, I believe, is a compounded 30x-plus opportunity for us and not happening 10 years from now, happening in the next couple of years. We're super excited about this space, and this has been validated through our work with analysts who are watching this industry and now are really calling it a new Magic Quadrant for this market, which is a validation of the space and a huge market opportunity for all of us. So let's talk about Q1. What happened in Q1. It was a very breakout quarter for us. We had a lot of great wins, but I want to highlight the key highlights from this. Number one, we delivered $1.4 million in bookings, which included two large renewals of existing clients and a new client that has also been onboarded. This represents an increase from last year, but also it's the starting point of the strategy that we articulated in our last earnings call. And more importantly, we have added more than $5 million in new deals in contract value across three enterprise deals. These are three-year term deals with large enterprises in financial services markets that are really at the leading edge of innovation, and they have selected us for a multiyear contract. This is super exciting. I know that we talked about this in our last earnings call, that we've been working really hard on different RFPs and different pipeline opportunities. Now those pipelines have become real and real meaning that they're being deployed now. So in terms of why we won these things, we won it because we had our Agent AI solution. I'm going to talk more about that in detail. But the CXAI Sandbox is what our clients have been testing with, which includes our agentic AI platform as well as our CXAI 1.0 platform. Those deployments are happening with not only the existing clients, but more importantly, the new clients as well as the pipeline of clients. Those clients came in. They did their RFPs, they had our responses, they did the product across vendors in the ecosystem, and they tried CXAI Sandbox and they've said we love it. We think it's the best thing out there, and now they're onboarded with us and working with us to scale up their systems. So I think that's been a significant win for us, and I applaud our sales team and our product team and our engineering teams for really working hard to make it happen. I'm super proud of them. And I think this is a testament of the capability of the team as well as the capability of the product. Next, we've been talking about CXAI VU. As you know, and we'll talk a little bit more about our partnership with Google Cloud, we have built it as a platform that will allow for analytics to be identified, and that means that you ask a question, you get a result and an answer pretty quickly. Google has also appreciated the partnership with us. We made a press release on that. I'm going to talk more about how we're actually engaging with Google to make it successful, but we are one of the leading vendors working with Google in making this happen using their Looker platform. Lastly, we were recognized by Gartner, as I mentioned, as a visionary in the Enterprise Workplace Magic Quadrant. This is a new Magic Quadrant that has been officially launched by Gartner. We've been working with the analysts for the last couple of years on our vision and our strategy and how we think agentic AI is so critical to this market. I think it's a testament of the recognition, but it also shows that we are really driving the innovation in the industry, and we're super proud of that recognition. So the key point in all of this is the enterprise demand we have been discussing is now showing up in real customer activity, renewals, new wins, multiyear commitments, AI pilots and analytic opportunities. Bookings and TCV are important leading indicators. Revenue recognition follows deployment, implementation, user adoption and expansion. So while Q1 revenue reflects timing, the forward-looking opportunity is increasingly supported by enterprise commitments. The next question is, why did they choose us? In my view, we bring five capabilities together. First, agent AI. Our platform is designed to understand workplace context and automate intelligent actions. Second, workspace native. We work across the tools employees already use, whether it's Microsoft 365 or Google Workspace. We are compatible with them; we connect with bookings and calendars and maps and wayfinding in one experience. Third, one platform, every service. We deliver a consistent experience across mobile, web, kiosks and signage. Fourth, spatial intelligence. Our mapping and wayfinding capabilities create a real-world context for the enterprise. Our One Map Experience and the immersive spatial layer of access we have provide contextual awareness and create a moat for the agent solution that makes it very different and unique. And finally, and most importantly, we are enterprise ready. We're built with security, compliance, support and global deployment. For these large enterprises to select us is not only a testament to our product, but to our stability and reliability and the fact that we meet the difficult requirements that large enterprises have. It's not easy, and this is where when we look at the competition, we are heads and shoulders above them because of all these five things together. This is why customers choose CXAI. We're not offering a single-point solution. We are offering an integrated platform that connects the enterprise workplace into one intelligent operating system. My belief becomes stronger every day as I see these clients going through multiple RFPs, multiple product evaluations, understanding all the different options out there and then selecting us because we have the full solution. We're growing more and more in that capability day in, day out. Long term, what does this mean? We are the vertical AI for the office. CXAI's platform is purpose-built for the office environment where employees, visitors, facilities, teams and enterprise systems interact every day. By connecting workplace data and workflows, CXAI enables organizations to deliver more personalized experiences, improve utilization, reduce friction and create a more responsible and responsive physical workspace. We strongly believe the next phase of workplace technology will be defined by AI that understands context—where people are, where resources are available, which systems need to be coordinated and how the office can adapt in real time. CXAI's agentic AI capabilities are being developed to help automate routine workplace tasks, surface recommendations, orchestrate integration and improve the employee and customer experience across complex enterprise environments. In a nutshell, the broader the platform value, the greater the potential multiyear renewals, larger deployments, integration fees, AI monetization and expansion modules. When you saw the video, when Maya is out there, she's using it every day for all the things. It may be a small thing for you, but it may be great for her. Maybe somebody else has a different use case. All these use cases combined make it the day-in-the-life of a user that's so connected to their enterprise they can't let go. That's what we're seeing with our clients that are scaling up. They see that connectivity. They see the secret glue that connects them together to make sure that they're using this every single day. That's what we aim for, and analytics show us all the value of that. Behind our Q1 wins, I'll run this quick animation to show some of the data sets that we collect. Our partnership with Google is a major validation point for CXAI VU and our analytics strategy. The quote from a Google Cloud product leader highlights the importance of embedded Looker as a scalable API-first data layer across our clients. This allows us to deliver real-time insights at enterprise scale and create the foundation for AI-powered analytics and conversational intelligence. You ask a question, you get an answer. You go deeper, you ask a second question, it goes deeper. You want to show a dashboard, it can create it for you. You can create a visualization, a report, an animation—everything you want within the data set that's provided and within the context of what's valuable to you. At the end of the day, enterprise AI needs enterprise data. Without trusted data, AI remains generic. With real workplace data, location intelligence, usage patterns and operational signals, AI becomes actionable. That is the strategic value of CXAI VU, and analytics can become a meaningful expansion layer. Customers increasingly want predictive insights, utilization intelligence, real estate optimization and AI-driven recommendations. We believe these capabilities support higher-value pricing and expanded customer relationships over time. Let me turn it over to my colleague, Joy, to talk about the financial highlights. Joy?

Thanks, Khurram. I'll walk through our Q1 2026 financial performance and do some comparisons to the previous quarter. Starting with revenue, we delivered $950,000 in total revenue for the quarter compared to $1.02 million in Q4. While this represents a slight decline, I want to provide context. The quarter-over-quarter decrease reflects the timing of new deal closures and the revenue recognition pattern of our enterprise contracts, which I'll get into more detail on upcoming slides. What's really encouraging is our subscription revenue mix, which improved to 98% of total revenue, up from 96% in Q4. This demonstrates the continued strength and predictability of our recurring revenue model. Gross margin came in at 83% for the quarter compared to 87% in Q4. The slight compression reflects some incremental infrastructure investments we made to support our agentic AI rollout and support our Google Cloud partnership. We expect gross margin to stabilize in the 80%-ish range as we scale these new capabilities and continue to invest in cutting-edge Google products. On the balance sheet side, cash increased to $12.3 million, up from $11.1 million at the end of Q4. This improvement came despite increased operating expenses, reflecting better working capital management and timing of customer collections. Finally, earnings per share improved to negative $0.08 per share compared to negative $0.13 in Q4. This 38% improvement reflects both the operating leverage we're achieving and the normalization of expenses, which we'll get into in the next slide. If we can move to Slide 12. Now let's dig into our operating expense story because this is where the discipline in our execution really shows. Total operating expenses declined by $1.87 million or 27.6% quarter-over-quarter. But the critical context here is in Q4, we took a $2.15 million noncash goodwill impairment charge. When you exclude that one-time item, our underlying expenses actually increased only by $278,000 or 6%. I'll walk through the key items here. Research and development was essentially flat at $1.5 million, up just $10,000. This stability reflects our strategic choice to maintain our innovation pipeline while operating efficiently. Our R&D team is now 70% of our total headcount, and we're continuing to invest in agentic AI capabilities that are differentiating us in the market. Sales and marketing decreased by $79,000 or 16%, down to $413,000. This reduction came from optimizing our digital marketing spend and focusing our outbound efforts on higher-probability enterprise opportunities. We're seeing much better conversion rates with this targeted approach. G&A expenses increased by $347,000 or 17.6% to $2.3 million. This increase was driven by three specific factors: audit and compliance-related costs, legal expenses related to strategic partnerships and negotiations, and costs tied to overall governance enhancements. These are foundational investments in our infrastructure as we prepare for our next phase of growth, and we hope to see the payoffs of these investments in future quarters. Amortization of intangibles remained flat at $683,000, consistent with what we outlined last quarter. The bottom line here is that we're managing our expense base very tightly while making targeted investments in the areas that drive long-term value, innovation, partnerships and governance. Let's move to the revenue slide. Let's talk a little bit about the forward momentum in the business, which Khurram alluded to earlier, and which we're really excited about. This is our reset. Even though revenue was down, our bookings tell a different story. As we've said consistently, bookings are a leading indicator for this business. Q1 bookings came in at $1.4 million, up 12.5% year-over-year compared to $1.25 million in Q1 2025. More importantly, we closed three enterprise deals with three-year terms representing approximately $5 million in total contract value. These aren't transactional deals. These are strategic multiyear commitments from organizations continuing to bet on CXAI as their workplace experience platform. Breaking that down, we signed one new logo and renewed two large existing customers, both of which we hope to continue to expand their deployments with new offerings. These renewals are particularly significant because they validate both our product-market fit and our ability to deliver ongoing value. Our net revenue retention improved to 98% in Q1, up 12 percentage points year-over-year from 86% in Q1 2025. This is a critical metric because it shows that our existing customer base is not only staying with us, but they are expanding their usage of the platform. Now the real story here is the operational drivers. We beat our own internal bookings forecast by 19%, and we're a little ahead of plan. This outperformance comes from three sources. First, our agentic AI capabilities are starting to resonate with enterprise clients. We have five CXAI Sandbox deployments live with enterprise clients now. These aren't pilots. These are production implementations where customers are seeing real productivity gains. Second, the Google Cloud partnership is creating a differentiation flywheel. Google published a case study on our Looker integration. As Khurram mentioned, a Google Cloud product leader specifically called out our differentiated approach to embedding Looker as a scalable API-first data layer. That validation from a tier-one hyperscaler is opening doors with enterprise clients who want to know that their platform is built on best-in-class infrastructure. Third, as Khurram mentioned, our Gartner recognition as the visionary in the Enterprise Workplace Magic Quadrant has given our sales team incredible air cover in competitive evaluations. The key takeaways here are we have ongoing leads that are turning into bookings, which revenue trails behind. So we expect to see the impact of the increased bookings in the upcoming quarters. The Q1 bookings momentum we generated, especially the new three-year enterprise commitments, sets us up for revenue growth as these contracts convert and as we continue to expand within our installed base. We're building a high-quality predictable revenue engine and the foundational work we've done on product differentiation, strategic partnerships and customer success is now translating into commercial traction. We can move to the next slide. So we are building, as we said, for the agentic era and the new contracts that we landed have come from our increased focus in marketing and some of the changes we've made from an implementation standpoint, changing our pricing and not necessarily abandoning the SaaS model, but thinking more about the future and what agentic AI looks like for our enterprise clients. Because of that, we're focused on maximizing revenue growth, continuing to control our costs and protecting our margin. Khurram, back to you.

Yes. Thank you, Joy. And so as Joy alluded to, the new deals we have are built on this new pricing and monetization model. We have purposely designed it with our clients in a way that it's scalable, it's repeatable, but more importantly, it protects our margins and it helps us scale with agentic AI. Very proud of the work the team has done on this. I think it's a testament that these new clients have come on with this new structure, which I think is going to, as Joy said, maximize our revenue growth but also manage our costs efficiently in the new AI agentic world. You've heard about SaaS being under threat. Our solution is actually AI-native now. It has a cost structure implemented upfront so that we recover our cost. More importantly, it scales with AI usage and consumption. Let me move to the next slide to our roadmap and tell you the story of where we're headed, what we're doing now and where the success has been super beneficial for us. Number one, CXAI 1.0 is our core enterprise platform. It supports the installed base and existing ARR that you see, the renewals and add-on modules. That's our base platform; that's the foundation. All the new clients we have been signing up to CXAI 2.0. So they're day one, starting with the 2.0 agentic AI operating layer. It is designed to capture agentic growth inside large enterprises through AI assistance, workflow intelligence, AI consumption and expansion. These clients didn't come in just on 1.0. They have signed up to 2.0. We're focused on delivering that in the June timeframe. It's still on schedule; the sandboxes have been tested, the validation has happened. The product is being deployed by them this quarter, so we can launch it with their customer base. As I said in previous calls, they do one or two campuses and then they scale to 100. All of these clients have done it purposely to design it so they can scale to those 50 to 100 campuses or global access for all their employees. This has been a concerted effort from my team, and I'm pretty proud of it. But the beauty of it is we're the first ones that provide this agentic AI system, and that's why we filed the IP on it. The patents were filed. We are pretty much a leader in both the orchestration layer of AI and the recommendation engine, the bond and Cortex that I mentioned last quarter. Those accounts are going through their provisional process, and we will be filing definitive patents as well. That provides us a moat and something unique that nobody else in the industry has. That is our growth engine for now. This is for large enterprises. This is what three new clients have adopted. This is what the pipeline of new clients and sandboxes that Joy mentioned are all testing. Now we have a repeatable system where we can test with these clients, show them the capability and they can scale up with us. The third thing we've been working on in parallel has been our CXAI (Sky) or SkySquare or just CXAI, if we make it easy. This is our disruptive mid-market expansion platform. It is designed for rapid deployment, channel distribution, marketplace availability and broad market reach. This is designed for small and medium enterprises. We've worked with the team to focus on companies like our size that want a solution because they face the same problems of workplace experience and employee engagement. We're making strong progress on that. We launched the pilot in our campus here in San Ramon, and now we're working closely with our channel partners, including Google and AWS, and we're going to put it on the Google Marketplace and AWS Marketplace this quarter. We also believe that other channel partners want to engage with us because this is a huge opportunity for growth. CXAI (Sky) is our disruptive scale platform. It's frictionless, simple and powerful in terms of personalized experience. When we think about all of these three things, they are the key pillars of CXAI and they will continue to drive growth. The existing platform will continue and customers will move to 2.0. The 2.0 customers may even use CXAI (Sky) for some of their applications. There's a big roadmap for CXAI 2.0 in terms of agent capabilities, and CXAI (Sky) will drive mid-market growth. We believe the combination of enterprise expansion and mid-market scale gives us confidence in our long-term growth model. When we talk about the growth— the 30x-plus—this is all driven by this strategy. Let me close with why we believe CXAI is entering an important inflection point. First, enterprise demand: Q1 showed that large customers are making real commitments to AI-powered workplace transformation. Second, agentic OS for the workplace: CXAI is evolving from a workplace application into an operating layer for people, places, assets, workflows and context. Third, AI-native modernization: our model is built around implementation, licenses, integrations and AI consumption, creating multiple revenue streams. Fourth, dual growth vectors: CXAI 2.0 supports large enterprise expansion while CXAI (Sky) opens the door to mid-market and channel-led growth. Fifth, solid financial foundation: we have a high recurring revenue mix, an 80%-plus gross margin profile, a stronger cash position and disciplined operating focus. In my view, Q1 was about proof: proof that enterprise demand is real, proof that our platform strategy is aligned where the market is going, proof that our monetization model is designed for the AI era and proof that CXAI is positioned to convert enterprise AI demand into recurring margin-protected revenue growth. We are focused on execution, customer expansion, product innovation and building durable shareholder value. Thank you to our customers, partners, employees and shareholders for your continued support. With that, I'm going to open up the question-and-answer session. I know that, Joy, you've seen some questions come up. Happy to respond to some questions here.

Yes. The first question we have is: do you believe it is possible to regain compliance organically? Also, how is CXAI 2.0 coming and will cash flow positive come in 2026? I'll take part of this and then Khurram, hand it over to you. We do believe that it's possible to regain compliance organically, and we are feverishly working on that. I think Kim provided the roadmap to CXAI 2.0. It's coming along really well, and you'll see that out in the marketplace in the upcoming weeks and months. On positive cash flow, we're not going to give any guidance, but we are always working towards positive EBITDA, and that is one of the goals we'd like to achieve, but I can't give any solid guidance there. Khurram, do you want to add anything?

No, that was very good. I would just say that when we think about the business, we are trying to scale up both organically and inorganically. We are looking at different options and ideas to scale up. I think the fact that we have a CXAI 2.0 platform is great news because there are a lot of people coming to us with partnership opportunities and other ideas. You will be seeing more from us on that side because with the platform working and deployable and going to be on Google Marketplace and AWS Marketplace, I think you're going to see a lot more opportunities. We are actively pursuing that. To answer the first question, yes, absolutely, we feel that we're going to work very hard and today's results demonstrate that we are on the right path to scale up. Hopefully, that will lead us to get back into compliance before our September deadline.

I think the next one is for you, but I'll read it. Do the current pending patents granted infringe on already-existing businesses? This is a multipart question: does the company plan to license the software to competitors in the space? With the June rollout, will the software have capabilities to integrate with government agencies?

Those are three great questions. I'll take them one at a time. On the first one, our attorneys have completed the filings and reviews. They will look at whether there's any infringement risk. We believe that we are not infringing on anybody. We don't know if anybody else is infringing on us, but we do believe we have a moat and something unique and different that nobody else has. We'll finalize the filings to get definitive patents. On licensing to competitors, we're always open to that. It's early days in the agentic AI world. The reason we filed is because with these impending agreements with our clients it's important to protect our IP. You're going to see large multinational companies using the agentic AI from CXAI. That will create a buzz in the marketplace, and we'll hopefully see the product launch in the coming weeks and months. With the June rollout, the software we're building is a universal solution that can be implemented by any enterprise, including government. We have not focused specifically on the government market yet, but with our channel partner approach, absolutely we'll be looking into that opportunity. We're also looking at international opportunities as well. Our first focus was to get the product working as we described our vision. I think we're very close. We've got the sandboxes. Now we're doing the final implementations. More importantly, we have really large U.S.-based clients adopting it and deploying it very soon. So I think we're on the right path, and we'll be focused on the licensing opportunity and access to other verticals beyond the workplace vertical.

Yes. We have a couple of questions on revenue, but I think we already addressed those about recurring revenue. We've talked about the $5 million in bookings and what we expect to see from a pacing standpoint for revenue. There's a question on: can you detail a little bit about our partnership with Google Cloud?

That's a great question. There are two sides to the Google Cloud partnership. The first is on the product side. We've been working closely with them to build the agentic AI platform for analytics using their Looker platform. We have integrated Looker into our platform and that provides the engine for our application. With Gemini and Vertex AI systems, we have access to those capabilities as well. We're not exclusive to Google Cloud, but we've implemented the integration in a unique and differentiated way. Google issued a case study and noted our intelligent implementation. That product partnership is going very well. The other side of the partnership is go-to-market and channel. We're leveraging Google and their workforce to help us with the go-to-market and to launch the new CXAI (Sky) product, which is aimed at the small and medium enterprise market as a self-serve, easy-to-use solution. That will be exciting this quarter as we launch on the marketplaces. Overall, Google is investing heavily in enterprise AI, and we get the benefit of that investment. We're proud to partner with them on the next generation of AI systems. We're the smaller company in the partnership, but we leverage their infrastructure and they value our domain expertise because we are at the leading edge of innovation in our space.

Thanks, Khurram. I think we have one more question. What are your expectations for the upcoming quarter? I don't know if you said this at the beginning of the call, but we do not provide guidance on revenue or bookings. This is directional. We expect to see the results of the team working hard, onboarding new customers and making more progress with CXAI 2.0 and our agentic platform. Khurram, do you want to add?

Yes. The only thing I would add is that we've been sharing a lot of information regarding this quarter. We're super busy with the new clients we've onboarded and working with them to get their applications working as well as the CXAI 2.0 and CXAI (Sky) deliverables. The team is very focused. It's a busy time at CXAI. The good news is there's a lot of enterprise demand and interesting use cases coming on board. We're excited to convert these opportunities into revenue and show growth in the coming quarter. I think you can expect good news from us in terms of execution and delivery in the coming weeks and months. That's all the questions we have. I want to thank everybody for joining the call. Thanks for your interest in CXAI, and we look forward to the next quarter's call. We'll keep you updated as new things happen. We're really focused on execution, and we hope to deliver on the things we mentioned in our call today. Thank you so much for your time, and take care. Bye.

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.