CXAI

CXApp is a $9.53M micro-cap at $0.17 with the profile of a melting ice cube, not a turnaround. FY2025 revenue fell 35.8% to $4.58M, and management frames this as a 'deliberate de-emphasis of non-recurring professional services' — but even the retained SaaS base isn't growing the top line; gross profit dropped 31.6% to $4.00M. An 87.4% gross margin means nothing when operating margin is -383.5% and net margin -294.0%: the company lost $13.5M on $4.58M of sales and burned $10.4M in operating cash. With $11.1M of cash, that is roughly one year of runway, and the MD&A already leans on drawdowns from the Streeterville ($3.52M) and Avondale ($3.20M) securities purchase agreements to bridge liquidity — dilutive financing, not operating strength.

The balance sheet superficially looks fine (equity $14.0M, liabilities/equity 1.32x), but the cap-table tells the real story: shares outstanding rose 188.4% year over year to 57.1M, and accumulated deficit deepened to -$90.7M. The cash balance more than doubled (+127.5%) precisely because the company sold stock, not because it earned anything. ROE of -96.4% confirms capital is being destroyed. With only ~104 holders of record and a Nasdaq Capital Market listing at $0.17, delisting/reverse-split risk is live and real.