CXApp Inc.
CXAIdata completeness 75%4 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'epsDiluted'
The thesis, from the filings
CXApp Inc. earns about -158% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
i. The business — what you’d actually own
| Figure | FY 2021 | FY 2022 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | — | — | $7.14M1 | $4.58M1 |
| Net income | $9.21M2 | $8.35M2 | −$19.4M3 | −$13.5M3 |
| Operating cash flow | −$595,3214 | −$761,0984 | −$7.33M5 | −$10.4M5 |
| Capital expenditure | — | — | $30,0006 | $23,0006 |
| Free cash flow (derived) | — | — | −$7.36M5 | −$10.4M5 |
| Total debt | — | — | — | — |
| Cash & equivalents | $406,1267 | $224,4898 | $4.88M9 | $11.1M9 |
| Diluted shares | — | — | — | — |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
iii. Is this a good business?
Moat signal · return on invested capital
-158% avg · 4y
FY21 —FY22 38%FY24 -140%FY25 -371%
It earned an average -158% on invested capital over 4 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Management signal · capital allocation
— shares · 4y
Not enough history to read capital allocation.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined
Different models answer different questions — which to trust when →
Sources — the receipts
- 10-K · period ending 2024-12-31 · accession 0001829126-26-002840 (Revenues)
- 10-K/A · period ending 2021-12-31 · accession 0001410578-23-000755 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001829126-26-002840 (NetIncomeLoss)
- 10-K/A · period ending 2021-12-31 · accession 0001410578-23-000755 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001829126-26-002840 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001829126-26-002840 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001558370-22-004779 (CashAndCashEquivalentsAtCarryingValue)
- 10-K/A · period ending 2022-12-31 · accession 0001410578-23-000755 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001829126-26-002840 (CashAndCashEquivalentsAtCarryingValue)