CXApp shares fall 10.38% intraday as Q3 revenue declines 41.3% amid strategic shift to subscription model.

CXApp (CXAI) declined 10.38% intraday following its Q3 2025 earnings report, which highlighted a 41.3% revenue drop to $1.11 million and a 41.9% reduction in net loss to $3.16 million. Despite a 61.8% improvement in per-share losses and a strategic shift to 99% subscription revenue, the sharp hardware sales decline and lack of explicit financial guidance raised concerns. While the company emphasized AI platform advancements and partnerships with Noro, the 32.92% month-to-date stock fall and mixed post-earnings price action reflected investor skepticism about near-term growth and breakeven prospects. The earnings report’s focus on cost discipline and recurring revenue contrasted with the immediate market reaction, underscoring uncertainty over the sustainability of its strategic pivot.