Behavox Reports Strong Q2 2024 Results: Record ARR and Sustained Profitability

NEW YORK--(BUSINESS WIRE)--Behavox, a leading provider of AI-driven compliance solutions, today announced its financial results for the second quarter of 2024, highlighting significant achievements and continued growth.

Key Financial Highlights:

1. Annual Recurring Revenue (ARR): The company continued its strong momentum from the first quarter with 35% ARR increase YoY. The firm remains on track to achieve 40% YoY growth for 2024.
2. Profitability: This quarter marks the third consecutive quarter of profitability for Behavox, underlining the company’s robust financial health and effective growth strategies.
3. Customer Retention: Behavox continues to maintain a 100% customer retention rate, demonstrating the consistent value and reliability of its solutions.

Erkin Adylov, CEO of Behavox, commented: “The management team and the Board are pleased with the firm’s performance. We remain confident in our ability to maintain our current growth trajectory thanks to Behavox’s significant investments in our own large language model, as well as our strong financial position.”

Behavox continues to bring together market participants and share insights on the state of AI in financial services by hosting a growing number of events worldwide.

Fahreen Kurji, Chief Customer Intelligence Officer at Behavox, adds, “Behavox events are designed to enable the market to solve real problems and better adopt new technology. We have received positive feedback and are continuing to host value generating events in the second half of the year.”

In particular, in August and September Behavox will host the following three oversubscribed events:

• August 22nd, 2024 – Pathfinder: AI Chatbot for Finance and Regulatory Compliance Webinar: explore Pathfinder, our AI chatbot trained in Finance and Regulatory Compliance powered by Behavox LLM 2.0.
• August 27th, 2024 – EU AI Act Client Readiness Webinar: breaking down the EU AI Act and explaining to attendees how to effectively implement, test and evidence AI systems like Behavox.
• September 12th, 2024 – AI Summit London: Behavox seminal event in London providing an opportunity to learn about the next evolution of AI in financial services.

For more information on Behavox events, please visit https://www.behavox.com/behavox-events/.