• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    C3 AI Announces Fiscal Fourth Quarter and Full Fiscal Year 2024 Financial Results

    5/29/24 4:05:00 PM ET
    $AI
    Computer Software: Prepackaged Software
    Technology
    Get the next $AI alert in real time by email

    Increasing Revenue Growth. Raising Guidance.

    Growth Accelerates for Fifth Consecutive Quarter, Record Federal Growth

    Subscription Revenue for the Fourth Quarter Increased 41% Year-Over-Year

    C3.ai, Inc. ("C3 AI," "C3," or the "Company") (NYSE:AI), the Enterprise AI application software company, today announced financial results for its fiscal fourth quarter and full fiscal year ended April 30, 2024.

    "We finished a strong quarter and closed out a huge year for C3 AI. This was our fifth consecutive quarter of accelerating revenue growth. Our fourth quarter revenue grew by 20% year-over-year to $86.6 million, exceeding the top end of our guidance. Our full year revenue grew by 16% to $310.6 million, also exceeding the top end of our guidance," said C3 AI CEO and Chairman Thomas M. Siebel. "Demand for Enterprise AI is intensifying, and our first to market advantage in Enterprise AI positions us well to capitalize on it. Our Enterprise AI applications have been adopted across 19 industries, underscoring increasing market diversity. Our federal revenue grew by more than 100% for the year. The interest we are seeing in our generative AI applications is staggering."

    Fiscal Fourth Quarter 2024 Financial Highlights

    • Revenue: Total revenue for the quarter was $86.6 million, an increase of 20% compared to $72.4 million one year ago.
    • Subscription Revenue: Subscription revenue for the quarter was $79.9 million, constituting 92% of total revenue, an increase of 41% compared to $56.9 million one year ago.
    • Gross Profit: GAAP gross profit for the quarter was $51.6 million, representing a 60% gross margin. Non-GAAP gross profit for the quarter was $60.9 million, representing a 70% non-GAAP gross margin.
    • Net Loss per Share: GAAP net loss per share was $(0.59). Non-GAAP net loss per share was $(0.11).
    • Cash Reserves: $750.4 million in cash, cash equivalents, and marketable securities.
    • Free Cash Flow: Positive free cash flow of $18.8 million.

    Full Year Fiscal 2024 Financial Highlights

    • Revenue: Total revenue for the fiscal year was $310.6 million, an increase of 16% compared to $266.8 million one year ago.
    • Subscription Revenue: Subscription revenue for the fiscal year was $278.1 million, constituting 90% of total revenue, an increase of 21% compared to $230.4 million one year ago.
    • Gross Profit: GAAP gross profit for the fiscal year was $178.6 million, representing 57% gross margin. Non-GAAP gross profit was $215.6 million, representing 69% non-GAAP gross margin.
    • Net Loss per Share: GAAP net loss per share was $(2.34). Non-GAAP net loss per share was $(0.47).

    Business Highlights

    C3 AI is leading with Enterprise AI applications. In FY24, 88% of all bookings were driven by application sales and 12% of our bookings were driven by sales of the C3 AI Platform.

    • In FY24, the Company closed 191 agreements (an increase of 52% year-over-year) including 123 pilots (an increase of 151% year-over-year).
    • In the fourth quarter of FY24, the Company entered into new agreements with ExxonMobil, A.P. Moller-Maersk, General Mills, Quest Diagnostics, Flextronics, BASF Petronas, Worley Limited, Thales Group, the U.S. Navy, the U.S. Intelligence Community, the U.S. National Science Foundation, The Secil Group, Cargill, Nucor Corporation, and Dow, among others.
    • In State & Local Government, the Company expanded its engagement with Riverside County in California to include commercial property appraisals and entered into a new agreement with the Pasco County Sheriff's Office.
    • In the fourth quarter of FY24, the Company closed 47 agreements, including 34 new pilots and continued to diversify across industries.
    • In the fourth quarter of FY24, our bookings distribution by industry was as follows:

       

      Federal, Defense and Aerospace

      49.5%

      Oil and Gas

      15.2%

      State and Local Government

      10.8%

      Manufacturing

      6.7%

      Energy and Utilities

      6.0%

      Consumer Packaged Goods

      5.1%

      Professional Services

      4.8%

      Agriculture

      0.7%

      Hospitals and Healthcare

      0.6%

      Others

      0.6%

    • In the fourth quarter of FY24, our pilot distribution by industry was as follows:

       

      Manufacturing

      29.4%

      Federal, Defense and Aerospace

      20.6%

      Agriculture

      11.8%

      Chemicals

      8.8%

      Life Sciences

      5.9%

      Oil and Gas

      5.9%

      State and Local Government

      5.9%

      Energy and Utilities

      5.9%

      Logistics and Transportation

      2.9%

      Construction

      2.9%

    Customer Success

    C3 AI remains the leader in AI-powered predictive maintenance solutions, continuing to deliver significant economic value across industries, with heavy adoption in the Industrial, Manufacturing, and Energy sectors.

    • Dow, one of the world's largest chemical manufacturers, is enhancing its predictive maintenance capabilities with C3 AI. Using C3 AI Reliability, Dow reduced steam cracker downtime and is now scaling out C3 AI Reliability to additional sites and assets. Additionally, Dow will install C3 Generative AI on top of C3 AI Reliability to provide equipment operators with AI insights, improve alert responses, and expedite the personnel onboarding process.



      "C3 AI is our partner that's working with us on predictive analytics around [steam] crackers — so a 20% reduction around [steam] cracker downtime, by looking at furnace operations and how that works, is a big outcome that we're expecting," said Jim Fitterling, CEO, Dow. "We've got it on one [steam] cracker right now and then we'll look to scale that across the fleet."
    • Holcim, a European leader in sustainable building solutions, started with a C3 AI Reliability production pilot in May 2023 and now has 31 facilities in production, monitoring 3,000 sensors from critical equipment including vertical roller mills.



      "C3 AI is playing an important role in Holcim's digital transformation, providing innovative AI solutions that drive efficiency and sustainability," said Roze Wesby, Head of Plants of Tomorrow, Holcim. "The collaboration between C3 AI and Holcim has led to advancements in operational efficiency at scale, raising the bar for predictive maintenance in our sites. Thanks to C3 AI's platforms, Holcim has achieved a step-change in asset lifecycle management; improving our reliability and capacity for our customers, as well as reducing environmental impact."
    • Con Edison, one of the nation's largest energy companies that delivers electric, gas, and steam power to approximately 10 million customers, uses the C3 AI Platform to improve operational efficiency, public safety, billing performance, customer satisfaction, and energy efficiency. Starting with the advanced metering infrastructure (AMI) project in 2017, Con Edison has worked with C3 AI to build out an Enterprise AI program, including applications to predict meter health issues, optimize and conserve voltage outputs, and quickly detect customer safety concerns.



      "The AMI project, the largest in Con Edison's history, included the deployment of 5.3 million smart meters and resulted in significant benefits such as improved outage management and energy efficiency," said Tom Magee, General Manager, AMI Operations & Solutions, Con Edison. "The use of AI and machine learning has enhanced public safety, optimized grid operation, and achieved substantial energy savings and emission reductions for customers."

    Federal Growth

    • C3 AI's Federal business had a remarkable year with revenue more than doubling in FY24.
    • The Company closed 65 Federal agreements, an increase of 48% year-over-year and made inroads to 10 new Federal organizations.
    • In the fourth quarter of FY24, the Company entered into new and expansion agreements with the U.S. Air Force, the U.S. Navy, the U.S. Marine Corps, the U.S. Intelligence Community, the Defense Counterintelligence and Security Agency, the Chief Digital Artificial Intelligence Office, Thales Group, and the National Science Foundation.
    • The U.S. Air Force Rapid Sustainment Office (RSO) entered into a renewed agreement, significantly expanding their AI footprint by expanding the capabilities and increasing the number of aircraft and systems monitored on the Predictive Analytics and Decision Assistant (PANDA) application. PANDA, co-developed by the U.S. Air Force and C3 AI, optimizes fleet maintenance, increases aircraft availability, and minimizes downtime. The application, which is the designated U.S. Air Force System of Record for all predictive maintenance projects within the RSO, will now monitor systems on two new aircraft (T-7 and KC-46) and expand to include new systems of three currently monitored aircraft (B-1B, C-5, and KC-135).



      "C3 AI's cutting-edge technology has been a game-changer for the U.S. Air Force, driving unparalleled advancements in predictive analytics and maintenance," said Jimmy Lawrence, Deputy Program Executive Officer and Deputy Director for the Rapid Sustainment Office, USAF Life Cycle Management Center, USAF Materiel Command, Wright-Patterson Air Force Base, Ohio. "The implementation of C3 AI's solutions has revolutionized the operational capabilities of the Air Force, leading to significant improvements in aircraft readiness and efficiency."
    • The U.S. Navy entered into a new agreement that builds on the work between C3 AI and the U.S. Air Force on the Crowd-Sourced Flight Data (CSFD) Program and expands it into flight test parametric analysis of electronic emissions on the F-35. The CSFD Program enables the rapid delivery of software-defined warfighter capabilities, decreasing risks to operational forces by discovering and resolving anomalies in fielded weapon systems before those systems are required in combat.

    Partner Network

    C3 AI's partners remain a key driver of growth and customer success.

    • In FY24, C3 AI closed 115 agreements through its partner network, an increase of 62% year-over-year. This includes 91 agreements with AWS, Google Cloud, and Microsoft Azure.
    • The joint 12-month qualified opportunity pipeline with partners increased by 63% year-over-year.
    • In the fourth quarter of FY24, partner supported bookings grew by 76% year-over-year with the Company closing 28 agreements through its partner network, including AWS, Baker Hughes, Booz Allen, Google Cloud, and Microsoft.
    • The Company deepened its partnership with Fractal and Paradyme to support Version 8 upgrades, customer service engagements, and pilot delivery. These organizations have established dedicated practices around C3 AI and are committed to training over 200 C3 AI–qualified engineers and data scientists in FY25.

    C3 Generative AI

    The broad applicability of C3 Generative AI is driving the Company into new verticals and accelerating industry diversification.

    • In FY24, the company closed 58 pilot agreements for C3 Generative AI, across 15 different industries. The distribution by industry was as follows:

      Federal, Defense and Aerospace

      20.7%

      Manufacturing

      12.1%

      Agriculture

      10.3%

      State and Local Government

      10.3%

      Financial Services

      6.9%

      Chemicals

      5.2%

      Construction

      5.2%

      Consumer Packaged Goods

      5.2%

      Energy and Utilities

      5.2%

      Oil and Gas

      5.2%

      Pharmaceuticals and Life Sciences

      5.2%

      Others

      8.5%

    • In the fourth quarter of FY24, the Company closed 13 C3 Generative AI pilots with ExxonMobil, Cargill, Dow, Hunter Engineering, Norfolk Iron & Metal, Revvity, and the National Science Foundation, among others.
    • The Company further differentiated C3 Generative AI from other market offerings with:
    • Streamlined omni-modal data integration through a visual administrative interface, allowing queries across multiple sources such as Snowflake, Oracle, Databricks tables, and documents in Amazon S3 and Google Cloud.
    • Proprietary, fine-tuned large language models (LLMs) for more capable, accurate, and faster structured data queries.
    • Automatic support for questions and answers in over 130 languages.
    • Dynamic swapping of LLMs and retrievers with a single click, including automatic updates to related retrieval configurations, baseline prompts, and orchestration parameters.
    • Advanced support for querying images and data tables embedded in documents.
    • Enhanced accuracy with automated topic modeling of data contained in documents.
    • Availability of all core product features in air-gapped environments.
    • Advanced orchestration for complex queries involving multiple LLMs and retrieval tools.
    • Improved C3 Generative AI co-pilot LLM to accelerate the productivity of developers and data scientists on the C3 AI Platform.

    Financial Outlook:

    We are expecting additional acceleration of C3 AI revenue growth to approximately 23% in FY25. We plan to continue to invest in growth to build a long-term cash generating profitable market leader in Enterprise AI.

    The Company's guidance includes GAAP and non-GAAP financial measures.

    The following table summarizes C3 AI's guidance for the first quarter of fiscal 2025 and full-year fiscal 2025:

    (in millions)

    First Quarter Fiscal 2025

    Guidance

     

    Full Year Fiscal 2025 Guidance

    Total revenue

    $84.0 - $89.0

     

    $370.0 - $395.0

    Non-GAAP loss from operations

    $(22.0) - $(30.0)

     

    $(95.0) - $(125.0)

    A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation expense-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP results included in this press release. Our fiscal year ends April 30, and numbers are rounded for presentation purposes.

    Conference Call Details

    What:

    C3 AI Fourth Quarter and Full Fiscal Year 2024 Financial Results Conference Call

    When:

    Wednesday, May 29, 2024

    Time:

    2:00 p.m. PT / 5:00 p.m. ET

    Participant Registration:

    https://register.vevent.com/register/BIa4098dae2ede4f80a85f5a3a50b873e3 (live call)

    Webcast:

    https://edge.media-server.com/mmc/p/zjmvtizr (live and replay)

    Investor Presentation Details

    An investor presentation providing additional information and analysis can be found at our investor relations page at ir.c3.ai.

    Statement Regarding Use of Non-GAAP Financial Measures

    The Company reports the following non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP), in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

    • Non-GAAP gross profit, non-GAAP gross margin, non-GAAP loss from operations, and non-GAAP net loss per share. Our non-GAAP gross profit, non-GAAP gross margin, non-GAAP loss from operations, and non-GAAP net loss per share exclude the effect of stock-based compensation expense-related charges and employer payroll tax expense related to employee stock-based compensation. We believe the presentation of operating results that exclude these non-cash items provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods.
    • Free cash flow. We believe free cash flow, a non-GAAP financial measure, is useful in evaluating liquidity and provides information to management and investors about our ability to fund future operating needs and strategic initiatives. We calculate free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment and capitalized software development costs. This non-GAAP financial measure may be different than similarly titled measures used by other companies. Additionally, the utility of free cash flow is further limited as it does not represent the total increase or decrease in our cash balances for a given period.

    We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP financial measures.

    Use of Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "estimate," "expect," "intend," "may," "will" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements regarding our market leadership position, anticipated benefits from our partnerships, financial outlook, our sales and customer opportunity pipeline including our industry diversification, the expected benefits of our offerings (including the potential benefits of our C3 Generative AI offerings), and our business strategies, plans, and objectives for future operations. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including our history of losses and ability to achieve and maintain profitability in the future, our historic dependence on a limited number of existing customers that account for a substantial portion of our revenue, our ability to attract new customers and retain existing customers, market awareness and acceptance of enterprise AI solutions in general and our products in particular, the length and unpredictability of our sales cycles and the time and expense required for our sales efforts. Some of these risks are described in greater detail in our filings with the Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q for the fiscal quarters ended July 31, 2023, October 31, 2023 and January 31, 2024, and other filings and reports we make with the Securities and Exchange Commission from time to time, including our Form 10-K that will be filed for the fiscal year ended April 30, 2024, although new and unanticipated risks may arise. The future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Except to the extent required by law, we do not undertake to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations.

    About C3.ai, Inc.

    C3.ai, Inc. (NYSE:AI) is the Enterprise AI application software company. C3 AI delivers a family of fully integrated products including the C3 AI Platform, an end-to-end platform for developing, deploying, and operating enterprise AI applications and C3 AI Applications, a portfolio of industry-specific SaaS enterprise AI applications that enable the digital transformation of organizations globally, and C3 Generative AI, a suite of domain-specific generative AI offerings for the enterprise.

    C3.AI, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands, except per share data)

    (Unaudited)

     

     

    Three Months Ended April 30,

     

    Fiscal Year Ended April 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Revenue

     

     

     

     

     

     

     

    Subscription(1)

    $

    79,903

     

     

    $

    56,866

     

     

    $

    278,104

     

     

    $

    230,443

     

    Professional services(2)

     

    6,687

     

     

     

    15,544

     

     

     

    32,478

     

     

     

    36,352

     

    Total revenue

     

    86,590

     

     

     

    72,410

     

     

     

    310,582

     

     

     

    266,795

     

    Cost of revenue

     

     

     

     

     

     

     

    Subscription

     

    34,825

     

     

     

    23,872

     

     

     

    128,469

     

     

     

    78,423

     

    Professional services

     

    154

     

     

     

    1,036

     

     

     

    3,553

     

     

     

    7,914

     

    Total cost of revenue

     

    34,979

     

     

     

    24,908

     

     

     

    132,022

     

     

     

    86,337

     

    Gross profit

     

    51,611

     

     

     

    47,502

     

     

     

    178,560

     

     

     

    180,458

     

    Operating expenses

     

     

     

     

     

     

     

    Sales and marketing(3)

     

    63,247

     

     

     

    51,701

     

     

     

    214,167

     

     

     

    183,121

     

    Research and development

     

    50,618

     

     

     

    49,681

     

     

     

    201,365

     

     

     

    210,660

     

    General and administrative

     

    20,053

     

     

     

    19,400

     

     

     

    81,370

     

     

     

    77,170

     

    Total operating expenses

     

    133,918

     

     

     

    120,782

     

     

     

    496,902

     

     

     

    470,951

     

    Loss from operations

     

    (82,307

    )

     

     

    (73,280

    )

     

     

    (318,342

    )

     

     

    (290,493

    )

    Interest income

     

    9,482

     

     

     

    8,230

     

     

     

    40,079

     

     

     

    21,979

     

    Other (expense) income, net

     

    (173

    )

     

     

    284

     

     

     

    (641

    )

     

     

    350

     

    Loss before provision for income taxes

     

    (72,998

    )

     

     

    (64,766

    )

     

     

    (278,904

    )

     

     

    (268,164

    )

    Provision for income taxes

     

    (71

    )

     

     

    190

     

     

     

    792

     

     

     

    675

     

    Net loss

    $

    (72,927

    )

     

    $

    (64,956

    )

     

    $

    (279,696

    )

     

    $

    (268,839

    )

    Net loss per share attributable to Class A and Class B common stockholders, basic and diluted

    $

    (0.59

    )

     

    $

    (0.58

    )

     

    $

    (2.34

    )

     

    $

    (2.45

    )

    Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted

     

    122,676

     

     

     

    112,746

     

     

     

    119,362

     

     

     

    109,851

     

    (1)

    Including related party revenue of nil and $19,568 for the three months ended April 30, 2024 and 2023, respectively, and $10,581 and $75,452 for the fiscal years ended April 30, 2024 and 2023, respectively.

    (2)

    Including related party revenue of nil and $8,025 for the three months ended April 30, 2024 and 2023, respectively, and $5,804 and $16,774 for the fiscal years ended April 30, 2024 and 2023, respectively.

    (3)

    Including related party sales and marketing expense of nil and $3,416 for the three months ended April 30, 2024 and 2023, respectively, and $810 and $13,962 for the fiscal years ended April 30, 2024 and 2023, respectively.

     

    C3.AI, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except for share and per share data)

    (Unaudited)

     

     

    April 30, 2024

     

    April 30, 2023

    Assets

     

     

     

    Current assets

     

     

     

    Cash and cash equivalents

    $

    167,146

     

     

    $

    284,829

     

    Marketable securities

     

    583,221

     

     

     

    446,155

     

    Accounts receivable, net of allowance of $359 and $359 as of April 30, 2024 and 2023, respectively(1)

     

    130,064

     

     

     

    134,586

     

    Prepaid expenses and other current assets(2)

     

    23,963

     

     

     

    23,309

     

    Total current assets

     

    904,394

     

     

     

    888,879

     

    Property and equipment, net

     

    88,631

     

     

     

    84,578

     

    Goodwill

     

    625

     

     

     

    625

     

    Long-term investments

     

    —

     

     

     

    81,418

     

    Other assets, non-current(3)

     

    44,575

     

     

     

    47,528

     

    Total assets

    $

    1,038,225

     

     

    $

    1,103,028

     

    Liabilities and stockholders' equity

     

     

     

    Current liabilities

     

     

     

    Accounts payable(4)

    $

    11,316

     

     

    $

    24,610

     

    Accrued compensation and employee benefits

     

    44,263

     

     

     

    46,513

     

    Deferred revenue, current(5)

     

    37,230

     

     

     

    47,846

     

    Accrued and other current liabilities(6)

     

    9,526

     

     

     

    17,070

     

    Total current liabilities

     

    102,335

     

     

     

    136,039

     

    Deferred revenue, non-current

     

    1,732

     

     

     

    4

     

    Other long-term liabilities

     

    60,805

     

     

     

    37,320

     

    Total liabilities

     

    164,872

     

     

     

    173,363

     

    Commitments and contingencies

     

     

     

    Stockholders' equity

     

     

     

    Class A common stock, $0.001 par value. 1,000,000,000 shares authorized as of April 30, 2024 and 2023, respectively; 120,205,931 and 110,442,569 shares issued and outstanding as of April 30, 2024 and 2023 respectively

     

    120

     

     

     

    110

     

    Class B common stock, $0.001 par value; 3,500,000 shares authorized as of April 30, 2024 and 2023, respectively; 3,499,992 and 3,499,992 shares issued and outstanding as of April 30, 2024 and 2023, respectively

     

    3

     

     

     

    3

     

    Additional paid-in capital

     

    1,963,726

     

     

     

    1,740,174

     

    Accumulated other comprehensive loss

     

    (563

    )

     

     

    (385

    )

    Accumulated deficit

     

    (1,089,933

    )

     

     

    (810,237

    )

    Total stockholders' equity

     

    873,353

     

     

     

    929,665

     

    Total liabilities and stockholders' equity

    $

    1,038,225

     

     

    $

    1,103,028

     

    (1)

    Including amounts from a related party of $74,620 as of April 30, 2023.

    (2)

    Including amounts from a related party of $4,983 as of April 30, 2023.

    (3)

    Including amounts from a related party of $11,279 as of April 30, 2023.

    (4)

    Including amounts due to a related party of $2,200 as of April 30, 2023.

    (5)

    Including amounts from a related party of $249 as of April 30, 2023.

    (6)

    Including amounts due to a related party of $2,448 as of April 30, 2023.

     

    C3.AI, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)

    (Unaudited)

     

     

    Fiscal Year Ended April 30,

     

     

    2024

     

     

     

    2023

     

    Cash flows from operating activities:

     

     

     

    Net loss

    $

    (279,696

    )

     

    $

    (268,839

    )

    Adjustments to reconcile net loss to net cash used in operating activities

     

     

     

    Depreciation and amortization

     

    12,719

     

     

     

    6,088

     

    Non-cash operating lease cost

     

    742

     

     

     

    6,992

     

    Stock-based compensation expense

     

    215,761

     

     

     

    216,542

     

    Accretion of discounts on marketable securities

     

    (17,214

    )

     

     

    (4,558

    )

    Other

     

    98

     

     

     

    249

     

    Changes in operating assets and liabilities

     

     

     

    Accounts receivable(1)

     

    4,522

     

     

     

    (54,517

    )

    Prepaid expenses, other current assets and other assets(2)

     

    3,208

     

     

     

    (576

    )

    Accounts payable(3)

     

    (12,883

    )

     

     

    (22,041

    )

    Accrued compensation and employee benefits

     

    (6,218

    )

     

     

    3,193

     

    Operating lease liabilities

     

    17,332

     

     

     

    13,641

     

    Other liabilities(4)

     

    8,155

     

     

     

    (10,573

    )

    Deferred revenue(5)

     

    (8,888

    )

     

     

    (1,292

    )

    Net cash used in operating activities

     

    (62,362

    )

     

     

    (115,691

    )

    Cash flows from investing activities:

     

     

     

    Purchases of property and equipment

     

    (25,256

    )

     

     

    (70,518

    )

    Capitalized software development costs

     

    (2,750

    )

     

     

    (1,000

    )

    Purchases of investments

     

    (827,901

    )

     

     

    (745,249

    )

    Maturities and sales of investments

     

    789,292

     

     

     

    876,713

     

    Net cash (used in) provided by investing activities

     

    (66,615

    )

     

     

    59,946

     

    Cash flows from financing activities:

     

     

     

    Proceeds from exercise of Class A common stock options

     

    13,751

     

     

     

    4,468

     

    Proceeds from issuance of Class A common stock under employee stock purchase plan

     

    10,763

     

     

     

    3,093

     

    Taxes paid related to net share settlement of equity awards

     

    (13,220

    )

     

     

    (6,940

    )

    Net cash provided by financing activities

     

    11,294

     

     

     

    621

     

    Net decrease in cash, cash equivalents and restricted cash

     

    (117,683

    )

     

     

    (55,124

    )

    Cash, cash equivalents and restricted cash at beginning of period

     

    297,395

     

     

     

    352,519

     

    Cash, cash equivalents and restricted cash at end of period

    $

    179,712

     

     

    $

    297,395

     

    Cash and cash equivalents

    $

    167,146

     

     

    $

    284,829

     

    Restricted cash included in other assets, non-current

     

    12,566

     

     

     

    12,566

     

    Total cash, cash equivalents and restricted cash

    $

    179,712

     

     

    $

    297,395

     

    Supplemental disclosure of cash flow information—cash paid for income taxes

    $

    975

     

     

    $

    578

     

    Supplemental disclosures of non-cash investing and financing activities:

     

     

     

    Purchases of property and equipment included in accounts payable and accrued liabilities

    $

    474

     

     

    $

    13,814

     

    Right-of-use assets obtained in exchange for lease obligations (including remeasurement of right-of-use assets and lease liabilities due to changes in the timing of receipt of lease incentives)

    $

    1,833

     

     

    $

    (5,589

    )

    Right-of-use assets obtained in exchange for lease obligations arising from lease modifications

    $

    —

     

     

    $

    3,093

     

    Receivable from exercise of stock options included in prepaid expenses, other current assets and other assets

    $

    3

     

     

    $

    61

     

    Unpaid liabilities related to intangible purchases

    $

    —

     

     

    $

    1,500

     

    Vesting of early exercised stock options

    $

    507

     

     

    $

    1,006

     

    (1)

    Including changes in related party balances of $12,444 and $38,772 for the fiscal years ended April 30, 2024 and 2023, respectively.

    (2)

    Including changes in related party balances of $(810) and $(4,741) for the fiscal years ended April 30, 2024 and 2023, respectively.

    (3)

    Including changes in related party balances of $248 and $(16,349) for the fiscal years ended April 30, 2024 and 2023, respectively.

    (4)

    Including changes in related party balances of $(2,448) and $(2,510) for the fiscal years ended April 30, 2024 and 2023, respectively.

    (5)

    Including changes in related party balances of $(46) and $117 for the fiscal years ended April 30, 2024 and 2023, respectively.

    C3.AI, INC.

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

    (In thousands, except percentages)

    (Unaudited)

     

     

    Three Months Ended April 30,

     

    Fiscal Year Ended April 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Reconciliation of GAAP gross profit to non-GAAP gross profit:

     

     

     

     

     

     

     

    Gross profit on a GAAP basis

    $

    51,611

     

     

    $

    47,502

     

     

    $

    178,560

     

     

    $

    180,458

     

    Stock-based compensation expense (1)

     

    8,828

     

     

     

    5,972

     

     

     

    35,320

     

     

     

    23,637

     

    Employer payroll tax expense related to employee stock-based compensation (2)

     

    493

     

     

     

    377

     

     

     

    1,736

     

     

     

    1,150

     

    Gross profit on a non-GAAP basis

    $

    60,932

     

     

    $

    53,851

     

     

    $

    215,616

     

     

    $

    205,245

     

     

     

     

     

     

     

     

     

    Gross margin on a GAAP basis

     

    60

    %

     

     

    66

    %

     

     

    57

    %

     

     

    68

    %

    Gross margin on a non-GAAP basis

     

    70

    %

     

     

    74

    %

     

     

    69

    %

     

     

    77

    %

     

     

     

     

     

     

     

     

    Reconciliation of GAAP loss from operations to non-GAAP loss from operations:

     

     

     

     

     

     

     

    Loss from operations on a GAAP basis

    $

    (82,307

    )

     

    $

    (73,280

    )

     

    $

    (318,342

    )

    $

    (290,493

    )

    Stock-based compensation expense (1)

     

    56,729

     

     

     

    48,068

     

     

     

    215,761

     

     

     

    216,542

     

    Employer payroll tax expense related to employee stock-based compensation (2)

     

    2,173

     

     

     

    1,669

     

     

     

    7,720

     

     

     

    5,877

     

    Loss from operations on a non-GAAP basis

    $

    (23,405

    )

     

    $

    (23,543

    )

     

    $

    (94,861

    )

     

    $

    (68,074

    )

     

     

     

     

     

     

     

     

    Reconciliation of GAAP net loss per share to non-GAAP net loss per share:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net loss on a GAAP basis

    $

    (72,927

    )

     

    $

    (64,956

    )

     

    $

    (279,696

    )

     

    $

    (268,839

    )

    Stock-based compensation expense (1)

     

    56,729

     

     

     

    48,068

     

     

     

    215,761

     

     

     

    216,542

     

    Employer payroll tax expense related to employee stock-based compensation (2)

     

    2,173

     

     

     

    1,669

     

     

     

    7,720

     

     

     

    5,877

     

    Net loss on a non-GAAP basis

    $

    (14,025

    )

     

    $

    (15,219

    )

     

    $

    (56,215

    )

     

    $

    (46,420

    )

     

     

     

     

     

     

     

     

    GAAP net loss per share attributable to common stockholders, basic and diluted

    $

    (0.59

    )

     

    $

    (0.58

    )

     

    $

    (2.34

    )

     

    $

    (2.45

    )

    Non-GAAP net loss per share attributable to common stockholders, basic and diluted

    $

    (0.11

    )

     

    $

    (0.13

    )

     

    $

    (0.47

    )

     

    $

    (0.42

    )

    Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

     

    122,676

     

     

     

    112,746

     

     

     

    119,362

     

     

     

    109,851

     

    (1)

    Stock-based compensation expense for gross profit and gross margin includes costs of subscription and cost of professional services as follows. Stock-based compensation expense for loss from operations includes total stock-based compensation expense as follows:

     

     

    Three Months Ended April 30,

     

    Fiscal Year Ended April 30,

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

    Cost of subscription

    $

    8,788

     

    $

    5,663

     

    $

    34,032

     

    $

    21,417

    Cost of professional services

     

    40

     

     

    309

     

     

    1,288

     

    2,220

    Sales and marketing

     

    19,218

     

     

    17,214

     

     

    71,751

     

    71,389

    Research and development

     

    19,561

     

     

    17,449

     

     

    72,036

     

    90,217

    General and administrative

     

    9,122

     

     

    7,433

     

     

    36,654

     

    31,299

    Total stock-based compensation expense

    $

    56,729

     

    $

    48,068

     

    $

    215,761

     

    $

    216,542

    (2)

    Employer payroll tax expense related to employee stock-based compensation for gross profit and gross margin includes costs of subscription and cost of professional services as follows. Employer payroll tax expense related to employee stock-based compensation for loss from operations includes total employer payroll tax expense related to employee stock-based compensation as follows:

     

     

    Three Months Ended April 30,

     

    Fiscal Year Ended April 30,

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

    Cost of subscription

    $

    490

     

    $

    357

     

    $

    1,673

     

    $

    1,003

    Cost of professional services

     

    3

     

     

    20

     

     

    63

     

     

    147

    Sales and marketing

     

    642

     

     

    604

     

     

    2,606

     

     

    1,767

    Research and development

     

    869

     

     

    576

     

     

    2,839

     

     

    2,523

    General and administrative

     

    169

     

     

    112

     

     

    539

     

     

    437

    Total employer payroll tax expense

    $

    2,173

     

    $

    1,669

     

    $

    7,720

     

    $

    5,877

    Reconciliation of free cash flow to the GAAP measure of net cash provided by (used in) operating activities:

    The following table below provides a reconciliation of free cash flow to the GAAP measure of net cash provided by (used in) operating activities for the periods presented:

     

    Three Months Ended April 30,

     

    Fiscal Year Ended April 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net cash provided by (used in) operating activities

    $

    21,343

     

     

    $

    27,054

     

     

    $

    (62,362

    )

     

    $

    (115,691

    )

    Less:

     

     

     

     

     

     

     

    Purchases of property and equipment

     

    (2,538

    )

     

     

    (10,751

    )

     

     

    (25,256

    )

     

     

    (70,518

    )

    Capitalized software development costs

     

    —

     

     

     

    —

     

     

     

    (2,750

    )

     

     

    (1,000

    )

    Free cash flow

    $

    18,805

     

     

    $

    16,303

     

     

    $

    (90,368

    )

     

    $

    (187,209

    )

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240529444896/en/

    Get the next $AI alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $AI

    DatePrice TargetRatingAnalyst
    12/19/2024$29.00Sector Weight → Underweight
    KeyBanc Capital Markets
    12/11/2024$28.00Neutral → Underweight
    Analyst
    5/30/2024$35.00Market Perform → Outperform
    Northland Capital
    11/21/2023$40.00Perform → Outperform
    Oppenheimer
    7/25/2023$40.00Market Perform
    Northland Capital
    6/29/2023Perform
    Oppenheimer
    6/1/2023$24.00 → $50.00Neutral → Outperform
    Wedbush
    6/1/2023$30.00Buy → Neutral
    DA Davidson
    More analyst ratings

    $AI
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Amendment: SEC Form SC 13G/A filed by C3.ai Inc.

      SC 13G/A - C3.ai, Inc. (0001577526) (Subject)

      11/14/24 5:03:49 PM ET
      $AI
      Computer Software: Prepackaged Software
      Technology
    • Amendment: SEC Form SC 13G/A filed by C3.ai Inc.

      SC 13G/A - C3.ai, Inc. (0001577526) (Subject)

      10/4/24 2:14:34 PM ET
      $AI
      Computer Software: Prepackaged Software
      Technology
    • SEC Form SC 13G/A filed by C3.ai Inc. (Amendment)

      SC 13G/A - C3.ai, Inc. (0001577526) (Subject)

      2/13/24 4:12:00 PM ET
      $AI
      Computer Software: Prepackaged Software
      Technology

    $AI
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • CHIEF EXECUTIVE OFFICER Siebel Thomas M converted options into 53,125 shares, sold $601,634 worth of shares (27,010 units at $22.27), gifted 26,115 shares and received a gift of 26,115 shares (SEC Form 4)

      4 - C3.ai, Inc. (0001577526) (Issuer)

      5/5/25 9:55:44 PM ET
      $AI
      Computer Software: Prepackaged Software
      Technology
    • Senior VP, Operations Witteveen Merel was granted 1,108 shares and covered exercise/tax liability with 610 shares, increasing direct ownership by 7% to 7,785 units (SEC Form 4)

      4 - C3.ai, Inc. (0001577526) (Issuer)

      4/30/25 4:06:09 PM ET
      $AI
      Computer Software: Prepackaged Software
      Technology
    • CHIEF EXECUTIVE OFFICER Siebel Thomas M sold $12,570,056 worth of shares (626,299 units at $20.07), closing all direct ownership in the company (SEC Form 4)

      4 - C3.ai, Inc. (0001577526) (Issuer)

      4/16/25 7:58:02 PM ET
      $AI
      Computer Software: Prepackaged Software
      Technology

    $AI
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • C3.ai downgraded by KeyBanc Capital Markets with a new price target

      KeyBanc Capital Markets downgraded C3.ai from Sector Weight to Underweight and set a new price target of $29.00

      12/19/24 7:27:56 AM ET
      $AI
      Computer Software: Prepackaged Software
      Technology
    • C3.ai downgraded by Analyst with a new price target

      Analyst downgraded C3.ai from Neutral to Underweight and set a new price target of $28.00

      12/11/24 7:15:59 AM ET
      $AI
      Computer Software: Prepackaged Software
      Technology
    • C3.ai upgraded by Northland Capital with a new price target

      Northland Capital upgraded C3.ai from Market Perform to Outperform and set a new price target of $35.00

      5/30/24 7:26:55 AM ET
      $AI
      Computer Software: Prepackaged Software
      Technology

    $AI
    Financials

    Live finance-specific insights

    See more
    • C3 AI to Announce Financial Results for Fourth Quarter and Fiscal Year 2025 on May 28, 2025

      C3 AI (NYSE:AI), the Enterprise AI application software company, today announced it will issue its financial results for the fiscal fourth quarter and full fiscal year, which ended April 30, 2025, following the close of the U.S. markets on Wednesday, May 28, 2025. C3 AI will host a conference call and webcast to discuss the financial results. The conference call will begin at 2:00 p.m. PDT / 5:00 p.m. EDT on May 28, 2025. Analysts and investors may participate in the question-and-answer session. Conference Call Details Date: Wednesday, May 28, 2025 Time: 2:00 p.m. Pacific Standard Time To access the conference call via a dial-in number and personalized PIN code, participants should reg

      5/6/25 9:00:00 AM ET
      $AI
      Computer Software: Prepackaged Software
      Technology
    • C3 AI Announces Fiscal Third Quarter 2025 Financial Results

      26% Year-Over-Year Revenue Growth Dramatically Expanded Strategic Partnerships with Microsoft, AWS, and McKinsey QuantumBlack C3 Generative AI Makes History with First Ever Agentic AI Earnings Call C3.ai, Inc. ("C3 AI," "C3," or the "Company") (NYSE:AI), the Enterprise AI application software company, today announced financial results for its fiscal third quarter ended January 31, 2025. "In the third quarter, C3 AI achieved significant milestones — expanding our global distribution network, advancing our leadership in agentic and generative AI, and delivering total revenue reaching $98.8 million, up 26% year-over-year," said Thomas M. Siebel, Chairman and CEO, C3 AI. "We believe C3

      2/26/25 4:05:00 PM ET
      $AI
      Computer Software: Prepackaged Software
      Technology
    • C3 AI to Announce Financial Results for Third Quarter Fiscal Year 2025 on February 26, 2025

      C3 AI (NYSE:AI), the Enterprise AI application software company, today announced it will issue its financial results for the fiscal third quarter, which ends January 31, 2025, following the close of the U.S. markets on Wednesday, February 26, 2025. C3 AI will host a conference call and webcast to discuss the financial results. The conference call will begin at 2:00 p.m. PDT / 5:00 p.m. EDT on February 26, 2025. Analysts and investors may participate in the question-and-answer session. Conference Call Details Date: Wednesday, February 26, 2025 Time: 2:00 p.m. Pacific Standard Time To access the conference call via a dial-in number and personalized PIN code, participants should regi

      1/27/25 9:00:00 AM ET
      $AI
      Computer Software: Prepackaged Software
      Technology

    $AI
    SEC Filings

    See more
    • SEC Form 144 filed by C3.ai Inc.

      144 - C3.ai, Inc. (0001577526) (Subject)

      5/2/25 4:11:32 PM ET
      $AI
      Computer Software: Prepackaged Software
      Technology
    • SEC Form 144 filed by C3.ai Inc.

      144 - C3.ai, Inc. (0001577526) (Subject)

      4/14/25 4:37:40 PM ET
      $AI
      Computer Software: Prepackaged Software
      Technology
    • C3.ai Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - C3.ai, Inc. (0001577526) (Filer)

      2/26/25 4:08:59 PM ET
      $AI
      Computer Software: Prepackaged Software
      Technology

    $AI
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • C3 AI to Announce Financial Results for Fourth Quarter and Fiscal Year 2025 on May 28, 2025

      C3 AI (NYSE:AI), the Enterprise AI application software company, today announced it will issue its financial results for the fiscal fourth quarter and full fiscal year, which ended April 30, 2025, following the close of the U.S. markets on Wednesday, May 28, 2025. C3 AI will host a conference call and webcast to discuss the financial results. The conference call will begin at 2:00 p.m. PDT / 5:00 p.m. EDT on May 28, 2025. Analysts and investors may participate in the question-and-answer session. Conference Call Details Date: Wednesday, May 28, 2025 Time: 2:00 p.m. Pacific Standard Time To access the conference call via a dial-in number and personalized PIN code, participants should reg

      5/6/25 9:00:00 AM ET
      $AI
      Computer Software: Prepackaged Software
      Technology
    • C3 AI and Arcfield Announce Partnership to Accelerate AI Capabilities to Serve U.S. Defense and Intelligence Communities

      C3 Generative AI-powered solutions will enhance digital transformation enterprise-wide, supporting complex national security and space-related challenges C3 AI (NYSE:AI), the Enterprise AI application software company, and Arcfield, a leading government technology and mission support provider, announced a customer collaboration to accelerate the design, development, and operation of production-grade Enterprise AI applications to better serve defense and intelligence agencies. Together, Arcfield and C3 AI will leverage the C3 Agentic AI Platform and C3 Generative AI to support the development, deployment, and maintenance of Enterprise AI applications for Arcfield. With the capabilities of

      4/3/25 9:00:00 AM ET
      $AI
      Computer Software: Prepackaged Software
      Technology
    • C3 AI Recognized in The Financial Times' The Americas' Fastest Growing Companies 2025

      C3 AI continues its accelerated growth through leadership in Enterprise AI C3 AI (NYSE:AI), the leading Enterprise AI application software company, today announced it has been named one of The Americas' Fastest Growing Companies of 2025 by The Financial Times. "C3 AI's continued recognition as a top growth company underscores the strength of our vision, leadership, and execution in the Enterprise AI space," said Thomas M. Siebel, Chairman and CEO, C3 AI. "As the demand for AI-driven solutions accelerates, our more than 15 years of experience, vast partnerships, and strategic focus on AI applications have positioned us for sustained growth across nearly every industry. This year's recognit

      4/2/25 12:00:00 PM ET
      $AI
      Computer Software: Prepackaged Software
      Technology

    $AI
    Leadership Updates

    Live Leadership Updates

    See more
    • General (Ret.) John E. Hyten Joins C3 AI Board of Directors

      C3 AI (NYSE:AI), the Enterprise AI application software company, today announced that General (Ret.) John E. Hyten has been appointed to its board of directors, effective immediately. "General Hyten is a distinguished military leader who guided the U.S. military through periods of significant transformation," said Thomas M. Siebel, Chairman and CEO, C3 AI. "His deep understanding of the necessity of AI to modernize the defense sector along with his first-hand experience with government agencies are invaluable as we continue to assist our federal and intelligence communities to deploy enterprise AI at scale." As a board member, General Hyten will work with the board of directors and with C

      10/9/24 9:00:00 AM ET
      $AI
      Computer Software: Prepackaged Software
      Technology
    • C3 AI Welcomes Former Speaker of the House Kevin McCarthy to Advisory Board

      C3 AI (NYSE:AI), the Enterprise AI application software company, is proud to announce the appointment of Kevin McCarthy, the immediate past Speaker of the House, to its advisory board. Mr. McCarthy will play a pivotal role in guiding C3 AI's expansion of AI solutions among all levels of government, as well as fostering relationships with allied nations. "Kevin McCarthy's unparalleled experience in public service and his deep understanding of the needs of government at all levels will be invaluable to C3 AI," said Thomas M. Siebel, Chairman and CEO, C3 AI. "His insight will enhance our ability to deliver transformative AI solutions to our customers in law enforcement, property value assess

      6/18/24 9:00:00 AM ET
      $AI
      Computer Software: Prepackaged Software
      Technology
    • Tekion Appoints Binu Mathew as Chief Technology Officer

      Mathew Brings 30 Years of Expertise in Software Product Development and Strategy Tekion, innovator of the first cloud-native platform serving the entire automotive retail ecosystem, today announced Binu Mathew as the company's Chief Technology Officer (CTO). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240606127524/en/Binu Mathew joins Tekion as Chief Technology Officer, bringing 30 years of experience in software product development and strategy. (Graphic: Business Wire) "We have a tremendous opportunity to meet the automotive industry's demand for reliable generative AI. Tekion is leading the way in fulfilling this need,"

      6/6/24 12:00:00 PM ET
      $AI
      $BKR
      $ORCL
      Computer Software: Prepackaged Software
      Technology
      Metal Fabrications
      Industrials