C3.ai — 2026Q3 財報

“Revenue was $52.4 million, on plan. Free cash flow was positive $2.1 million. Non-GAAP operating loss was $36.2 million, a 33% improvement QoQ. Bookings increased 73% QoQ. Cash balance was $651.1 million, up $76 million QoQ.”

Siebel's headline numbers: revenue of $52.4 million on plan, positive free cash flow of $2.1 million, a non-GAAP operating loss of $36.2 million (a 33% improvement quarter over quarter), bookings up 73% quarter over quarter, and cash of $651.1 million, up $76 million.

“Subscription Revenue was $49.2 million. Subscription revenue constituted 94% of total revenue.”

Subscription revenue was $49.2 million, 94% of total revenue.

“GAAP gross profit was $16.7 million, representing a 32% gross margin. Non-GAAP gross profit was $26.1 million, representing a 50% non-GAAP gross margin.”

GAAP gross margin was 32%; non-GAAP gross margin was 50%.

“GAAP net loss per share was $(0.60). Non-GAAP net loss per share was $(0.20)”

GAAP net loss per share was $(0.60); non-GAAP net loss per share was $(0.20).

“The Company closed 22 agreements including with Heidelberg Materials, Ford Motor Company, Johnson & Johnson, Holcim, Seaspan, the U.S. Department of Agriculture, the Defense Logistics Agency, the U.S. Department of War and the U.S. Marine Corps, among others.”

The company closed 22 agreements, naming commercial customers such as Ford, Johnson & Johnson and Heidelberg Materials alongside federal agencies including the U.S. Department of War and the U.S. Marine Corps.

“We restructured Sales. We aligned cash outflows with cash inflows. We instituted rigorous expense control.”

In the release, Siebel lists steps the company took, including restructuring sales, aligning cash outflows with cash inflows, and instituting rigorous expense control.

“The problem was execution. And 1 quarter into the turnaround, I believe the company is on track.”

Siebel said the company's problem was execution and that, one quarter into the turnaround, he believes it is on track.

“Federal business was particularly strong, with federal bookings growing 138% year over year.”

Federal bookings grew 138% year over year.

“there's an incumbent there that has a large market share with very high levels of dissatisfaction, both with their product and their business practices. So a lot of that dissatisfaction is spinning off now in opportunities for us.”

Asked about federal, Siebel pointed to an unnamed incumbent with a large market share and, in his words, very high levels of dissatisfaction with its product and business practices, which he said is spinning off into opportunities for C3 AI.

“non-GAAP gross margin improved sequentially from 37% last quarter to 50%, primarily due to cost reduction actions we've taken over the last few months. Next quarter, as we make selective investments in a forward-deployed engineering organization, we expect a non-GAAP gross margin to moderate to mid-40s.”

Non-GAAP gross margin rose to 50% from 37% the prior quarter, primarily on cost cuts, but the CFO expects it to ease to the mid-40s next quarter as the company invests in forward-deployed engineering.

“Our restructuring is almost complete, and we have been able to achieve annualized cost savings of approximately $135 million across our business. This includes cost savings from approximately 40% headcount reduction across all organizations, as well as from reduction in non-employee expenses.”

The restructuring is almost complete, with annualized cost savings of about $135 million, including from a roughly 40% headcount reduction.

“Our revenue guidance for second quarter of fiscal year 2027 is $51 million to $55 million. Our guidance for non-GAAP loss from operations for second quarter is $34.5 million to $42.5 million. Our revenue guidance for fiscal year 2027 is $210 million to $240 million.”

Guidance: fiscal second-quarter revenue of $51 million to $55 million, a fiscal second-quarter non-GAAP operating loss of $34.5 million to $42.5 million, and fiscal 2027 revenue of $210 million to $240 million.

“For the remainder of fiscal year 2027, we expect our free cash flow to broadly align with a guidance range for non-GAAP loss from operations.”

The CFO said free cash flow for the rest of fiscal 2027 should broadly align with the guidance range for the non-GAAP operating loss.

“I'm less interested in hitting the high end of that guide than I am making sure that we built the pipeline and we have the sales organization in place to demonstrate consistent quarter-over-quarter revenue growth from Q3 on into perpetuity.”

Asked what it would take to reach the top of the full-year range, Siebel said he cares less about that than about building the pipeline and sales organization for consistent quarter-over-quarter revenue growth from fiscal Q3 on.