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C3.ai, Inc.

AI

C3.ai, Inc. • NYSE
$14.45 ▲ 2.05% (+0.29)
Market Cap $1.90 B
52w High $45.08
52w Low $12.59
Dividend Yield 0%
P/E -5.56
Volume 2.26M
Outstanding Shares 131.67M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $70.261M ▼ $151.263M ▼ $-116.769M ▼ -166.193% ▼ $-0.86 ▼ $-116.469M ▼
Q4-2025 $108.723M ▲ $156.475M ▲ $-79.702M ▲ -73.307% ▲ $-0.6 ▲ $-85.573M ▼
Q3-2025 $98.782M ▲ $145.932M ▲ $-80.201M ▼ -81.19% ▼ $-0.62 ▼ $-84.462M ▼
Q2-2025 $94.338M ▲ $133.128M ▲ $-65.972M ▼ -69.932% ▲ $-0.52 ▼ $-72.315M ▼
Q1-2025 $87.213M $124.752M $-62.827M -72.039% $-0.5 $-69.467M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $711.898M ▼ $968.739M ▼ $169.915M ▼ $798.824M ▼
Q4-2025 $742.688M ▲ $1.026B ▼ $187.579M ▼ $838.303M ▼
Q3-2025 $724.327M ▼ $1.055B ▲ $194.964M ▲ $860.177M ▲
Q2-2025 $730.374M ▼ $1.046B ▼ $187.328M ▲ $858.961M ▼
Q1-2025 $762.535M $1.058B $182.699M $874.921M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-116.769M ▼ $-33.535M ▼ $-51.171M ▼ $1.289M ▼ $-83.417M ▼ $-34.295M ▼
Q4-2025 $-79.702M ▲ $11.264M ▲ $22.938M ▲ $5.062M ▼ $39.264M ▲ $10.326M ▲
Q3-2025 $-80.201M ▼ $-22.02M ▲ $12.373M ▼ $13.467M ▲ $3.82M ▲ $-22.382M ▲
Q2-2025 $-65.972M ▼ $-38.693M ▼ $22.635M ▲ $3.512M ▲ $-12.546M ▲ $-39.508M ▼
Q1-2025 $-62.827M $8.042M $-41.55M $182K $-33.326M $7.118M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q1-2026
Engineering Services
Engineering Services
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Professional Services
Professional Services
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Service Fees
Service Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
License and Service
License and Service
 $70.00M ▲$80.00M ▲$90.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement C3.ai has grown its revenue steadily over the past several years, and its gross profit has risen alongside that growth. However, the company is still operating with sizable losses. Operating income, EBITDA, and net income have all remained negative, and losses are still large relative to the company’s revenue base. Earnings per share have been consistently in the red, with no clear, sustained trend toward profitability yet. In short, this is a growth-focused business that has not yet proven it can cover its cost structure with its current level of sales.

Balance Sheet

Balance Sheet The balance sheet shows a company with a solid equity base, very little debt, and a meaningful, though declining, cash position. Total assets have drifted down slightly in recent years, and shareholders’ equity has been slowly eroding as losses accumulate. The low leverage gives C3.ai financial flexibility, but the combination of shrinking cash and persistent losses signals that it cannot operate indefinitely on its current trajectory without either improving results or raising additional capital over time.

Cash Flow

Cash Flow Cash flows mirror the income statement pressure. Operating cash flow has been negative for several years, though there are signs of gradual improvement more recently, with the cash burn from operations narrowing compared with the worst year. Free cash flow is also negative but has become less deeply negative as capital spending has remained modest. This indicates that the main cash drain is ongoing operating costs rather than heavy investment in physical assets. The business is still consuming cash, but not at an extreme rate, so the key issue is whether it can move toward cash breakeven before the balance sheet weakens further.

Competitive Edge

Competitive Edge C3.ai occupies a differentiated position in enterprise AI by offering a full-stack AI platform, pre-built industry applications, and deep domain expertise in areas like energy, manufacturing, and defense. Its partnerships with major cloud providers (Microsoft, AWS, Google Cloud) extend its reach and enhance credibility, and the platform’s integration into customer workflows tends to create high switching costs. At the same time, it operates in an intensely competitive space where those same cloud giants and other large software vendors are building rival AI capabilities. Recent revenue volatility and the withdrawal of guidance suggest that commercial execution, not just technology, is a key vulnerability. The company’s moat is real but will be tested by the scale and speed of larger competitors.

Innovation and R&D

Innovation and R&D Innovation is one of C3.ai’s main strengths. The core platform uses a model-driven, low-code approach that can speed up building and deploying AI applications. On top of that, C3.ai offers a growing library of pre-built AI solutions and has pushed aggressively into generative and agentic AI, including enterprise search and interactive, AI-powered websites. These moves align with current AI trends and could deepen its value to large enterprises if adoption is strong. The critical question is not whether C3.ai can innovate—it clearly can—but whether it can consistently convert that innovation into broad customer uptake, stable recurring revenue, and eventually profitable growth in a rapidly evolving market.

Summary

Overall, C3.ai combines strong technological capabilities and strategic partnerships with a still-fragile financial profile. The company has grown revenue and built a sophisticated AI platform, but it continues to operate with meaningful losses and negative cash flow, gradually drawing down its cash cushion even as it maintains a low-debt balance sheet. Competitively, it benefits from specialized industry focus and high switching costs, yet faces powerful, well-funded rivals and recent sales instability, including a leadership transition and withdrawn guidance. The central issues to watch are: the pace and durability of revenue growth, the company’s ability to control costs and move toward profitability, and whether its generative and agentic AI offerings gain enough traction to reinforce its position in an increasingly crowded enterprise AI landscape.

NEWS

November 20, 2025 · 4:15 PM UTC

C3 AI Deepens Native Integrations Across Microsoft Copilot, Fabric, and Azure AI Foundry

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November 13, 2025 · 9:00 AM UTC

Mike Clayville Joins C3 AI Board of Directors

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November 12, 2025 · 5:00 PM UTC

Atrium Mortgage Investment Corporation Announces Strong Third Quarter Earnings per Share

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November 10, 2025 · 9:00 AM UTC

C3 AI to Announce Financial Results for Fiscal Second Quarter 2026 on December 3, 2025

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November 3, 2025 · 4:30 PM UTC

Atrium Mortgage Investment Corporation Announces November 2025 Dividend and Q3 2025 Investor Conference Call Details

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