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C3.ai | 8-K: C3 AI Announces Third Quarter Fiscal 2024 Financial Results

SEC ·  Feb 29 05:17
Summary by Futu AI
On February 28, 2024, C3.ai, Inc., a leading enterprise AI application software company, reported its financial results for the fiscal third quarter ending January 31, 2024. The company announced an 18% year-over-year increase in total revenue, reaching $78.4 million and surpassing their guidance. Subscription revenue, which constituted 90% of the total revenue, saw a 23% increase from the previous year. The company also reported a GAAP gross profit of $45.3 million with a 58% gross margin and a non-GAAP gross profit of $54.7 million with a 70% non-GAAP gross margin. Despite these gains, the company experienced a GAAP net loss per share of $(0.60) and a non-GAAP net loss per share of $(0.13). C3.ai's cash reserves stood at $723.3 million. Customer engagement saw a significant boost, with an 80% increase...Show More
On February 28, 2024, C3.ai, Inc., a leading enterprise AI application software company, reported its financial results for the fiscal third quarter ending January 31, 2024. The company announced an 18% year-over-year increase in total revenue, reaching $78.4 million and surpassing their guidance. Subscription revenue, which constituted 90% of the total revenue, saw a 23% increase from the previous year. The company also reported a GAAP gross profit of $45.3 million with a 58% gross margin and a non-GAAP gross profit of $54.7 million with a 70% non-GAAP gross margin. Despite these gains, the company experienced a GAAP net loss per share of $(0.60) and a non-GAAP net loss per share of $(0.13). C3.ai's cash reserves stood at $723.3 million. Customer engagement saw a significant boost, with an 80% increase in the quarter. The company also highlighted its expansion into various industries and the growing adoption of its C3 Generative AI across multiple sectors. Looking ahead, C3.ai provided guidance for the fourth quarter of fiscal 2024 and the full fiscal year, projecting total revenue between $306.0 million and $310.0 million and a non-GAAP loss from operations between $(115.0) million and $(123.0) million. The company's CEO, Thomas M. Siebel, expressed optimism about C3.ai's market position and the accelerating interest in AI adoption.

This announcement is a separate document:

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