C3.ai
ConvictionWeak
B2B subscription + consumption software; sells a horizontal AI platform (C3 AI Platform) plus prebuilt/generative/agentic AI applications, largely co-sold through hyperscaler alliances (Microsoft Azure, AWS, Google Cloud) and the Baker Hughes energy JV; concentrated in large enterprise + US government/defense accounts
Revenue
$250.3MFY2026) vs $389.1M (FY2025Rev growth
-36% FY2026Q3 FY26 was -46% YoY; Q4 -$51.6M); FY2025 was +25%Gross margin
FY2026 ~31% GAAP$77.4M) / ~46% non-GAAP ($116.2M) — compressed from FY2025's ~61%/~70% on revenue deleverage against fixed hosting/delivery cost; FY2025 ~61% GAAP / ~70% non-GAAPOp margin
FY2026 GAAP ~ -199%loss from ops $(498.5)M); non-GAAP ~ -87% (loss $(217.8)MCapex intensity
Minimal — asset-light SaaScapex historically low single-digit % of revenueMarket cap
~$1.4BNYSE: AI, ~$9.10/share, early July 2026; small-cap, 52-wk range ~$7.68-$30.11The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage FY2026 ended 2026-04-30 (final Q4/FY26 results reported 2026-06-03; a preliminary release with the Siebel CEO announcement came ~2026-05-08). FY2025 ended 2025-04-30 (final). Market data early July 2026.· sign in (free) for the analyst summary; Pro unlocks full intelligence