C3.ai (AI) Q4 2026 Earnings Transcript

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DATE

Wednesday, June 3, 2026 at 5 p.m. ET

CALL PARTICIPANTS

• Chairman and Chief Executive Officer — Thomas M. Siebel
• President — Stephen Ehikian
• Chief Financial Officer — Hitesh Lath
• Head of Investor Relations — Amit Berry

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TAKEAWAYS

• Total Revenue -- $51.6 million, comprised of 94% subscription revenue and 6% professional services revenue.
• Subscription Revenue -- $48.4 million, representing the primary revenue stream.
• Professional Services Revenue -- $3.2 million, of which $2.1 million was from prioritized engineering services (PES).
• Non-GAAP Gross Profit -- $19.3 million, with a 37% non-GAAP gross margin across the business.
• Non-GAAP Gross Margin (Professional Services) -- 78% in the quarter.
• Non-GAAP Operating Loss -- $54.4 million for the period.
• Non-GAAP Net Loss -- $48.8 million, equating to $0.33 per share.
• Non-GAAP Operating Expenses -- $106 million, a reduction of $33.9 million compared to $139.9 million in the year-ago quarter.
• Free Cash Flow -- Negative $54.8 million for the quarter.
• Cash, Cash Equivalents, and Marketable Securities -- $575.4 million at quarter-end; updated to $673 million as of the earnings call due to CEO share purchase proceeds.
• Restructuring Headcount Reduction -- Headcount reduced by approximately 35%, from around 1,070 in January to 700, with cost controls in effect.
• Annualized Cost Reduction -- Realized cost reductions of approximately $130 million to date, tracking toward a $135 million annual target.
• Subscription and PES Revenue Combined -- $50.5 million, or 98% of total revenue.
• Cumulative Initial Production Deployments (IPDs) Signed -- 417 signed, with 251 active at quarter-end (actively deployed, extended, or under negotiation for conversion).
• Q1 Fiscal 2027 Guidance (Revenue) -- $50 million to $54 million.
• Q1 Fiscal 2027 Guidance (Non-GAAP Operating Loss) -- $40.5 million to $48.5 million, based on $96.5 million non-GAAP operating expenses at the midpoint.
• Full Fiscal 2027 Guidance (Revenue) -- $210 million to $240 million forecasted for the year.
• Full Fiscal 2027 Guidance (Non-GAAP Operating Loss) -- Projected range of $128 million to $160 million.
• CEO Share Purchase -- CEO Thomas M. Siebel purchased 6.17 million shares at $11.16 per share, adding approximately $69 million in proceeds to the company’s cash balance.
• Professional Services Mix Outlook -- Professional services, including PES, expected to contribute 10%-15% of total revenue in fiscal 2027.
• Sales and Organizational Restructuring -- Sales, product, and federal divisions each reorganized under new, experienced leadership, with revised territory assignments greatly expanding target account coverage.
• Sales Execution Root Cause -- Management attributed recent revenue declines and RPO deterioration to "sales execution" issues rather than product, customer churn, or market demand.

SUMMARY

Management outlined a comprehensive turnaround plan featuring large-scale restructuring, tightened cost controls, and a clear focus on sales process improvement. Leadership stated that the prior sales approach had inappropriately narrowed account coverage, and moving forward, C3.ai (NYSE:AI) intends to target a substantially broader account base with an explicit focus on both large and medium-sized enterprise deals. The call emphasized that the company has completed most restructuring actions and is prepared to prioritize software revenue growth, efficiency, and non-GAAP profitability moving forward.

• Siebel said, "The performance of this company has been staggeringly disappointing," and highlighted "market multiples for the company that are candidly well earned," directly acknowledging recent negative sentiment and valuation pressure.
• The company claims to have "restructured the company, have restructured sales. Have," consolidating product, platform, marketing, and services under unified leadership to facilitate execution and accountability.
• Siebel asserted, "the company is sufficiently well capitalized to basically obviate any question of the need for a financing event."
• Leadership attributed customer retention stability to sales, with Ehikian stating, "We have not experienced a significant loss of production customer," countering concerns about elevated churn.
• Management expects full realization of most non-employee cost savings beginning in the second half of fiscal 2027.
• Siebel specified a new go-to-market approach focused on targeting "order of 1 thousand account opportunities" versus the prior narrow focus on 100 to 150 accounts per region.
• Expansion of agentic AI tools across all business functions was described as a driver for productivity and operational change.
• The company remains unable to provide granular segment mix guidance for professional services versus software revenue due to the extent of ongoing changes, stating, it is hard to tell how this is gonna shake out, and reinforcing a primary focus on software revenue.
• Siebel highlighted targeted market opportunities across financial services, consumer packaged goods, defense, intelligence, agribusiness, and aerospace.

INDUSTRY GLOSSARY

• IPD (Initial Production Deployment): A customer engagement model where C3.ai’s software is deployed in a limited, production-like environment, often serving as a precursor to a larger subscription or consumption-based contract.
• PES (Prioritized Engineering Services): Specialized professional services revenue generated by delivering high-priority, customer-specific engineering tasks within deployments.
• Agentic AI: Refers to artificial intelligence systems or tools that are deployed across organizational functions to enhance autonomous decision-making and workflow automation.

Full Conference Call Transcript

Amit Berry: Good afternoon. And welcome to C3AI's Earnings Call for the Fourth Quarter and Full Fiscal Year 26. Which ended on April 30, 2026. My name is Amit Berry, and I lead Investor Relations at C3AI. With me on the call today are Tom Siebel, Chairman and Chief Executive Officer Stephen Ehikian, President and Hitesh Lath, Chief Financial Officer. After the market closed today, we issued a press release with details regarding our fourth quarter results. Which can be accessed through the Investor Relations section on our website. At ir.c3.ai. This call is being webcast and a replay will be available on our IR website following the conclusion of the call.

During today's call, we will make statements related to our business that may be considered forward looking under federal securities laws. These statements reflect our views only as of today and should not be considered of our views as of any subsequent date. We disclaim any obligation to update any forward looking statements or outlook. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a further discussion of the material risks and other important factors that could affect our actual results, please refer to our filings with the SEC. All figures will be discussed on a non GAAP basis unless otherwise noted.

Also during today's call, we will refer to certain non GAAP financial measures. A reconciliation of GAAP to non GAAP financial measures to the extent reasonably available is included in our press release. Finally, at times in our prepared remarks, in response to your questions, we may discuss metrics that are incremental to our usual presentation to give greater insight into the dynamics of our business, or our quarterly results. Please be advised that we may or may not continue to provide this additional detail in the future. And with that, let me turn the call over to Tom. Good afternoon, everybody.

Thomas Siebel: This is Tom. And just when you thought it was safe, I am back. We have an enormous opportunity before us. And the opportunity is to create enormous value for our shareholders. The performance of this company has been staggeringly disappointing. We are looking at a turnaround opportunity and the fundamental nature of this turnaround opportunity is to change everything about the way we manage this business. In the process. going to create enormous financial returns for our shareholders. Along these lines, I have been working with the senior executive leadership and the board for the last couple of months. We have restructured the company, have restructured sales. Have restructured products. We have restructured services.

We have put together a strategic plan. We have put together the objectives, and we have a clear plan in place. To turn this company around and create value for our shareholders. The restructuring of the company first introduced by Stephen Ehikian in February has been expanded and accelerated by my return. Headcount has been reduced. From 1.07 thousand to roughly 700. We have taken almost $135 million annual operating cost for the business structure. C3 AI Federal has been entirely reorganized through a new highly experienced leader. The sales organization has been completely restructured globally under, again, a very highly experienced seasoned beef revenue officer. In the past weeks, we have reorganized the company top to bottom.

We have new leadership throughout the organization. We have restructured the company, We have restructured C3 AI Federal under new leadership. We have restructured C3 sales under new leadership. We have restructured products under new leadership. We have brought together end products the platform group, the applications group, the product marketing group, and the customer services group. All in 1 organization under senior seasoned leadership. We have restructured the service team, the objectives in place, the strategy is written, and we are now going to town. Just like the company, just like sales, the products group has been completely redesigned and reengineered. We brought together under 1 senior leader who is been with the company for 14 years.

4 functions including the platform team. The applications team, the product marketing team, and the services team in 1 place. So we have 1 organization, basically responsible for designing the product, coding the product, quality assuring the product, and delivering the product to make sure that customers are successful. The services organization has also been completely reengineered and completely designed under a new senior leader who is been with the company for more than 7 years. We have taken 4 layers out of that org structure from 7 to 3. The organization has been redesigned so that every 1 of our customers who are working on pilots or production deployments, We have a dedicated team assigned to the customer.

They move in with the customer. And they stay with the customer until the project is done and the customer is successful. I am absolutely satisfied that the new structure is going to result in higher levels of customer satisfaction more successful customer deployments, and more rapid expansion of our customer deployments into large enterprise expanding contract relationship. As I look at the performance of the company in recent quarters, and particularly the sales performance I mean, it is just unspeakably horrible, and it is surreal. This is resulting in market multiples for the company that are candidly well earned. Okay. And scathing analysis from analysts and sell side analysts that are candidly well deserved.

I am here to fix that. And as it relates to enterprise sales, this is not an area which I am entirely unfamiliar with. I think Chester turned up. Fundamental hygiene and fundamental sales protocol, fundamental just the basics We will take this company a long, long way for its increasing their holder value. And the company is sufficiently well capitalized to basically obviate any question of the need for a financing event. We have enough capital there to meet the mission that is before us. I wanna give you an update on the restructuring that Steven introduced last quarter. We have expanded those objectives, and we have accelerated those objectives.

We have reduced headcount by approximately 35% across all organizations, The workforce actions are in place. They are done. The cost controls are in place. The budget is in place. The plans are in place, The costs have been reduced by order of $135 million a year. And we are well on our way to becoming a fully agentic enterprise. Adopting these agentic tools that fundamentally change the way we do business? Across the enterprise and to dramatically increase productivity in every aspect of our business. The products organizations today are largely leveraging AI tool for all programming activities These agentic tools have been adopted across the organization, legal, finance, sales, marketing, wherever it may be.

To increase productivity, really dramatically across the enterprise. Sales in particular are leveraging the Aviso GenAI tool. To focus on market development, business development, and strategies to increase their penetration of existing customers and large global new customers. Across every function, our people in the organization are operating with an agentic AI first mindset increasing productivity across all business functions. This is now all about execution. And we are going to have our heads down every hour. Every day. Every month, every quarter. And the early indications are that this is moving in the right direction. Our priorities are clear. They are well understood, They are articulated. The objectives are distributed and they are understood.

We look at sales, for example, our go to market activities have changed significantly. We are focusing on using technologies and the genetic technologies focused on penetrating territories, penetrating large accounts, with their campaigns, that will develop over multiple quarters and multiple years rather than the narrow focus that was in place in before focused on relatively small opportunities that might be in place for any given quarter.

The executive team, all of the employees at C3 AI are laser focused on doing whatever it takes with the objectives in place, to turn the company to significant quarter to quarter top line revenue growth to establish the company as 1 that generates free cash flow every quarter and to establish the company as a company that generates non GAAP profitability quarter after quarter after quarter. The opportunity to increase shareholder value at C3 AI is enormous, and that is exactly what we are going to do. Talk is cheap. And rather than rain forth with idle promises, that everybody will largely ignore, we are going to accept the challenge.

To deliver acceptable financial results to deliver growth, to deliver cash generation, non GAAP profitability generation. And let the results speak for themselves. Game on. With that, let me turn this over to my colleagues our CFO, Hitesh Lath, is going to talk about the results of the quarter.

Hitesh Lath: And Akash and Steven will kick in will be available to answer questions you may have. Thank you. Very much for your interest. And I look forward to updating you as this develops At the end of Q1 and the end of Q2. Thank you, Tom. Total revenue for the quarter was $51.6 million Subscription revenue was $48.4 million representing 94% of total revenue. Professional services revenue was $3.2 million of which $2.1 million was revenue from prioritized engineering services or PES. Professional services represented 6% of total revenue during the quarter. Our subscription and PES revenue combined was $50.5 million and accounted for 98% of total revenue.

Non GAAP gross profit for the quarter was $19.3 million and non GAAP gross margin was 37%. Non GAAP gross margin for professional services was 78%. Non GAAP operating loss for the quarter was $54.4 million Non GAAP net loss for the quarter was $48.8 million and $0.33 per share. Our non GAAP operating expenses for the quarter were $106 million. This reflects a reduction of $33.9 million as compared to the actual non GAAP operating expenses of $139.9 million in the same quarter last year. Free cash flow for the quarter was negative $54.8 million We continue to be well capitalized and close the quarter with $575.4 million in cash equivalents and marketable securities.

During the quarter, we signed 9 initial production deployments for IPDs. At the end of the quarter, we had cumulatively signed 417 IPDs, of which 251 are still active. This means they are either in their original 3- to 6-month terms or extended for some duration or converted to ongoing subscription or consumption contracts or are currently being negotiated for conversion to ongoing subscription or consumption contract. Last quarter, we launched a restructuring plan which included expense reductions across our business to produce full year cost savings of approximately $135 million As Tom said, our headcount has been reduced from roughly 1.07 thousand in January 2026 to about 700 today.

And we have already completed actions to realize almost $130 million of total planned savings. We are on track to meet or exceed our original cost savings target. As we said in the last quarter's earnings call, some of the cost savings associated with the non employee expenses will be fully realized starting with the second half of fiscal year 27. With these actions, we are well positioned to materially improve our operating efficiency free cash flow, and position the company for long term success.

Our founder and CEO, Tom Siebel, purchased 6.17 million shares of C3 AI stock at a price of $11.16 per share for net cash proceeds of approximately $69 million The company has received the cash And as of today, our total cash equivalents and marketable securities balance is $673 million. Now I will move on to our guidance for Q1 and fiscal year 27. Our revenue guidance for Q1 of fiscal year 27 is $50 million to $54 million. Our guidance for non GAAP loss from operations for Q1 is $40.5 million to $48.5 million.

Please note that the midpoint of this guidance is based on non GAAP operating expenses of $96.5 million, which is $31.6 million lower than the actual non GAAP operating expenses of $128.1 million in the same quarter last year. Our revenue guidance for fiscal year 27 is $210 million to $240 million. Our guidance for non GAAP loss from operations for fiscal year 27 is $128 million to $160 million. Now I would like to turn the call over to the operator to begin the Q&A session. Operator?

Operator: Thank you. A reminder, if you would like to ask a question, please press 1 on your telephone. Our first question for the day will be coming from the line of Patrick Walravens of Citizens. Please go ahead.

Analyst: Oh, great. Thank you. And, Tom, it is good to see you back, and it is good to see the insider buying. Can you just start very big picture and help with you cannot fix something until you understand what went wrong, and you spent a lot of time figuring out what went wrong. In fiscal 25, this company was doing $389 million in revenue, and this year, you are guiding to $2.35-ish, $2.30 at the midpoint. So just fundamentally, what happened? Where did the revenue go?

Thomas Siebel: Well, you know, thanks, Patrick, for the question. And If you look at this scenario, I mean, the company used to do, you know, $90 million, $100 million in a quarter, It used to do 43 deals. It used to do you know, bookings for very large numbers. You look in the last 5 quarters, I mean, sales just fell off the cliff. And the product is great. The customers are happy. there is no question of market size. I mean, come on. I have been talking about enterprise AI since 2010, and I was the only person in the world talking about it until probably 2022, when until November 2, 2022, when we had another inflection point there.

And now Tom's not the only person in the world who thinks there is a market in enterprise AI. it is the We have a great product. We have a huge market. We have satisfied customers, and the sales discipline has just been surreal, Patrick. I mean, this is this is in that you know, that is where the revenue numbers come from. that is where the RPO comes from. that is where the profitability or the lack thereof comes from. it is basically sales execution. The it is been miserable. it is reflected in the all the operating results. It is completely unacceptable, and it is not that hard to fix. It is-- I accept all the criticism.

The company received. I think it is well deserved. Okay? I really do. I think revenue multiple is well earned. It is. But the good news is it is not that hard to turn around. And so I think we fixed the sales problem. You know, it fixes revenue growth. It fixes RPO. It fixes, you know, cash generation. It fixes everything. And so you know, for those Patrick, you know me a little bit. And you know, I am not entirely unfamiliar with enterprise sales. Maybe I have a little experience in that. So, you know, I think this is definitely a turnaround situation. We know how to fix it. The plan is in place, and standby. Great.

Thank you. And then as a follow-up, so totally hear you on the sales side, but for the company's churn must have been bigger than you wanted, and nonrenewals must have been bigger than you wanted. What did you learn about that? Like, what was causing what was causing the existing customers to spend so much less with you than they did before? there is a number of issues there. I am not actually sure that this churn issue is really true. Could somebody help me with that? I do not know. I am not I am not I am not sure that is true, Patrick. I think it I think it really is sales execution.

Stephen Ehikian: Yeah. We have not experienced a significant loss of production customer.

Thomas Siebel: Yeah. I am not sure that is too bad. I think it really is sales execution. Market's huge. Product's great. Customers are happy. This I think this is pretty fundamental. No question. We see this as a turnaround situation, and that is what we are focused on. We are coming off of yeah, we are coming off of performance that is just completely unacceptable, laughably unacceptable. And we are we are going to take a bet the keys for that. We deserve it, and now we are focused on turning this business around and focused on return to shareholders, and I think we could do that in a pretty big way. Okay. Thank you. I will pass it on.

Thank you.

Operator: Thank you. 1 moment for the next question. And our next question will be coming from the line of Roddy Sultan of UBS. Please go ahead.

Analyst (Roddy Sultan): Thanks for taking the question. And Tom, good to see you back in the saddle. I want to start on the federal side. So your comments on C3AI Federal. How is the ramp of the $450 million contracts with The U.S. Air Force tracking relative to your expectations? How is sort of the restructuring of C3 AI Federal impacted that?

Thomas Siebel: Was not the RSO a $100 million contract? You know, the honest answer is I am not-- I have not been that in touch with the operating details of the business. In the last 4 quarters. And I have not looked into that. I think the RSO contract was $100 million. But honestly, I am sorry? It got increased after. Oh, did it? Yeah. Okay. You know, I am sorry. it is a legitimate question. And I do not know. And I will find out, and we will get back to you. No problem. No problem. Yeah.

Analyst (Roddy Sultan): No problem at all. Just to touch maybe on the fiscal 27 guide as we calibrate our models. Could you just help us understand the moving parts around license and PES embedded in the guide this year? And maybe just post restructuring, how should we be thinking about the role of demonstration licenses in the growth strategy post restructuring? Thank you. Yeah.

Hitesh Lath: Hitesh, Roddy. As you know, we guide to total revenue and as it relates to PES or prioritized engineering services, We expect PES to continue to contribute a large share of our total professional services. Revenue. And in terms of professional services mix, expected to be between 10% to 15% of total revenue, including PES. And as it relates to revenue from demo licenses, Let me let me try this. Okay?

Thomas Siebel: it is a very legitimate question, ladies and gentlemen. I think it is-- do not know. I mean, we have chance everything about the sales organization. We have changed everything about go to market. And I think that while it is a very legitimate question, how much gonna be professional services? How much were demo license? How much gonna be PS? I do not think we really know. Okay? We have a plan to grow revenue, but we really do not and I am sorry. That this does not work in helping you fill out your spreadsheet, but we do not know. All we can assure you is the revenue will be properly accounted for.

And we cannot really tell you what that mix is. Make no mistake. We are focused on software revenue, guys, not services. Ladies and gentlemen. Software revenue. We understand the difference, and that is what we are focused on. But it is it is hard to tell how this is gonna shake out, and I know that is not the answer you wanna hear. But it is true. Got it. Thanks.

Operator: Thank you. 1 moment for the next question, please. And our next question is coming from the line of Matt Calitri of Needham and Company. Please go ahead.

Analyst: Hey, guys. This is Matt Calitri on over at Needham. Thanks for taking our questions. Tom, welcome back, and great to hear that your health issues have been largely resolved. You mentioned in your prepared remarks that you are gonna look at penetrating territories and large accounts. Rather than the more narrow focus on relatively small opportunities that was put in place. In the past, you guys had sort of run, like, a small amount of deals that were large in size, and then we pivoted over to the pilot model. What exactly do you have in mind going forward? Is there sort of a sweet spot in the middle there, or how are you thinking about that balance?

Thomas Siebel: How do I describe this? There was kind of a funny issue I am sorry. Your first name 1 more time? Matt, this is kind of a funny issue, Matt. When we looked into it, in a way that territory assignments have worked, okay, in the last year. And the truth of the matter is they had a focus on a limited number of major accounts rather than looking at the entire market opportunity. So I would say if you look at Europe or North America, they might have been only focused on really I know this is hard to believe. But the sales organization might have been focused on total of 100 to 150 accounts.

In each of those organizations. And so I know it is hard to believe, but it really is true. And so now you will see those North American and federal and European sales organizations focused on, you know, order of 1 thousand account opportunities rather than maybe even more than that, rather than order of 100. So I mean, it is hard to believe that is the way it was set up, but it really was set up And we have-- that way, and we have fixed it. Now within that, they will be focused on large deals. what is a large deal? I would say, you know, $50 million to a couple of billion.

They will be focused on medium sized deals, which might be $5 million to $50 million, and they will be focused on smaller deals, which might be you know, $0.5 million to $2 million. I know there is a big gap there, but you get the idea. Got it. Yeah. that is that is very helpful. And then just broadly, like, where are you seeing customers find budget for AI initiatives? And are you seeing any change in sales cycles or just the pace of adoption as organizations raise to capture ROI and push AI initiatives?

Well, as you do your market analysis, as I am sure you have done Matt, on the pure kind of enterprise AI market, which would include Palantir, c 3, and others. It was about a $6 billion market in 2025. it is about a $10 billion market in 2026, and it is projected to be about a $15 billion market in 2027. So you know, it does not look like these people are being too starved for opportunities. it is a, you know, $10 billion market growing at a 50% compound annual growth rate, which, you know, it is people are finding the budgets. that is for sure. Great. Thanks so much.

Operator: Thank you. 1 moment for the next question. And our next question is coming from the line of Koji of Bank of America. Please go ahead.

Analyst: Hitesh, this is George McGreehn on for Koji Akeda. Thanks for taking our question. And, I kind of wanted to ask maybe kind of a 2-in-1. And when we think about IPDs, and kind of over time, how the quantity of IPDs has kind of trended downwards. Where would you say are where there are use cases or customer profiles that have been kind of hard to get recently? And then conversely, which type of customers or use cases are you most excited about kind of driving and capturing over the next few quarters? Thank you.

Thomas Siebel: Well, it is as in the evidence from Palantir, okay, and others. And Palantir has a go to market motion that is very much analogous to an IPD. I mean, the idea that the market opportunity is not big is I think, inconsistent with the performance you have seen out of Palantir. The market is clearly there, and the execution is pretty damn good. I mean, pretty impressive. So I do not think there is the question of the market being there. Where do we see market being there? Do I think the execution on the behalf of c 3 has been acceptable? It has been completely unacceptable, George.

And you know, if you want us to, like, fall on our sword or you know, eviscerate ourselves in a public audience, you know, Put me on stage. Give me the stage. Give me a sword, and I will do it. Okay? The but, you know, the opportunity going forward you know, with the pure enterprise AI market, we are enterprise AI up market, which we are most certainly in, looks like a $10 billion market. Growing at a 50% compound, you know, growth rate. We are not even growing. Okay? And so we are not even growing off a small base number and we are growing at a at a level, you know, smaller than the market at large.

I mean, that is just unacceptable. Do we think we know how to fix it? Yeah. Where's the market opportunity? it is in financial services. Is it a consumer packaged goods? It is. Is it in defense and intelligence? It is. Is it in agribusiness? It is. Is it in aerospace? Yes, sir. It is. So I do not think as we get into 2028, 2029, 2030, I do not think there is anybody who believes that all of those submarkets do not do not address enterprise AI. You know they do. And even you Bank of America probably believes that today. Okay? And you did not in 2016, 2017, 2018, 2019, 2020, or 2021.

I think even Bank of America believes that today. And we just intend to play our full role in it.

Operator: Thank you. And that is the end of the Q&A session for today. I would like to turn the call back over to Thomas Siebel for closing remarks. Please go ahead.

Thomas Siebel: Ladies and gentlemen, thank you for the courtesy of your time. We really appreciate it. We hope we used it effectively. I hope you have a feel for the plan, and we look very much forward to reporting on our progress to you in the next 3 months and 6 months. Thank you very much.

Operator: Thank you for your participation today. You may now disconnect.

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