C3 AI earnings

C3.ai, Inc. (“C3 AI,” “C3,” or the “Company”) (NYSE: AI), the Enterprise AI application software company, today announced financial results for its fiscal fourth quarter and full fiscal year ended April 30, 2024.

“We finished a strong quarter and closed out a huge year for C3 AI. This was our fifth consecutive quarter of accelerating revenue growth. Our fourth quarter revenue grew by 20% year-over-year to $86.6 million, exceeding the top end of our guidance. Our full year revenue grew by 16% to $310.6 million, also exceeding the top end of our guidance,” said C3 AI CEO and Chairman Thomas M. Siebel. “Demand for Enterprise AI is intensifying, and our first to market advantage in Enterprise AI positions us well to capitalize on it. Our Enterprise AI applications have been adopted across 19 industries, underscoring increasing market diversity. Our federal revenue grew by more than 100% for the year. The interest we are seeing in our generative AI applications is staggering.”

Fiscal Fourth Quarter 2024 Financial Highlights

Revenue: Total revenue for the quarter was $86.6 million, an increase of 20% compared to $72.4 million one year ago.
Subscription Revenue: Subscription revenue for the quarter was $79.9 million, constituting 92% of total revenue, an increase of 41% compared to $56.9 million one year ago.
Gross Profit: GAAP gross profit for the quarter was $51.6 million, representing a 60% gross margin. Non-GAAP gross profit for the quarter was $60.9 million, representing a 70% non-GAAP gross margin.
Net Loss per Share: GAAP net loss per share was $(0.59). Non-GAAP net loss per share was $(0.11).
Cash Reserves: $750.4 million in cash, cash equivalents, and marketable securities.
Free Cash Flow: Positive free cash flow of $18.8 million.
Full Year Fiscal 2024 Financial Highlights

Revenue: Total revenue for the fiscal year was $310.6 million, an increase of 16% compared to $266.8 million one year ago.
Subscription Revenue: Subscription revenue for the fiscal year was $278.1 million, constituting 90% of total revenue, an increase of 21% compared to $230.4 million one year ago.
Gross Profit: GAAP gross profit for the fiscal year was $178.6 million, representing 57% gross margin. Non-GAAP gross profit was $215.6 million, representing 69% non-GAAP gross margin.
Net Loss per Share: GAAP net loss per share was $(2.34). Non-GAAP net loss per share was $(0.47).