C3.ai (AI) Q1 Loss Narrower Than Expected, Revenues Rise Y/Y (Revised)
Zacks Investment Research | Sep 08, 2021 05:12AM ET
C3.ai, Inc. SCBFF and expanded business with Cargill, LyondellBasell, and Standard Chartered Bank.
The company grew its enterprise AI production application footprint through both new customer acquisitions and expanded use by existing customers, with 101 discrete applications in production at the end of the first quarter, up from 67 in the year-ago quarter.
C3.ai production applications showed continued industry diversification, growing to 12 industries in the fiscal first quarter compared with 7 industries in the year-ago quarter.
The company continued to invest in its university partnerships at UC Berkeley, the University of Illinois Urbana-Champaign, Princeton, MIT, Carnegie-Mellon, Stanford, and KTH in Sweden with the C3.ai Digital Transformation Institute (“C3.ai DTI”) to accelerate research into the new science of digital transformation.
In the fiscal first quarter, C3.ai DTI announced $4.4 million in additional cash awards to support 21 research projects focused on using AI techniques and digital transformation to advance energy efficiency, and lead the way to a lower-carbon, higher-efficiency economy.
Balance Sheet & Cash Flow
As of Jul 31, 2021, C3.ai had total cash, cash equivalents, and short-term investments of $1.09 billion, which remained the same sequentially.
Cash provided by operating activities totaled $1.02 million in the reported quarter compared with $37.5 million used in the previous quarter.
Non-GAAP remaining performance obligation was $357.3 million, up 28% year over year.
Key Developments in Q1
C3.ai advanced its product leadership position in enterprise AI. In the first quarter, the company released two major upgrades to the C3.ai Suite and has now released 40 enterprise AI software applications into production release for Financial Services, Manufacturing, Telecommunications, Public Sector, Energy, Utilities, Defense, and Intelligence.
Guidance
For second-quarter fiscal 2022, C3.ai expects revenues between $56 million and $58 million. Non-GAAP loss from operations is expected between $30 million and $37 million
For full-year fiscal 2022, C3.ai expects revenues between $243 million and $247 million. Non-GAAP loss from operations is expected between $107 million and $119 million.
(We are reissuing this article to correct a mistake. The original article, issued on September 2, 2021, should no longer be relied upon.)
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