C3.ai Q2 2023 Earnings Report
Key Takeaways
C3.ai reported a 7% increase in total revenue, reaching $62.4 million, with subscription revenue growing by 26% to $59.5 million. The company's transition to a consumption-based pricing model and sales restructuring impacted short-term revenue growth and RPO, but are expected to accelerate revenue growth in the medium and long term. C3.ai is targeting non-GAAP profitability and positive cash flow by the end of fiscal year 2024.
Total revenue increased by 7% year-over-year to $62.4 million.
Subscription revenue grew by 26% year-over-year to $59.5 million.
GAAP net loss per share was $(0.63), while non-GAAP net loss per share was $(0.11).
The number of completed contracts more than doubled year-over-year, while the average contract value decreased due to the new pricing model.
C3.ai
C3.ai
C3.ai Revenue by Segment
Forward Guidance
C3 AI provided guidance for the third quarter of fiscal year 2023, expecting total revenue between $63.0 million and $65.0 million, and a non-GAAP loss from operations between ($25.0) million and ($29.0) million. For the full fiscal year 2023, the company anticipates total revenue between $255.0 million and $270.0 million, and a non-GAAP loss from operations between ($85.0) million and ($98.0) million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income