C3.ai, a Leading Provider of AI Technologies, Recently Released Financial Results for the Third Quarter of Fiscal Year 2024. The Company Reported a Significant Increase in Revenue, Pleasing Investors.
"Compared to the same quarter last year, revenue increased by 18 percent to 78.4 million US dollars. This not only exceeded Wall Street's expectations, which were at 76.1 million US dollars, but also C3.ai's own forecast. The demand for AI solutions was particularly strong this quarter, highlighting the success of the company."
"However, C3.ai also reported higher losses than in the previous year. The net loss per share as of the end of January 2024 was $0.60, compared to $0.57 (adjusted minus $0.06) in the same quarter of the previous year. On an adjusted basis, the loss increased from $0.06 to $0.13 per share. Nevertheless, C3.ai exceeded analysts' expectations, who had anticipated a loss of $0.28 per share. Also, over a nine-month period, the company was able to reduce the loss per share from $1.87 to $1.75."
Another success of C3.ai was the increased engagement of business customers, which rose to 445 in the third quarter of 2024, marking an increase of 80 percent compared to the previous year. The company also emphasized its leading position in the field of AI-powered solutions for predictive maintenance and highlighted the positive impacts on various industries.
An example of this is Holcim, a construction materials producer that launched a pilot project with C3.ai in May 2023. This project is now being converted into a four-year contract and implemented in more than 100 Holcim cement plants.
The CEO of C3.ai, Thomas M. Siebel, expressed satisfaction with the results and emphasized that the company continues to benefit from the general trend and the increasing demand for AI technologies. In total, 17 pilot projects with generative AI were completed, spanning various industries.
The positive financial results, the optimistic outlook, and the increasing demand for AI solutions are also reflected in the stock price performance of C3.ai. In pre-market trading on the NYSE, the shares rose by 15.63 percent to 34.33 US dollars. Since the beginning of the year, the stock has recorded a slight increase in price. For the fourth quarter of 2024, the company expects revenue of 82 to 86 million US dollars and a loss between 43.5 and 51.5 million US dollars. For the entire fiscal year 2024, C3.ai anticipates revenue between 306 and 310 million US dollars and forecasts losses of 115 to 123 million US dollars.
