C3.ai Inc. · Q2 2024 earnings

Briefing

C3.ai's Q2 2024 financial results were announced, revealing a 17% year-over-year revenue increase and heightened customer engagement.

C3.ai reported a solid quarter with a 17% year-over-year increase in total revenue, reaching $73.2 million. Customer engagement grew by 81% year-over-year, driven by unprecedented interest and traction in generative AI offerings. The company is seeing a return to accelerating revenue growth as it transitions to a consumption-based pricing model.

• Total revenue for the quarter was $73.2 million, a 17% increase compared to the previous year.
• Subscription revenue was $66.4 million, representing 91% of total revenue, a 12% increase year-over-year.
• GAAP gross profit was $41.1 million, with a 56% gross margin; non-GAAP gross profit was $50.4 million, with a 69% non-GAAP gross margin.
• Customer Engagement increased by 81% year-over-year to 404.

Headline financials

Revenue & EPS history

C3 AI provides guidance for the third quarter of fiscal year 2024, projecting total revenue between $74.0 million and $78.0 million, and a non-GAAP loss from operations between $(40.0) million and $(46.0) million. For the full fiscal year 2024, the company anticipates total revenue between $295.0 million and $320.0 million, and a non-GAAP loss from operations between $(115.0) million and $(135.0) million.