C3.ai(US:AI)2024-09-04 20:08Financial Performance - Total revenue for Q1 fiscal 2025 was $87.2 million, a 21% increase from $72.4 million in the same quarter last year[6]. - Subscription revenue accounted for $73.5 million, representing 84% of total revenue and a 20% increase from $61.4 million year-over-year[6]. - The company achieved a GAAP gross profit of $52.2 million, resulting in a 60% gross margin, while non-GAAP gross profit was $60.9 million with a 70% margin[6]. - Total revenue for the three months ended July 31, 2024, was $87,213, an increase of 20.5% compared to $72,362 in the same period of 2023[30]. - Subscription revenue rose to $73,456, up 19.7% from $61,352 year-over-year[30]. - Gross profit increased to $52,166, representing a gross margin of 60% compared to 56% in the prior year[38]. - Net loss for the quarter was $62,827, a slight improvement from a net loss of $64,358 in the same quarter of 2023[30]. - Non-GAAP net loss per share improved to $(0.05) from $(0.09) year-over-year[38]. - Total operating expenses increased to $124,752, up from $114,642 in the same period of 2023[30]. Cash Flow and Financial Position - The company has $762.5 million in cash, cash equivalents, and marketable securities[6]. - Positive free cash flow of $7.1 million was reported, with net cash provided by operating activities at $8.0 million[6]. - Cash and cash equivalents decreased to $133,820 from $206,442 at the end of the same quarter last year[35]. - Free cash flow for the quarter was $7,118, compared to a negative free cash flow of $(8,902) in the prior year[40]. - The company reported a net cash provided by operating activities of $8,042, an increase from $3,936 in the previous year[40]. - Accounts payable increased significantly to $31,615 from $11,316 year-over-year[33]. Business Growth and Agreements - C3 AI closed 71 agreements in Q1, marking a 122% increase year-over-year, including 52 pilot agreements, which increased by 117%[6]. - The company expanded its footprint in State and Local Government, closing 25 agreements across various states[6]. - C3 AI's Federal business represented over 30% of bookings for Q1, with new agreements with the U.S. Air Force, Navy, and Marine Corps[6]. Future Guidance and Demand - Guidance for Q2 fiscal 2025 projects total revenue between $88.6 million and $93.6 million, with full-year guidance of $370.0 million to $395.0 million[20]. - C3 Generative AI continues to see strong demand, with diverse applications including operator assistance and customer service[9].