政府订单激增89%难掩主营业务疲软 C3.ai(AI.US)盘后股价上演“过山车”

Core Insights - C3.ai reported better-than-expected Q2 FY2026 results, driven by a significant rebound in federal government demand and increased partner-driven transactions [1] - Despite the positive performance, concerns about ongoing revenue pressures and operational challenges led to stock price volatility post-earnings [1] Financial Performance - Adjusted loss per share was $0.25, better than the analyst expectation of a loss of $0.33; revenue reached $75.1 million, slightly above the market expectation of $74.93 million, with a 7% quarter-over-quarter increase but a 20% year-over-year decline [1] - Subscription revenue, which constitutes 93% of total revenue, fell 13% year-over-year to $70.2 million, indicating challenges in stabilizing core business [1] - GAAP gross margin was 40%, while Non-GAAP gross margin reached 54%; cash and securities balance stood at $675 million at the end of the quarter [1] Federal Business and Partnerships - C3.ai's federal business saw a remarkable 89% year-over-year increase in order volume, accounting for 45% of total orders, despite disruptions from government shutdowns [2] - New contracts or expanded agreements were signed with various federal agencies, including the Department of Health and Human Services and the U.S. Army [2] - Partner-driven sales strategies, particularly collaborations with Microsoft and Amazon AWS, significantly expanded sales channels, with growth rates of 146% and 172% respectively [2] Order Growth and Future Outlook - Overall order volume increased by 49% quarter-over-quarter, with 17 transactions exceeding $1 million and 6 transactions over $5 million [3] - Despite innovative strategies, financial challenges remain, with no clear signs of reversing the subscription revenue decline; the company emphasized the need for improved operational efficiency in new contracts [3] - For FY2026, C3.ai expects revenue between $289.5 million and $309.5 million, with analyst expectations averaging $299.5 million; guidance for the current quarter is set at $72 million to $80 million, compared to market expectations of $75.6 million [3] - The CEO stated that clear operational goals have been set for each business unit, with a defined path to return to growth and achieve positive cash flow and Non-GAAP profitability [3]