格隆汇12月4日｜企业人工智能软件供应商C3.ai公布2026财年第二季度业绩，营收为7510万美元，同比 下滑超20%，仍略高于分析师预期的7490万美元；调整后每股亏损0.25美元，较去年同期的每股亏损 0.06美元有所扩大，而分析师预期每股亏损0.33美元。该公司预计第三财季收入将在7200万至8000万美 元之间，2026财年全年收入将在2.895亿至3.095亿美元之间，分析师预期分别为7560万美元和2.987亿美 元。 ...

整体订单量环比增长49%，其中100万美元以上的交易达17笔，超过500万美元的大额订单有6笔。 尽管推出了多项创新战略，C3.ai的财务挑战仍不容忽视。公司全年业绩指引基本维持不变，未释放订 阅收入下滑趋势即将扭转的明确信号。财报强调，公司需提高新合同的运营效率，以改善整体财务状 况。 展望2026财年，C3.ai预计全年营收将在2.895亿至3.095亿美元之间，分析师普遍预期为2.995亿美元。对 于当前季度，公司营收指引为7200万至8000万美元，市场预期为7560万美元。 目前，C3.ai正大力押注联邦合同，其近半订单来自这一领域。首席执行官Stephen Ehikian指出，联邦政 府客户的"出色表现"及大型交易活动增加为增长提供了坚实支撑，并指出联邦市场是公司"重要的增长 动力源"。这表明公司将重心转向具有显著增长潜力的领域。 "在联邦业务优异表现的推动下，我们实现了稳健的季度业绩，"Ehikian表示，公司对通过政府合同抵消 商业业务的疲软表现持乐观态度。 尽管受到政府停摆的干扰，该季度联邦政府订单金额仍同比激增89%，占总订单量的45%。公司与美国 卫生与公众服务部、美国陆军、海军航空作战 ...

Core Viewpoint - Palantir has reported impressive quarterly earnings but has not seen a corresponding increase in stock price, indicating a bearish sentiment among analysts despite its recent rise in market capitalization to become one of the top ten most valuable tech companies globally [1][3]. Financial Performance - For Q1 2025, Palantir's revenue surged to $884 million, exceeding expectations, with U.S. commercial revenue growing by 71% year-over-year [3]. - The company's market capitalization is currently over $280 billion, placing it just above Salesforce [3]. - The "40 Rule" score for Palantir has increased to 83%, reflecting significant revenue growth of 55% year-over-year in the U.S. [9]. Valuation Concerns - Palantir's price-to-earnings ratio has risen to over 71 times expected revenue, highlighting a significant valuation discrepancy compared to peers like Snowflake and CrowdStrike [5]. - The stock's recent performance has formed a double top pattern, suggesting a potential bearish reversal and indicating that investors may need to see substantial price increases to achieve positive returns [7][13]. - The expected market cap for Palantir in 2027, based on projected revenue, could be around $86 billion, translating to a stock price of approximately $31, which is lower than current valuations [12]. Stock Dilution Issues - The diluted share count has increased from 2.4 billion to 2.55 billion shares, contributing to the high valuation and posing challenges for shareholders who have already paid a premium [7]. - The significant stock-based compensation (SBC) is a concern, as it can distort financial metrics and affect the perceived financial health of the company [9]. Market Position - Palantir's valuation appears inflated compared to its growth rate, which has led to its recent ranking among the top ten tech companies [13]. - The company is facing a high downside risk of 50% to 70%, similar to the situation experienced by Snowflake in the past [13].