C3 AI's revenue growth in its first quarter checked in at 21% as the company continued to land enterprise use cases. C3 AI's outlook for the second quarter was light.
The company reported a first quarter net loss of 50 cents a share on revenue of $87.2 million, up 21% from a year ago. Non-GAAP loss for the quarter was 5 cents a share. Subscription revenue was 84% of total revenue.
Wall Street was expecting C3 AI to report a fiscal first quarter loss of 13 cents a share on revenue of $86.94.
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As for the outlook, C3 AI projected second-quarter revenue of $88.6 million to $93.6 million with a non-GAAP loss from operations of $26.7 million to $34.7 million. Wall Street was expecting second quarter revenue of $91.3 million. For the fiscal year, C3 AI projected revenue between $370 million to $395 million with the midpoint slightly below estimates of $383.9 million.
Speaking on the earnings call, CEO Tom Siebel said:
"C3 AI's customer base continues to expand, both within and across industries, while maintaining exceptional levels of customer satisfaction by by our continued focus on delivering measurable, significant enterprise value. Our bookings continue to be increasingly diverse. Our generative AI business is surprisingly diverse, with many candidly unanticipated use cases across the board in a wide range of industries."
By the numbers:
- C3 AI closed 71 agreements in the first quarter including 52 pilots.
- The company closed 25 agreements with municipal, county and state agents.
- C3 AI’s federal business was 30% of bookings in the first quarter.
- Electrobras, US Marine Corps. And Nucor were among the named customer additions.
- Partners represented 72% of total agreements in the first quarter and Google Cloud and C3 closed 40 deals.
- C3 AI closed 17 C3 AI Generative AI pilots in the quarter.
