The c3.ai logo can be seen near the computer motherboard in this illustration, taken on January 8, 2024.
Dado Ruvic | Reuters
Enterprise Artificial Intelligence Company Stocks C3 AI It fell 30% on Monday after announcing preliminary financial results and a restructuring of global sales and services organizations.
C3 AI said Friday it expects it to report revenues of between $70 million and $70.4 million for fiscal year 2026, but said those figures are preliminary unaudited estimates. The company reported revenue of $87.2 million for the same period last year.
C3 AI CEO Thomas Siebel said in a statement that sales results over the quarter were “completely unacceptable.” He attributed the performance to the “disruptive effect” of the reorganization and his ongoing health problems.
The company plans to report GAAP losses from its quarterly operations ranging from $124.7 million to $124.9 million, a much broader loss than a year ago, with C3 AI losses of $7259 million.
“Unfortunately, addressing these health issues has made it impossible to participate in the sales process as actively as we have in the past,” Siebel said in a statement. “It’s clear that my active participation in the sales process, benefiting from hindsight, could have had a greater impact than I had previously thought.”
Siebel announced in July that he was diagnosed with an autoimmune disease earlier this year, resulting in “severe visual impairment.” The C3 AI board and Siebel have begun searching for the company’s next CEO.
C3 AI said the sales and services restructuring was complete, and Siebel said his health has “developed dramatically” except for his vision loss. He said he feels strong and fully involved and will work to quickly identify “good” CEO candidates.
“I am confident that the company is in a position to accelerate its future,” Sebel said.
The company is scheduled to hold a conference call on the first quarter results at 5pm on September 3rd.
