Here are 1-3 brief analogies to describe C3.ai:

• SAP for enterprise AI.
• Salesforce for industrial and operational AI.
• Palantir for commercial enterprise AI solutions.

• C3 AI Suite: A platform-as-a-service (PaaS) for designing, developing, and deploying enterprise AI applications.
• C3 AI Ex Machina: A solution for preparing and analyzing data.
• C3 AI CRM: An AI-first customer relationship management solution for customer-facing operations.
• C3 AI Applications: A suite of integrated turnkey enterprise AI applications for various industry-specific functions, including Inventory Optimization, Supply Network Risk, Customer Churn Management, Production Schedule Optimization, Predictive Maintenance, Fraud Detection, and Energy Management.

Major Customers of C3.ai (AI)

• Baker Hughes (BKR)
• FIS (FIS)
• Raytheon (RTX)
• Amazon Web Services (part of Amazon, AMZN)
• Intel (INTC)
• Microsoft (MSFT)

• Amazon (AMZN)
• Intel (INTC)
• Microsoft (MSFT)

Stephen Ehikian, Chief Executive Officer

Stephen Ehikian became the Chief Executive Officer of C3.ai effective September 1, 2025. He is a seasoned technology executive in the enterprise software industry. Prior to C3.ai, Mr. Ehikian successfully built and scaled two companies, RelateIQ and Airkit.ai, both of which were acquired by Salesforce. RelateIQ now underpins Salesforce Einstein, and Airkit.ai is a core component of Salesforce Agentforce. He also served as President Trump's appointee as Acting Administrator of the U.S. General Services Administration, where he led reforms in federal procurement and technology modernization and pioneered AI adoption.

Hitesh Lath, Senior Vice President and Chief Financial Officer

Hitesh Lath was appointed Chief Financial Officer of C3.ai, effective March 1, 2024. Before assuming the CFO role, he served as C3.ai's Vice President and Chief Accounting Officer from December 2023 to February 2024. Mr. Lath brings over 22 years of experience from EY, where he was most recently a partner in their San Jose, CA office, serving various technology clients from Fortune 100 companies to Silicon Valley startups.

Thomas M. Siebel, Executive Chairman

Thomas M. Siebel founded C3.ai in 2009 and served as its Chief Executive Officer and Chairman, leading the company from its inception through a successful initial public offering. He transitioned to the role of Executive Chairman in September 2025. Prior to C3.ai, Mr. Siebel founded and served as the Chief Executive Officer of Siebel Systems, which was a leader in application software before merging with Oracle Corporation in January 2006. Siebel Systems, founded in 1993, grew to have over 8,000 employees in 32 countries, more than 4,500 corporate customers, and annual revenue exceeding $2 billion. Mr. Siebel is also the chairman of First Virtual Group, a diversified holding company.

Edward Abbo, Executive Vice President and Chief Technology Officer

Edward Abbo has served as the Executive Vice President and Chief Technology Officer of C3.ai since July 2011. He previously held the position of Chief Executive Officer of C3.ai from September 2009 to July 2011. Mr. Abbo co-founded C3.ai with Thomas M. Siebel. Before joining C3.ai, he served as Senior Vice President of Engineering and Chief Technology Officer for Siebel Systems from July 1994 until its merger with Oracle Corporation in January 2006, and then as Senior Vice President of Oracle Corporation from January 2006 to July 2009.

Houman Behzadi, Executive Vice President and Chief Product Officer

Houman Behzadi has served as C3.ai's Chief Product Officer since October 2016. He previously served as Senior Vice President and Chief Product Officer, and prior to that, Senior Vice President of Products and Engineering and Vice President of Engineering at C3.ai. Before joining C3.ai, Mr. Behzadi held various leadership roles with Siebel Systems from January 2001 until its merger with Oracle Corporation in January 2006.

Here are the key risks to C3.ai:

1. Challenges with Business Model Transition and Revenue Decline: C3.ai is undergoing a strategic shift from large, multi-year subscription contracts to a consumption-based pricing model, which has led to a significant year-over-year revenue decline, including a 46% drop in its fiscal third quarter 2026. This transition is fraught with execution risks, and analysts express concerns that the consumption-based model's adoption could be slower than projected, particularly if enterprise AI budgets remain constrained. The success of this fundamental business model change is critical for the company's future financial stability and growth.
2. Intense Competition and Difficulty Achieving Profitability: The enterprise artificial intelligence market is highly competitive, with C3.ai facing established rivals such as IBM, Microsoft, Palantir, and Salesforce, which possess broader customer bases and stronger brand recognition. C3.ai has reported increasing net losses and concerns persist regarding its ability to achieve and maintain profitability given its high operating expenses and the struggle to capture significant market share against larger players.
3. Customer Concentration Risk: C3.ai's revenue is substantially dependent on a limited number of customers, with a significant portion historically tied to the energy sector, including a major client like Baker Hughes. This concentration makes the company vulnerable to substantial revenue reductions if these key customer relationships are not maintained, if contracts are not renewed, or if there is a decline in spending from these major clients.

The primary clear emerging threat to C3.ai stems from the major hyperscale cloud providers, such as AWS, Microsoft Azure, and Google Cloud. While C3.ai partners with some of these companies, these same partners are rapidly expanding their own comprehensive enterprise AI/ML platforms and solutions. These cloud providers offer robust platform-as-a-service (PaaS) environments (e.g., AWS SageMaker, Azure ML, Google Vertex AI) that directly compete with C3.ai's C3 AI Suite for developing and deploying enterprise AI applications. Furthermore, they are increasingly offering pre-built, industry-specific AI applications and services that could diminish the need for specialized third-party solutions like those provided by C3.ai. This trend represents a potential disintermediation where enterprises may opt to leverage the integrated AI capabilities directly from their existing cloud providers, who control the underlying infrastructure and can offer deeply integrated, potentially more cost-effective, and comprehensive solutions.

C3.ai (NYSE: AI) operates within several significant addressable markets for its enterprise artificial intelligence (AI) software and services.

The company itself estimates its total addressable market (TAM) to be $271 billion in 2024. More broadly, the global enterprise AI market is projected to offer an opportunity of $600 billion by the end of 2026. Global spending on enterprise AI is expected to reach $423 billion by 2027.

For its core offering, the C3 AI Suite, which provides an AI software platform, the global market for AI software platforms is expected to grow from $28 billion in 2023 to $153 billion in 2028. Furthermore, with its focus on generative AI and agentic AI capabilities, C3.ai addresses the global market for decision-making AI agents, which is projected to expand from $8 billion in 2026 to $215 billion by 2035.

Share Repurchases

• In June 2021, C3.ai's Board of Directors authorized a stock repurchase program of up to $100 million of its Class A common stock over an 18-month period.

Share Issuance

• C3.ai conducted its Initial Public Offering (IPO) on December 9, 2020, raising $651 million by selling 15.5 million shares at $42 per share. This IPO increased the company's cash reserves by approximately $1 billion.
• The 2020 Incentive Plan, effective with the IPO, allows for the grant of various equity awards, with reserved shares subject to automatic annual increases.
• In September 2025, the company adopted the 2025 Inducement Plan, reserving 5,000,000 shares of Class A Common Stock for issuance.

Inbound Investments

• As part of its December 2020 IPO, Spring Creek Capital, an affiliate of Koch Industries, committed to buying $100 million in common stock, and Microsoft committed to buying $50 million in common stock through a private placement at the IPO price.

Capital Expenditures

• C3.ai's capital expenditures were forecasted at $3.791 million for 2025, $70.52 million for 2026, and $25.26 million for 2027.
• Historically, C3.ai has financed its operations and capital expenditures primarily through equity issuances and cash generated from its operations.
• At the start of fiscal year 2024, C3.ai shifted its focus from near-term profitability to increasing investments in its AI-oriented modules.