How's that C3.ai turnaround going? Some signs of life in the old dog yet...
It’s three months now since Tom Siebel returned from his sick leave to try to rescue c3.ai, the enterprise AI which he started way back in 2009, but which has badly lost its way in recent times. So, how’s that turnaround coming along?
There are signs of life, it seems. For the firm’s latest quarter, net losses were still $92.8 million, but that was down on $116.8 million this time last year. But revenue of $52.4 million also took a sharp tumble from last year’s comparable $70.3 million. Professional services revenue dropped to $3.2 million from $10.0 million year over year, driven by lower prioritized engineering services.
But free cash flow was $2.1 million, compared with negative free cash flow a year earlier, and bookings increased 73% quarter over quarter, with 22 closed agreements across commercial and government customers, including Heidelberg Materials, Johnson & Johnson, Ford Motor Company, Seaspan,...
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