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C3.ai, Inc. (NYSE: AI) is a prominent player in the realm of enterprise artificial intelligence (AI). Based in Redwood City, California, the company offers a wide array of products and services designed to accelerate digital transformation across industries. C3 AI's core offering is the C3 AI Platform, an end-to-end solution for developing, deploying, and operating large-scale enterprise AI applications. This platform is supplemented by C3 AI Applications, a suite of industry-specific, turnkey SaaS solutions that address unique business needs, and C3 Generative AI, a collection of advanced AI transformer models.
The company’s innovative approach has garnered significant traction across diverse industries, from manufacturing and healthcare to federal government and energy sectors. Some notable partnerships include collaborations with industry giants like Genentech, ExxonMobil, and Dow. These partnerships leverage C3 AI's capabilities to enhance operational efficiencies, predictive maintenance, and data-driven decision-making.
Financially, C3.ai has demonstrated robust growth. For the fiscal year 2024, the company reported a 16% year-over-year revenue increase to $310.6 million, with subscription revenue growing 21% to $278.1 million. The company's strategic focus on expanding its federal business has paid off, with federal revenue more than doubling in FY24. Additionally, C3 AI has maintained a strong cash reserve of $750.4 million, positioning it well for future growth.
C3.ai continues to innovate and lead in the AI space with the introduction of products like C3 Generative AI. The company’s commitment to driving digital transformation is evident in its expansive pilot programs and growing partner network, which includes collaborations with AWS, Google Cloud, and Microsoft Azure. C3.ai’s fifth annual AI conference, C3 Transform, exemplifies its thought leadership, bringing together global experts to discuss the future of AI in business.
Tekion, a leading cloud-native platform for the automotive retail ecosystem, has appointed Binu Mathew as its new Chief Technology Officer (CTO). Mathew brings 30 years of expertise in software product development and strategy, previously holding significant roles at C3 AI, Baker Hughes, Oracle, Hewlett Packard Enterprise, and Citicorp Overseas Software As CTO, Mathew will drive Tekion's technology strategy, focusing on scaling the platform, enhancing AI capabilities, and ensuring robust system security and reliability.
He will lead engineering, product management, and design teams, aiming to accelerate product development and align technological advancements with Tekion's business goals. CEO Jay Vijayan emphasized Mathew's role in meeting the automotive industry's demand for reliable generative AI and expanding Tekion's market presence.
C3 AI (NYSE: AI) announced strong fiscal Q4 and full-year 2024 financials ending April 30, 2024. Quarterly revenue grew 20% YoY to $86.6M, with subscription revenue up 41% to $79.9M. Full-year revenue increased by 16% to $310.6M. GAAP gross profit margins were 60% for the quarter and 57% for the year, while non-GAAP gross margins were higher at 70% and 69%, respectively. However, the company reported GAAP net losses per share of $(0.59) for the quarter and $(2.34) for the year. Positive free cash flow was $18.8M, and cash reserves totaled $750.4M.
Key business highlights include entering 191 agreements in FY24, including notable clients like ExxonMobil and Dow, and achieving significant federal sector growth with revenue more than doubling. C3 AI also advanced its generative AI applications, closing 58 pilot agreements across 15 industries. The company expects further revenue growth acceleration to 23% in FY25.
C3 AI and Bloom Energy have announced a collaboration to integrate the C3 AI Reliability Suite into Bloom Energy's fuel cell systems.
This integration aims to enhance operational excellence, reliability, and energy output. Bloom Energy, which monitors over a billion real-time data points daily, will use AI to provide precise modeling and timely recommendations to improve fuel cell performance.
The collaboration aims to drive innovation, reduce costs, and maximize the potential of Bloom's fuel cell platform, ultimately enhancing customer satisfaction and operational efficiency.
C3 AI, an Enterprise AI application software company, will announce its financial results for the fiscal fourth quarter and full fiscal year 2024 on May 29, 2024. The company will host a conference call and webcast to discuss the financial results. Analysts and investors can participate in the question-and-answer session.
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