| From: Savant | 5/1/2023 12:31:52 PM | | | | | | Participate
NEW YORK, May 01, 2023 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against C3.ai, Inc. ("C3.ai" or the "Company") (NYSE: AI) and certain of its officers, on behalf of all persons and entities that purchased, or otherwise acquired C3.ai securities between March 2, 2022 and April 3, 2023, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/ai1.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies and specifically, that Defendants made false and/or misleading statements and/or failed to disclose that: (1) C3.ai had been engaging in improper accounting practices; (2) the foregoing, once revealed, would likely subject the Company to financial and/or reputational harm; and (3) as a result, the Company's public statements were materially false and misleading at all relevant times.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/ai1 or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in C3.ai you have until June 1, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | info@bgandg.com |
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| From: Savant | 5/15/2023 10:42:58 AM | | | | | | Free Cash Flow Positive. Revenue, Earnings Exceed Guidance
REDWOOD CITY, Calif.--(BUSINESS WIRE)--May 15, 2023--
C3.ai, Inc. ("C3 AI," "C3," or the "Company") (NYSE: AI), the Enterprise AI application software company, today announced preliminary results for its fourth fiscal quarter and fiscal year ended April 30, 2023. All numbers reported are unaudited preliminary estimates. Completed financial results, fiscal 2024 guidance, KPIs, and additional details will be provided on May 31, 2023.
Fiscal Fourth Quarter 2023 Preliminary Business Update
-- Total revenue for the quarter was $72.1 million - $72.4 million, exceeding company guidance. -- Net cash provided by operating activities was $28.1 million - $29.5 million. Positive free cash flow was $18.0 million - $19.4 million. -- GAAP loss from operations of ($75.9) million - ($77.1) million. -- Non-GAAP loss from operations of ($23.7) million - ($23.9) million, exceeding guidance.
We expect to report the following results for the fourth quarter and full fiscal year ended April 30, 2023:
Three Months Ended April 30, Prior Guidance 2023 (in millions) (in millions) Revenue $72.1 - $72.4 $70.0 - $72.0 GAAP loss from operations ($75.9) - ($77.1) Non-GAAP loss from ($23.7) - ($23.9) ($24.0) - ($28.0) operations Net cash provided by $28.1 - $29.5 operating activities Free cash flow $18.0 - $19.4 Free cash flow adjusted for $10.6 - $12.0 new C3 AI HQ Fiscal Year Ended April 30, Prior Guidance 2023 (in millions) (in millions) Revenue $266.5 - $266.8 $264.0 - $266.0 GAAP loss from operations ($293.1) - ($294.3) Non-GAAP loss from ($68.2) - ($68.4) ($69.0) - ($73.0) operations Net cash used in operating ($113.3) - ($114.7) activities Free cash flow ($184.2) - ($185.6) Free cash flow adjusted for ($134.4) - ($135.8) new C3 AI HQ
This news release and all information herein are preliminary, unaudited estimates.
Comments on Fiscal Fourth Quarter Business Results
Overall business environment for enterprise AI is more active than we have seen since the company's inception and seems to be accelerating. Interest in applying predictive analytics to business processes has never been greater. This manifested in significantly increased business activity at C3 AI. During the quarter we closed 43 deals, including 19 pilots that were initiated in Q4 FY 23.
The consumption-based pricing model continues to be well received by the customers and partners. Largely as a result, the number of qualified enterprise opportunities for closure within 12 months in our sales pipeline has increased by over 100% in the past year.
Examples of pilot conversions include Dow, Alberta Treasury Branches ("ATB"), and Chief Digital and Artificial Intelligence Office ("CDAO"). Continued product additions and expansions at Shell, Koch Industries, Department of Defense Rapid Sustainment Office ("RSO"), PwC, Ball, ExxonMobil, Con Edison, Missile Defense Agency, Defense Counterintelligence and Security Agency ("DCSA"), Baker Hughes, New York Power Authority, and others.
Our partner ecosystem is increasingly effective at opening new doors, providing prospects the assurance of success, and providing customers with the highest quality service. We are particularly active with Google Cloud, AWS, Microsoft, Baker Hughes, and Booz Allen. Continued good progress with the Engie partnership that has now sold the Engie Ellipse solution -- an enhancement of C3 AI Energy Management -- to over 30 customers including: a large U.S. department store chain; a large U.S. retail chain; a large American automotive dealership group; a hotel and casino entertainment company; a Fortune 500 industrial supply company; a Fortune 500 office supply company; a multi-national chain of pet superstores; a multinational consumer electronics retail chain; and a global shipping and mailing company.
C3 AI Federal business is increasingly strong, particularly in Defense and Intelligence. Importantly, the C3 AI predictive maintenance application, in production use for some years at NAVAIR Rapid Sustainment Office ("RSO"), was officially designated as the system of record for all predictive maintenance applications in the U.S. Air Force. Our growing partnership with Booz Allen is proving a significant competitive advantage.
C3 Generative AI is being enthusiastically received by both existing C3 AI customers and new prospects. Now generally available, we signed three new C3 Generative AI application agreements with large enterprises in Q4 FY 23. See: c3.ai.
The company continues on track with its path to profitability, with the goal of achieving a non-GAAP profitable business by the end of fiscal year 2024, ending April 30, 2024. Positive results to date, estimated to generate $18.0 million to $19.4 million in free cash flow from business operations in Q4 FY 23, and ending the year with over $800 million in cash, cash equivalents and investments.
CEO Remarks:
"As we began the fiscal year on May 1, the company has never been better positioned," said Thomas M. Siebel, C3 AI CEO. "I believe we now have broad consensus that the addressable market for Enterprise AI is extraordinarily large; we have nearly 1,000 talented, dedicated employees; the C3 AI Platform is increasingly recognized as the gold-standard in enterprise AI; we have over 40 production enterprise AI applications that offer the market rapid time to value; our C3 Generative AI offerings are being enthusiastically received; our growing market-partner ecosystem enables us to punch above our weight; and with our tried, tested, and proven management team, our august and distinguished board of directors, our strong work ethic, and armed with over $800 million in cash -- we are well positioned to accelerate growth, gain market share, attain sustainable non-GAAP profitability, and establish a market-leading position globally in enterprise AI. FY 2024 will be exciting."
Conference Call Details
What: C3 AI Fourth Quarter Fiscal 2023 Financial Results Conference Call When: Wednesday, May 31, 2023 Time: 2:00 p.m. PT / 5:00 p.m. ET Participant Registration: register.vevent.com a45f486a3df9d2260d9a6 (live call) Webcast: edge.media-server.com (live and replay)
Investor Presentation Details
An investor presentation providing additional information and analysis can be found at our investor relations page at ir.c3.ai.
Statement Regarding Use of Non-GAAP Financial Measures
The Company reports the following non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP), in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
-- Non-GAAP loss from operations. Our Non-GAAP loss from operations exclude the effect of stock-based compensation expense-related charges and employer payroll tax expense related to employee stock-based compensation. We believe the presentation of operating results that exclude these non-cash items provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods.
We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP financial measures.
Use of Forward-Looking Statements
These preliminary financial and operating results presented herein are an estimate and subject to the completion of the Company's financial closing and other procedures and finalization of the Company's consolidated financial statements for its year ended April 30, 2023, including the completion of the audit of the Company's financial statements. Accordingly, actual financial and operating results that will be reflected in the Company's Annual Report on Form 10-K for the year ended April 30, 2023, including its audited financial statements, when they are completed and publicly disclosed may differ from these preliminary results. In addition, any statements regarding the Company's estimated financial performance for the fourth quarter 2023 do not present all information necessary for an understanding of the Company's financial condition and results of operations as of and for the quarterly period ended April 30, 2023. |
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| From: Julius Wong | 5/24/2023 11:27:20 PM | | | | | | The White House is looking to develop a national AI strategy
May 24, 2023 5:48 AM ET
Microsoft Corporation (MSFT), AI, GOOG, GOOGL IBM, BIDU, ORCL, NVDA, MU, ADBE, SSNLF, AVGO, PLTR, GFAI, BBAI, SOUN
By: Yoel Minkoff, SA News Editor
87 Comments
 Guillaume/iStock via Getty Images
As generative AI systems take many industries by storm, calls have been growing on the need to regulate emerging tools and address the potential downsides of the technology. Just last week, the CEO of OpenAI, the creator of ChatGPT, testified to Congress about the need for government intervention to mitigate the risks of increasingly powerful artificial intelligence models. While lawmakers didn't arrive at any specific proposals at the first AI hearing on Capitol Hill, several ideas were brought up and more are now on the horizon.
Snapshot: In response to "one of the most powerful technologies of our time," the Biden administration is taking new steps to "advance responsible artificial intelligence." The first is updating its roadmap, called the National AI R&D Strategic Plan, which outlines key priorities and goals for federal investments in AI research and development. It also released a new request for public input on critical AI issues, like "protecting individuals' rights and safety, and harnessing AI to improve lives." A new report on AI trends in education is being addressed as well, which will cover the risks and opportunities related to teaching, learning, research, and assessment.
Social media went through similar scrutiny during its growth stages in the 2010s. Under the microscope were addictive behavior and disorders stemming from social comparison - and later - data privacy and misinformation. The difference this time around is that AI companies are generally calling for increased regulation as they disrupt current models, compared to the once-famous motto of "move fast and break things" of Facebook founder Mark Zuckerberg. The government also now seems to be keenly aware of moving too slowly on the tech front, with U.S. Surgeon General Vivek Murthy even releasing an advisory on Tuesday that covers the dangers of social media on child and adolescent brain development. |
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