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Arphra AIPlain-English read on C3.ai, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $183.22M | $252.76M | $266.8M | $310.58M | $389.06M | $224.7M | $250.96M | $1.2B | $1.68B |
| Cost of revenue | $44.52M | $63.71M | $86.34M | $132.02M | $153.19M | $86.88M | $93.99M | $466.55M | $625.79M |
| Gross profit | $138.7M | $189.05M | $180.46M | $178.56M | $235.86M | $138.53M | $158.66M | $765.55M | $1.02B |
| Gross margin | +75.70% | +74.79% | +67.64% | +57.49% | +60.62% | +61.65% | +63.22% | +63.77% | +60.54% |
| Operating | |||||||||
| Research & development | $68.86M | $150.54M | $210.66M | $201.37M | $226.39M | $148.72M | $171.93M | $822.25M | $1.14B |
| Selling, general & administrative | $130.1M | $234.62M | $260.29M | $295.54M | $333.9M | $213.3M | $231.44M | $1.1B | $1.59B |
| Total operating expenses | $198.96M | $385.17M | $470.95M | $496.9M | $560.29M | $363.15M | $390.84M | $1.88B | $2.64B |
| Operating income | -$60.26M | -$196.12M | -$290.49M | -$318.34M | -$324.42M | -$215.09M | -$246.54M | -$1.19B | -$1.68B |
| Operating margin | -32.89% | -77.59% | -108.88% | -102.50% | -83.39% | -95.72% | -98.24% | -99.27% | -100.21% |
| EBITDA | -$55.96M | -$190.93M | -$284.41M | -$306.92M | -$311.82M | -$208.42M | -$245.8M | -$1.16B | -$1.63B |
| EBIT | -$60.26M | -$196.12M | -$290.49M | -$318.34M | -$324.42M | -$226.22M | -$253.71M | -$1.17B | -$1.63B |
| Below the line | |||||||||
| Interest expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest income | $1.26M | $1.83M | $21.98M | $40.08M | $36.19M | $22.28M | $25.48M | $122.85M | $172.15M |
| Other income / expense | $5.27M | $4.85M | $22.33M | $39.44M | $36.7M | — | — | — | — |
| Pre-tax income | -$54.99M | -$191.28M | -$268.16M | -$278.9M | -$287.73M | -$203.19M | -$214.51M | -$1.03B | -$1.45B |
| Income tax expense | $704K | $789K | $675K | $792K | $976K | — | — | — | — |
| Earnings | |||||||||
| Net income | -$55.7M | -$192.07M | -$268.84M | -$279.7M | -$288.7M | -$198.75M | -$219.26M | -$1.06B | -$1.45B |
| Net income · continuing ops | -$55.7M | -$192.07M | -$268.84M | -$279.7M | -$288.7M | -$201.68M | -$226.72M | -$1.04B | -$1.45B |
| Net margin | -30.40% | -75.99% | -100.77% | -90.06% | -74.21% | -88.45% | -87.37% | -88.52% | -86.25% |
| EPS · basic | $-0.90 | $-1.84 | $-2.45 | $-2.34 | $-2.24 | $-0.85 | $-0.41 | $0.20 | $0.41 |
| EPS · diluted | $-0.90 | $-1.84 | $-2.45 | $-2.34 | $-2.24 | $-0.84 | $-0.41 | $0.20 | $0.40 |
| EPS · low estimate | — | — | — | — | — | $-1.24 | $-0.41 | $0.16 | $0.32 |
| EPS · high estimate | — | — | — | — | — | $-0.42 | $-0.41 | $0.25 | $0.49 |
| Shares · basic | 56.68M | 104.4M | 109.85M | 119.36M | 129.09M | 128.93M | 128.59M | 129.35M | 129.6M |
| Shares · diluted | 56.68M | 104.4M | 109.85M | 119.36M | 129.09M | 128.06M | 130.02M | 128.2M | 128.74M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 12 | 9 | 4 | 4 |
| Analysts (EPS) | — | — | — | — | — | 9 | 2 | 1 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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