C3.ai reported first-quarter results beating Wall Street estimates, with a non-GAAP loss per share of $0.20 versus a consensus of $0.25, and positive free cash flow of $2.1 million for the first time in the company’s history, after burning through $34.3 million a year earlier. Revenue came in at $52.4 million, down 25% from $70.3 million in the same quarter last year. The company cut headcount by approximately 40% to generate annualized cost savings of around $135 million, and holds $651.1 million in cash. Bookings surged 73% quarter-over-quarter with 22 enterprise agreements signed, including deals with Ford, Johnson & Johnson and US federal agencies whose bookings grew 138% year-over-year. For Q2, C3.ai expects revenue between $51 million and $55 million, and between $210 million and $240 million for fiscal year 2027.
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