C3.ai Inc (AI) 2026 Q1 法說會逐字稿

Good afternoon. Welcome to C3.ai's earnings call for the first quarter of fiscal year 2026, which ended on July 31, 2025.

午安.歡迎參加 C3.ai 2026 財政年度第一季（截至 2025 年 7 月 31 日）收益電話會議。

My name is Amit Berry. I lead investor relations at C3.ai. With me on the call today are Tom Siebel, Executive Chairman; Stephen Ehikian, Chief Executive Officer; and Hitesh Lath, Chief Financial Officer.

我的名字是阿米特·貝瑞。我負責 C3.ai 的投資者關係。今天與我一起參加電話會議的還有執行董事長 Tom Siebel、執行長 Stephen Ehikian 和財務長 Hitesh Lath。

After the market closed today, we issued a press release with details regarding our first-quarter results, as well as a supplemental to our results, both of which can be accessed through the Investor Relations section of our website at ir.c3.AI.

今天市場收盤後，我們發布了一份新聞稿，詳細介紹了我們的第一季度業績，以及業績補充信息，您可以通過我們網站 ir.c3.AI 的投資者關係部分訪問這些信息。

This call is being webcast. A replay will be available on our IR website, following the conclusion of the call.

本次通話正在進行網路直播。電話會議結束後，我們將在 IR 網站上提供重播。

During today's call, we will make statements related to our business that may be considered forward-looking under Federal Securities Laws. These statements reflect our views only as of today and should not be considered representative of our views as of any subsequent date. We disclaim any obligation to update any forward-looking statements or outlook.

在今天的電話會議中，我們將發表與我們的業務相關的聲明，根據聯邦證券法，這些聲明可能被視為前瞻性的。這些聲明僅反映我們截至今天的觀點，不應被視為代表我們此後任何日期的觀點。我們不承擔更新任何前瞻性陳述或展望的義務。

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a further discussion of the material risks and other important factors that could affect our actual results, please refer to our most recent annual report on Form 10-K, filed with the SEC, as it may be supplemented by other filings and reports we make with SEC from time to time, including our quarterly report on Form 10-Q that will be filed for the fiscal quarter ended July 31, 2025.

這些聲明受到各種風險和不確定性的影響，可能導致實際結果與預期有重大差異。有關可能影響我們實際業績的重大風險和其他重要因素的進一步討論，請參閱我們向美國證券交易委員會 (SEC) 提交的最新 10-K 表年度報告，因為它可能會由我們不時向美國證券交易委員會 (SEC) 提交的其他文件和報告補充，包括我們將提交的截至 2025 年 7 月 310-Q 表季度的 10-Q 表季度的報告。

All financial results will be discussed on a non-GAAP basis, unless otherwise noted. A reconciliation of GAAP to non-GAAP financial measures to the extent reasonably available is included in our press release.

除非另有說明，否則所有財務結果均以非 GAAP 為基礎進行討論。我們的新聞稿中包含了合理可用的 GAAP 與非 GAAP 財務指標的對帳。

Finally, at times in our prepared remarks, in response to your questions, we may discuss metrics that are incremental to our usual presentation to give greater insight into the dynamics of our business and our quarterly results. Please be advised that we may or may not continue to provide this additional detail in the future.

最後，有時在我們準備好的發言中，為了回答您的問題，我們可能會討論比我們通常的演示更增量的指標，以便更深入地了解我們的業務動態和季度業績。請注意，我們將來可能會或可能不會繼續提供這些額外的詳細資訊。

With that, let me turn the call over to Hitesh.

說完這些，讓我把電話轉給 Hitesh。

Good afternoon, everyone. Thank you for joining our call today.

大家下午好。感謝您今天參加我們的電話會議。

I will share our financial results and provide additional color on our business. All figures are non-GAAP, unless otherwise noted.

我將分享我們的財務表現並提供更多有關我們業務的詳情。除非另有說明，所有數據均為非 GAAP 數據。

Total revenue for the quarter was $70.3 million a decrease of 19%, year over year. Subscription revenue for the quarter was $60.3 million, representing 86% of total revenue.

本季總營收為 7,030 萬美元，年減 19%。本季訂閱收入為 6,030 萬美元，佔總收入的 86%。

Revenue from sale of software licenses that are demonstration versions of C3.ai applications was $17.9 million during the quarter, which was sequentially lowered by $15.9 million. We sell these licenses at the request of our distribution partners to enable them to demonstrate our software effectively to their customers and at the request of our large strategic customers to enable them to accelerate C3.ai application adoption across their companies.

本季度，C3.ai 應用程式試用版軟體授權銷售收入為 1,790 萬美元，季減 1,590 萬美元。我們根據分銷合作夥伴的要求出售這些許可證，以使他們能夠向其客戶有效地展示我們的軟體，並根據大型策略客戶的要求出售這些許可證，以使他們能夠加速其公司採用 C3.ai 應用程式。

Professional services revenue was $10 million; of which, $8.7 million was revenue from Prioritized Engineering Services or PES. Professional services represent 14% of total revenue during the quarter.

專業服務收入為 1,000 萬美元；其中 870 萬美元來自優先工程服務 (PES) 的收入。專業服務佔本季總收入的 14%。

Our subscription and PES revenue, combined, was $69 million and accounted for 98% of total revenue.

我們的訂閱和 PES 收入總計 6,900 萬美元，佔總收入的 98%。

I'll now walk you through some of our strategic customer events this quarter. Nucor has expanded its commitment with C3.ai in a multi-year partnership to build an enterprise-wide AI program across their facilities. We are supporting and optimizing day-to-day planning, inventory, and scheduling decisions; and now, expanding to additional [plants] and use cases.

現在我將向您介紹我們本季的一些策略客戶活動。Nucor 已擴大與 C3.ai 的承諾，建立多年合作夥伴關係，在其工廠內建立企業範圍的 AI 程序。我們正在支援和優化日常計劃、庫存和調度決策；現在，正在擴展到其他[工廠]和用例。

Qemetica, a global leader in chemicals, launched its first enterprise-scale AI program with C3.ai. After initial success improving yield in its salt business, Qemetica is now scaling to 100 assets in multiple use cases, the start of a company-wide AI transformation.

全球領先的化學企業 Qemetica 與 C3.ai 合作，推出了其首個企業級 AI 專案。在初步成功提升鹽業務的產量後，Qemetica 目前正在多個用例中將業務擴展到 100 項資產，開啟了全公司範圍的 AI 轉型。

HII, America's largest military shipbuilder, is expanding its partnership with C3.ai to accelerate throughput at Ingalls and Newport News. Initial deployments cut complex shipbuilding timelines. We are now scaling these AI capabilities across HII shipyards to strengthen US Navy fleet readiness.

美國最大的軍用造船商 HII 正在擴大與 C3.ai 的合作，以加快英格爾斯和紐波特紐斯的吞吐量。初步部署縮短了複雜的造船時間表。我們目前正在 HII 造船廠推廣這些人工智慧功能，以加強美國海軍艦隊的戰備能力。

The US Army's Rapid Capabilities and Critical Technologies Office is deploying a contested logistics application built on the C3 Agentic AI platform to support frontline vehicles in high-risk environments. This system applies the Agentic and Generative AI to enhance sustainment, readiness, and decision-speed in contested environments.

美國陸軍快速能力和關鍵技術辦公室正在部署基於 C3 Agentic AI 平台構建的對抗性物流應用程序，以支援高風險環境中的前線車輛。該系統應用代理程式和生成人工智慧來增強對抗環境中的維持、準備和決策速度。

I'll now move on to the rest of the financial results. Non-GAAP gross profit for the quarter was $36.3 million. Non-GAAP gross margin was 52%. Non-GAAP gross margin for professional services remained high at over 80%. Non-GAAP operating loss for the quarter was $57.8 million. Non-GAAP net loss for the quarter was $49.8 million. Non-GAAP net loss per share was $0.37.

我現在要討論其中的財務結果。本季非公認會計準則毛利潤為 3,630 萬美元。非公認會計準則毛利率為52%。專業服務的非公認會計準則毛利率仍維持在80%以上的高點。本季非公認會計準則營運虧損為 5,780 萬美元。非公認會計準則本季淨虧損為4,980萬美元。非公認會計準則每股淨虧損為 0.37 美元。

Our net cash used in operating activities was $33.5 million. Free cash flow for the quarter was negative $34.3 million. We continue to be well capitalized and closed the quarter with $711.9 million in cash, cash equivalents, and marketable securities.

我們的經營活動所用淨現金為 3,350 萬美元。本季自由現金流為負 3,430 萬美元。我們的資本持續充足，本季結束時我們的現金、現金等價物和有價證券為 7.119 億美元。

During the first quarter, we signed 28 initial Production deployments or IPDs. At the end of the quarter, we had cumulatively signed 374 IPDs; of which, 266 are still active. This means they are either in their original three- to six-month term or extended for some duration or converted to ongoing subscription or consumption contract or are currently being negotiated for conversion to ongoing subscription or consumption contract.

第一季度，我們簽署了 28 份初始生產部署或 IPD。截至本季末，我們累計簽署了 374 份 IPD；其中 266 份仍然有效。這意味著它們要么處於原來的三到六個月的期限，要么延長一段時間，要么轉換為持續訂閱或消費合同，要么目前正在協商轉換為持續訂閱或消費合同。

Non-GAAP gross margin declined this quarter to 52%, primarily due to a higher mix of IPD-related cost, a lower mix of demonstration license revenue and PES revenue, and lower economies of scale. As compared to fiscal '25, we expect to continue to see moderated gross margins in the near term due to higher mix of IPDs, which carry a greater cost of revenue during the initial production deployment phase of the customer life cycle due to our investments in expanding our support capacity and lower economies of scale.

本季度非公認會計準則毛利率下降至 52%，主要原因是 IPD 相關成本佔比較高、演示許可收入和 PES 收入佔比較低以及規模經濟效應較低。與 25 財年相比，我們預計短期內毛利率將繼續下降，因為 IPD 組合更高，而由於我們在擴大支援能力方面的投資以及較低的規模經濟，在客戶生命週期的初始生產部署階段，IPD 的收入成本更高。

Now, I'll move on to our guidance for the next quarter. Our revenue guidance for Q2 of fiscal year 2026 is $72 million to $80 million. Our guidance for non-GAAP loss from operations for Q2 of fiscal year 2026 is $49.5 million to $57.5 million.

現在，我將繼續介紹下一季的指導。我們對 2026 財年第二季的營收預期為 7,200 萬美元至 8,000 萬美元。我們對 2026 財年第二季非 GAAP 營業虧損的預期為 4,950 萬美元至 5,750 萬美元。

Given the appointment of our new Chief Executive Officer and the recent restructuring of the sales and services organizations, we are withdrawing our previous guidance. We plan on providing guidance for the third quarter of fiscal 2026 and full-year fiscal 2026 when we announce our financial results for the second quarter of fiscal 2026.

鑑於我們新任執行長的任命以及最近對銷售和服務組織的重組，我們撤回了先前的指導。我們計劃在公佈 2026 財年第二季財務業績時提供 2026 財年第三季及 2026 財年全年的指導。

With that, I'd like to turn the call over to Tom.

說完這些，我想把電話轉給湯姆。

Thank you, Hitesh. Good afternoon, everyone.

謝謝你，Hitesh。大家下午好。

As Hitesh reported, the financial results of the first quarter were completely unacceptable and completely unacceptable in virtually every respect. I've given this a lot of thought as to what the root cause of this is. Okay.

正如希特什所報告的，第一季的財務結果完全不可接受，幾乎在各方面都完全不可接受。我對此進行了深思熟慮，尋找其根本原因。好的。

Is there a market? The market is huge. Is there some new competitor that changed the competitive dynamics of the space? There is not. Is there some secular change in the market that we haven't seen before? There is not.

有市場嗎？市場龐大。是否有一些新的競爭對手改變了該領域的競爭態勢？沒有。市場中是否存在一些我們從未見過的長期變化？沒有。

The fact of the matter is that it boiled down to poor sales. execution and poor resource coordination.

事實上，這歸結於銷售不佳、執行不力和資源協調不佳。

It's clear that the new leadership that we brought into the organization and globally in sales and service, in the service organization, in EMEA, in Federal, in North America mid-quarter and caused confusion in the sales process.

很明顯，我們在本季中期為組織和全球銷售和服務、服務組織、歐洲、中東和非洲地區、聯邦地區、北美地區引入的新領導層導致了銷售流程的混亂。

As I have previously announced, I ran into some unanticipated health issues. As a result of these health issues, I was unable to participate as actively as I used to in the sales process and the coordination of resources necessary to make these sales processes successful and come to closure.

正如我之前宣布的那樣，我遇到了一些意想不到的健康問題。由於這些健康問題，我無法像以前那樣積極參與銷售過程以及使這些銷售過程成功和結束所需的資源協調。

In hindsight, it's clear that my active involvement in that sales process had a greater impact than any of us knew. The good news is that we have completely restructured our sales and service organizations, globally.

回想起來，很明顯我積極參與了那個銷售過程，影響比我們任何人想像的都要大。好消息是我們已經在全球範圍內徹底重組了我們的銷售和服務組織。

We have brought in new, highly-experienced leadership across the board, okay, to drive growth and to drive customer satisfaction. Even better, consistent with our announcement last July, we have completed the search and we have appointed a new Chief Executive Officer in the person of Stephen Ehikian, who is highly experienced and well equipped to drive the details of this business to coordinate resources and to accelerate growth.

我們全面引進了經驗豐富的新領導層，以推動成長並提高客戶滿意度。更好的是，與我們去年 7 月宣布的消息一致，我們已經完成了搜尋工作，並任命了 Stephen Ehikian 為新的首席執行官，他經驗豐富，能夠很好地推動這項業務的細節，協調資源並加速增長。

In the sales and service organizations, we have combined these organizations under a new leader in the person of a Chief Commercial Officer to bring a more seamless experience, focused on delivering value for each and every one of our customers.

在銷售和服務組織中，我們將這些組織合併到一位新的領導之下，由首席商務官來領導，以帶來更無縫的體驗，專注於為每位客戶提供價值。

In addition to a Chief Commercial Officer, we've brought in a new General Manager of EMEA. We brought in a new group Vice President for North American operations. We've brought significant leadership into the Federal business operations.

除了首席商務官之外，我們還聘請了一位新的 EMEA 地區總經理。我們聘請了一位新的集團副總裁負責北美業務。我們為聯邦業務營運帶來了重要的領導力。

By combining the sales and service organizations into a cohesive whole, we are assuring a focus on delivering rapid economic benefits to each of one of our customer engagements to ensure their continued success.

透過將銷售和服務組織整合為一個有凝聚力的整體，我們確保專注於為每位客戶帶來快速的經濟效益，以確保他們持續成功。

As we entered Q2, we have installed new leadership across the board. We have reorganized our sales and service organizations with a tightly integrated, detailed execution plan, going forward, where everybody knows where they sit, what their job responsibilities are. We've assured that everybody has the resources to do their job.

進入第二季度，我們全面任命了新的領導層。我們重組了我們的銷售和服務組織，制定了緊密整合的詳細執行計劃，讓每個人都知道自己的位置和工作職責。我們保證每個人都有資源來完成他們的工作。

We have a product that is unmatched in technical sophistication and functionality. We have over 131 turnkey enterprise at high applications in the market. I believe we have the highest levels of customer satisfaction as measured by Net Promoter Scores in the application software industry.

我們擁有一款在技術複雜性和功能性方面無與倫比的產品。我們在市場上擁有超過 131 個高應用交鑰匙企業。我相信，以淨推薦值衡量，我們在應用軟體產業擁有最高的客戶滿意度。

We have a huge and rapidly growing addressable market opportunity. We have the leadership in place. We are positioned to grow. We are in position to gain market share. We are in a position to assure the success of each and every one of our customer engagements.

我們擁有巨大且快速成長的潛在市場機會。我們已經擁有領導階層。我們已做好成長的準備。我們有能力贏得市場佔有率。我們有能力確保與每位客戶的每一次合作都成功。

An important development in Q1 was the introduction of our Strategic Integrator Program. This is a software OEM program whereby we are licensing the C3 Agentic AI platform to others, enabling them to design, develop, provision, and operate the industry- and domain-specific applications for their markets.

第一季的一個重要進展是推出我們的策略整合商計劃。這是一個軟體 OEM 程序，我們將 C3 Agentic AI 平台授權給其他人，使他們能夠為其市場設計、開發、提供和營運特定於行業和領域的應用程式。

We're finding that the Strategic Integrator Program is being well received by OEMs, systems integrators, service providers into the defense intelligence and civilian government communities. We expect this to be a large and rapidly growing line of business for C3.ai, going forward.

我們發現，戰略整合商計畫受到了原始設備製造商、系統整合商、國防情報和民間政府社區的服務提供者的歡迎。我們預計，這將成為 C3.ai 未來龐大且快速成長的業務線。

The use of the Agentic AI platform enables them to use all of the assets that they've developed in the last couple of decades, be these machine learning models. And so it's an entirely open architecture that allows them to use any of the capabilities they have, any new capabilities that the market may bring going forward, so it's an entirely open model driven architecture, enabling complete flexibility, going forward, in avoiding vendor lock-in.

使用 Agentic AI 平台使他們能夠利用過去幾十年開發的所有資產，包括這些機器學習模型。因此，這是一個完全開放的架構，允許他們使用他們擁有的任何功能，以及市場未來可能帶來的任何新功能，因此，這是一個完全開放的模型驅動架構，可以實現完全的靈活性，避免供應商鎖定。

It's difficult to overestimate the scale of the generative AI and Agentic AI opportunity that is before us. As at the end of the first quarter, we're involved in approximately 60 large-scale customer engagements in state and local government, in manufacturing, in Federal government, in defense, intelligence, manufacturing, what have you.

我們很難高估眼前的生成式人工智慧和代理式人工智慧機會的規模。截至第一季末，我們已參與了約 60 個大型客戶項目，涉及州和地方政府、製造業、聯邦政府、國防、情報、製造業等各個領域。

Many of you are familiar with the MIT report that shows that order of 95% of these LLM projects run into a dead end and are unsuccessful. Our experience is that the majority of our LLM deployments are successful across industries and across use cases. The reason for this success is that combination of these generative-free pre-trained transformers with the C3 agentic AI platform solves all the hobgoblins that are associated with Generative AI.

你們中的許多人都熟悉麻省理工學院的報告，該報告顯示，95％的 LLM 計畫都陷入僵局並且沒有成功。我們的經驗是，我們的大多數 LLM 部署在各個行業和用例中都取得了成功。成功的原因在於，這些無需產生預訓練的變壓器與 C3 代理 AI 平台的結合解決了與生成 AI 相關的所有難題。

These hobgoblins include data exfiltration, cybersecurity risk, hallucination, the inability to enforce data access controls, the inability to take advantage of omni-modal integration -- all of these problems are solved by C3 Generative AI, resulting in a very high success rate associated with our projects.

這些妖怪包括資料外洩、網路安全風險、幻覺、無法執行資料存取控制、無法利用全模式整合——所有這些問題都可以透過 C3 生成式人工智慧解決，使我們的專案獲得非常高的成功率。

Q1 2025 was our 19th quarter operating as a public company. This is the first quarter in which we have missed our revenue guidance. Know that we take that very seriously and we will take that seriously, going forward.

2025 年第一季是我們作為上市公司營運的第 19 個季度。這是我們第一次未能達到營收預期的季度。請知悉，我們對此非常重視，今後我們還會認真對待。

Candidly, there is no excuse for the economic results that we delivered in the first quarter. That being said, going forward, our objective remains the same. We're here to establish and maintain a market leadership position globally in enterprise AI applications. Not in infrastructure, not in semiconductors, not in machine learning models, not in professional services implementations, okay?

坦白說，我們在第一季取得的經濟成果是沒有任何藉口的。話雖如此，展望未來，我們的目標依然不變。我們致力於在企業 AI 應用領域建立並維持全球市場領導地位。不在基礎設施領域，不在半導體領域，不在機器學習模型領域，也不在專業服務實施領域，好嗎？

We're here to establish a market leadership position in enterprise AI software, both with the C3 Agentic AI platform and with the Enterprise AI application footprint that we have in place and we'll be expanded.

我們致力於透過 C3 Agentic AI 平台和現有的企業 AI 應用程式足跡確立企業 AI 軟體的市場領導地位，並且我們也將持續擴展。

We have tried, tested, and proven products. We have incredibly sophisticated architecture in the Agentic AI platform. We're establishing clear leadership in Agentic AI, a concept for which you know that we hold the patents. We have tried, tested, and proven executive leadership in place. We have highly satisfied customers.

我們已經嘗試、測試並驗證了產品。Agentic AI 平台擁有極為複雜的架構。我們正在 Agentic AI 領域確立明確的領導地位，您知道我們擁有該概念的專利。我們已經嘗試、測試並證明了高階主管領導力的到位。我們擁有非常滿意的客戶。

We have a large and expansive addressable market opportunities before us that some estimate approaches at $2 trillion a year. We are geared up to grow our product footprint, grow our market share, increase our market penetration, and operate a rapidly growing cash-positive, profitable business.

我們面前有巨大而廣闊的潛在市場機會，有人估計每年的市場規模接近 2 兆美元。我們已準備好擴大我們的產品範圍、增加我們的市場份額、提高我們的市場滲透率，並經營一個快速成長、現金流為正、有利可圖的業務。

Going forward, I will continue to remain actively engaged in the business. Now, in the role as Executive Chairman. In that role, I will particularly focus on strategic partner relationships, strategic customer relationships, and keep an eye on direction and product strategy, going forward.

展望未來，我將繼續積極參與業務。現在擔任執行主席。在這個職位上，我將特別關注策略夥伴關係、策略客戶關係，並關注未來的方向和產品策略。

I'm most enthusiastic to announce the appointment of Stephen Ehikian as the new Chief Executive Officer of C3.ai. Stephen brings a superlative educational background; a wealth of industry experience, having started and built and grown two successful AI companies that he sold to Salesforce.

我非常高興地宣布，Stephen Ehikian 正式被任命為 C3.ai 的新執行長。 Stephen 擁有卓越的教育背景和豐富的行業經驗，曾創辦、創建並發展了兩家成功的人工智慧公司，並將其出售給 Salesforce。

Stephen is also an experienced and accomplished public sector leader, having served as President Trump's appointee as the Acting Administrator of the General Services Administration, where Stephen was responsible for reforming the General Services Administration, reforming the acquisition activities of all the divisions of the federal government, and driving President Trump's AI strategy across the federal government.

史蒂芬也是一位經驗豐富、成就卓著的公共部門領導者，曾擔任川普總統任命的總務管理局代理局長，負責改革總務管理局、改革聯邦政府所有部門的收購活動，並推動川普總統在整個聯邦政府的人工智慧戰略。

On behalf of the Board of Directors of C3.ai, the executive leadership of C3.ai and the 1,100 or 1,200 employees of C3a.iI, whatever that number may be, I can tell you we're all enthusiastic about working closely with Stephen in his new leadership role to ensure that he is successful in bringing more creativity to the process, more energy to the process, more drive to the process, as we accelerate growth, accelerate market penetration, and accelerate market leadership in enterprise AI.

我謹代表 C3.ai 董事會、C3.ai 執行領導層以及 C3a.iI 的 1,100 或 1,200 名員工（無論人數多少），告訴大家，我們都熱衷於與 Stephen 密切合作，在他的新領導崗位上確保他能夠成功地為流程帶來更多創造力、更多活力和更多動力，因為我們正在加速市場的市場發展並加速市場發展、市場領導地位

Ladies and gentlemen, thank you so much for your time. Now, we'll all turn this back to Hitesh to field your questions.

女士們、先生們，非常感謝你們抽出時間。現在，我們將這個問題交還給 Hitesh 來回答大家的問題。

Thank you, Tom.

謝謝你，湯姆。

Operator, could you please open the line for questions?

接線員，您能打開熱線來回答問題嗎？

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Radi Sultan, UBS.

瑞銀的拉迪·蘇丹（Radi Sultan）。

Awesome. First for Tom, you're involvement in the sales process has obviously been very critical here. Is there any way to more concretely understand how involved you're planning on being in the sales process going forward and what you're doing to ensure a smooth hand-off to Stephen and the new sales leadership?

驚人的。首先，對湯姆來說，你參與銷售過程顯然非常關鍵。有沒有辦法更具體地了解您計劃在未來的銷售過程中參與到何種程度，以及您正在採取哪些措施來確保順利交接給 Stephen 和新的銷售領導層？

I am here to do everything I can to ensure that Stephen is successful, okay? And so we have an entire new layer of senior leadership in the company who are tried and tested and proven at selling enterprise AI globally. I suspect with Stephen's leadership, they're going to be enormously successful.

我會盡我所能確保史蒂芬取得成功，好嗎？因此，我們在公司中擁有了全新的高階領導團隊，他們經過了實踐檢驗，並證明了能夠在全球範圍內銷售企業人工智慧。我相信在史蒂芬的領導下，他們將會取得巨大的成功。

That being said, okay, I will continue to be involved as necessary, okay, in monitoring that process and assisting that process to ensure that this transition goes very smoothly and we dramatically ramp up the sales and service capacity globally.

話雖如此，好吧，我會在必要時繼續參與，好吧，監控該過程並協助該過程，以確保這一過渡順利進行，並且我們在全球範圍內大幅提高銷售和服務能力。

Awesome. And then, second, for Hitesh. Obviously, a lot of moving parts in the quarter. What are you seeing that's giving you confidence in the Q2 guide? And then, as you think about Q3 and Q4, like, what is the right starting point to think about that back-half outlook? Any building blocks will be helpful as we calibrate numbers.

驚人的。其次，是 Hitesh。顯然，本季有很多變動。您看到的哪些內容讓您對 Q2 指南充滿信心？然後，當您考慮第三季和第四季時，請思考下半年前景的正確起點是什麼？當我們校準數字時，任何建置模組都會有所幫助。

Yeah. Sure, Radi.

是的。當然，拉迪。

Our Q2 guidance is based on the sales activity we've seen in the month of August, as well as our review of sales pipeline for rest of the quarter with the new sales leadership.

我們對第二季的預測是基於我們在八月看到的銷售活動，以及我們與新銷售領導層對本季剩餘時間的銷售管道的審查。

As it relates to period beyond Q2, while we're not providing any guidance at this point, we note that most analysts who have updated their revenue forecast for the year, our forecasting fiscal '26 revenue ranging from $290 million to $300 million. At this point, I would not argue against any number in that range.

至於第二季之後的時期，雖然我們目前沒有提供任何指導，但我們注意到大多數分析師都更新了今年的營收預測，我們預測 26 財年的營收將在 2.9 億美元至 3 億美元之間。在這一點上，我不會反對該範圍內的任何數字。

As it relates to path to profitability, we acknowledge our performance in Q1 has put us behind but we remain committed to achieving non-GAAP profitability and free cash flow.

就獲利之路而言，我們承認第一季的業績落後，但我們仍然致力於實現非公認會計準則獲利和​​自由現金流。

We are still bullish about the business, as Tom said. We will get to profitability and free cash flow with the right scale. That is a matter of time.

正如湯姆所說，我們仍然對這項業務持樂觀態度。我們將以適當的規模實現盈利和自由現金流。這只是時間問題。

Patrick Walravens, Citizens.

帕特里克·沃爾拉文斯，公民。

This is [Nick], on for Pat.

我是 [Nick]，代替 Pat。

Tom, one quick one for you. You guys closed 40 partner-led deals this quarter. How do you see the mix of partner-led versus direct sales evolving?

湯姆，給你一個簡單的問題。本季你們完成了 40 筆由合作夥伴主導的交易。您如何看待合作夥伴主導的銷售模式與直接銷售模式的演變？

That's a great question. I think something like -- Amit, correct me, is it 80% or 90%?

這是一個很好的問題。我認為是這樣的——阿米特，糾正我一下，是 80% 還是 90%？

90% this quarter.

本季為 90%。

90% of the business that we closed this quarter was with partners, particularly Azure and AWS and GCP and McKinsey - QuantumBlack. You can expect that our investment in those partnerships going forward is going to be big time.

我們本季完成的業務中有 90% 是與合作夥伴完成的，特別是 Azure、AWS、GCP 和 McKinsey - QuantumBlack。您可以預期，我們未來對這些合作關係的投資將會是巨大的。

I think there are certainly -- without quoting a number -- tens of thousands of salespeople at Azure alone. We are ramping up our go-to-market activities with Microsoft, with AWS, with GCP in a big way globally.

我認為，光是 Azure 就有數萬名銷售人員——無需多言。我們正在全球大力加強與微軟、AWS、GCP 的市場推廣活動。

And so we'd hope we're going from, say, hundreds of engagements that we're involved in today, where we're trying to sell in -- and we hope that will go to, soon, thousands.

因此，我們希望從今天參與的數百個我們試圖銷售的業務開始，並希望很快能達到數千個。

So that is a major, major advantage that we have this partner ecosystem. We fully intend to exploit that advantage.

因此，擁有這個合作夥伴生態系統是我們的一個主要優勢。我們打算充分發揮這項優勢。

Great. And then as a follow-up, I heard Stephen was in the room. If I could ask him a quick one, that would be fantastic.

偉大的。然後作為後續消息，我聽說史蒂芬在房間裡。如果我能快速問他一個問題，那就太好了。

Stephen, great to meet you, looking forward to working with you. How did you choose C3? Why was it a compelling opportunity?

史蒂芬，很高興認識你，期待與你合作。您是如何選擇 C3 的？為什麼這是一個引人注目的機會？

Yeah. Well, first, the market opportunity here for enterprise AI is enormous. Every company, every government is exploring how to transition away from testing, experimenting with AI to actually rolling out across their core operations and workflow.

是的。首先，企業人工智慧的市場機會是巨大的。每個公司、每個政府都在探索如何從測試、試驗人工智慧過渡到在其核心營運和工作流程中實際推廣。

What's exciting for me is C3 has the technology platform and applications that customers need today. Their technology is being deployed across some of the most viable customers in the world, in some of the most challenging environments.

令我興奮的是，C3 擁有當今客戶所需的技術平台和應用程式。他們的技術正在世界上一些最具活力的客戶和一些最具挑戰性的環境中部署。

So for me -- and on top of all that -- the ability to learn from Tom Siebel, who invented this entire enterprise AI market, as well as with the extraordinary team here, was, honestly, an easy decision say yes to.

所以對我來說——最重要的是——能夠向發明了整個企業人工智慧市場的湯姆·西貝爾以及這裡的傑出團隊學習，說實話，這是一個很容易做出的決定。

Awesome. Thank you very much. Looking forward to working with you.

驚人的。非常感謝。期待與您合作。

Likewise. Thank you.

同樣地。謝謝。

Matthew Calitri, Needham & Co.

馬修‧卡利特里（Matthew Calitri），李約瑟公司

This is Matt Calitri, on for Mike Cikos over at Needham.

我是 Matt Calitri，在 Needham 代替 Mike Cikos 工作。

Tom, how would you rate the underperformance this quarter between sales disruption and your impact on the sales process?

湯姆，您如何評估本季銷售中斷和您對銷售過程的影響所導致的業績不佳？

I think it was a combination of both. But I would put it probably 70% sales rep disruption and 30% might not being as involved in the details as I've previously been. I think that -- so those are the facts.

我認為這是兩者的結合。但我認為 70% 可能是銷售代表的干擾，30% 可能是因為我沒有像以前那樣注意細節。我認為——這些都是事實。

The quarter was dreadful, okay? Now, we need to pick ourselves up, test ourselves off, and get on with the business, which is exactly what we're going to do. .

這個季度太糟糕了，好嗎？現在，我們需要振作起來，考驗自己，繼續開展業務，這正是我們要做的。。

Understood. And then, looking at the execution steps, how would you categorize them as far as signing pilots or converting them into contracts? What exactly are you seeing there?

明白了。然後，看看執行步驟，您如何對它們進行分類，例如簽署試點或將其轉換為合約？你到底在那裡看到了什麼？

It's all above Matt. There are a lot of new people involved. There's new leadership involved.

一切都在馬特之上。有很多新人參與其中。有新的領導階層參與其中。

I think when you do that, sometimes channels get crossed a little bit and things get confused. We were driving the car down the road and replacing the transmission of the wheels at the same time. The guy used to drive the car wasn't there.

我認為當你這樣做的時候，有時會出現一些管道交叉，事情就會變得混亂。我們一邊駕駛著汽車在路上行駛，一邊更換車輪的傳動裝置。以前開車的人不在那裡。

So it was a bad quarter. It happens. When I was at Oracle in 1989, when Oracle had its first miss, I think that the stock went from $27 to $3, as I recall, it was the end of the world. Well, since then, as you know, Oracle has missed 34 quarters. It's still not the end of the world.

所以這是一個糟糕的季度。它發生了。1989 年我在甲骨文公司的時候，甲骨文公司第一次遭遇失敗，我記得當時股價從 27 美元跌到了 3 美元，那簡直就是世界末日。嗯，自那時起，如你所知，甲骨文已經缺席了 34 個季度。這還不是世界末日。

NVIDIA has missed 10. Amazon has missed 23. Salesforce has missed a few, certainly 6 months ago and 12 minutes ago, today. Nobody remembers any of that.

NVIDIA 已經錯過了 10 個。亞馬遜已錯過 23 場。Salesforce 錯過了一些，當然還有 6 個月前和 12 分鐘前，還有今天。沒人記得這些事。

Six months from now, nobody will remember this because we're going to be rocking.

六個月後，沒有人會記得這件事，因為我們將會搖滾起來。

Understood. Thanks so much.

明白了。非常感謝。

Thank you. That is all the time we have for Q&A today.

謝謝。今天我們的問答時間就到這裡。

I would now like to turn the call back over to Mr. Seibel for any closing remarks.

現在我想將電話轉回給塞貝爾先生，請他做最後發言。

Ladies and gentlemen, thank you for your time this afternoon. We really appreciate your attention.

女士們、先生們，感謝你們今天下午抽出時間。我們非常感謝您的關注。

Keep your eye on the screen. There's going to be a lot of things happening at C3.ai. It's exciting.

注意觀察螢幕。C3.ai 未來將會發生很多事情，令人興奮。

We're encouraged. We are going for it, people. So stay tuned.

我們深受鼓舞。我們要努力，朋友。敬請關注。

Thank you. Thank you. Thank you. .

謝謝。謝謝。謝謝。。

Ladies and gentlemen, this concludes today's program. Thank you all for participating. You may now disconnect.

女士們、先生們，今天的節目到此結束。感謝大家的參與。您現在可以斷開連線。