C3.ai Inc (AI) 2026 Q2 法說會逐字稿

Good day. Thank you for standing by. Welcome to the C3.ai second-quarter fiscal year 2026 earnings conference call.

再會。感謝您的耐心等待。歡迎參加 C3.ai 2026 財年第二季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作人員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your speaker today, Amit Berry. Please go ahead.

現在我謹將會議交給今天的演講嘉賓阿米特·貝瑞。請繼續。

Good afternoon and welcome to C3.ai's earnings call for the second quarter of fiscal year 2026, which ended on October 31, 2025.

下午好，歡迎參加 C3.ai 2026 財年第二季（截至 2025 年 10 月 31 日）的財報電話會議。

My name is Amit Berry. I lead Investor Relations at C3.ai.

我叫阿米特·貝瑞。我在 C3.ai 負責投資者關係。

With me on the call today are Stephen Ehikian, Chief Executive Officer; Hitesh Lath, Chief Financial Officer; and Tom Siebel, Executive Chairman.

今天與我一起參加電話會議的有：執行長 Stephen Ehikian；財務長 Hitesh Lath；以及執行董事長 Tom Siebel。

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，詳細介紹了我們第一季的業績，以及一份業績補充報告，這兩份文件均可透過我們網站 ir.c3.ai 的投資者關係部分取得。

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，您可以在我們的投資者關係網站上觀看回放。

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，我們將發表一些與我們業務相關的聲明，這些聲明可能被視為聯邦證券法意義上的前瞻性聲明。這些聲明僅反映我們截至今日的觀點，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 filings with the SEC.

這些聲明受到多種風險和不確定因素的影響，可能導致實際結果與預期結果有重大差異。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，請參閱向美國證券交易委員會提交的文件。

All figures will be discussed on a non-GAAP basis, unless otherwise noted. Also, during today's call, we will refer to certain non-GAAP financial measures. 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，所有數據均依非GAAP準則進行討論。此外，在今天的電話會議中，我們將提及一些非GAAP財務指標。本新聞稿中包含了GAAP與非GAAP財務指標的調節表（在合理可行的範圍內）。

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 or our quarterly results. Please be advised that we may or may not continue to provide this additional detail in the future.

最後，在回答各位的問題時，我們有時會在準備好的發言稿中討論一些與通常的演講內容不同的指標，以便更深入地了解我們業務的動態或季度業績。請注意，我們未來可能不會繼續提供這些額外細節。

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

那麼，我把電話交給史蒂芬吧。

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

謝謝你，阿米特。大家下午好。感謝您今天參加我們的電話會議。

Our results in Q2 were solid. Revenue grew 7% sequentially. Bookings increased by 49% sequentially to $86 million. High-value deal activity was particularly strong. We closed 17 agreements over $1 million and 6 agreements over $5 million.

第二季業績穩健。營收季增7%。預訂量較上季成長49%，達到8,600萬美元。高價值交易活動尤為活躍。我們達成了 17 項金額超過 100 萬美元的協議和 6 項金額超過 500 萬美元的協議。

You'll remember that we previously warned that a government shutdown would have an adverse effect on our business. No one could have predicted that the shutdown would last 43 days. However challenging we thought it could be, it was far worse. It created headwinds across our federal business, in both the Department of War and in civilian; and also affected related markets including shipbuilding, healthcare, manufacturing, and industrials.

您應該記得，我們​​之前曾警告過，政府停擺會對我們的業務產生不利影響。誰也無法預料到停擺會持續43天。然而，儘管我們預想的挑戰已經很大了，實際情況卻遠比我們想像的要糟糕得多。它為我們的聯邦業務帶來了不利影響，無論是在戰爭部還是在民用領域；並且還影響了造船、醫療保健、製造業和工業等相關市場。

Despite these headwinds, we delivered a fine quarter. I am proud of the company's execution.

儘管面臨這些不利因素，我們本季業績依然出色。我為公司的執行力感到自豪。

We saw significant traction in the federal business. Total bookings across federal, defense, and aerospace increased by 89% year over year and accounted for 45% of total bookings. We signed new and expansion agreements with the US Department of Health & Human Services, the US Department of War, the US Intelligence community, the US Army, the Naval Air Warfare Center Aircraft Division, the Naval Sea Systems Command, the US Marine Corps, and Los Alamos National Laboratory, among others.

我們在聯邦業務方面取得了顯著進展。聯邦政府、國防和航空航太領域的總預訂量年增 89%，佔總預訂量的 45%。我們與美國衛生與公眾服務部、美國戰爭部、美國情報界、美國陸軍、海軍航空作戰中心飛機部、海軍海上系統司令部、美國海軍陸戰隊和洛斯阿拉莫斯國家實驗室等機構簽署了新的協議和擴展協議。

The federal market continues to be a large growth vector for us. The opportunity there is huge. Across government, agencies are focused on moving away from bespoke government-built solutions and towards commercial off-the-shelf solutions that can deliver production AI quickly and securely.

聯邦市場仍然是我們重要的成長動力。那裡蘊藏著巨大的機會。政府各部門正致力於擺脫客製化的政府自研解決方案，轉而採用能夠快速、安全地交付生產級人工智慧的商業現成解決方案。

Virtually every agency is now re-evaluating its technology stack, executing the administration's AI Action Plan and driving the revitalization of America's industrial base and technology leadership.

現在幾乎每個機構都在重新評估其技術架構，執行政府的人工智慧行動計劃，並推動美國工業基礎和技術領導地位的復興。

For example, this quarter, the Department of Health & Human Services selected C3.ai to establish a unified, secure, and scalable data foundation for enterprise AI. Across the National Institutes of Health and the Centers for Medicare & Medicaid Services, HHS will use the C3 Agentic AI platform to consolidate silo data environments; improve data quality and governance; and enable new research, analytics, and applications, while enforcing strict privacy and security requirements.

例如，本季度，美國衛生與公眾服務部選擇 C3.ai 為企業人工智慧建立統一、安全且可擴展的資料基礎。美國衛生與公眾服務部 (HHS) 將利用 C3 Agentic AI 平台整合國立衛生研究院和醫療保險與醫療補助服務中心的數據孤立環境，提高數據品質和治理水平，並支持新的研究、分析和應用，同時嚴格執行隱私和安全要求。

The department will also use C3 Agentic AI to automate complex, labor-intensive administrative workflows.

該部門還將使用 C3 Agentic AI 來自動化複雜、勞力密集的行政工作流程。

We also significantly expanded our contracts with the US Intelligence Community. For decades, fragmentation in intelligence systems has limited analysts' ability to form a complete operational picture. Intelligence information required by analysts has been historically accessed through siloed legacy applications, where each application is tied to a unique data type and where the source data is fragmented across disparate systems. This data includes signal intelligence, electronic intelligence, human intelligence, imagery intelligence, open source intelligence, and geospatial intelligence.

我們也大幅擴大了與美國情報機構的合約規模。幾十年來，情報系統的分散化限制了分析人員形成完整作戰態勢圖的能力。分析人員所需的情報資訊歷來都是透過孤立的傳統應用程式獲取的，每個應用程式都與一種獨特的資料類型相關聯，而來源資料則分散在不同的系統中。這些資料包括訊號情報、電子情報、人力情報、影像情報、開源情報和地理空間情報。

Using C3 Ai, all types of intelligence contained in those sources are aggregated into a common Generative AI application, providing one pane of glass to all intel analysts. This provides a common application for the analysis of all data source; and, in addition, accounts of the interception and [combinator torques] of all data types across space and time. Importantly, this dramatically facilitates communication and coordination among and across intelligence analysts.

利用 C3 Ai，將這些來源中包含的所有類型的情報聚合到一個通用的生成式人工智慧應用程式中，為所有情報分析師提供一個統一的介面。這為分析所有資料來源提供了一個通用的應用；此外，還描述了所有資料類型在空間和時間上的截獲和[組合扭矩]。重要的是，這極大地促進了情報分析人員之間以及情報分析人員之間的溝通與協調。

Our federal opportunities are further accelerating through our partner ecosystem. Government mandates require our partners to provide solutions as commercial off-the-shelf technology, known as COTS; rather than legacy, custom-built government off-the-shelf solutions, or GOTS.

透過我們的合作夥伴生態系統，我們在聯邦層級的發展機會正在進一步加速。政府指令要求我們的合作夥伴提供現成的商業技術解決方案（COTS），而不是傳統的、客製化的政府現成解決方案（GOTS）。

By enabling our partners to sub-license the applications that they develop using the C3 Agentic AI platform, our federal integration partners are able to easily meet the federal costs mandate. In Q2, Booz Allen, amongst others, joined the C3 Ai Strategic Integrator Program for this exact reason.

透過允許我們的合作夥伴轉授他們使用 C3 Agentic AI 平台開發的應用程式的許可，我們的聯邦整合合作夥伴能夠輕鬆滿足聯邦成本要求。第二季度，博思艾倫等公司正是因為這個原因加入了 C3 Ai 策略整合者計畫。

In the private sector, I'm encouraged by the progress made this quarter, exemplified by the big customer wins with category leading companies including AMD, GSK, Signature Aviation, Air Products, US Steel, Duke Energy, Cargill, BAE Systems, La Poste, Holcim, and more. These winds are with organizations looking to operationalize AI across the core of their businesses, from finance and R&D to production and supply chain.

在私營部門，我對本季的進展感到鼓舞，例如贏得了眾多行業領先公司的大客戶，包括 AMD、GSK、Signature Aviation、Air Products、US Steel、Duke Energy、Cargill、BAE Systems、La Poste、Holcim 等。這些趨勢有利於那些希望在業務核心領域（從財務和研發到生產和供應鏈）實施人工智慧的組織。

GSK is a prime example. They're standardizing on the C3 Agentic AI platform, using it as their enterprise AI operating system across the company to drive critical decisions. After seeing strong results in vaccine demand forecasting accuracy, they're now scaling these benefits enterprise-wide to drive better decisions, greater efficiency, and faster delivery of critical medicines.

葛蘭素史克就是一個典型的例子。他們正在將 C3 Agentic AI 平台標準化，並將其用作公司範圍內的企業級 AI 作業系統，以推動關鍵決策。在疫苗需求預測準確性方面取得了顯著成果後，他們現在正將這些優勢推廣到整個企業，以推動更好的決策、更高的效率和更快的關鍵藥物交付。

Signature Aviation advanced to full production across 20 facilities, after seeing strong results in their IPD or initial production deployment. They operate some of the busiest private aviation facilities in the world, where predicting demand, optimizing aircraft movement, and ramp space utilization is the key to increase revenue and EBITDA. Their teams can instantly adjust and ask operational questions and natural language through C3 Generative AI.

Signature Aviation 在 IPD（初始生產部署）中取得了強勁的成果後，已在 20 個工廠全面投產。他們經營著世界上一些最繁忙的私人航空設施，預測需求、優化飛機移動和停機坪空間利用率是提高收入和 EBITDA 的關鍵。他們的團隊可以透過 C3 生成式人工智慧立即進行調整，並提出操作問題和自然語言問題。

C3 AI has built a formidable partner ecosystem, including with Microsoft, AWS, McKinsey, Baker Hughes, Booz Allen, and more. This ecosystem is operating at increasing scale. We're moving decisively to ensure we realize the full potential of these partnerships.

C3 AI 已建立起強大的合作夥伴生態系統，其中包括微軟、AWS、麥肯錫、貝克休斯、博思艾倫等公司。這個生態系統正以越來越大的規模運作。我們正採取果斷措施，確保充分發揮這些合作關係的潛力。

As an indication of progress, 89% of our bookings in Q2 were closed with and through this partner ecosystem. Our joint 12-month qualified opportunity pipeline with partners grew by 108% year over year.

作為進展的標誌，我們第二季 89% 的訂單都是透過這個合作夥伴生態系統完成的。我們與合作夥伴共同擁有的 12 個月合格商機儲備年增 108%。

The Microsoft partnership is scaling rapidly. We celebrated the first anniversary of our strategic alliance. In that time, we jointly closed more than 100 customer agreements across 17 industries, generating over $130 million in C3.ai bookings. In Q2 alone, we closed 24 joint agreements. The expanded activity contributed to 146% year-over-year increase in joint qualified pipeline.

與微軟的合作關係正在迅速擴大。我們慶祝了策略聯盟成立一周年。在此期間，我們與 17 個行業的 100 多位客戶達成了合作協議，C3.ai 的訂單金額超過 1.3 億美元。光是第二季度，我們就達成了 24 項聯合協議。業務拓展使得聯合合格管道數量年增 146%。

We're also seeing strong activity with AWS, closing nine joint agreements in the quarter and hosting multiple C-suite-level events that helped drive a 172% year-over-year increase in joint qualified pipeline.

我們也看到與 AWS 的合作非常活躍，本季度達成了九項聯合協議，並舉辦了多場高階主管級別的活動，這推動了聯合合格專案儲備同比增長 172%。

Now, turning to products. This quarter, we launched C3 AI Agentic Process Automation. This release materially changes how enterprises will run their operations and expands the scope of what customers can accomplish with our platform.

現在，讓我們來看看產品。本季度，我們推出了 C3 AI 智慧代理流程自動化系統。這次版本更新從根本上改變了企業的營運方式，並擴展了客戶使用我們平台可以實現的功能範圍。

This innovation enables our customers to encapsulate full business and industrial processes through autonomous AI agents. They can describe complex work flows in natural language. The system builds and deploys the resulting AI agent in minutes. This substantially increases our addressable market opportunity, allowing us to serve the entire robotic process automation market with Agentic AI software agents, rather than rigid and deterministic RPA routines.

這項創新使我們的客戶能夠透過自主人工智慧代理來封裝完整的業務和工業流程。他們可以用自然語言描述複雜的工作流程。該系統可在幾分鐘內建置並部署生成的AI代理程式。這大大增加了我們可觸及的市場機會，使我們能夠使用 Agentic AI 軟體代理來服務整個機器人流程自動化市場，而不是使用僵化和確定性的 RPA 例程。

The functional and technical leadership of the C3 Agentic AI platform and its associated applications was recognized as the leading AI software platform in industrial AI by Verdantix, awarding it the highest scores of all vendors, as measured by technical capabilities and market momentum.

C3 Agentic AI 平台及其相關應用的功能和技術領先地位被 Verdantix 認可為工業 AI 領域的領先 AI 軟體平台，Verdantix 根據技術能力和市場勢頭，授予其所有供應商中的最高分。

Having spent the last quarter in non-stop meetings with customers, partners, investors, prospects, and employees, it is clear to me that the opportunity at C3.ai is bigger than I had imagined. The fundamentals of our business are strong: a large and expanding adjustable market, a proven market leading platform with a growing suite of AI native applications, highly satisfied customers, and a leadership team focused on execution.

過去一個季度，我馬不停蹄地與客戶、合作夥伴、投資者、潛在客戶和員工開會，我清楚地認識到，C3.ai 的機會比我想像的要大得多。我們業務的基本面非常強勁：一個龐大且不斷擴大的可定制市場，一個經過驗證的市場領先平台，以及一套不斷增長的 AI 原生應用程序，高度滿意的客戶，以及一支專注於執行的領導團隊。

I've worked closely with my management team to craft a detailed execution plan to return the company to rapid growth and a path towards free cash flow-positive and non-GAAP profitable. To do so, I'm focused on two things:

我與管理團隊緊密合作，制定了詳細的執行計劃，以使公司恢復快速成長，並走上自由現金流為正和非GAAP盈利的道路。為此，我主要關注兩件事：

First, drive sales execution with relentless discipline and focus on delivering rapid economic value to our customers; and to double down on the products and industries where we have demonstrable leadership and success.

首先，要以毫不妥協的紀律和專注來推動銷售執行，為我們的客戶快速創造經濟價值；並且要加倍投入到我們已經展現出領導地位和成功經驗的產品和行業中。

On sales, I'm raising the bar of execution, with sharper qualification and rigorous deal reviews. IPDs remain our primary landing motion. Many of our major wins, including Dow, Holcim, HII, and GSK started IPDs. This continues to be the most efficient and scalable way to introduce customers to our platform and expand enterprise-wide deployments.

在銷售方面，我提高了執行標準，並採用了更嚴格的資格審查和更嚴格的交易審核流程。IPD仍然是我們主要的登陸方式。我們取得的許多重大勝利，包括陶氏化學、Holcim、HII 和 GSK，都啟動了 IPD。這仍然是向客戶介紹我們的平台並擴大企業級部署的最有效、最具可擴展性的方式。

I've implemented a comprehensive program to focus on delivering economic value with every engagement and to elevate both the quality and volume of IPDs with our partners. I've established an exacting execution model to ensure each IPD is set up for success. I am personally driving these reviews and focus on increasing conversions and accelerating production scale-outs.

我實施了一項全面的計劃，旨在透過每一次合作創造經濟價值，並提高與合作夥伴的IPD的品質和數量。我已經建立了一套嚴格的執行模型，以確保每個 IPD 專案都能成功。我親自推動這些評論，並專注於提高轉換率和加速生產規模擴張。

Beyond IPDs, we will prioritize expansions of our strategic [lighthouse] accounts on products.

除了 IPD 之外，我們將優先擴大策略性（標竿性）客戶的產品業務。

On products, I am sharpening the focus by doubling down on areas where we have demonstrable leadership, clear customer success, and the right to win, including industrial asset performance, supply chain optimization, supply network risk, demand forecasting, production optimization, and Generative AI.

在產品方面，我將更加專注於我們擁有明顯領先地位、客戶成功案例明確、並且有實力贏得市場的領域，包括工業資產性能、供應鏈優化、供應鏈風險、需求預測、生產優化和生成式人工智慧。

On vertical markets, I am concentrating our efforts on our fastest-growing sectors: federal, state and local, energy, healthcare, manufacturing, and other select commercial markets where we are best-in-class.

在垂直市場方面，我正專注於發展我們成長最快的產業：聯邦、州和地方政府、能源、醫療保健、製造業以及其他我們處於行業領先地位的特定商業市場。

Enterprise AI is moving from experimentation to full-scale deployment. Customers want to move faster, scale sooner, and embed AI as a core operating capability that delivers measurable economic value. Our platform is built for this moment.

企業人工智慧正從實驗階段走向全面部署。客戶希望加快步伐，更快擴大規模，並將人工智慧融入核心營運能力，創造可衡量的經濟價值。我們的平台正是為這一刻而打造的。

Our product roadmap, including C3 AI Data Fusion, C3 AI Vision, C3 AI [Agentic Everywhere], C3 AI Agetnic Process Automation, and the C3 AI [Developer Hub], will dramatically increase both the speed with which customers can develop and deploy applications; and the rate at which these applications can be broadly deployed across the enterprise.

我們的產品路線圖，包括 C3 AI 資料整合、C3 AI 視覺、C3 AI [Agentic Everywhere]、C3 AI Agentic 流程自動化和 C3 AI [Developer Hub]，將大幅提高客戶開發和部署應用程式的速度，以及這些應用程式在企業內廣泛部署的速度。

As we enter Q3, I've completed an exhaustive and detailed planning process with the C3.ai leadership team. We have crafted a detailed financial model that precisely allocates every human resource; measures and (inaudible) every dollar of expense; and details every revenue source by line of business, by market. I believe the execution of this plan will facilitate a return to growth and provide a clear pathway to cash generation and non-GAAP profitability.

進入第三季度，我已經與 C3.ai 領導團隊完成了詳細的規劃流程。我們精心打造了一個詳細的財務模型，精確分配每項人力資源；衡量並（聽不清楚）每一美元的支出；並按業務線、按市場詳細列出每一項收入來源。我相信該計劃的執行將有助於恢復成長，並為現金流產生和非GAAP獲利能力提供明確的途徑。

I and the extended management team have written clear and precise operational objectives that fully account for the performance of each business unit and their interdependencies, the execution of which will result in the attainment of our financial plan.

我和擴展管理團隊制定了清晰明確的營運目標，充分考慮了每個業務部門的績效及其相互依存關係，這些目標的執行將實現我們的財務計畫。

These company and departmental business objectives, the attainment of which will be measured weekly, have now been assigned across every department to all managers and employees, each of whom have written and published their own respective objectives in our company performance management system. All performance incentives and compensation opportunities for every employee and management are now tied to the attainment of these objectives.

這些公司和部門的業務目標，其完成情況將按週進行衡量，現在已分配給每個部門的所有經理和員工，他們每個人都已在公司績效管理系統中編寫並發布了各自的目標。所有員工和管理階層的績效激勵和薪酬機會現在都與這些目標的實現掛鉤。

We have a clear and attainable financial model, a clearly articulated detailed execution plan. Every manager and every employee understands the resources they have available and the obligations for which they are responsible.

我們擁有清晰可行的財務模型和清晰明確的詳細執行計劃。每位經理和每位員工都清楚自己擁有的資源以及自己應盡的義務。

The market opportunity is huge. The management plan and team is in place. We're focused on heads-down assertive execution, with clear accountability.

市場機會巨大。管理計劃和團隊都已到位。我們專注於腳踏實地、積極主動地執行，並明確責任歸屬。

In closing, I will, again, acknowledge the outstanding efforts of the C3.ai team in attaining fine economic results. I want to thank you for your time.

最後，我要再次感謝 C3.ai 團隊為取得良好的經濟效益所做的傑出努力。感謝您抽出時間。

Now, let me turn it over to our CFO, Hitesh Lath, to provide more specifics on the operating results of the quarter.

現在，讓我把麥克風交給我們的財務長希特什·拉特，讓他詳細介紹一下本季的經營業績。

Thank you, Stephen. I will share our financial results and provide additional color on our business.

謝謝你，史蒂芬。我將分享我們的財務業績，並詳細介紹我們的業務。

All figures are non-GAAP, unless otherwise noted.

除非另有說明，所有數據均為非GAAP數據。

Total revenue for the quarter was $75.1 million, a quarter-over-quarter increase of 7%. Subscription revenue for the quarter was $70.2 million, a quarter-over-quarter increase of 16.5% and representing 93% of total revenue. Revenue from sale of software licenses that do not require maintenance and support services and for which revenue is recognized upon delivery to the customer was $21.9 million during the quarter.

本季總營收為 7,510 萬美元，比上一季成長 7%。本季訂閱營收為 7,020 萬美元，季增 16.5%，佔總營收的 93%。本季度，無需維護和支援服務的軟體授權銷售收入（在交付給客戶時確認收入）為 2,190 萬美元。

Professional Services revenue was $4.9 million; of which, $3.9 million was revenue from prioritized engineering services or PES. Professional Services represented 7% of total revenue during the quarter. Our Subscription and PES revenue, combined, was $74.2 million and accounted for 99% of total revenue.

專業服務收入為 490 萬美元；其中，優先工程服務 (PES) 的收入為 390 萬美元。專業服務收入佔本季總收入的7%。我們的訂閱收入和 PES 收入合計為 7,420 萬美元，佔總收入的 99%。

Our bookings during the quarter were $86.4 million, an increase of 49% from last quarter. Non-GAAP gross profit for the quarter was $40.9 million.

本季我們的預訂額為 8,640 萬美元，比上一季成長了 49%。本季非GAAP毛利為4090萬美元。

Non-GAAP gross margin was 54%. Non-GAAP gross margin for Professional Services was 72%. As compared to fiscal '25, we expect to continue to see moderated gross margins in the near term, primarily due to high mix of IPDs, which carry a greater cost of revenue during the initial production deployment phase; and due to our investments in expanding our support capacity; and lower economies of scale.

非公認會計準則毛利率為54%。專業服務的非GAAP毛利率為72%。與 2025 財年相比，我們預計短期內毛利率將繼續保持溫和水平，這主要是由於 IPD 佔比高，而 IPD 在初始生產部署階段的收入成本較高；以及由於我們投資擴大支持能力；以及規模經濟效益降低。

Non-GAAP operating loss for the quarter was $42.2 million. Non-GAAP net loss for the quarter was $34.8 million and $0.25 per share. We remain focused on expense management and improving operational efficiency without compromising our strategic investments, primarily in the sales and customer services organizations.

本季非GAAP營業虧損為4,220萬美元。本季淨虧損為 3,480 萬美元，每股虧損 0.25 美元。我們將繼續專注於費用管理和提高營運效率，同時不影響我們的策略投資，主要是在銷售和客戶服務部門的投資。

During the quarter, we reduced our non-GAAP expenses by $10.7 million quarter over quarter. This was through a combination of reduction in personnel costs, cloud infrastructure cost, sales and marketing; and through improvements in overall operational efficiency.

本季度，我們的非GAAP支出較上季減少了1,070萬美元。這是透過降低人員成本、雲端基礎設施成本、銷售和行銷成本，以及提高整體營運效率來實現的。

Free cash flow for the quarter was negatiove $46.9 million. We continue to be very well capitalized and closed the quarter with $675 million in cash, cash equivalents, and marketable securities.

本季自由現金流為負 4,690 萬美元。我們資金依然非常充裕，本季末持有現金、現金等價物及有價證券共 6.75 億美元。

During the second quarter, we signed 20 IPDs, including six Gen AI IPDs. At the end of the quarter, we had cumulatively signed 394 IPDs; of which, 269 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.

第二季度，我們簽署了 20 個 IPD，其中包括 6 個 Gen AI IPD。截至本季末，我們累計簽署了 394 份 IPD 協議；其中，269 份仍處於有效狀態。這意味著它們要么處於最初的三到六個月期限內；要么已延長一段時間；要么已轉換為持續訂閱或消費合約；要么目前正在協商轉換為持續訂閱或消費合約。

Now, I'll move on to our guidance for the next quarter. Our revenue guidance for Q3 of fiscal year '26 is $72 million to $80 million.

接下來，我將介紹我們對下一季的業績展望。我們對 2026 財年第三季的營收預期為 7,200 萬美元至 8,000 萬美元。

Our guidance for non-GAAP loss from operations for Q3 is $44 million to $52 million. Our revenue guidance for fiscal year '26 is $289.5 million to $309.5 million.

我們對第三季非GAAP營運虧損的預期為4,400萬美元至5,200萬美元。我們對 2026 財年的營收預期為 2.895 億至 3.095 億美元。

Our guidance for non-GAAP loss from operations for fiscal year '26 is $180.5 million to $210.5 million.

我們對 2026 財年非 GAAP 營運虧損的預期為 1.805 億至 2.105 億美元。

Our guidance for Q3 and fiscal year '26 reflects sequentially higher sales and marketing expenses in Q3 and Q4 due to major marketing events including World Economic Forum and [Transform].

我們對2026財年第三季和全年的業績指引反映了第三季和第四季銷售和行銷費用較上季成長，這主要是由於包括世界經濟論壇在內的重大行銷活動。[轉換]。

\With that, I'd like to turn the call over to the operator to begin the Q&A session. Operator?

接下來，我將把電話交給接線員，開始問答環節。操作員？

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Patrick Walravens, Citizens.

派崔克‧沃爾拉文斯，市民。

Oh. Great. Thank you very much.

哦，太好了。非常感謝。

Stephen, nice job stepping in here and driving the bookings. I thought it might be helpful if you could just take a step back. Two quarters ago, this company was growing in the mid-20%s. The gross margins were closer to [70].

史蒂芬，你做得很好，挺身而出推動了預訂量。我想，如果你能退後一步，或許會有幫助。兩個季度前，這家公司的成長率在20%左右。毛利率接近[70]

Now, the business is shrinking. The gross margins are down. The losses are big.

現在，這項業務正在萎縮。毛利率下降了。損失慘重。

I think some of us understand the set-up that you that you walked into. But if you could just take a minute and explain why the business fell off by so much; and then, the steps you're taking to bring it back, big picture, I think that would be really helpful.

我想我們當中有些人能理解你所處的境地。但是，如果您能花一分鐘時間解釋為什麼業務下滑了這麼多；然後，從整體上講講您正在採取哪些措施來扭轉局面，我認為這將非常有幫助。

Patrick, thank you very much.

派崔克，非常感謝你。

The biggest thing I would say is sales execution -- and Tom hit on this last quarter -- fell off. It was totally unacceptable. Tom would probably acknowledge that his health contributed towards that. So I think he spoke about that at length on the last call. That was attributed towards the poor performance.

我認為最大的問題是銷售執行力下降了——湯姆上個季度也提到了這一點。這完全不可接受。湯姆可能會承認，他的健康狀況是造成這種情況的原因之一。所以我覺得他在最後一次通話中詳細談到了這件事。這被歸咎於糟糕的表現。

But I can say this, being in here for 90 days now, the demand for C3 and enterprise AI is only accelerating. I've been actually surprised, coming in here, at how much bigger the opportunity was than when I first came in.

但我可以肯定地說，在這裡待了90天之後，對C3和企業人工智慧的需求只會加速成長。來到這裡之後，我其實很驚訝地發現，這裡的機會比剛來的時候大得多。

So that the markets there -- the product itself, I've spent countless meetings with customers and prospects and partners. We have a world class product. I hear this. I see it in the NPS scores. But I'm also -- it's seen as --in the amount of economic value we've been delivering. I think that was maybe lost sight of earlier this year.

因此，對於那裡的市場——產品本身，我與客戶、潛在客戶和合作夥伴進行了無數次會面。我們擁有世界一流的產品。我聽到了。我從NPS評分中看到了這一點。但我也認為──從我們所創造的經濟價值來看。我認為今年早些時候人們可能忽略了這一點。

When we actually focus on delivering real value, the actual results come. I think GSK is a great example of that. That started off as an IPD to do, like, demand forecasting accuracy. They saw real value. That converted into an enterprise-wide agreement.

當我們真正專注於創造真正的價值時，實際的結果自然會到來。我認為葛蘭素史克就是一個很好的例子。最初，這是一個IPD項目，目的是提高需求預測的準確性。他們看到了真正的價值。這最終演變成一項企業範圍內的協議。

From my perspective, we need to focus on more of those opportunities; be very disciplined. I can tell you what I'm seeing, going forward: We have the plan in place and the operational rigor to go deliver on this.

依我之見，我們需要更加關注這些機會；要非常自律。我可以告訴你我所看到的，展望未來：我們已經制定了計劃，並且具備了執行這項計劃所需的嚴格操作流程。

The last thing I'll highlight is we have the talent density. I've been part of a lot of great teams. This is the best team I've been a part of, not just pure intelligence but people who truly care about the customer. I see that every day. I hear that from our customers, how much they love not just the technology but the people.

最後我想強調的是，我們擁有很高的人才密度。我曾是許多優秀團隊的一員。這是我加入過的最棒的團隊，他們不僅才華橫溢，而且真正關心客戶。我每天都能看到這種情況。我從客戶那裡聽到這樣的回饋，他們不僅喜歡我們的技術，也喜歡我們的人。

The last thing on my side, I would say, Tom Siebel -- as everyone knows, Tom is a phenomenal businessman, entrepreneur, philanthropist. But he's also been a phenomenal mentor and supporter of mine. So I'll say thank you, Tom. It's been incredible 90 days; and very excited for Q3.

最後，我想說的是湯姆·西貝爾——眾所周知，湯姆是一位傑出的商人、企業家和慈善家。但他同時也是我非常出色的導師和支持者。所以我要說聲謝謝，湯姆。這90天真是太棒了；非常期待第三季。

All right. Fantastic. Just to follow-up -- and I know you're not guiding to it but just, in general, how's your confidence in getting this business back to growth and profitability?

好的。極好的。我再追問一下——我知道你不是在引導這件事，但總的來說，你對讓這家企業恢復成長和獲利有多大信心？

I would say Q2 execution was very strong. It was solid results. I'm confident in the opportunity ahead of us.

我認為第二季的執行情況非常出色。結果令人滿意。我對我們面前的機會充滿信心。

We got to execute that. There's work to be done so I'm not going to say it is easy but I know the market there and the technology can deliver. It's purely, like, I got to drive this business is what you're hearing from me. I believe we have a plan in place to go do so.

我們必須執行這項任務。還有很多工作要做，所以我不會說這很容易，但我了解那裡的市場，而且這項技術能夠實現目標。我的意思就是，我必須掌控這個生意，這就是你從我這裡聽到的。我相信我們已經制定了相應的計劃。

Fair enough. All right. Thank you very much.

很公平。好的。非常感謝。

Mike Cikos, Needham & Company.

Mike Cikos，Needham & Company。

Hey, team. This is Matt Calitri, on for Mike Cikos over at Needham. Thanks for taking our questions.

嘿，團隊成員們。我是 Matt Calitri，現在在 Needham 替 Mike Cikos 為您報道。謝謝您回答我們的問題。

I wanted to start with a with a clarification. Hitesh, you mentioned $21.9 million during the quarter. I forget exactly how you described it but was that from demo licenses? Was that what that was?

我想先做個澄清。Hitesh，你提到本季營收為 2,190 萬美元。我記不清你當時是怎麼描述的了，但那是示範許可證嗎？原來是這樣嗎？

That is correct.

沒錯。

Okay. Great.

好的。偉大的。

And then, sticking on the revenue line, it was quite a big change in mix between Subscription and ProServ. I know you've talked about Professional Services generally staying within 10% to 20% of revenue, long term. Any changes to that outlook? Is there any reason it should stay at these levels or anything to think about there?

然後，從收入方面來看，訂閱和專業服務之間的比例發生了相當大的變化。我知道您曾說過，從長遠來看，專業服務費用通常應保持在收入的 10% 到 20% 之間。這種看法有任何改變嗎？它有什麼理由應該維持在這些水準嗎？或是有什麼需要考慮的因素？

Yeah. I would say, in the long-term, we would expect our ProServ mix to continue to stay between 10% to 20%. Our Professional Services mix this quarter was on the lower side. That was primarily due to lower PES revenue.

是的。從長遠來看，我們預計專業服務業務的比例將繼續保持在 10% 到 20% 之間。本季我們的專業服務業務佔比偏低。這主要是由於PES收入下降所致。

In PES, we sell these prioritized engineering services on an opportunistic basis to some of our large customers. That is we had a lower PES revenue just because of the low demand this quarter. But on a go-forward basis, we would generally expect to be between 10% to 20% ProServ mix, as I mentioned.

在 PES，我們會根據機會向一些大客戶銷售這些優先工程服務。也就是說，本季PES營收下降僅是因為需求低迷。但就未來而言，正如我之前提到的，我們預期 ProServ 的佔比一般會在 10% 到 20% 之間。

Got it. Okay. Thank you.

知道了。好的。謝謝。

And then, maybe on the public sector, pretty strong bookings growth despite some of the the headwinds you guys spoke about. Just wondering what your view is there for the rest of the year, going forward; and and, obviously, any lingering impacts of this extended shutdown.

然後，或許在公共部門方面，儘管你們提到了一些不利因素，但預訂量成長相當強勁。想知道您對今年剩餘時間以及未來發展有何看法；當然，也想知道這次長期停工可能會產生哪些後續影響。

The the strength of the federal business can be a durable growth engine for C3. There's multiple factors. I'm relating my time in government.

聯邦業務的實力可以成為 C3 的持久成長引擎。有很多因素。我將講述我在政府部門工作的經歷。

On the other side of this, there's a big push within the government to buy more commercial off-the-shelf solutions so moving away from government-built. That's one big tailwind.

另一方面，政府內部大力推動購買更多現成的商業解決方案，減少政府自行建造的設備。那可真是個巨大的順風。

The other is this push to drive AI adoption for the AI Action Plan. I think there's -- every single -- almost -- virtually every agency is re-evaluating their AI plan of what solutions are in place. They're doubling down on areas where they can actually get real value.

另一個推動力是推動人工智慧行動計畫中人工智慧的應用。我認為幾乎每個機構都在重新評估其人工智慧計劃以及現有的解決方案。他們正加倍投入到能夠真正創造價值的領域。

I'll say the third big piece is the reindustrialization of such things as the Maritime Industrial Base. These are multiple years of generational changes, in terms of investments, to prepare ourselves.

我認為第三個重要面向是海洋工業基地等方面的再工業化。未來幾年，我們將經歷多年的世代更迭，需要在投資上做好準備。

We are benefiting from all three of those trends: costs focus; the AI Action Plan adoption; and then, reindustrialization of the Maritime Industrial Base.

我們正受惠於這三個趨勢：成本控制；人工智慧行動計畫的實施；以及海事工業基地的再工業化。

[I expect that to continue].

我預計這種情況還會持續下去。

(Operator Instructions)

（操作說明）

Brian Essex, J.P. Morgan.

Brian Essex，摩根大通。

Hi. Good afternoon. Thank you for taking the question.

你好。午安.感謝您回答這個問題。

Stephen, great to see the color that you provided on how you're approaching maybe getting the company back on its feet.

史蒂芬，很高興看到你為如何讓公司重回正軌所提出的見解。

If we think about facilitating a pathway to better growth -- and I think you gave us some nice detail around incentives or initiatives that you've done with the management team to maybe drive accountability -- are there a few more stars that you could point to where you're setting expectations and holding management accountable for delivering better execution, going forward/

如果我們考慮如何促進更好的成長——我認為您已經詳細介紹了您與管理團隊合作採取的激勵措施或舉措，以增強問責制——您能否再重點介紹一下您在哪些方面設定了預期，並要求管理層對未來更好地執行工作負責？

Yeah. Honestly, it's starting on the small things. A big driver of our growth is going to be the IPD motion. That is the most efficient way for us to deliver value to the market and our customers.

是的。說實話，一切都要從小事做起。IPD（個體化產品開發）將成為我們成長的一大驅動力。這是我們為市場和客戶創造價值最有效的方式。

It's the qualification IPDs. It's the rigorous evaluation and setting milestones and working very closely with our customers.

這是資格認證IPD。關鍵在於嚴格的評估、設定里程碑以及與客戶的密切合作。

If I had to say that one thing we need to do better, it's to continue to drive a rigorous evaluation and delivery of value as fast as possible. I find, when we actually deliver economic value quickly, it converts much faster.

如果非要我說我們需要改進的一件事，那就是繼續推進嚴格的評估，並儘快交付價值。我發現，當我們真正快速地創造經濟價值時，轉換速度會快得多。

So I think the direct correlation, you can expect my focus will be on that, going forward.

所以我認為兩者之間有直接關聯，可以預見，我今後的關注重點將集中在這方面。

The technology is there. It's really demonstrating value as fast as possible in these sales cycles. That's my North Star.

技術已經具備了。它確實能夠在銷售週期內盡快展現價值。那是我的北極星。

Are these initiatives tied back to discrete metrics that we can see, like, looking from the outside, whether it's, like, bookings or Subscription revenue? How might we evaluate progress as you execute on your plan over the next number of quarters?

這些舉措是否與我們能夠看到的某些具體指標相關，例如從外部觀察，例如預訂量或訂閱收入？在接下來的幾個季度裡，我們如何評估您執行計劃的進度？

I would say bookings is going to be the leading indicator of how to evaluate C3, as well as the growth in the IPD and production revenue.

我認為預訂量將是評估 C3 的主要指標，IPD 和製作收入的成長也是如此。

Got it. Got it. Super helpful.

知道了。知道了。非常有用。

Thank you so much.

太感謝了。

At this time, I would like to turn the call back to Mr. Ehikian for closing remarks. Please go ahead.

此時，我想把電話轉回埃希基安先生，請他作總結發言。請繼續。

Thank you, all, for joining us today and for your continued engagement.

感謝各位今天蒞臨現場，也感謝大家一直以來的參與。

We appreciate your questions and look forward to updating you on our progress next quarter.

感謝您的提問，我們期待在下個季度向您報告我們的進度。

Thank you.

謝謝。

Thank you all for joining today's conference call. You may now disconnect.

感謝各位參加今天的電話會議。您現在可以斷開連線了。