Aslan Research · AI software
C3.ai, Inc. (AI)
Data as of 2026-09-03 · 25 quarters · filed in USD
Expenses reached $739 million against $274 million of trailing-year revenue, while revenue growth was 3% per year versus expense growth of 25% per year. The $203 million backlog equals 0.7x one year of revenue, showing a limited contracted cushion against the cost base.
Earned, collected early, and merely signed
Reports — of debt; has promised $59M
The $59 million of total committed money is entirely tied to leases. That puts the disclosed commitment burden in a narrower category than a broader measure that would also include purchase obligations.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years show $485 million due against $129 million of future revenue promised, a 3.7x gap. The filings therefore show contractual cash demands running well ahead of the revenue already committed to the business.
The rates that matter
Expenses as filed vs after cited reconciliation
14 patterns worth a second look
The sharpest filing flag is related-party exposure: Baker Hughes appears as both a significant revenue source and an equity investor, with sustained revenue and contractual commitments involving that party. The filings also describe future lease obligations and a landlord letter of credit that were not fully reflected in lease liabilities at inception. Other flagged items include a $9.4 million legal-fee award in other income after earlier filings called it contingent, changes to the presentation of Baker Hughes commitments, SEC staff correspondence, and a post-period restructuring plan reported in January 2026.
circular financing · 1
The filings report Baker Hughes as both a significant revenue source and an equity investor in the company.
off balance sheet · 1
The filings report substantial future lease obligations and a landlord letter of credit associated with a lease that was not yet fully reflected in lease liabilities at inception.
one time dressing · 1
The filings report a $9.4 million legal-fee award in other income after earlier filings described the award as contingent.
redefinition · 1
The filings change the presentation and scope of the Baker Hughes commitment from annual fiscal-year amounts to aggregate multi-year commitments.
regulator challenge · 6
A reply to SEC staff was filed on 2020-11-13, answering a staff comment letter dated 2020-11-06; it quotes 11 staff comments.
A reply to SEC staff was filed on 2020-11-20, answering a staff comment letter dated 2020-11-06; it quotes 2 staff comments.
A reply to SEC staff was filed on 2020-11-30, answering a staff comment letter dated 2020-11-24; it quotes 0 staff comments.
+ 3 more
related party exposure · 1
The filings show sustained concentration of revenue and contractual commitments with Baker Hughes, a related party.
subsequent event · 2
The January 2026 filing reports a post-period restructuring plan that materially recontextualizes the period ended January 31, 2026.
The FY2026 filing reports a post-period jury verdict awarding $23.3 million that was not recognized in fiscal 2026 and was not guaranteed to be collected.
vanishing item · 1
The Baker Hughes minimum-commitment schedule reported in the FY2021–FY2023 filings is not carried forward in the later catalog entries after the FY2024 filing.