Aslan Research · AI software
C3.ai, Inc. (AI)
Data as of 2026-08-21 · 25 quarters · filed in USD
Expenses reached $667 million against $250 million of trailing-year revenue, while revenue growth was 6% per year and expense growth was 35% per year. Backlog of $203 million equals 0.8x one year of revenue, so it covers less than a full year at that pace.
Earned, collected early, and merely signed
Reports — of debt; has promised $120M
Total committed money is $120 million, including $59 million for leases. That committed amount captures lease obligations and other commitments beyond reported debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years bring $445 million of obligations against $254 million of revenue promised for the same period. The gap is reflected in a due-to-promised-revenue ratio of 1.8x.
The rates that matter
Expenses as filed vs after cited reconciliation
6 patterns worth a second look
The sharpest flag is the related-party exposure: Baker Hughes commitments, recognized revenue, receivables and commissions appear alongside a $24.5 million CEO note receivable financing transaction. A not-yet-commenced Redwood City lease included future rent, tenant improvements and a letter of credit before all phases were recorded as lease liabilities. Other flags include a $9.4 million FY2022 legal-fee award in other income and a $23.3 million post-year-end jury award that was not recognized at year-end.
circular financing · 1
The filings report a related-party customer relationship with material commitments and revenue, while also reporting a $24.5 million CEO note receivable financing transaction.
off balance sheet · 1
The filings report a not-yet-commenced Redwood City lease with significant future rent, tenant improvements and a letter of credit before all phases were recorded as lease liabilities.
one time dressing · 1
The FY2022 filing reports a $9.4 million legal-fee award in other income, a non-operating item presented alongside period performance.
redefinition · 1
The Baker Hughes commitment presentation changed from annual commitments to a transaction-price revision and later historical commitment disclosures.
related party exposure · 1
The filings report substantial revenue commitments, recognized revenue, receivables and commissions involving Baker Hughes, a related party.
subsequent event · 1
The FY2026 filing reports a $23.3 million jury award after year-end that had not been recognized at year-end.