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年報 年度報告 10-K 2026-06-24

阿靈頓資產投資公司提交10-K年度報告 虧損持續 收入依賴少數大型客戶

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AI 繁中摘要

C3.ai, Inc.(紐約證券交易所代碼:AI)於2026年6月提交截至2026年4月30日財政年度的10-K年度報告。該公司專注於企業AI應用軟件,提供包括C3 Agentic AI平台、C3 AI應用、C3 Generative AI及C3 Code在內的一系列產品,旨在幫助企業快速開發、部署及營運大規模AI應用。 **業績重點:** - 報告顯示,C3.ai仍然處於虧損狀態,管理層預期營運開支將持續增加,短期內未必能實現盈利。🔴 - 收入高度依賴少數大型客戶,若客戶未能續約或關係受損,將嚴重影響營收及未來表現。⚠️ - 銷售週期長且不可預測,尤其是大型訂單,需投入大量時間與資源。 - 公司正透過與Microsoft、AWS、Google Cloud、McKinsey、Baker Hughes等夥伴的生態系統擴展市場覆蓋,並已與美國國防部、能源業及製造業等機構建立合作。 **產品與技術:** - C3 Agentic AI平台採用專利模型驅動架構,能大幅縮減應用開發時間(號稱比從零開發快約25倍)。 - C3 Generative AI結合大型語言模型與檢索增強生成(RAG)技術,提供可追溯來源的企業級對話式AI,並支援逾130種語言。 - C3 Code是其最新產品,允許用戶以自然語言描述需求,由多個AI代理自動產生生產級別的企業AI應用,數小時內即可完成。 - 公司強調其平台為雲端中立(支援Azure、AWS、GCP及本地部署),避免客戶被單一雲端供應商鎖定。 **管理層展望:** - 管理層相信,隨着企業AI市場持續增長,其專利技術、合作夥伴網絡及產品創新(尤其是C3 Code)將帶動未來收入增長。📈 - 但同時提醒,宏觀經濟不確定性、激烈競爭、技術快速迭代以及監管變化(包括AI相關法規)均構成重大風險。 - 公司已實施重組計劃,包括全球裁員,以精簡營運並控制成本。 **對投資者的潛在影響:** - 短期內,C3.ai仍處於投資階段,虧損可能持續,股價波動性較高。⚡ - 長期增長取決於能否將初期部署(IPD)轉化為長期生產合約、擴大客戶基礎及提升平台採用率。 - 合作夥伴生態系統(尤其是Microsoft及AWS)的銷售成效、政府合約的穩定性,以及C3 Code等新產品的市場接受度,將是關鍵觀察指標。 - 股東需注意雙重股權結構(B類股持有絕大多數投票權),管理層對公司事務有極大控制權。 總結而言,C3.ai在企業AI領域具備技術優勢及強大夥伴網絡,但盈利能力尚未實現,且面臨客戶集中、競爭加劇及營運虧損等多項風險。投資者應密切關注其現金消耗率、新客戶增長及合作夥伴帶動的收入貢獻。
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended April 30, 2026
OR

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________
Commission File Number: 001-39744
C3.ai, Inc.
(Exact name of registrant as specified in its charter)

Delaware
26-3999357

(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

1400 Seaport Blvd
Redwood City,CA94063

(Address of principal executive offices)
(Zip code)

Registrant's telephone number, including area code: (650) 503-2200 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered

Class A Common Stock, par value $0.001 per share
AI
New York Stock Exchange

Securities registered pursuant to section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☒    No  ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.     Yes  ☐   No  ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.         Yes  ☒   No  ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒   No  ☐ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
☒
Accelerated filer
☐

Non-accelerated filer
☐
Smaller reporting company
☐

Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes   ☐     No  ☒
The aggregate market value of voting stock held by non-affiliates of the registrant on October 31, 2025 (the last business day of the registrant’s fiscal second quarter), based on the closing price of $17.58 for shares of the registrant’s Class A common stock as reported by the New York Stock Exchange, was approximately $1.2 billion.
As of June 10, 2026, the registrant had outstanding 151,949,285 shares of Class A common stock and 3,499,992 shares of Class B common stock.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement relating to its 2026 annual meeting of shareholders (the “2026 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2026 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended April 30, 2026.

1

Table of Contents

TABLE OF CONTENTS

Page
Special Note Regarding Forward-Looking Statements

Selected Risks Affecting Our Business

Part I.

Item 1.
Business
8

Item 1A.
Risk Factors
26

Item 1B.
Unresolved Staff Comments
66

Item 1C.
Cybersecurity
66

Item 2.
Properties
68

Item 3.
Legal Proceedings
68

Item 4.
Mine Safety Disclosures
68

Part II

Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
69

Item 6.
[Reserved]
70

Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
71

Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
87

Item 8.
Financial Statements and Supplementary Data
88

Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
128

Item 9A.
Controls and Procedures
128

Item 9B.
Other Information
130

Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
130

Part III

Item 10. 
Directors, Executive Officers and Corporate Governance
131

Item 11.
Executive Compensation
131

Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
131

Item 13.
Certain Relationships and Related Transactions, and Director Independence
131

Item 14.
Principal Accounting Fees and Services
131

Part IV

Item 15.
Exhibits and Financial Statement Schedules
132

Item 16.
Form 10-K Summary
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Signatures

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Annual Report on Form 10-K, including statements regarding our future results of operations or financial condition, business strategy, plans and objectives of management for future operations, and the benefits and timing of the rollout of new technology, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:
•our expectations regarding our revenue, expenses, and other operating results, including statements relating to the portion of our remaining performance obligations that we expect to be recognized as revenue in future periods;
•our future financial performance, including expectations regarding our stock-based compensation;
•our ability to acquire new customers and successfully retain existing customers;
•our expectations regarding our tax obligations and the realization of our U.S. and foreign deferred tax assets;
•our ability to increase usage of our C3 AI Software (as defined herein), which includes our C3 Agentic AI Platform, C3 AI Applications and C3 Generative AI;
•our ability to achieve or sustain profitability;
•future investments in our business, our anticipated capital expenditures, and our estimates regarding our capital requirements;
•our ability to successfully defend litigation brought against us;
•the impact of, and our ability to comply with, modified or new industry standards, laws and regulations applying to our business;
•the costs and success of our sales and marketing efforts, and our ability to promote our brand;
•our growth strategies for our C3 AI Software;
•our expectations regarding our C3 AI Software;
•the estimated addressable market opportunity for our C3 AI Software;
•the expected timing of our product releases;
•our expectations regarding our pricing model;
•our expectations regarding customer engagement;
•our expectations regarding our partner ecosystem;
•our utilization of third parties;
•our reliance on key personnel and our ability to identify, recruit, and retain skilled personnel;
•our expectations regarding our future financial performance in connection with our recent CEO transition;
•our ability to effectively manage our growth, including any international expansion;
•our expectations related to our announced reduction in global workforce, restructuring plan, and anticipated costs;
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•our ability to protect our intellectual property rights and any costs associated therewith;
•the effects of macroeconomic uncertainties;
•our ability to compete effectively with existing competitors and new market entrants; and
•the growth rates of the markets in which we compete.
You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Annual Report on Form 10-K primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled “Risk Factors” contained in Part I, Item 1A of this Annual Report on Form 10-K and those elsewhere in this Annual Report on Form 10-K. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Annual Report on Form 10-K. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. 
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Annual Report on Form 10-K. While we believe that such information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
The forward-looking statements made in this Annual Report on Form 10-K relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Annual Report on Form 10-K to reflect events or circumstances after the date of this Annual Report on Form 10-K or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.

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SELECTED RISKS AFFECTING OUR BUSINESS
Investing in our Class A common stock involves numerous risks, including the risks described in the section titled “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K. Below is a summary of some of the risks and uncertainties as of the date of the filing of this Annual Report on Form 10-K, any one of which could materially adversely affect our business, financial condition, operating results, and prospects. You should read this summary together with the more detailed description of each risk factor contained below.
Risks Related to Our Business and Our Industry 
•We have a history of losses, we anticipate our operating expenses will continue to increase, and we may not be able to achieve or maintain profitability in the future.
•Historically, a limited number of customers have accounted for a substantial portion of our revenue. If existing customers do not renew their contracts with us, or if our relationships with our largest customers are impaired or terminated, our revenue and remaining performance obligations could decline, and our results of operations would be adversely impacted.
•Our business depends on our ability to attract new customers and on our existing customers purchasing additional subscriptions from us and renewing their existing subscriptions.
•If we fail to respond to rapid technological changes, extend our C3 AI Software, or develop new features and functionality, our ability to remain competitive could be impaired.
•Sales to government entities and highly regulated organizations are subject to a number of challenges and risks, including U.S. federal government shutdowns.
•Because we derive substantially all of our revenue from subscriptions to our C3 AI Software and Center of Excellence support services, failure of Enterprise AI solutions in general and our C3 AI Software in particular to satisfy customer demands or to achieve increased market acceptance would adversely affect our business, results of operations, financial condition, and growth prospects.
•Issues raised by the use of artificial intelligence (AI), including machine learning (ML), in our C3 Agentic AI Platform may result in reputational harm or liability or otherwise adversely affect our business, financial condition and results of operations.
•Our current C3 AI Software, as well as applications, features, and functionality that we may introduce in the future, may not be widely accepted by our customers, may receive negative attention or may require us to compensate or reimburse third parties, any of which may lower our margins and harm our business.
•We face intense competition and could lose market share to our competitors, which could adversely affect our business, financial condition and results of operations.
•Our sales cycles can be long and unpredictable, particularly with respect to large subscriptions, and our sales efforts require considerable time and expense.
•Changes in our subscription or pricing models could adversely affect our operating results.
•Our revenue depends in part on the success of our strategic relationships with third parties, including channel partners, and if we are unable to establish and maintain successful relationships with them, our business, operating results, and financial condition could be adversely affected.
•If the market for our C3 AI Software fails to grow as we expect, or if businesses fail to adopt our C3 AI Software, our business, operating results, and financial condition could be adversely affected.
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•Our ability to retain key members of our senior management may impact the successful execution of our business strategy.
•We may not successfully execute or achieve the expected benefits of our restructuring plan and other measures we may take in the future, and our efforts may adversely affect our business.
•The failure to effectively develop and invest in our marketing and sales capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our C3 AI Software.
•If we fail to develop, maintain, and enhance our brand and reputation cost-effectively, our business and financial condition may be adversely affected.
•If we are unable to ensure that our C3 AI Software interoperates with a variety of software applications that are developed by others, including our partners, we may become less competitive and our business may be harmed.
•Our ability to sell subscriptions to our C3 AI Software could be harmed by real or perceived material defects or errors in our C3 AI Software.
•The failure to attract and retain additional qualified personnel or to maintain our company culture could harm our business and prevent us from executing our business strategy.
•Our annual and quarterly results and key metrics are likely to fluctuate significantly and may not fully reflect the underlying performance of our business.
•Our performance metrics and certain operational data may not provide an accurate indication of our future or expected results.
•We generally recognize revenue from subscriptions to our C3 AI Software over the terms of such subscriptions. Consequently, increases or decreases in new sales may not be immediately reflected in our results of operations and may be difficult to discern.
•If we fail to meet our service-level commitments under our customer agreements, we could be obligated to provide credits or face contract terminations, which could adversely affect our revenue, reputation, results of operations.
•The terms and conditions of certain multi-year, non-cancellable agreements could result in significant payments or penalties that could have a material adverse effect on our business, financial condition, and results of operations.
•We and the third parties with whom we work are subject to stringent and evolving U.S. and foreign laws, regulations and rules, contractual obligations, industry standards, policies, self-regulatory schemes, standards and other obligations related to data privacy and security. Our actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions, litigation (including class claims) and mass arbitration demands, as well as potential fines and penalties, disruptions of our business operations, reputational harm; loss of revenue or profits, loss of customers or sales, and other adverse business consequences.
•If our information technology systems or data, or those of third parties with whom we work, are or were compromised, we could experience adverse consequences resulting from such compromise, including, but not limited to, regulatory investigations or actions; litigation; fines and penalties; disruptions of our business 
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operations; reputational harm; loss of revenue or profits; loss of customers or sales; and other adverse consequences.
Risks Related to Our International Operations
•We are continuing to invest in our operations outside the United States, where we may be subject to increased business and economic risks that could harm our business.
•We are subject to governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we are not in compliance with applicable laws.
Risks Related to Taxes
•We may have exposure to greater than anticipated tax liabilities, which could harm our business.
Risks Related to Our Intellectual Property
•We are currently, and may be in the future, party to intellectual property rights claims and other litigation matters, which, if resolved adversely, could harm our business.
•Our failure to protect our intellectual property rights and proprietary information could diminish our brand and other intangible assets.
•Our use of third-party open-source software could negatively affect our ability to offer and sell subscriptions to our C3 AI Software and subject us to possible litigation.
Risks Related to Ownership of Our Class A Common Stock 
•The trading price of our Class A common stock may be volatile, and you could lose all or part of your investment.
•The dual class structure of our common stock has the effect of concentrating voting control with the holders of our Class B common stock, limiting your ability to influence corporate matters.
•Provisions in our constituent documents and Delaware law may prevent or frustrate attempts by our stockholders to change our management or hinder efforts to acquire a controlling interest in us, and the market price of our Class A common stock may be lower as a result.
General Risks
•If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.
•Changes in accounting standards and subjective assumptions, estimates and judgments by management related to complex accounting matters could adversely affect our financial results or financial condition.
•Our business could be disrupted by catastrophic events.

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PART I

ITEM 1. BUSINESS
Overview 
C3 AI is the Enterprise AI application software company. C3 AI delivers a family of fully integrated products including the C3 Agentic AI Platform, an end-to-end platform for developing, deploying, and operating Enterprise AI applications; C3 AI Applications, a portfolio of industry-specific Enterprise AI applications that enable the digital transformation of organizations globally; and C3 Generative AI, a library of agentic AI applications to retrieve data, analyze information, surface insights, and orchestrate workflows to drive business value.
The C3 Agentic AI Platform and C3 AI Applications — built with our patented model-driven architecture — enable organizations to simplify and accelerate Enterprise AI application development, deployment, and administration. Our C3 AI software platform also enables developers to rapidly build applications without having to write complex, lengthy, structured programming code to define, control, and integrate the many requisite data and microservices components to work together; we significantly reduce the effort and complexity of the Enterprise AI software engineering problem.
Powered by C3 AI’s patented agent orchestration technology, C3 Generative AI enables autonomous agents to reflect, collaborate, and execute complex workflows — retrieving data, analyzing information, and delivering precise, actionable insights for high-value enterprise use cases across industries. C3 Generative AI delivers high-accuracy, domain-specific insights, and advanced reasoning across disparate enterprise and external data sources. C3 Generative AI is built natively into the C3 Agentic AI Platform and available with every C3 AI Application.
Enterprise AI Software Solutions
We have built a solution that enables our customers to rapidly develop, deploy, and operate large-scale Enterprise AI applications. Customers can deploy C3 AI software on major public cloud infrastructures, private cloud or hybrid environments, or directly on their servers and processors. We provide our customers and partners with an antidote to AI vendor lock-in.
We have five core product areas, which we collectively refer to as our “C3 AI Software”:
•The C3 Agentic AI Platform, our core technology, is a comprehensive, end-to-end application development and runtime environment that is designed to allow our customers to rapidly design, develop, and deploy Enterprise AI applications. The C3 Agentic AI Platform enables the creation of enterprise-grade AI agents that can autonomously perceive data, reason over complex systems, and take action to achieve defined business goals. These agents operate within secure, governed workflows and integrate seamlessly across the enterprise, delivering trusted, high-impact outcomes at scale.
•C3 AI Studio, is the integrated development environment in the C3 Agentic AI Platform that enables engineers, data scientists, and increasingly business analysts, to design, build, test, and deploy AI applications.
•C3 AI Applications, built using the C3 Agentic AI Platform, is a portfolio of pre-built, extensible, industry-specific and application-specific SaaS Enterprise AI applications that can be rapidly installed and deployed. 
•C3 Generative AI, combines the utility of LLMs, agentic AI, generative AI, reinforcement learning, natural language processing, and the C3 Agentic AI Platform to reflect, collaborate, and execute complex workflows.
•C3 Code, enables users to build, configure, and deploy a complete, production-grade Enterprise AI applications automatically — including data pipelines, AI models, business logic, security controls, and user interfaces — using natural language instructions. C3 Code orchestrates multiple AI agents working in parallel against an organization's enterprise data, designed to significantly reduce the time and specialized resources required to develop and deploy enterprise AI applications.

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How the Products Work Together
•The C3 Agentic AI Platform is the infrastructure layer; all other products run on it and inherit its security, scalability, and data integration.
•C3 AI Studio is the creation layer where engineers and analysts build, customize, and maintain applications.
•C3 Code is the acceleration layer that replaces large amounts of manual work in Studio with automatically generated applications.
•C3 AI Applications are the ready-made solutions layer, encoding C3.ai's accumulated 15 years of domain knowledge.
•C3 Generative AI is the access layer — protected by our awarded AI Agents patent — letting any employee extract value from all the layers.
Together, these five layers represent C3.ai's answer to the central challenge of Enterprise AI: how a large organization moves from raw data to reliable, governed, scalable AI applications that improve business outcomes — quickly, safely, and without building from scratch.
C3 Agentic AI Platform
C3 Agentic AI Platform is the core technology on which every C3 AI product runs — a Platform-as-a-Service analogous to the operating system of a smartphone: every application depends on it, but most users never see it directly. Its central innovation is the patented C3 AI Type System, a model-driven architecture. Rather than writing custom code to connect each enterprise data source, a developer describes the business objects they care about — an Asset, an Alert, a Work Order — and the platform generates all the integration plumbing automatically. We measure this to reduce application development time by roughly 25× versus building from scratch.
The C3 Agentic AI Platform uses a patented model-driven architecture to accelerate delivery and reduce the complexities of developing Enterprise AI applications. The C3 AI model-driven architecture provides an “abstraction layer,” that allows developers to build Enterprise AI applications by using conceptual models of all the elements an application requires, instead of writing lengthy code. We believe this provides significant benefits, including:
Scale AI Across the Business. Customers can use AI applications and models that optimize processes for every product, asset, customer, or transaction across all regions and businesses;
Deliver Results