C3.ai, Inc.

Enterprise-AI vendor with collapsing revenue, enormous losses, and heavy cash burn.

Strengths

• Large cash reserves — current ratio 6.64 (94th)

Risks

• Massive operating losses — operating margin -199.2%, net margin -187.9%
• Revenue declining — -35.7% (1st)
• Heavy cash burn — FCF -$192.1M, FCF margin -76.8%

Notable findings

• High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
• Net lossNet loss (net margin -187.9%)
• Cash burnNegative free cash flow (-192.1M)
• Customer concentration~91% of revenue from one customer/distributor — 71 Table of Contents How We Generate Revenue We generate revenue primarily from the sale of subscriptions, which accounted for 91%, 84% and 90% of our total revenue in the fiscal years ended A
• Exec changeRecent 8-K item 5.02 8-K ↗
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• Strong balance sheetStrong balance sheet — $575M cash & investments, ~12 quarters of runway
• Insider buyingInsider buying — 2 open-market buy(s) by 1 insider(s) (~$302,300, last 6mo) Form 4 ↗
• New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
• Insider sellingInsider selling — 21 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$37M, last 6mo) Form 4 ↗
• Notable holderHeld by 5 notable fund(s): GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC, STATE STREET CORP +2 more (as of 2026-03-31)