C3.ai

Predictability is below our bar. FY26 revenue fell 36% to 250.3 million; Q1 FY27 revenue was 52.4 million with full‑year FY27 guidance of 210 to 240 million, indicating stabilization at a lower base rather than a compounding trajectory.

RPO decreased to 203.1 million and management highlights long, complex enterprise and federal sales cycles, which reduce visibility. While subscription is 90%+ of quarterly revenue, the shift to initial production deployments and consumption‑like elements introduces variability.

Geographic exposure remains U.S.‑heavy (89% FY26), which reduces diversification.