Investing -- C3.ai (NYSE:AI) reported Wednesday better-than-feared fiscal first quarter results, but software maker now sees wider annual losses and said it no longer expected to be profitable in Q4 as it looks to ramp-up investments in generative AI solutions.
C3.ai fell 2% in afterhours trading following the report.
The AI software maker reported an adjusted loss of $0.09 on revenue of $72.4 million, topping estimates for a loss of $0.17 on revenue of $71.56M.
In Q1, the company closed 20 agreements, with 60% of its business closed with and through its C3 AI partner network.
Looking ahead to fiscal 2024, the company now expects an adjusted loss in a range of $70M to $100M on revenue of $295M to $320.0M. That compared with prior estimates for a loss of $50M to $75M on revenue of $295M to $320M.
For fiscal Q2, adjusted losses from operations were guided in a range of $27M to $40M on revenue of between $72M to $76.5M. Analysts were forecasting Q2 revenue of $73.8M.
"While we still expect to be cash positive in Q4 FY 24 and in FY 25, we will be investing in our Generative AI solutions and at this time do not expect to be non-GAAP profitable in Q4 FY 24," the company said Wednesday in its earnings report.