C3.ai Inc shares jumped 23% to $23.82 on Monday after the artificial intelligence (AI) software company posted better-than-expected preliminary fourth quarter 2023 financial results, while also boosting its outlook citing interest in applying predictive analytics “has never been greater”.
C3.ai said it expects total revenue for its 4Q of $72.1 million to $72.4 million, exceeding its own guidance, while anticipating an adjusted operating loss of $23.7 million to $23.9 million, an improvement on previous expectations of a $24 million to $28 million deficit.
Its final 4Q and full-year 2023 financial results are expected to be posted at the end of May.
The company also stated that “the number of qualified enterprise opportunities for closure within 12 months in our sales pipeline has increased by over 100% in the past year.”
C3.ai added that it expects to generate $18.0 million to $19.4 million in free cash flow from business operations in 4Q, while ending the year with more than $800 million in cash, cash equivalents and investments.
As well, the company said it continues on track with its path to profitability, with the goal of achieving a non-GAAP profitable business by the end of fiscal year 2024, ending April 30, 2024.
Shares of C3.ai have soared more than 118% year to date.
Contact Sean at sean@proactiveinvestors.com