C3.ai (NYSE:AI) shares are trading 3.8% higher in pre-open Monday after the company issued a positive business update.
C3.ai said preliminary revenue for its fiscal fourth quarter should be $72.1-72.4 million, ahead of the consensus at $71.1M. The adjusted operating loss is expected in the range of $23.7-23.9M.
As a result, full-year revenue should come in between $266.5-266.8M, up from the previously expected $264-266M forecast.
“Overall business environment for enterprise AI is more active than we have seen since the company’s inception and seems to be accelerating. Interest in applying predictive analytics to business processes has never been greater. This manifested in significantly increased business activity at C3 AI. During the quarter we closed 43 deals, including 19 pilots that were initiated in Q4 FY 23,” the company said in a press release.
C3.ai reaffirmed its guidance that it expects to achieve non-GAAP profitability by the end of fiscal year 2024, ending April 30, 2024.
“As we began the fiscal year on May 1, the company has never been better positioned,” said Thomas M. Siebel, C3.ai CEO.
“I believe we now have broad consensus that the addressable market for Enterprise AI is extraordinarily large.”