Executive Overview: C3.ai delivered a solid QQ4 2025 performance, underscored by accelerating top-line growth and a diversified application footprint. Total revenue reached $108.7 million, up 26% year over year, with subscription revenue of $87.3 million (up 9%). The quarter showcased a high mix of recurring revenue, as subscription and prioritized engineering services (PES) combined to $104.4 million, or 96% of revenue, up 22% year over year. Non-GAAP gross profit was $75.2 million (gross margin ~69%), while the non-GAAP operating loss was $31.2 million, within the guided range. Free cash flow was $10.3 million, and the company closed QQ4 with $742.7 million in cash, cash equivalents, and investments. For the full year 2025, total revenue was $389.1 million, up 25% year over year, with subscription revenue of $327.6 million (84% of total revenue), up 18% year over year, marking the eighteenth consecutive quarter with revenue guidance met or exceeded. Management emphasized the ongoing expansion of the partner ecosystem (Microsoft, AWS, Google Cloud, McKinsey Quantum Black, PwC), the Baker Hughes renewal through 2028, and a substantial traction across manufacturing, state and local government, and life sciences. Looking ahead, QQ4 2025 commentary reinforces a strategy centered on scale through partnerships and a growing Agentic AI and Generative AI franchise. The company provided 2026 guidance reflecting a broader range to account for geopolitical and macro risks, with Q1 2026 revenue guidance of $100–$109 million and full-year 2026 guidance of $447.5–$484.5 million; non-GAAP operating loss is expected to widen in the near term as investments persist, with non-GAAP profitability anticipated in the second half of 2027 and free cash flow positive in Q4 2026. Investors should monitor the pace of partner-driven bookings, the maturation of initial production deployments, and the progression toward sustained profitability as the company ramps its AI applications portfolio.