C3.ai, Inc. posted QQ1 2026 revenue of $70.3 million, down 19% year over year and 35% quarter over quarter, with a heavy emphasis on subscription revenue ($60.3 million, 86% of total) and a material contribution from non-recurring IPD-related activities. Non-GAAP gross margin was 52%, reflecting a higher mix of IPD costs and a reduced share of demonstration licenses, while non-GAAP operating loss widened to $57.8 million and non-GAAP net loss to $49.8 million (EPS -$0.37). The quarter also featured operational leadership changes and a comprehensive restructuring of the sales and services organizations, culminating in the appointment of Stephen Ehigian as CEO and a new Chief Commercial Officer to streamline execution. Management framed these actions as a necessary reset to unlock a substantial long-term opportunity in enterprise AI, supported by a broad IPD pipeline and an expanding partner ecosystem. liquidity remains robust, with total cash and marketable securities of $711.9 million and a remaining cash balance (cash and cash equivalents) of roughly $81.0 million. However, the company withdrew prior guidance and guided only for QQ2 revenue of $72–$80 million and QQ2 non-GAAP operating loss of $49.5–$57.5 million, signaling near-term profitability and growth will depend on the pace of cost discipline, IPD-to-subscription conversions, and the ramp of partner-led demand.