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C3.AI, Inc., (AI) a leading provider of enterprise AI software, has announced its financial results for the fiscal year ended April 30, 2023. The company reported a net loss of $268.8 million for the year, compared to a net loss of $192.1 million in the previous fiscal year. However, C3.AI experienced an increase in revenue, which reached $266.8 million, up from $252.8 million in the previous year.
C3.AI recorded a net loss of $268.8 million in fiscal year 2023, reflecting a wider loss compared to the previous fiscal year. The company faced increased operating expenses, including sales and marketing, research and development, and general and administrative costs. These expenses amounted to $470.9 million, up from $385.2 million in the previous year. The higher expenses contributed to the company's overall net loss.
C3.AI experienced growth in its revenue for fiscal year 2023. The company reported total revenue of $266.8 million, an increase from $252.8 million in the previous fiscal year. The growth in revenue can be attributed to an increase in subscription revenue, which reached $230.4 million, up from $206.9 million in the previous year. Additionally, professional services revenue amounted to $36.4 million, compared to $45.8 million in the previous year.
C3.AI's financial performance was influenced by its operating expenses during fiscal year 2023. The company incurred significant costs related to sales and marketing activities, with expenses reaching $183.1 million, up from $173.6 million in the previous fiscal year. Research and development expenses also increased to $210.7 million, compared to $150.5 million in the previous year. General and administrative expenses amounted to $77.2 million, up from $61.0 million in the previous fiscal year. These operating expenses contributed to the company's loss from operations of $290.5 million.
Despite the net loss and increased operating expenses, C3.AI remains committed to its mission of providing advanced AI solutions to enterprises across various industries. The company continues to invest in research and development to enhance its products and expand its customer base.
C3.AI's consolidated balance sheets as of April 30, 2023, showed total assets of $1.1 billion and total liabilities of $173.4 million. The company's stockholders' equity amounted to $929.7 million. With a strong focus on innovation and customer satisfaction, C3.AI aims to navigate the competitive landscape and seize growth opportunities in the rapidly evolving AI market.