Yahoo Finance C3.ais (AI) New ESG Application to Boost Companies' Performance
C3.ai AI recently launched a C3 AI ESG application that will help companies to improve their ESG (environmental, social and governance) performance.
The solution will enable enterprises to integrate data from all their ERP, supplier, customer and manufacturing systems and provide comprehensive Scope 1, Scope 2 and Scope 3 ESG reporting in compliance with reporting standards.
The new ESG application will help companies reduce the time required to gather, manage and analyze disparate ESG data, and allow them to identify ESG risks, capture opportunities and accelerate initiatives to meet their ESG goals.
C3.ai Benefits from a Strong Partner Base
Along with ESG, C3.ai has been focused on improving its CRM product. The company is piloting the new C3 AI CRM product with a large professional services company, industrial products company and a fintech company.
C3.ai has been expanding its services through various partnerships.
The company signed 31 customer contracts in the first quarter of 2023 with an average total contract value of $1.4 million, which represents a 29% increase in contracts year over year.
Among these 31 contracts, 16 were jointly sold by C3.ai with Microsoft MSFT. Microsoft also funded C3.ai trials to accelerate new customer acquisitions.
It also recently partnered with Alphabet’s GOOGL Google Cloud to extend its joint go-to-market strategy and customer pilot programs with Fortune 2000 companies. The companies will also co-develop new AI-driven applications powered by Google Cloud’s Vertex AI, machine learning (ML) capabilities and data analytics services.
Moreover, C3.ai witnessed increased joint-selling activity with Amazon’s AMZN AWS. The momentum is expected to continue in fiscal 2023 and beyond. The Amazon cloud arm remains C3.ai’s largest installed base with approximately 56% of the latter’s customers running on the AWS cloud.
C3.ai is working on expanding and scaling efforts to improve aircraft readiness at the U.S. Air Force Rapid Sustainment office. The company has been awarded $100 million and $500 million ATO contract vehicles to expand this AI predictive maintenance application across many additional aircraft platforms.
However, C3.ai’s shares have declined 52.9% year to date compared with the Zacks Computer & Technology sector’s decline of 26.2%. This Zacks Rank #3 (Hold) company is suffering due to a challenging macroeconomic environment that has affected customer purchasing behavior.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Despite this, C3.ai’s strong partner base with Microsoft, Amazon, Google, Baker Hughes and Accenture will help the company win customers in the long haul.
The company’s total revenues are expected to be in the range of $60-$62 million for the second quarter of 2023 and $255-$270 million for the entire fiscal year.
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