AI Q2 2026 Earnings Presentation

Page 1

Investor SupplementalFY26-Q2December 3, 2025

Page 2

© 2025C3.ai Inc. All Rights Reserved. Disclaimer 2 This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements regarding our market leadership position, anticipated benefits from our partnerships, our financial outlook for the third quarter of fiscal 2026 and full 2026 fiscal year, our ability to accelerate going forward, our ability to return to growth and to achieve cash generation and non-GAAP profitability, our sales and customer opportunity pipeline, including continued growth in the Federal market, the expected benefits of our offerings (including the potential benefits of our C3 Generative AI offerings), the expectations for our C3 AI Agentic Process Automation, and our business strategies, plans, and objectives for future operations. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including our history of losses and ability to achieve and maintain profitability in the future, our historic dependence on a limited number of existing customers that account for a substantial portion of our revenue, our ability to attract new customers and retain existing customers, the ability of our restructured global sales and services organization to achieve desired productivity levels in a reasonable period of time, the impact of the transition of our Chief Executive Officer role, the continued involvement of our Executive Chairman and our ability to retain key members of our senior management, market awareness and acceptance of enterprise AI solutions in general and our products in particular, the length and unpredictability of our sales cycles and the time and expense required for our sales efforts. Some of these risks are described in greater detail in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended April 30, 2025, our Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2025, and other filings and reports we make with the Securities and Exchange Commission from time to time, including, when available, our Quarterly Report on Form 10-Q that will be filed for the fiscal quarter ended October 31, 2025, although new and unanticipated risks may arise. The future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Except to the extent required by law, we do not undertake to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry.This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates.Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation.In addition, projections, assumptions, and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk.In addition to the financials presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation includes non-GAAP financial information.We believe that non-GAAP financial information, when taken collectively with financial information presented in accordance with GAAP, may be helpful to investors because it provides consistency and comparability with past financial performance.There are a number of limitations related to the use of non-GAAP financial metrics versus their nearest GAAP equivalents.For example, other companies may calculate non-GAAP metrics differently or may use other metrics to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial metrics as tools for comparison.We urge you to review the non-GAAP financial information with the financial information presented in accordance with GAAP, and not to rely on any single financial measure to evaluate our business.

Page 3

Page 4

Page 5

© 2025C3.ai Inc. All Rights Reserved. #1 out of 19 vendors across technical capabilities & market momentumRecognized leader in predictive maintenance and supply chain analytics C3 AI Named Leader in Industrial AI Analytics 5 “Predictive maintenance is a standout: C3 AI scored the highest among all vendors…blends time-series ML with physics and LLM-assisted triage to generate risk scores, remaining useful life, and failure probabilities.”— Verdantix Green Quadrant: Industrial AI Analytics Software (2025) © 2025C3.ai Inc. All Rights Reserved.

Page 6

© 2025C3.ai Inc. All Rights Reserved. FY26-Q2 C3 AI Partner Model Success 6 •89% of total bookings were driven with and through the C3 AI partner ecosystem.•C3 AI and Microsoft over the first year of their strategic alliance generated over $130 million C3 AI in bookings. In Q2, they jointly closed 24 agreements and expanded deal activity contributed to a 146% year-over-year increase in qualified pipeline.•C3 AI and AWSjointly closed 9 agreements and hosted multiple C-suite executive events to drive 172% year-over-year increase in joint qualified pipeline.

Page 7

Page 8

© 2025C3.ai Inc. All Rights Reserved. Guidance 8 Our guidance includes GAAP and non-GAAP financial measures. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation expense-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP results included in this presentation. Our fiscal year ends April 30, and numbers are rounded for presentation purposes. FY26-Q3FY26Total Revenue$72.0 - $80.0 million$289.5 - $309.5 million YoY Growth %(27) % – (19) %(26) % – (20) % Non-GAAP Loss from Operations $(44.0) - $(52.0) million$(180.5) - $(210.5) million

Page 9

Page 10

© 2025C3.ai Inc. All Rights Reserved. FY26-Q2Summary Financial Results 10 FY26-Q2Revenue $75.1 millionSubscription Revenue$70.2 millionSubscription and Prioritized Engineering Services Revenue Combined$74.2 millionNon-GAAP Gross Profit$40.9 millionNon-GAAP Gross Margin54%Non-GAAP Loss from Operations($42.2) millionNon-GAAP Net Loss ($34.8) millionFree Cash Flow ($46.9) million Note: Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP loss from Operations, Non-GAAP Net Loss and Free cash flow are non-GAAP financial measures.Refer to the Appendix for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure.Numbers and percentages are rounded for presentation purposes.

Page 11

© 2025C3.ai Inc. All Rights Reserved. 4% 1%10%6% 86%93% FY25-Q2FY26-Q2 Total Revenue Mix 11 Note: Numbers and percentages are rounded for presentation purposes. Service Fees Revenue Subscription Revenue % of Total Revenue Prioritized Engineering Services Revenue

Page 12

© 2025C3.ai Inc. All Rights Reserved. Federal, Defense and Aerospace34.5% Manufacturing33.3% High Technology16.7% Other15.6% Federal, Defense and Aerospace45.4% Pharmaceuticals17.8% Logistics and Transportation8.1% High Technology6.9% Energy and Utilities6.7% Chemicals5.9% Manufacturing5.7%Other3.4% Bookings Diversity by Industry: FY26-Q2 12 Total BookingsFY26-Q2Total BookingsFY25-Q2 Note: Fiscal year ends April 30.Percentages are rounded for presentation purposes.% calculation is based on dollar amount

Page 13

© 2025C3.ai Inc. All Rights Reserved. Federal, Defense and Aerospace35.0% Logistics and Transportation15.0%High Technology10.0% Pharmaceuticals10.0% Chemicals10.0% Oil and Gas5.0% Energy and Utilities5.0% Hospitals and Healthcare5.0% Manufacturing5.0% Initial Production Deployments Diversity by IndustryFY26-Q2 13 Initial Production DeploymentsFY26-Q2 Note: Fiscal year ends April 30.Percentages are rounded for presentation purposes.% calculation is based on deal count

Page 14

© 2025C3.ai Inc. All Rights Reserved. Federal, Defense and Aerospace50.0% Logistics and Transportation16.7% Manufacturing16.7% Oil and Gas16.7% Generative AI Initial Production Deployments Diversity by Industry 14 Generative AIInitial Production DeploymentsFY26-Q2 Note: Fiscal year ends April 30.Percentages are rounded for presentation purposes.% calculation is based on deal count FY26-Q2

Page 15

© 2025C3.ai Inc. All Rights Reserved. Initial Production Deployments Account Profile: FY26-Q2 15 0 46 10 0$0 - $100M$100M - $1B$1B - $10B$10B - $100B>$100B # Initial Production Deployments Account size in revenue

Page 16

© 2025C3.ai Inc. All Rights Reserved. C3 AI Investment Thesis 16 Veteran Disciplined Management TeamHigh-Performance Corporate Culture Huge Addressable Market Proven Track Record of Success Excellence in Execution Patented Enterprise AI Application Platform Substantial Market Partner Ecosystem First-mover Advantage Recognized AI Market Leadership

Page 17

Page 18

Page 19

© 2025C3.ai Inc. All Rights Reserved. Income Statement 19 EM%%7.JOEN2JA%A 5!JP!MT( % )0LM)+(% % )5P+T( % )9#O."%M( % )5!JP!MT( % 0LM)+(% % 5P+T( % 9#O."%M( % %4%JP% P"N#M)LO).J ,%)%% ,%( ,() - - , -,((( %(% ,% ) :M.C%NN).J!+N%M4)#%N -%% -, (, , ( , ( %( (% % )% .O!+%4%JP% ,-)% - % -, ( )((- -,- %-, ( ,% , ), 1.NO.CM%4%JP% P"N#M)LO).J ( ,( ()- (( ( %(- (,, (,, ) )- ) ) :M.C%NN).J!+N%M4)#%N -) ) , )% ( ( % (( - .O!+#.NO.CM%4%JP% (( ) (), ( %), ()- )%)( ) ( )(- , )),, 3M.NNLM.C)O ) -, ,-)% -(), , % ))) (%(-% 9L%M!O)J'%SL%JN%N !+%N!JAI!MG%O)J' , )% ( ), )( % ,%% ( -((, %N%!M#E!JAA%4%+.LI%JO ))-% % - , , ( -(( ) -( 3%J%M!+!JA!AI)J)NOM!O)4% ( %% ( ,%% ,,% (, ,( )% -%) .O!+.L%M!O)J'%SL%JN%N ,-(( (( - ), (( - ) ( ), ( ) )( 6.NNCM.I.L%M!O).JN - ) - (%, , - , -- -, - -- )- ( 4JO%M%NO)J#.I% )- %%%( % -,, ,) - - , ( 9OE%M%SL%JN%)J#.I%J%O )% ,( - ( , ) ( )( 8%O+.NN"%C.M%LM.4)N).JC.M)J#.I%O!S%N , ) , - , ,- , ) %))( :M.4)N).JC.M)J#.I%O!S%N )- , , , (( (%% (, 8%O+.NN , ( , , - , , -% % ,,% , %)- 4J#+PA%NNO.#G$"!N%A#.IL%JN!O).J%SL%JN%!NC.++.RN EM%%7.JOEN2JA%A 5!JP!MT( % )0LM)+(% % )5P+T( % )9#O."%M( % )5!JP!MT( % 0LM)+(% % 5P+T( % 9#O."%M( % 1.NO.CNP"N#M)LO).J -,) -,-- ,) ,- , - ( ( - % 1.NO.CLM.C%NN).J!+N%M4)#%N (% )% , ) )-) ) %) - )( !+%N!JAI!MG%O)J' , - - --(( %-% -% ) ) - -, %N%!M#E!JAA%4%+.LI%JO -, , -)( , - (%( ( ( %%-) 3%J%M!+!JA!AI)J)NOM!O)4% , % ( ) % - -( .O!+NO.#G$"!N%A#.IL%JN!O).J%SL%JN% )-( , )-( ,%(- ),, -- ( 4J#+PA%N%IL+.T%ML!TM.++O!S%SL%JN%M%+!O%AO.NO.#G$"!N%A#.IL%JN!O).J!NC.++.RN EM%%7.JOEN2JA%A 5!JP!MT( % )0LM)+(% % )5P+T( % )9#O."%M( % )5!JP!MT( % 0LM)+(% % 5P+T( % 9#O."%M( % 1.NO.CNP"N#M)LO).J ( )% ( ( ( %( % ) 1.NO.CLM.C%NN).J!+N%M4)#%N ( ( (% - , ( ) !+%N!JAI!MG%O)J' ) ) ), ) % ) ) % ,) ), %N%!M#E!JAA%4%+.LI%JO ,(- - () ( ,- (, ,( %- 3%J%M!+!JA!AI)J)NOM!O)4% () -% (- ) , , ( .O!+%IL+.T%ML!TM.++O!S%SL%JN% ,,( ,( , %% ,- - % %(

Page 20

© 2025C3.ai Inc. All Rights Reserved. GAAP to Non-GAAP Reconciliation 20 EM%%7.JOEN2JA%A 5!JP!MT( % )0LM)+(% % )5P+T( % )9#O."%M( % )5!JP!MT( % 0LM)+(% % 5P+T( % 9#O."%M( % P"N#M)LO).JM%4%JP% ,%)%% ,%( ,() - - , -,((( %(% ,% ) :M.C%NN).J!+N%M4)#%NM%4%JP% -%% -, (, , ( , ( %( (% % )% .O!+%4%JP% ,-)% - % -, ( )((- -,- %-, ( ,% , ), 300:#.NO.CNP"N#M)LO).JM%4%JP% ( ,( ()- (( ( %(- (,, (,, ) )- ) ) O.#G$"!N%A#.IL%JN!O).J -,) -,-- ,) ,- , - ( ( - % 2IL+.T%ML!TM.++O!S%SL%JN%M%+!O%AO.%IL+.T%%NO.#G$"!N%A#.IL%JN!O).J ( )% ( ( ( %( % ) 8.J$300:#.NO.CNP"N#M)LO).JM%4%JP% ( %, ), , ,%)- -%, ( ( ( (% ( - 300:#.NO.CLM.C%NN).J!+N%M4)#%NM%4%JP% -) ) , )% ( ( % (( - O.#G$"!N%A#.IL%JN!O).J (% )% , ) )-) ) %) - )( 2IL+.T%ML!TM.++O!S%SL%JN%M%+!O%AO.%IL+.T%%NO.#G$"!N%A#.IL%JN!O).J ( ( (% - , ( ) 8.J$300:#.NO.CLM.C%NN).J!+N%M4)#%NM%4%JP% % - - )() ( (, 300:N!+%N!JAI!MG%O)J'%SL%JN% , )% ( ), )( % ,%% ( -((, O.#G$"!N%A#.IL%JN!O).J , - - --(( %-% -% ) ) - -, 2IL+.T%ML!TM.++O!S%SL%JN%M%+!O%AO.%IL+.T%%NO.#G$"!N%A#.IL%JN!O).J ) ) ), ) % ) ) % ,) ), 8.J$300:N!+%N!JAI!MG%O)J'%SL%JN% ( )((-, ( - % ()( (-, , ),- (, - ( -( 300:M%N%!M#E!JAA%4%+.LI%JO%SL%JN% ))-% % - , , ( -(( ) -( O.#G$"!N%A#.IL%JN!O).J -, , -)( , - (%( ( ( %%-) 2IL+.T%ML!TM.++O!S%SL%JN%M%+!O%AO.%IL+.T%%NO.#G$"!N%A#.IL%JN!O).J ,(- - () ( ,- (, ,( %- 8.J$300:M%N%!M#E!JAA%4%+.LI%JO%SL%JN% - (% -- () ( (,)- (--- ) , )) ( (-%% 300:'%J%M!+!JA!AI)J)NOM!O)4%%SL%JN% ( %% ( ,%% ,,% (, ,( )% -%) O.#G$"!N%A#.IL%JN!O).J , % ( ) % - -( 2IL+.T%ML!TM.++O!S%SL%JN%M%+!O%AO.%IL+.T%%NO.#G$"!N%A#.IL%JN!O).J () -% (- ) , , ( 8.J$300:'%J%M!+!JA!AI)J)NOM!O)4%%SL%JN% () %, %% % (,) - % - 3M.NNLM.C)O.J!300:"!N)N ) -, ,-)% -(), , % ))) (%(-% O.#G$"!N%A#.IL%JN!O).J --( -- - -)%- -( %) ,)(, % %( 2IL+.T%ML!TM.++O!S%SL%JN%M%+!O%AO.%IL+.T%%NO.#G$"!N%A#.IL%JN!O).J )% )( ( , ( - - 3M.NNLM.C)O.J!J.J$300:"!N)N ), %( %(% ( - %, , , (( % )%), 3M.NNI!M')J.J!300:"!N)N - % % (- )% 3M.NNI!M')J.J!J.J$300:"!N)N ,% ,% ,% ,% ) 6.NNCM.I.L%M!O).JN.J!300:"!N)N - ) - (%, , - , -- -, - -- )- ( O.#G$"!N%A#.IL%JN!O).J%SL%JN% )-( , )-( ,%(- ),, -- ( 2IL+.T%ML!TM.++O!S%SL%JN%M%+!O%AO.%IL+.T%%NO.#G$"!N%A#.IL%JN!O).J ,,( ,( , %% ,- - % %( 6.NNCM.I.L%M!O).JN.J!J.J$300:"!N)N ,% ()% ( , % ( )) ( ,- ) ) ) 9L%M!O)J'I!M')J.J!300:"!N)N $ % $ $-( $-% $- $- $ ,- $ ) 9L%M!O)J'I!M')J.J!J.J$300:"!N)N$(( $ , $ $ - $ ( $ $- $

Page 21

© 2025C3.ai Inc. All Rights Reserved. Free Cash Flow 21 3 2154 1,523 0 2154 1,523 28(64'F'87"#$8C4(":46(*(8' ( ( , ,$$ $ ) 18''. 3FC64'8'#9$C#$8C(,4"78%F$!8"( , ,) ( 4$(4 -87'#9(+4C878*8 #$!8"(6#'(' . . . . 0C8864'9 #+ ( ,, )$, , $ 28(64'$C#*7875, F'87""*8'(":46(*(8' $,, ) $ ,) 28(64'$C#*7875,9"4"6":46(*(8' ) (

Slides