C3.ai (AI) 10-Q 4 Sep 24 2025 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jul. 31, 2024	Aug. 26, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2024
Document Transition Report	false
Entity File Number	001-39744
Entity Registrant Name	C3.ai, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-3999357
Entity Address, Address Line One	1400 Seaport Blvd
Entity Address, City or Town	Redwood City,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94063
City Area Code	650
Local Phone Number	503-2200
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	AI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--04-30
Amendment Flag	false
Entity Central Index Key	0001577526
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		123,532,746
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		3,499,992

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Current assets
Cash and cash equivalents	$ 133,820	$ 167,146
Marketable securities	628,715	583,221
Accounts receivable, net of allowance of $390 and $359 as of July 31, 2024 and April 30, 2024, respectively	140,070	130,064
Prepaid expenses and other current assets	23,806	23,963
Total current assets	926,411	904,394
Property and equipment, net	86,480	88,631
Goodwill	625	625
Other assets, non-current	44,104	44,575
Total assets	1,057,620	1,038,225
Current liabilities
Accounts payable	31,615	11,316
Accrued compensation and employee benefits	33,927	44,263
Deferred revenue, current	39,580	37,230
Accrued and other current liabilities	12,805	9,526
Total current liabilities	117,927	102,335
Deferred revenue, non-current	717	1,732
Other long-term liabilities	64,055	60,805
Total liabilities	182,699	164,872
Commitments and contingencies (note 6)
Stockholders’ equity
Additional paid-in capital	2,027,274	1,963,726
Accumulated other comprehensive income (loss)	281	(563)
Accumulated deficit	(1,152,760)	(1,089,933)
Total stockholders’ equity	874,921	873,353
Total liabilities and stockholders’ equity	1,057,620	1,038,225
Class A Common Stock
Stockholders’ equity
Common stock	123	120
Class B Common Stock
Stockholders’ equity
Common stock	$ 3	$ 3

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 390	$ 359

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Jul. 31, 2024	Jul. 31, 2023
Revenue
Total revenue		$ 87,213	$ 72,362
Cost of revenue
Total cost of revenue		35,047	31,813
Gross profit		52,166	40,549
Operating expenses
Sales and marketing	[1]	52,125	43,885
Research and development		52,927	50,868
General and administrative		19,700	19,889
Total operating expenses		124,752	114,642
Loss from operations		(72,586)	(74,093)
Interest income		10,003	10,122
Other income (expense), net		28	(239)
Loss before provision for income taxes		(62,555)	(64,210)
Provision for income taxes		272	148
Net loss		$ (62,827)	$ (64,358)
Net loss per share attributable to Class A and Class B common stockholders, basic (in dollars per share)		$ (0.50)	$ (0.56)
Net loss per share attributable to Class A and Class B common stockholders, diluted (in dollars per share)		$ (0.50)	$ (0.56)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares)		124,979	115,681
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)		124,979	115,681
Subscription
Revenue
Total revenue	[2]	$ 73,456	$ 61,352
Cost of revenue
Total cost of revenue		33,292	30,434
Professional services
Revenue
Total revenue	[3]	13,757	11,010
Cost of revenue
Total cost of revenue		$ 1,755	$ 1,379
[1]Including related party sales and marketing expense of $810 for the three months ended July 31, 2023.[2]Including related party revenue of $10,581 for the three months ended July 31, 2023.[3]Including related party revenue of $5,804 for the three months ended July 31, 2023.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands		3 Months Ended
		Jul. 31, 2024	Jul. 31, 2023
Related party revenue		$ 87,213	$ 72,362
Related party sales and marketing	[1]	52,125	43,885
Related Party
Related party sales and marketing			810
Subscription
Related party revenue	[2]	73,456	61,352
Subscription | Related Party
Related party revenue			10,581
Professional services
Related party revenue	[3]	$ 13,757	11,010
Professional services | Related Party
Related party revenue			$ 5,804
[1]Including related party sales and marketing expense of $810 for the three months ended July 31, 2023.[2]Including related party revenue of $10,581 for the three months ended July 31, 2023.[3]Including related party revenue of $5,804 for the three months ended July 31, 2023.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (62,827)	$ (64,358)
Other comprehensive income (loss)
Unrealized gain (loss) on available-for-sale marketable securities, net of tax	931	(373)
Unrealized loss on derivative instruments, net of tax	(87)	0
Comprehensive loss	$ (61,983)	$ (64,731)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	RSUs	Common Stock	Common Stock RSUs	Additional Paid-In Capital	Additional Paid-In Capital RSUs	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance, shares (in shares) at Apr. 30, 2023			113,943
Beginning Balance, Amount at Apr. 30, 2023	$ 929,665		$ 113		$ 1,740,174		$ (385)	$ (810,237)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of early exercised Class A common stock options (in shares)			2,084
Vesting of early exercised Class A common stock options	9,571		$ 2		9,569
Vesting of early exercised Class A common stock options	151				151
Shares withheld related to net share settlement of equity awards (in shares)			(172)
Shares withheld related to net share settlement of equity awards	(7,118)				(7,118)
Vesting of restricted stock units (in shares)				2,070
Vesting of restricted stock units		$ 21,468		$ 2		$ 21,466
Stock-based compensation expense	43,436				43,436
Other comprehensive loss	(373)						(373)
Net loss	(64,358)							(64,358)
Ending Balance, shares (in shares) at Jul. 31, 2023			117,925
Ending Balance, Amount at Jul. 31, 2023	932,442		$ 117		1,807,678		(758)	(874,595)
Beginning Balance, shares (in shares) at Apr. 30, 2024			123,706
Beginning Balance, Amount at Apr. 30, 2024	$ 873,353		$ 123		1,963,726		(563)	(1,089,933)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of early exercised Class A common stock options (in shares)	434		430
Vesting of early exercised Class A common stock options	$ 3,125		$ 1		3,124
Vesting of early exercised Class A common stock options	105				105
Shares withheld related to net share settlement of equity awards (in shares)			(107)
Shares withheld related to net share settlement of equity awards	(2,945)				(2,945)
Vesting of restricted stock units (in shares)				2,176
Vesting of restricted stock units		$ 22,280		$ 2		$ 22,278
Stock-based compensation expense	40,986				40,986
Other comprehensive loss	844						844
Net loss	(62,827)							(62,827)
Ending Balance, shares (in shares) at Jul. 31, 2024			126,205
Ending Balance, Amount at Jul. 31, 2024	$ 874,921		$ 126		$ 2,027,274		$ 281	$ (1,152,760)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Jul. 31, 2024	Jul. 31, 2023
Cash flows from operating activities:
Net loss		$ (62,827)	$ (64,358)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization		3,119	3,056
Non-cash operating lease cost		85	274
Stock-based compensation expense		54,683	50,880
Accretion of discounts on marketable securities		(3,936)	(3,974)
Other		98	25
Changes in operating assets and liabilities
Accounts receivable	[1]	(10,037)	12,017
Prepaid expenses, other current assets and other assets	[2]	1,604	3,051
Accounts payable	[3]	20,033	(564)
Accrued compensation and employee benefits		(1,755)	(39)
Operating lease liabilities		(498)	8,204
Other liabilities	[4]	6,138	2,254
Deferred revenue	[5]	1,335	(6,890)
Net cash provided by operating activities		8,042	3,936
Cash flows from investing activities:
Purchases of property and equipment		(924)	(11,338)
Capitalized software development costs		0	(1,500)
Purchases of marketable securities		(230,924)	(322,534)
Maturities and sales of marketable securities		190,298	250,572
Net cash used in investing activities		(41,550)	(84,800)
Cash flows from financing activities:
Proceeds from exercise of Class A common stock options		3,127	9,595
Taxes paid related to net share settlement of equity awards		(2,945)	(7,118)
Net cash provided by financing activities		182	2,477
Net decrease in cash, cash equivalents and restricted cash		(33,326)	(78,387)
Cash, cash equivalents and restricted cash at beginning of period		179,712	297,395
Cash and cash equivalents		133,820	206,442
Restricted cash included in other assets, non-current		12,566	12,566
Cash, cash equivalents and restricted cash at end of period		146,386	219,008
Total cash, cash equivalents and restricted cash		146,386	219,008
Supplemental disclosure of cash flow information—cash paid for income taxes		292	150
Supplemental disclosures of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued liabilities		301	5,764
Right-of-use assets obtained in exchange for lease obligations (including remeasurement of right-of-use assets and lease liabilities due to changes in the timing of receipt of lease incentives)		1,345	778
Receivable from exercise of stock options included in prepaid expenses, other current assets and other assets		0	33
Vesting of early exercised stock options		$ 105	$ 0
[1] Including changes in related party balances of $12,444 for the three months ended July 31, 2023. Including changes in related party balances of $(810) for the three months ended July 31, 2023. Including changes in related party balances of $248 for the three months ended July 31, 2023. Including changes in related party balances of $(2,448) for the three months ended July 31, 2023. Including changes in related party balances of $(46) for the three months ended July 31, 2023.

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	3 Months Ended
	Jul. 31, 2023 USD ($)
Related party balanced included in prepaid expenses, other current assets and other assets	$ (3,051)	[1]
Related party balances included in other liabilities	2,254	[2]
Related Party
Related party balances included in accounts receivable	12,444
Related party balanced included in prepaid expenses, other current assets and other assets	(810)
Related party balances included in accounts payable	248
Related party balances included in other liabilities	(2,448)
Related party balance included in deferred revenue	$ (46)
[1] Including changes in related party balances of $(810) for the three months ended July 31, 2023. Including changes in related party balances of $(2,448) for the three months ended July 31, 2023.

Summary of Business and Signifi

Summary of Business and Significant Accounting Policies	3 Months Ended
	Jul. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Business and Significant Accounting Policies	Summary of Business and Significant Accounting Policies Business C3.ai, Inc. (including its subsidiaries, “C3 AI” or “the Company”) is an enterprise artificial intelligence (“AI”) software provider. The Company’s C3 AI Platform supports accelerating digital transformation in various industries with prebuilt and configurable C3 AI Applications for business use cases including predictive maintenance, fraud detection, sensor network health, supply network optimization, energy management, anti-money laundering, and customer engagement. The Company supports customers in the United States, Europe, and other parts of the world. The Company was initially formed as a limited liability company in Delaware on January 8, 2009 and converted to a Delaware corporation in June 2012. Basis of Presentation and Principles of Consolidation The Company prepares its unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2024, which was filed with the SEC on June 18, 2024. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of July 31, 2024 and the results of operations for the three months ended July 31, 2024, and cash flows for the three months ended July 31, 2024. The results of operations for the three months ended July 31, 2024 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. Actual results and outcomes could differ significantly from the Company’s estimates, judgments, and assumptions. Such estimates include, but are not limited to, determining standalone selling price for performance obligations in contracts with customers and estimating variable consideration, the estimated expected benefit period for deferred contract acquisition costs, the useful lives of long-lived assets, the incremental borrowing rate for operating leases, other assumptions used to measure stock-based compensation, and the valuation of deferred income tax assets and uncertain tax positions. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. As future events and their effects cannot be determined with precision, actual results could materially differ from those estimates and assumptions. Fiscal Year The Company’s fiscal year ends on April 30. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 1. Summary of Business and Significant Accounting Policies in the Notes to Consolidated Financial Statements in its Annual Report on Form 10-K for the fiscal year ended April 30, 2024, which was filed with the SEC on June 18, 2024. There have been no significant changes to these policies during the three months ended July 31, 2024. Recently Issued Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to improve the disclosures regarding a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The Company is required to adopt the guidance in the fourth quarter of fiscal 2025, though early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures (“ASU 2023-09”) to provide disaggregated income tax disclosures on rate reconciliation and income taxes paid. The Company is required to adopt the guidance in the fourth quarter of fiscal 2026, though early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated financial statements.

Revenue

Revenue	3 Months Ended
	Jul. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of Revenue The following table presents revenue by geographical region (in thousands): Three Months Ended July 31, 2024 2023 North America (1) $ 77,128 $ 61,712 Europe, the Middle East and Africa (1) 9,390 9,559 Asia Pacific (1) 247 825 Rest of World (1) 447 266 Total revenue $ 87,213 $ 72,362 __________________ (1) The United States comprised 87% and 85% of the Company’s revenue for the three months ended July 31, 2024 and 2023, respectively. No other country comprised 10% or greater of the Company’s revenue for the three months ended July 31, 2024 or 2023. Revenue is recognized at the time the related performance obligation is satisfied with the transfer of a promised good or service to a customer over time. For the significant majority of the Company’s offerings, software and maintenance and support services are highly interdependent and interrelated and represent a single performance obligation within the context of the contract and are generally satisfied over time. Revenue from software licenses that do not require maintenance and support services is recognized when the control of the software is transferred to the customer. Revenue from such software licenses was $12.6 million and $3.2 million during the three months ended July 31, 2024 and 2023, respectively. Deferred Revenue As of July 31, 2024 and April 30, 2024, the Company’s deferred revenue balances were $40.3 million and $39.0 million, respectively. Revenue of $25.2 million and $26.3 million was recognized during the three months ended July 31, 2024 and 2023, respectively, that was included in the deferred revenue balances as of April 30, 2024 and 2023, respectively. Remaining Performance Obligation Remaining performance obligations are committed and represent non-cancellable contracted revenue that has not yet been recognized and will be recognized as revenue in future periods. Some contracts allow customers to cancel the contracts without a significant penalty, and the cancellable amount of contract value is not included in the remaining performance obligations. The Company excludes amounts related to performance obligations and usage-based royalties that are billed and recognized as they are delivered or billed and recognized in the same period. This primarily consists of monthly usage-based runtime and hosting charges in the duration of some revenue contracts. Revenue expected to be recognized from remaining performance obligations was approximately $204.5 million as of July 31, 2024, of which $150.9 million is expected to be recognized over the next 12 months and the remainder thereafter. Customer Concentration and Accounts Receivable A majority of the Company’s Customer-Entities consist of corporate and governmental entities. A Customer-Entity is defined as each entity that is the ultimate parent of a party contracting with the Company. A limited number of Customer-Entities have accounted for a large part of the Company’s revenue and accounts receivable to date. For the purpose of determining customer concentration and accounts receivable, unbilled receivables have been excluded from the accounts receivable balance. One Customer-Entity accounted for 23% of revenue for the three months ended July 31, 2024. One Customer-Entity accounted for 32% of revenue for the three months ended July 31, 2023. Two separate Customer-Entities accounted for 18% and 14%, respectively, of accounts receivable at July 31, 2024. Two separate Customer-Entities accounted for 25% and 16%, respectively, of accounts receivable at April 30, 2024. Accounts receivable includes billed and unbilled receivables, net of allowance of doubtful accounts. Trade accounts receivable are recorded at invoiced amounts and do not bear interest. The allowance for credit losses is based on the Company’s assessment of the collectability of accounts receivable by considering various factors, including the age of each outstanding invoice, customer type, the collection history of each customer, historical write-off experience, current and near-term macroeconomic conditions and uncertainties. The expectation of collectability is based on a review of credit profiles of customers, contractual terms and conditions, current economic trends, and historical payment experience. Accounts receivable included unbilled receivables as of July 31, 2024 and April 30, 2024 of $81.5 million and $62.3 million, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jul. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company’s financial instruments consist primarily of cash equivalents, restricted cash, available-for-sale marketable securities, accounts receivable, and accounts payable. Cash equivalents and available-for-sale marketable securities are reported at their respective fair values on the condensed consolidated balance sheets. The remaining financial instruments are reported on the condensed consolidated balance sheets at amounts that approximate current fair values. The following table summarizes the types of assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): As of July 31, 2024 As of April 30, 2024 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 82,660 $ — $ — $ 82,660 $ 82,564 $ — $ — $ 82,564 Commercial paper — 14,340 — 14,340 — 18,769 — 18,769 U.S. treasury securities — 2,745 — 2,745 — 5,888 — 5,888 Corporate debt securities — 1,985 — 1,985 — — — — Available-for-sale marketable securities: U.S. treasury securities — 7,208 — 7,208 — 2,497 — 2,497 Certificates of deposit — 80,332 — 80,332 — 62,017 — 62,017 U.S. government agencies securities — 46,626 — 46,626 — 46,428 — 46,428 Commercial paper — 136,382 — 136,382 — 162,183 — 162,183 Corporate debt securities — 358,167 — 358,167 — 310,095 — 310,095 Total cash equivalents and available-for-sale marketable securities $ 82,660 $ 647,785 $ — $ 730,445 $ 82,564 $ 607,877 $ — $ 690,441 The estimated fair value of securities classified as Level 2 financial instruments was determined based on third-party pricing services. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. Inputs used for fair value measurement categorized as Level 2 include benchmark yields, reported trades, broker or dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications.

Cash Equivalents and Marketable

Cash Equivalents and Marketable Securities	3 Months Ended
	Jul. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Cash Equivalents and Marketable Securities	Cash Equivalents and Marketable Securities The following table summarizes the Company’s cash equivalents and available-for-sale marketable securities (in thousands): As of July 31, 2024 As of April 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 82,660 $ — $ — $ 82,660 $ 82,564 $ — $ — $ 82,564 Commercial paper 14,340 — — 14,340 18,769 — — 18,769 U.S. treasury securities 2,745 — — 2,745 5,888 — — 5,888 Corporate debt securities 1,985 — — 1,985 — — — — Available-for-sale marketable securities: U.S. treasury securities 7,203 5 — 7,208 2,497 — — 2,497 Certificates of deposit 80,332 — — 80,332 62,017 — — 62,017 U.S. government agencies securities 46,579 74 (27) 46,626 46,527 5 (104) 46,428 Commercial paper 136,382 — — 136,382 162,183 — — 162,183 Corporate debt securities 357,849 453 (135) 358,167 310,557 64 (526) 310,095 Total cash equivalents and available-for-sale marketable securities $ 730,075 $ 532 $ (162) $ 730,445 $ 691,002 $ 69 $ (630) $ 690,441 The following table summarizes the Company’s available-for-sale marketable securities by contractual maturity (in thousands): As of July 31, 2024 As of April 30, 2024 Amortized Cost Fair Value Amortized Cost Fair Value Within one year $ 534,132 $ 534,185 $ 514,747 $ 514,484 After one year through five years 94,213 94,530 69,034 68,736 Total $ 628,345 $ 628,715 $ 583,781 $ 583,220 The following table summarizes the fair values and unrealized losses of the Company’s available-for-sale marketable securities classified by length of time that the securities have been in a continuous unrealized loss position but were not deemed to be other-than-temporarily impaired, as of July 31, 2024 (in thousands): As of July 31, 2024 Less Than 12 Months 12 Months or Greater Total Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value U.S. government agencies securities $ (26) $ 13,983 $ — $ — $ (26) $ 13,983 Commercial paper — 2,539 — — — 2,539 Corporate debt securities (107) 96,012 (29) 40,027 (136) 136,039 Total $ (133) $ 112,534 $ (29) $ 40,027 $ (162) $ 152,561 As of July 31, 2023 Less Than 12 Months 12 Months or Greater Total Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value U.S. government agencies securities $ (110) $ 37,729 $ (8) $ 4,442 $ (118) $ 42,171 Commercial paper — 10,254 — — — 10,254 Corporate debt securities (527) 158,948 (156) 39,968 (683) 198,916 Total $ (637) $ 206,931 $ (164) $ 44,410 $ (801) $ 251,341

Balance Sheet Details

Balance Sheet Details	3 Months Ended
	Jul. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Details	Balance Sheet Details Property and Equipment, Net Property and equipment consisted of the following at July 31, 2024 and April 30, 2024 (in thousands): Useful Life As of July 31, As of April 30, (in months) 2024 2024 Leasehold improvements * $ 72,248 $ 71,867 Computer equipment 36 5,316 4,936 Office furniture and equipment 60 14,597 14,479 Capital work-in-progress NA 11,986 12,122 Property and equipment, gross 104,147 103,404 Less: accumulated depreciation and amortization (17,667) (14,773) Property and equipment, net $ 86,480 $ 88,631 __________________ * Leasehold improvements are amortized over the shorter of the estimated useful lives of the improvements or the remaining lease term. NA = Not Applicable Capital work-in-progress primarily consisted of costs related to various leasehold improvements in connection with leased space that is not considered available for use and has not yet been placed into service. Depreciation and amortization expense related to property and equipment was $2.9 million and $2.8 million for the three months ended July 31, 2024 and 2023, respectively. Accrued Compensation and Employee Benefits Accrued compensation and employee benefits consisted of the following at July 31, 2024 and April 30, 2024 (in thousands): As of July 31, As of April 30, 2024 2024 Accrued stock-settled bonus $ 19,267 $ 31,194 Accrued bonus 290 336 Accrued vacation 4,162 4,317 Accrued payroll taxes and benefits 2,915 3,636 Accrued commissions 2,965 2,826 Accrued salaries 102 225 ESPP contributions 3,923 1,409 Other 303 320 Accrued compensation and employee benefits $ 33,927 $ 44,263 Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following at July 31, 2024 and April 30, 2024 (in thousands): As of July 31, As of April 30, 2024 2024 Liability for common stock exercised prior to vesting $ 161 $ 266 Accrued general expenses 5,203 2,783 Operating lease liabilities, current 3,822 3,226 Accrued professional services 2,287 2,082 Other 1,332 1,169 Accrued and other current liabilities $ 12,805 $ 9,526

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jul. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Non-cancellable Purchase Commitments The Company entered into a non-cancellable arrangement with a cloud services provider in July 2022. Under the arrangement, the Company committed to spend an aggregate of at least $100.0 million for a period of three years beginning July 2022, on services with this vendor. The Company incurred costs totaling $9.4 million and $7.2 million during the three months ended July 31, 2024 and 2023, respectively. As of July 31, 2024, the remaining contractual commitment is $54.0 million. The Company entered into a non-cancellable arrangement with a professional services provider in October 2023, which was amended in July 2024. Under the amended arrangement, the Company committed to purchase an aggregate of $42.0 million of professional services for a period of three years beginning October 2023. The Company incurred costs totaling $4.9 million during the three months ended July 31, 2024, under the arrangement. As of July 31, 2024, the remaining contractual commitment is $34.6 million. The Company entered into a non-cancellable arrangement with a professional services provider in January 2024, which was amended in April 2024. Under the amended arrangement, the Company committed to purchase an aggregate of $31.0 million of professional services for a period of two years beginning January 2024. The Company incurred costs totaling $4.9 million during the three months ended July 31, 2024, under the arrangement. As of July 31, 2024, the remaining contractual commitment is $22.6 million. C3.ai Digital Transformation Institute Grants In February 2020, the Company entered into an agreement establishing the C3.ai Digital Transformation Institute (“C3.ai DTI”), a program established to attract many of the world’s leading research institutions to join in a coordinated and innovative effort to advance the digital transformation of business, government, and society. As part of the agreement, the Company has agreed to issue grants to C3.ai DTI, which are subject to compliance with certain obligations. The grants shall be paid by the Company over five years in the form of cash, publicly traded securities, or other property of equivalent net value. As of July 31, 2024 and April 30, 2024, the total potential remaining contributions are $31.6 million and $31.6 million, respectively. The future grant payments are conditional in nature and subject to execution of the program in line with specific requirements. Leases On August 25, 2021, the Company entered into a new lease to acquire approximately 283,015 square feet of office space in several phases in Redwood City, California. The lease commencement date of the first two phases was determined to have occurred in the quarter ended January 31, 2022, when the landlord delivered the leased space to the Company. The lease commencement date of the third phase was determined to have occurred in the quarter ended October 31, 2022, when the landlord delivered the leased space to the Company. The lease commencement date of the fourth phase was determined to have occurred in the quarter ended April 30, 2023, when the landlord delivered the leased space to the Company. The lease commencement date of the fifth phase was determined to have occurred in the quarter ended July 31, 2023, when the landlord delivered the leased space to the Company. The lease commencement date of the sixth phase was determined to have occurred in the quarter ended January 31, 2024, when the landlord delivered the leased space to the Company. The lease commencement date of the seventh and final phase was determined to have occurred in the quarter ended July 31, 2024, when the landlord delivered the applicable leased space to the Company. The Company recorded $1.3 million of lease liability in other long-term liabilities and corresponding right-of-use asset in other assets, non-current in the condensed consolidated balance sheets related to the seventh phase of the lease. Legal Proceedings Securities Litigation On March 4, 2022, a putative securities class action complaint (captioned The Reckstin Family Trust v. C3.ai, Inc. et al. , 22-cv-01413-HSG) was filed in the U.S. District Court for the Northern District of California against the Company, and certain current and former officers and directors. On December 12, 2022, the court appointed a lead plaintiff and lead counsel. On February 15, 2023, the lead plaintiff and three additional named plaintiffs filed an amended complaint. The amended complaint names as defendants the Company, four current and former officers and directors, the underwriters in the Company’s initial public offering (“IPO”), and Baker Hughes Company (“Baker Hughes”). The amended complaint generally alleges that the defendants made material misstatements or omissions about the Company’s partnership with Baker Hughes and the Company’s own salesforce. The amended complaint alleges that defendants made these misstatements or omissions in connection with the Company’s IPO in violation of Sections 11 and 15 of the Securities Act of 1933 and between December 9, 2020 and December 2, 2021, inclusive, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The amended complaint further alleges that certain defendants engaged in insider trading in violation of Section 20A of the Securities Exchange Act of 1934. Plaintiffs seek unspecified damages, interest, fees and costs. All defendants moved to dismiss Plaintiffs’ amended complaint on May 1, 2023. On June 30, 2023, Plaintiffs voluntarily dismissed the underwriter defendants. On February 22, 2024, the court granted the motion to dismiss on all claims except for portions of the alleged violations of Section 11 and Section 15. Plaintiffs filed a second amended complaint on April 4, 2024. Defendants filed motions to dismiss on May 17, 2024. Plaintiffs filed an opposition brief on July 15, 2024, and defendants’ reply briefs are presently due September 26, 2024. Six putative shareholder derivative actions have been filed: (1) Suri v. Siebel et al. (22-cv-03031) filed on May 23, 2022 in the U.S. District Court for the Northern District of California; (2) Rabasca v. Siebel et al. (23-cv-1566) filed on April 3, 2023 in the U.S. District Court for the Northern District of California; and (3) Vo v. Siebel et al. (23-cv-428) filed on April 19, 2023 in the U.S. District Court for the District of Delaware; and (4) Lanfair v. Siebel et al. (24-cv-01869) filed on March 26, 2024 in the U.S. District Court for the Northern District of California; (5) Pankow v. Siebel et al. (2024-0530-NAC) on May 15, 2024 in the Chancery Court of Delaware; and (6) Rosenfeld v. Siebel et al. (2024-0698) on June 28, 2024 in the Chancery Court of Delaware. In these cases, the plaintiffs assert claims on the Company’s behalf against certain of the Company’s current and former officers and directors for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, gross mismanagement, corporate waste, abuse of control, unjust enrichment, and violations of the Securities Exchange Act of 1934 based on allegations similar to those in the securities class action. In all six cases, the Company is named as a nominal defendant. The derivative complaints seek unspecified damages, disgorgement of profits from board member stock sales, an award of costs and expenses, including reasonable attorneys’ fees, and corporate governance reforms. On September 7, 2022, Suri was stayed pending resolution of the Reckstin case. On August 3, 2023, Vo was transferred to the U.S. District Court for the Northern District of California (3:23-cv-03895), and on August 30, 2023, the Vo action was stayed on the same terms as the Suri action. On December 4, 2023, the parties in Rabasca filed a stipulation to consolidate the Rabasca action with the Suri action, and to stay the Rabasca action on the same terms as the Suri action. On July 3, 2024, Lanfair was consolidated with Suri and stayed on the same terms. The Company has not yet been required to answer the complaints in Suri, Rabasca, Vo, and Lanfair and has not yet been served with the complaints in the Rosenfeld or Pankow matters. As of the date of this report, the Company does not believe it is probable that these cases will result in an unfavorable outcome; however, if an unfavorable outcome were to occur in these cases, it is possible that the impact could be material to the Company’s results of operations in the period(s) in which any such outcome becomes probable and estimable. Given that the litigation is still in its preliminary stages, the Company is currently unable to estimate the potential loss or range of loss, if any, that may arise from these matters. On February 27, 2024, the Company filed a lawsuit in the Court of Rome, Italy against Enel Global Services S.r.l. and any involved corporate affiliates (“Enel”). The claims in the suit against Enel include misappropriation of trade secrets under Articles 98 and 99 of the Italian Industrial Property Code and breach of contract. In this action, the Company seeks compensatory damages in the amount of €2.1 billion, equitable and other relief, as well as fees and costs. The Company has also filed a report of criminal misconduct with Italian law enforcement under Article 623 of the Italian Criminal Code. The Company is evaluating other legal venues to fully redress its claims. The Company is considering filing a report of misconduct with federal law enforcement in the United States. Since any legal action is unpredictable, it is difficult to quantify the potential recoveries, associated potential costs, and timeline associated with resolution of this matter. Any gain on this matter is considered a gain contingency and will be recognized in the period in which the award is realized or realizable. In addition, from time to time, the Company is involved in various other legal proceedings arising in the ordinary course of business. Apart from the foregoing, the Company is not presently a party to any other such litigation the outcome of which, the Company believes, if determined adversely to the Company, would individually, or taken together, have a material adverse effect on the Company’s business, operating results, cash flows, or financial condition.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Jul. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Preferred Stock The Company has authorized 200,000,000 shares of undesignated preferred stock with a par value of $0.001 per share with rights and preferences, including voting rights, designated from time to time by the board of directors. As of July 31, 2024, there were no shares of Preferred Stock issued or outstanding. Common Stock The Company has authorized 1,000,000,000 shares of Class A common stock and 3,500,000 shares of Class B common stock. The shares of Class A common stock and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. Each share of Class A common stock is entitled to one vote. Each share of Class B common stock is entitled to 50 votes. Class A and Class B common stock have a par value of $0.001 per share and are referred to as common stock throughout the notes to the unaudited condensed consolidated financial statements, unless otherwise noted. Holders of common stock are entitled to receive any dividends as may be declared from time to time by the board of directors. Shares of Class B common stock may be converted to Class A common stock at any time at the option of the stockholder. Each share of Class B common stock will be automatically converted into one share of Class A common stock upon the earliest of the following: (i) the date that is six months following the death or incapacity of Mr. Siebel; (ii) the date that is six months following the date that Mr. Siebel is no longer providing services to the Company as an officer, employee, director, or consultant; (iii) December 11, 2040, which is the twentieth anniversary of the completion of the IPO; or (iv) the date specified by the holders of a majority of the then outstanding shares of Class B common stock, voting as a separate class. Future transfers by holders of Class B common stock will generally result in those shares converting to Class A common stock.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jul. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation On November 27, 2020, the Company’s board of directors adopted, and its stockholders approved, the 2020 Incentive Plan, which became effective in connection with the IPO. The 2020 Incentive Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit (“RSU”) awards, performance awards and other equity awards. The number of shares of Class A common stock reserved for issuance under the 2020 Incentive Plan is subject to automatic evergreen increases annually through (and including) May 1, 2030 pursuant to the terms of the 2020 Incentive Plan. There was an automatic annual increase on May 1, 2024 in the number of shares reserved for future issuance pursuant to the 2020 Incentive Plan in an amount equal to seven percent (7%) of the total number of shares of the Company’s Class A common stock and Class B common stock outstanding on April 30, 2024. Stock Options Stock options generally expire 10 years from the date of grant, or earlier if services are terminated. Generally, each stock option for common stock is subject to a vesting schedule such that one fifth of the award vests after the first-year anniversary and one-sixtieth of the award vests each month thereafter over the remaining four years, subject to continuous service. A summary of the Company’s option activity during the three months ended July 31, 2024 is as follows: Options Outstanding Number of Weighted Weighted Aggregate (in thousands) (in thousands) Balance as of April 30, 2024 31,328 $ 13.97 5.68 $ 268,167 Options granted 61 22.69 Options exercised (434) 29.44 Options cancelled (341) 14.39 Balance as of July 31, 2024 30,614 $ 14.08 5.41 $ 387,878 Vested and exercisable as of July 31, 2024 24,625 $ 10.97 5.02 $ 388,590 Vested and expected to vest as of July 31, 2024 30,614 $ 14.08 5.41 $ 387,878 As of July 31, 2024, there was $69.3 million of unrecognized compensation cost related to stock options which is expected to be recognized over an estimated weighted-average period of 2.1 years. The grant-date fair value of the options issued for the three months ended July 31, 2024 is estimated on the date of grant using the Black-Scholes-Merton option pricing model. The weighted average assumptions underlying the fair value estimation are provided in the following table: Three Months Ended July 31, 2024 2023 Valuation assumptions: Expected dividend yield — % — % Expected volatility 65.5 % — % Expected term (years) 6.5 — Risk-free interest rate 4.6 % — % Restricted Stock Units The Company’s RSUs include time-based RSUs and performance-based RSUs with market conditions (“PRSUs”). Time-based RSUs The time-based RSUs are typically subject to service-based vesting conditions satisfied over five years with one-fifth of the award vesting after the first-year anniversary and one-twentieth of the award vesting quarterly thereafter. The related stock-based compensation is recognized on a straight-line basis over the requisite service period. PRSUs In July 2022, the compensation committee of the board of directors (the “Compensation Committee”) approved the grant of a maximum of 1,700,000 performance-based restricted stock units (the “PRSU Award”) to the CEO pursuant to the 2020 Incentive Plan, subject to and conditioned upon the subsequent determination by the board of directors of performance metrics upon the achievement of which the PRSU Award would vest. In August 2022, the board of directors approved performance metrics in concept, subject to further action by the Compensation Committee. In December 2022, the Compensation Committee: (a) determined and approved the performance metrics, which are based on the achievement of certain total shareholder return results, as measured against certain stock price hurdles (the “Market Condition”); and (b) extended the vesting period of the PRSU Award through December 31, 2027. As an additional condition to vesting of each tranche of the PRSU Award, Mr. Siebel must remain in continuous service to the Company through a minimum service date that applies to such tranche or, if later, the date the applicable performance metric is achieved (the “Service Condition”). The grant date of the PRSU Award was established in December 2022. Stock-based compensation expense associated with the PRSU Award will be recognized over the longer of the expected achievement period for the Market Condition or the Service Condition. For the three months ended July 31, 2024, the Company recorded stock-based compensation expense of $1.4 million related to the PRSU Award. The Company determined the grant date fair value of the PRSU Award using a Monte Carlo simulation model with the following assumptions: stock price of $12.90, risk-free interest rate of 3.7%, dividend yield of 0% and expected volatility of 51.4%. A summary of the Company’s RSU activity during the three months ended July 31, 2024 is as follows: RSUs Outstanding Number of RSUs Weighted Average (in thousands) Unvested Balance as of April 30, 2024 19,283 $ 24.26 RSUs granted 4,687 29.57 RSUs vested (2,176) 30.28 RSUs forfeited (1,330) 27.79 Unvested Balance as of July 31, 2024 20,464 $ 24.74 As of July 31, 2024, there was $472.8 million of unrecognized stock-based compensation expense related to outstanding RSUs granted to employees that is expected to be recognized over a weighted-average period of 3.7 years. In June 2024 and 2023, the Compensation Committee approved the payment of fiscal year 2024 and 2023 bonuses, respectively, under the Company’s annual bonus program in the form of fully vested RSUs covering shares of Class A common stock to employees. The Company issued 707,801 and 532,842 shares of Class A common stock pursuant to this program in the three months ended July 31, 2024 and 2023, respectively. Shares issued in settlement of fully vested RSUs granted under this bonus program were issued from the 2020 Incentive Plan and reduced the shares available for issuance under the 2020 Incentive Plan. Employee Stock Purchase Plan On November 27, 2020, the Company’s board of directors also adopted, and its stockholders also approved, the 2020 Employee Stock Purchase Plan (the “2020 ESPP”), which became effective immediately prior to the IPO. The 2020 ESPP authorizes the issuance of shares of Class A common stock pursuant to purchase rights granted to employees. A total of 3,000,000 shares of Class A common stock were initially reserved for future issuance under the 2020 ESPP. The number of shares of Class A common stock reserved for issuance under the 2020 ESPP is subject to automatic evergreen increases annually through (and including) May 1, 2030 pursuant to the terms of the 2020 ESPP. There was an automatic annual increase on May 1, 2024 in the number of shares reserved for future issuance pursuant to the 2020 ESPP in an amount equal to one percent (1%) of the total number of shares of the Company’s Class A common stock and Class B common stock outstanding on April 30, 2024. The 2020 ESPP permits participants to purchase shares of Class A common stock in an amount not exceeding 15% of their earnings during the relevant offering period. The offering dates and purchase dates for the 2020 ESPP are determined at the discretion of the Company’s board of directors. Except for the initial offering period under the 2020 ESPP, which commenced on October 16, 2022 and ends on September 15, 2024, the 2020 ESPP provides for 24-month offering periods beginning September 15 and March 15 of each year, with each offering period consisting of four six-month purchase periods. The 2020 ESPP allows eligible employees to purchase shares of the Company’s Class A common stock, subject to purchase limits of 2,500 shares during each six-month period or $25,000 worth of stock for each calendar year, through payroll deductions at price per share equal to 85% of the lesser of the fair market value of the Company’s Class A common stock on (i) the first trading day of the applicable offering period and (ii) the last trading day of each purchase period in the applicable offering period. If the price per share of the Company’s Class A common stock on any purchase date in the offering period is lower than the price per share of the Company’s Class A common stock price on the enrollment date of that offering period, the offering period will immediately reset after the purchase of shares on such purchase date and automatically roll into a new 24-month offering period. The Company uses a Black-Scholes-Merton option pricing model to determine the fair value of employee stock purchase rights granted under the 2020 ESPP. During the three months ended July 31, 2024 and 2023, the Company recognized $0.7 million and $1.6 million, respectively, of stock-based compensation expense related to 2020 ESPP. As of July 31, 2024, there was $1.7 million of unrecognized stock-based compensation expense that is expected to be recognized over the remaining term of the respective offering periods. Stock-based Compensation Expense The following table summarizes the effects of stock-based compensation on the Company’s condensed consolidated statements of operations (in thousands): Three Months Ended July 31, 2024 2023 Cost of subscription $ 7,694 $ 8,056 Cost of professional services 714 460 Sales and marketing 18,833 16,779 Research and development 18,431 17,033 General and administrative 9,011 8,552 Total stock-based compensation expense $ 54,683 $ 50,880 The Company records stock-based compensation associated with the Company’s annual bonus program and retention bonus program for certain employees, which may be paid out in fully vested RSUs that are settled in shares of Class A common stock. During the three months ended July 31, 2024, the Company recognized $13.7 million of stock-based compensation expense associated with these programs. As of July 31, 2024, $19.3 million was reflected under accrued compensation and employee benefits in the consolidated balance sheets. Upon settlement, this amount will be reflected under common stock and additional paid-in capital in the condensed consolidated statements of stockholders’ equity.

Income Taxes

Income Taxes	3 Months Ended
	Jul. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Accounting for income taxes for interim periods generally requires the provision for income taxes to be determined by applying an estimate of the annual effective tax rate for the full fiscal year to income or loss before income taxes, adjusted for discrete items, if any, for the reporting period. The Company updates its estimate of the annual effective tax rate each quarter and makes a cumulative adjustment in such period. The Company recorded income tax expense of $0.3 million and $0.1 million for the three months ended July 31, 2024 and 2023, respectively. Income tax expense consists primarily of income taxes in foreign jurisdictions in which the Company conducts business. Due to the Company’s history of losses in the United States, a full valuation allowance on substantially all of the Company’s deferred tax assets, including net operating loss carryforwards, research and development tax credits, and other book versus tax differences, was maintained.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	3 Months Ended
	Jul. 31, 2024
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders Basic net loss per share was the same as diluted net loss per share for the periods presented because the Company was in a loss position for the three months ended July 31, 2024 and 2023. For purposes of this calculation, stock options, RSUs, Class A common stock issuable in connection with the 2020 ESPP and early exercised stock options subject to repurchase are considered to be potential common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Three Months Ended July 31, 2024 2023 Numerator Net loss attributable to common stockholders $ (62,827) $ (64,358) Denominator Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted 124,979 115,681 Basic and diluted net loss per share attributable to common stockholders Basic and diluted net loss per Class A and Class B common shares $ (0.50) $ (0.56) The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have had an antidilutive effect were as follows (in thousands): As of July 31, 2024 2023 Stock options 30,614 32,073 RSUs 20,464 22,398 ESPP 649 1,405

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jul. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Revenue Transactions with Baker Hughes Company In June 2019, the Company entered into multiple agreements with Baker Hughes, which were subsequently modified in June 2020, October 2021 and January 2023. Details of these agreements are discussed in Note 12. Related Party Transactions in the Notes to Consolidated Financial Statements in the Annual Report on Form 10-K for the fiscal year ended April 30, 2024, which was filed with the SEC on June 18, 2024. Baker Hughes ceased to qualify as a related party of the Company as of June 30, 2023 and the amounts disclosed related to them are accordingly presented only for the periods in which they were considered a related party. The Company recognized subscription revenue from direct subscription fees from Baker Hughes of $10.6 million during the three months ended July 31, 2023. The Company recognized professional services revenue from Baker Hughes of $5.8 million during the three months ended July 31, 2023. The Company recognized sales and marketing expenses related to Baker Hughes of $0.8 million (inclusive of amortization of $0.8 million of deferred commissions) during the three months ended July 31, 2023. Sublease Arrangement On February 21, 2023, the Company entered into a sublease agreement (the “Sublease”) with First Virtual Group, Inc. (the “Subtenant”), whereby the Company agreed to sublease to the Subtenant approximately 3,130 square feet of space located in Redwood City, California (the “Subleased Space”). The Company previously entered into a lease (the “Original Lease”) with DWF IV 1400-1500 Seaport Blvd, LLC dated August 25, 2021 for approximately 283,013 square feet of office space split between two office towers, including the Subleased Space. Thomas M. Siebel, Chief Executive Officer and Chairman of the Company, serves as Chairman of the Subtenant. The term of the Sublease commenced on February 1, 2023. The Sublease was automatically renewed on October 1, 2023 and will be automatically renewed for successive one year periods thereafter unless the Subtenant notifies the Company of its election to terminate the Sublease, up to the expiration date of the Original Lease. The monthly base rent for the Sublease is equal to the rate per square foot paid by the Company as stated in the Original Lease. The monthly base rent the Subtenant pays was approximately $8,608 through September 30, 2023, increasing annually thereafter. In addition to base rent, the Subtenant is responsible for its allocated share of costs incurred and expenditures made by the Company in the operation and management of the Subleased Space.

Summary of Business and Signi_2

Summary of Business and Significant Accounting Policies (Policies)	3 Months Ended
	Jul. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The Company prepares its unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2024, which was filed with the SEC on June 18, 2024. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of July 31, 2024 and the results of operations for the three months ended July 31, 2024, and cash flows for the three months ended July 31, 2024. The results of operations for the three months ended July 31, 2024 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.
Principles of Consolidation	The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. Actual results and outcomes could differ significantly from the Company’s estimates, judgments, and assumptions. Such estimates include, but are not limited to, determining standalone selling price for performance obligations in contracts with customers and estimating variable consideration, the estimated expected benefit period for deferred contract acquisition costs, the useful lives of long-lived assets, the incremental borrowing rate for operating leases, other assumptions used to measure stock-based compensation, and the valuation of deferred income tax assets and uncertain tax positions. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. As future events and their effects cannot be determined with precision, actual results could materially differ from those estimates and assumptions.
Fiscal Year	Fiscal Year The Company’s fiscal year ends on April 30.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to improve the disclosures regarding a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The Company is required to adopt the guidance in the fourth quarter of fiscal 2025, though early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures (“ASU 2023-09”) to provide disaggregated income tax disclosures on rate reconciliation and income taxes paid. The Company is required to adopt the guidance in the fourth quarter of fiscal 2026, though early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Jul. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Geographical Region	The following table presents revenue by geographical region (in thousands): Three Months Ended July 31, 2024 2023 North America (1) $ 77,128 $ 61,712 Europe, the Middle East and Africa (1) 9,390 9,559 Asia Pacific (1) 247 825 Rest of World (1) 447 266 Total revenue $ 87,213 $ 72,362 __________________ (1) The United States comprised 87% and 85% of the Company’s revenue for the three months ended July 31, 2024 and 2023, respectively. No other country comprised 10% or greater of the Company’s revenue for the three months ended July 31, 2024 or 2023.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jul. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on a Recurring Basis	The following table summarizes the types of assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): As of July 31, 2024 As of April 30, 2024 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 82,660 $ — $ — $ 82,660 $ 82,564 $ — $ — $ 82,564 Commercial paper — 14,340 — 14,340 — 18,769 — 18,769 U.S. treasury securities — 2,745 — 2,745 — 5,888 — 5,888 Corporate debt securities — 1,985 — 1,985 — — — — Available-for-sale marketable securities: U.S. treasury securities — 7,208 — 7,208 — 2,497 — 2,497 Certificates of deposit — 80,332 — 80,332 — 62,017 — 62,017 U.S. government agencies securities — 46,626 — 46,626 — 46,428 — 46,428 Commercial paper — 136,382 — 136,382 — 162,183 — 162,183 Corporate debt securities — 358,167 — 358,167 — 310,095 — 310,095 Total cash equivalents and available-for-sale marketable securities $ 82,660 $ 647,785 $ — $ 730,445 $ 82,564 $ 607,877 $ — $ 690,441

Cash Equivalents and Marketab_2

Cash Equivalents and Marketable Securities (Tables)	3 Months Ended
	Jul. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-For-Sale Debt Securities and Balance Sheet Classification	The following table summarizes the Company’s cash equivalents and available-for-sale marketable securities (in thousands): As of July 31, 2024 As of April 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 82,660 $ — $ — $ 82,660 $ 82,564 $ — $ — $ 82,564 Commercial paper 14,340 — — 14,340 18,769 — — 18,769 U.S. treasury securities 2,745 — — 2,745 5,888 — — 5,888 Corporate debt securities 1,985 — — 1,985 — — — — Available-for-sale marketable securities: U.S. treasury securities 7,203 5 — 7,208 2,497 — — 2,497 Certificates of deposit 80,332 — — 80,332 62,017 — — 62,017 U.S. government agencies securities 46,579 74 (27) 46,626 46,527 5 (104) 46,428 Commercial paper 136,382 — — 136,382 162,183 — — 162,183 Corporate debt securities 357,849 453 (135) 358,167 310,557 64 (526) 310,095 Total cash equivalents and available-for-sale marketable securities $ 730,075 $ 532 $ (162) $ 730,445 $ 691,002 $ 69 $ (630) $ 690,441
Summary of Available-For-Sale Debt Securities by Contractual Maturity	The following table summarizes the Company’s available-for-sale marketable securities by contractual maturity (in thousands): As of July 31, 2024 As of April 30, 2024 Amortized Cost Fair Value Amortized Cost Fair Value Within one year $ 534,132 $ 534,185 $ 514,747 $ 514,484 After one year through five years 94,213 94,530 69,034 68,736 Total $ 628,345 $ 628,715 $ 583,781 $ 583,220
Summary of Available-For-Sale Marketable Securities, Fair Values and Unrealized Losses	The following table summarizes the fair values and unrealized losses of the Company’s available-for-sale marketable securities classified by length of time that the securities have been in a continuous unrealized loss position but were not deemed to be other-than-temporarily impaired, as of July 31, 2024 (in thousands): As of July 31, 2024 Less Than 12 Months 12 Months or Greater Total Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value U.S. government agencies securities $ (26) $ 13,983 $ — $ — $ (26) $ 13,983 Commercial paper — 2,539 — — — 2,539 Corporate debt securities (107) 96,012 (29) 40,027 (136) 136,039 Total $ (133) $ 112,534 $ (29) $ 40,027 $ (162) $ 152,561 As of July 31, 2023 Less Than 12 Months 12 Months or Greater Total Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value U.S. government agencies securities $ (110) $ 37,729 $ (8) $ 4,442 $ (118) $ 42,171 Commercial paper — 10,254 — — — 10,254 Corporate debt securities (527) 158,948 (156) 39,968 (683) 198,916 Total $ (637) $ 206,931 $ (164) $ 44,410 $ (801) $ 251,341

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	3 Months Ended
	Jul. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Property and Equipment, Net	Property and equipment consisted of the following at July 31, 2024 and April 30, 2024 (in thousands): Useful Life As of July 31, As of April 30, (in months) 2024 2024 Leasehold improvements * $ 72,248 $ 71,867 Computer equipment 36 5,316 4,936 Office furniture and equipment 60 14,597 14,479 Capital work-in-progress NA 11,986 12,122 Property and equipment, gross 104,147 103,404 Less: accumulated depreciation and amortization (17,667) (14,773) Property and equipment, net $ 86,480 $ 88,631 __________________ * Leasehold improvements are amortized over the shorter of the estimated useful lives of the improvements or the remaining lease term. NA = Not Applicable
Schedule of Accrued Compensation and Employee Benefits	Accrued compensation and employee benefits consisted of the following at July 31, 2024 and April 30, 2024 (in thousands): As of July 31, As of April 30, 2024 2024 Accrued stock-settled bonus $ 19,267 $ 31,194 Accrued bonus 290 336 Accrued vacation 4,162 4,317 Accrued payroll taxes and benefits 2,915 3,636 Accrued commissions 2,965 2,826 Accrued salaries 102 225 ESPP contributions 3,923 1,409 Other 303 320 Accrued compensation and employee benefits $ 33,927 $ 44,263
Schedule of Accrued and Other Current Liabilities	Accrued and other current liabilities consisted of the following at July 31, 2024 and April 30, 2024 (in thousands): As of July 31, As of April 30, 2024 2024 Liability for common stock exercised prior to vesting $ 161 $ 266 Accrued general expenses 5,203 2,783 Operating lease liabilities, current 3,822 3,226 Accrued professional services 2,287 2,082 Other 1,332 1,169 Accrued and other current liabilities $ 12,805 $ 9,526

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jul. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	A summary of the Company’s option activity during the three months ended July 31, 2024 is as follows: Options Outstanding Number of Weighted Weighted Aggregate (in thousands) (in thousands) Balance as of April 30, 2024 31,328 $ 13.97 5.68 $ 268,167 Options granted 61 22.69 Options exercised (434) 29.44 Options cancelled (341) 14.39 Balance as of July 31, 2024 30,614 $ 14.08 5.41 $ 387,878 Vested and exercisable as of July 31, 2024 24,625 $ 10.97 5.02 $ 388,590 Vested and expected to vest as of July 31, 2024 30,614 $ 14.08 5.41 $ 387,878
Schedule of Valuation Assumptions	The weighted average assumptions underlying the fair value estimation are provided in the following table: Three Months Ended July 31, 2024 2023 Valuation assumptions: Expected dividend yield — % — % Expected volatility 65.5 % — % Expected term (years) 6.5 — Risk-free interest rate 4.6 % — %
Schedule of Restricted Stock Unit Activity	A summary of the Company’s RSU activity during the three months ended July 31, 2024 is as follows: RSUs Outstanding Number of RSUs Weighted Average (in thousands) Unvested Balance as of April 30, 2024 19,283 $ 24.26 RSUs granted 4,687 29.57 RSUs vested (2,176) 30.28 RSUs forfeited (1,330) 27.79 Unvested Balance as of July 31, 2024 20,464 $ 24.74
Summary of Effects of Stock-Based Compensation	The following table summarizes the effects of stock-based compensation on the Company’s condensed consolidated statements of operations (in thousands): Three Months Ended July 31, 2024 2023 Cost of subscription $ 7,694 $ 8,056 Cost of professional services 714 460 Sales and marketing 18,833 16,779 Research and development 18,431 17,033 General and administrative 9,011 8,552 Total stock-based compensation expense $ 54,683 $ 50,880

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Jul. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Three Months Ended July 31, 2024 2023 Numerator Net loss attributable to common stockholders $ (62,827) $ (64,358) Denominator Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted 124,979 115,681 Basic and diluted net loss per share attributable to common stockholders Basic and diluted net loss per Class A and Class B common shares $ (0.50) $ (0.56)
Schedule of Potential Shares of Common Stock Excluded from Computation of Basic and Diluted Net Loss Per Share	The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have had an antidilutive effect were as follows (in thousands): As of July 31, 2024 2023 Stock options 30,614 32,073 RSUs 20,464 22,398 ESPP 649 1,405

Revenue - Disaggregated Revenue

Revenue - Disaggregated Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 87,213	$ 72,362
Software Licenses
Disaggregation of Revenue [Line Items]
Total revenue	12,600	3,200
North America
Disaggregation of Revenue [Line Items]
Total revenue	$ 77,128	$ 61,712
United States | Revenue | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Geographic concentration risk, percentage	87%	85%
Europe, the Middle East and Africa
Disaggregation of Revenue [Line Items]
Total revenue	$ 9,390	$ 9,559
Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenue	247	825
Rest of World
Disaggregation of Revenue [Line Items]
Total revenue	$ 447	$ 266

Revenue - Deferred Revenue (Det

Revenue - Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Apr. 30, 2024
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 40.3		$ 39
Revenue recognized	$ 25.2	$ 26.3

Revenue - Remaining Performance

Revenue - Remaining Performance Obligation (Details) $ in Millions	Jul. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized from remaining performance obligations, amount	$ 204.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-08-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized from remaining performance obligations, amount	$ 150.9
Revenue expected to be recognized from remaining performance obligations, period	12 months

Revenue - Customer Concentratio

Revenue - Customer Concentration and Accounts Receivable (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Apr. 30, 2024
Disaggregation of Revenue [Line Items]
Unbilled receivables	$ 81.5		$ 62.3
Customer Concentration Risk | Revenue | Customer One
Disaggregation of Revenue [Line Items]
Customer concentration risk, percentage	23%	32%
Customer Concentration Risk | Accounts Receivable | Customer One
Disaggregation of Revenue [Line Items]
Customer concentration risk, percentage	18%		25%
Customer Concentration Risk | Accounts Receivable | Customer Two
Disaggregation of Revenue [Line Items]
Customer concentration risk, percentage	14%		16%

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Available-for-sale marketable securities:
Total cash equivalents and available-for-sale marketable securities	$ 730,445	$ 690,441
Money market funds
Cash equivalents:
Estimated Fair Value	82,660	82,564
Commercial paper
Cash equivalents:
Estimated Fair Value	14,340	18,769
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	136,382	162,183
U.S. treasury securities
Cash equivalents:
Estimated Fair Value	2,745	5,888
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	7,208	2,497
Corporate debt securities
Cash equivalents:
Estimated Fair Value	1,985	0
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	358,167	310,095
Certificates of deposit
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	80,332	62,017
U.S. government agencies securities
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	46,626	46,428
Fair Value, Recurring
Available-for-sale marketable securities:
Total cash equivalents and available-for-sale marketable securities	730,445	690,441
Fair Value, Recurring | Money market funds
Cash equivalents:
Estimated Fair Value	82,660	82,564
Fair Value, Recurring | Commercial paper
Cash equivalents:
Estimated Fair Value	14,340	18,769
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	136,382	162,183
Fair Value, Recurring | U.S. treasury securities
Cash equivalents:
Estimated Fair Value	2,745	5,888
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	7,208	2,497
Fair Value, Recurring | Corporate debt securities
Cash equivalents:
Estimated Fair Value	1,985	0
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	358,167	310,095
Fair Value, Recurring | Certificates of deposit
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	80,332	62,017
Fair Value, Recurring | U.S. government agencies securities
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	46,626	46,428
Fair Value, Recurring | Level 1
Available-for-sale marketable securities:
Total cash equivalents and available-for-sale marketable securities	82,660	82,564
Fair Value, Recurring | Level 1 | Money market funds
Cash equivalents:
Estimated Fair Value	82,660	82,564
Fair Value, Recurring | Level 1 | Commercial paper
Cash equivalents:
Estimated Fair Value	0	0
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	0	0
Fair Value, Recurring | Level 1 | U.S. treasury securities
Cash equivalents:
Estimated Fair Value	0	0
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	0	0
Fair Value, Recurring | Level 1 | Corporate debt securities
Cash equivalents:
Estimated Fair Value	0	0
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	0	0
Fair Value, Recurring | Level 1 | Certificates of deposit
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	0	0
Fair Value, Recurring | Level 1 | U.S. government agencies securities
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	0	0
Fair Value, Recurring | Level 2
Available-for-sale marketable securities:
Total cash equivalents and available-for-sale marketable securities	647,785	607,877
Fair Value, Recurring | Level 2 | Money market funds
Cash equivalents:
Estimated Fair Value	0	0
Fair Value, Recurring | Level 2 | Commercial paper
Cash equivalents:
Estimated Fair Value	14,340	18,769
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	136,382	162,183
Fair Value, Recurring | Level 2 | U.S. treasury securities
Cash equivalents:
Estimated Fair Value	2,745	5,888
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	7,208	2,497
Fair Value, Recurring | Level 2 | Corporate debt securities
Cash equivalents:
Estimated Fair Value	1,985	0
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	358,167	310,095
Fair Value, Recurring | Level 2 | Certificates of deposit
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	80,332	62,017
Fair Value, Recurring | Level 2 | U.S. government agencies securities
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	46,626	46,428
Fair Value, Recurring | Level 3
Available-for-sale marketable securities:
Total cash equivalents and available-for-sale marketable securities	0	0
Fair Value, Recurring | Level 3 | Money market funds
Cash equivalents:
Estimated Fair Value	0	0
Fair Value, Recurring | Level 3 | Commercial paper
Cash equivalents:
Estimated Fair Value	0	0
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	0	0
Fair Value, Recurring | Level 3 | U.S. treasury securities
Cash equivalents:
Estimated Fair Value	0	0
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	0	0
Fair Value, Recurring | Level 3 | Corporate debt securities
Cash equivalents:
Estimated Fair Value	0	0
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	0	0
Fair Value, Recurring | Level 3 | Certificates of deposit
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	0	0
Fair Value, Recurring | Level 3 | U.S. government agencies securities
Available-for-sale marketable securities:
Available-for-sale marketable securities, fair value	$ 0	$ 0

Cash Equivalents and Marketab_3

Cash Equivalents and Marketable Securities - Available-for-Sale Marketable Securities (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024	Jul. 31, 2023
Cash equivalents:
Amortized Cost	$ 133,820	$ 167,146	$ 206,442
Debt Securities, Available-for-Sale [Abstract]
Total cash equivalents and available-for-sale marketable securities, Amortized Cost	730,075	691,002
Total cash equivalents and available-for-sale marketable securities, Gross Unrealized Gain	532	69
Total cash equivalents and available-for-sale marketable securities, Gross Unrealized Loss	(162)	(630)
Total cash equivalents and available-for-sale marketable securities	730,445	690,441
Money market funds
Cash equivalents:
Amortized Cost	82,660	82,564
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	82,660	82,564
Commercial paper
Cash equivalents:
Amortized Cost	14,340	18,769
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	14,340	18,769
Debt Securities, Available-for-Sale [Abstract]
Amortized Cost	136,382	162,183
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	136,382	162,183
U.S. treasury securities
Cash equivalents:
Amortized Cost	2,745	5,888
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	2,745	5,888
Debt Securities, Available-for-Sale [Abstract]
Amortized Cost	7,203	2,497
Gross Unrealized Gains	5	0
Gross Unrealized Losses	0	0
Estimated Fair Value	7,208	2,497
Corporate debt securities
Cash equivalents:
Amortized Cost	1,985	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	1,985	0
Debt Securities, Available-for-Sale [Abstract]
Amortized Cost	357,849	310,557
Gross Unrealized Gains	453	64
Gross Unrealized Losses	(135)	(526)
Estimated Fair Value	358,167	310,095
Certificates of deposit
Debt Securities, Available-for-Sale [Abstract]
Amortized Cost	80,332	62,017
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	80,332	62,017
U.S. government agencies securities
Debt Securities, Available-for-Sale [Abstract]
Amortized Cost	46,579	46,527
Gross Unrealized Gains	74	5
Gross Unrealized Losses	(27)	(104)
Estimated Fair Value	$ 46,626	$ 46,428

Cash Equivalents and Marketab_4

Cash Equivalents and Marketable Securities - Available-for Sale Debt Securities by Contractual Maturity (Details) - Debt Securities, Available-For-Sale, Excluding Money Market Accounts - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract]
AFS Debt Maturities, Within one year, Amortized Cost	$ 534,132	$ 514,747
AFS Debt Maturities, After one year through five years, Amortized Cost	94,213	69,034
Amortized Cost	628,345	583,781
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
AFS Debt Maturities, Within one year, Fair Value	534,185	514,484
AFS Debt Maturities, After one year through five years, Fair Value	94,530	68,736
AFS Debt Maturities, Total Fair Value	$ 628,715	$ 583,220

Cash Equivalents and Marketab_5

Cash Equivalents and Marketable Securities - Available-for-Sale Marketable Securities, Fair Value and Unrealized Losses Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
AFS, Less Than 12 Months, Unrealized Losses	$ (133)	$ (637)
AFS, Less Than 12 Months, Fair Value	112,534	206,931
AFS, 12 Months or Greater, Unrealized Losses	(29)	(164)
AFS, 12 Months or Greater, Fair Value	40,027	44,410
AFS, Total Unrealized Losses	(162)	(801)
AFS, Total Fair Value	152,561	251,341
U.S. government agencies securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
AFS, Less Than 12 Months, Unrealized Losses	(26)	(110)
AFS, Less Than 12 Months, Fair Value	13,983	37,729
AFS, 12 Months or Greater, Unrealized Losses	0	(8)
AFS, 12 Months or Greater, Fair Value	0	4,442
AFS, Total Unrealized Losses	(26)	(118)
AFS, Total Fair Value	13,983	42,171
Commercial paper
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
AFS, Less Than 12 Months, Unrealized Losses	0	0
AFS, Less Than 12 Months, Fair Value	2,539	10,254
AFS, 12 Months or Greater, Unrealized Losses	0	0
AFS, 12 Months or Greater, Fair Value	0	0
AFS, Total Unrealized Losses	0	0
AFS, Total Fair Value	2,539	10,254
Corporate debt securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
AFS, Less Than 12 Months, Unrealized Losses	(107)	(527)
AFS, Less Than 12 Months, Fair Value	96,012	158,948
AFS, 12 Months or Greater, Unrealized Losses	(29)	(156)
AFS, 12 Months or Greater, Fair Value	40,027	39,968
AFS, Total Unrealized Losses	(136)	(683)
AFS, Total Fair Value	$ 136,039	$ 198,916

Cash Equivalents and Marketab_6

Cash Equivalents and Marketable Securities - Narrative (Details) - marketable_security	Jul. 31, 2024	Apr. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Number of marketable securities in unrealized loss position	116	219

Balance Sheet Details - Propert

Balance Sheet Details - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 104,147	$ 103,404
Less: accumulated depreciation and amortization	(17,667)	(14,773)
Property and equipment, net	86,480	88,631
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 72,248	71,867
Computer equipment
Property, Plant and Equipment [Line Items]
Useful Life	36 months
Property and equipment, gross	$ 5,316	4,936
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Useful Life	60 months
Property and equipment, gross	$ 14,597	14,479
Capital work-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 11,986	$ 12,122

Balance Sheet Details - Narrati

Balance Sheet Details - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation expense	$ 2.9	$ 2.8

Balance Sheet Details - Accrued

Balance Sheet Details - Accrued Compensation and Employee Benefits (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued stock-settled bonus	$ 19,267	$ 31,194
Accrued bonus	290	336
Accrued vacation	4,162	4,317
Accrued payroll taxes and benefits	2,915	3,636
Accrued commissions	2,965	2,826
Accrued salaries	102	225
ESPP contributions	3,923	1,409
Other	303	320
Accrued compensation and employee benefits	$ 33,927	$ 44,263

Balance Sheet Details - Accru_2

Balance Sheet Details - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liability for common stock exercised prior to vesting	$ 161	$ 266
Accrued general expenses	5,203	2,783
Operating lease liabilities, current	3,822	3,226
Accrued professional services	2,287	2,082
Other	1,332	1,169
Accrued and other current liabilities	$ 12,805	$ 9,526

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions, € in Billions

1 Months Ended

3 Months Ended

25 Months Ended

Feb. 15, 2023 officer_and_director plaintiff

Jul. 31, 2024 USD ($) phase

Apr. 30, 2024 USD ($)

Jul. 31, 2022 USD ($)

Feb. 29, 2020

Jul. 31, 2024 USD ($) phase

Jul. 31, 2023 USD ($) phase

Jun. 28, 2024 claim

Feb. 27, 2024 EUR (€)

Jan. 31, 2024 phase

Apr. 30, 2023 phase

Oct. 31, 2022 phase

Jan. 31, 2022 phase

Aug. 25, 2021 ft²

Long-term Purchase Commitment [Line Items]

Lease, area under lease | ft²

283,015

Lease, number of phases | phase

7

7

5

6

4

3

2

Decrease in right-of-use asset

$ 1.3

Decrease in lease liability

1.3

The Reckstin Family Trust v. C3.ai, Inc. | Settled Litigation

Long-term Purchase Commitment [Line Items]

Number of additional plaintiffs | plaintiff

3

Number of current and former officers and directors | officer_and_director

4

Enel Global Services S.R.L And Any Involved Corporate Affiliates ("Enel") | Pending Litigation

Long-term Purchase Commitment [Line Items]

Unrecorded amount | €

€ 2.1

Suri V. Siebel Et Al., Rabasca V. Siebel Et Al., Vo V. Siebel Et Al., Lanfair V. Siebel Et Al., Pankow V. Seibel Et Al., Rosenfeld V. Siebel Et Al. | Pending Litigation

Long-term Purchase Commitment [Line Items]

Number of actions filed | claim

6

C3.ai DTI Grants Program

Long-term Purchase Commitment [Line Items]

Grants, payment period

5 years

Grants, potential remaining contributions

$ 31.6

$ 31.6

31.6

Cloud Services, July 2022-July 2025

Long-term Purchase Commitment [Line Items]

Purchase commitment, at least

$ 100

Purchase commitment, term

3 years

Purchase commitment, incurred cost

9.4

$ 7.2

Remaining contractual commitment

54

54

Professional Services, October 2023-October 2026

Long-term Purchase Commitment [Line Items]

Purchase commitment, at least

$ 42

Purchase commitment, term

3 years

Purchase commitment, incurred cost

4.9

Remaining contractual commitment

$ 34.6

34.6

Professional Services, January 2024-January 2026

Long-term Purchase Commitment [Line Items]

Purchase commitment, at least

$ 31

Purchase commitment, term

2 years

Purchase commitment, incurred cost

4.9

Remaining contractual commitment

$ 22.6

$ 22.6

Stockholders' Equity (Details)

Stockholders' Equity (Details)	3 Months Ended
	Jul. 31, 2024 vote $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares authorized (in shares)	200,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.001
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0
Automatic conversion period, following the death or incapacity of Mr. Siebel	6 months
Automatic conversion period, following the date Mr. Siebel no longer providing services	6 months
Automatic conversion, anniversary period, if circumstances met	20 years
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)	1,000,000,000
Voting rights, number of votes for each share | vote	1
Common stock, par value (in dollars per share) | $ / shares	$ 0.001
Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)	3,500,000
Voting rights, number of votes for each share | vote	50
Common stock, par value (in dollars per share) | $ / shares	$ 0.001

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Nov. 27, 2020 USD ($) period shares	Jul. 31, 2024 USD ($) $ / shares shares	Jul. 31, 2023 USD ($) shares	May 01, 2024	Apr. 30, 2024 USD ($)	Jul. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		$ 54,683	$ 50,880
Risk-free interest rate		4.60%	0%
Expected dividend yield		0%	0%
Expected volatility		65.50%	0%
Accrued stock-settled bonus		$ 19,267			$ 31,194
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 69,300
Unrecognized compensation cost, weighted-average recognition period		2 years 1 month 6 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		5 years
Unrecognized compensation cost, weighted-average recognition period		3 years 8 months 12 days
Unrecognized stock-based compensation expense		$ 472,800
Granted, non-option (in shares) | shares		4,687,000
RSUs | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentages		20%
Vesting period		1 year
RSUs | Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentages		5%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares authorized (in shares) | shares						1,700,000
Total stock-based compensation expense		$ 1,400
Stock price (in dollars per share) | $ / shares		$ 12.90
Risk-free interest rate		3.70%
Expected dividend yield		0%
Expected volatility		51.40%
2020 Incentive Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)		10 years
2020 Incentive Plan | Stock options | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentages		20%
Vesting period		1 year
2020 Incentive Plan | Stock options | Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentages		2%
Vesting period		4 years
2020 Employee Stock Purchase Plan | ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		$ 700	$ 1,600
Unrecognized stock-based compensation expense		1,700
Percentage of employee earnings participation (up to)	15%
Initial offering period (in months)	24 months
Number of purchase periods | period	4
Purchase period (in months)	6 months
Annual Bonus Program And Retention Bonus Program | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		$ 13,700
Common Class A and Common Class B | 2020 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Automatic increase to shares reserved for future issuance, percent of total shares				7%
Common Class A and Common Class B | 2020 Employee Stock Purchase Plan | ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Automatic increase to shares reserved for future issuance, percent of total shares				1%
Class A Common Stock | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, non-option (in shares) | shares		707,801	532,842
Class A Common Stock | 2020 Employee Stock Purchase Plan | ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares) | shares	3,000,000
Shares purchased (in shares) | shares	2,500
Shares purchased	$ 25
Fair market value (as a percent)	85%

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2024	Apr. 30, 2024
Number of Stock Options Outstanding
Balance at beginning of period (in shares)	31,328
Options granted (in shares)	61
Options exercised (in shares)	(434)
Options cancelled (in shares)	(341)
Balance at end of period (in shares)	30,614	31,328
Vested and exercisable at end of period (in shares)	24,625
Vested and expected to vest at end of period (in shares)	30,614
Weighted Average Exercise Price
Balance at beginning of period (in dollars per share)	$ 13.97
Options granted (in dollars per share)	22.69
Options exercised (in dollars per share)	29.44
Options cancelled (in dollars per share)	14.39
Balance at end of period (in dollars per share)	14.08	$ 13.97
Vested and exercisable at end of period (in dollars per share)	10.97
Vested and expected to vest at end of period (in dollars per share)	$ 14.08
Weighted Average Remaining Contractual Life (years)
Balance at beginning of period	5 years 4 months 28 days	5 years 8 months 4 days
Balance at end of period	5 years 4 months 28 days	5 years 8 months 4 days
Vested and exercisable at end of period	5 years 7 days
Vested and expected to vest at end of period	5 years 4 months 28 days
Aggregate Intrinsic Value
Balance at beginning of period	$ 387,878	$ 268,167
Balance at end of period	387,878	$ 268,167
Vested and exercisable at end of period	388,590
Vested and expected to vest at end of period	$ 387,878

Stock-Based Compensation - Valu

Stock-Based Compensation - Valuation Assumptions (Details)	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Share-Based Payment Arrangement [Abstract]
Expected dividend yield	0%	0%
Expected volatility	65.50%	0%
Expected term (years)	6 years 6 months
Risk-free interest rate	4.60%	0%

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Unit Activity (Details) - RSUs shares in Thousands	3 Months Ended
	Jul. 31, 2024 $ / shares shares
Number of RSUs
Unvested Balance at beginning of period (in shares) | shares	19,283
RSUs granted (in shares) | shares	4,687
RSUs vested (in shares) | shares	(2,176)
RSUs forfeited (in shares) | shares	(1,330)
Unvested Balance at end of period (in shares) | shares	20,464
Weighted Average Grant Date Fair Value Per Share
Unvested Balance at beginning of period (in dollars per share) | $ / shares	$ 24.26
RSUs granted (in dollars per share) | $ / shares	29.57
RSUs vested (in dollars per share) | $ / shares	30.28
RSUs forfeited (in dollars per share) | $ / shares	27.79
Unvested Balance at end of period (in dollars per share) | $ / shares	$ 24.74

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 54,683	$ 50,880
Cost of revenue | Subscription
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	7,694	8,056
Cost of revenue | Professional services
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	714	460
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	18,833	16,779
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	18,431	17,033
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 9,011	$ 8,552

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 272	$ 148

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Numerator
Net loss attributable to common stockholders	$ (62,827)	$ (64,358)
Denominator
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares)	124,979	115,681
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)	124,979	115,681
Basic and diluted net loss per share attributable to common stockholders
Basic net loss per Class A and Class B common shares (in dollars per share)	$ (0.50)	$ (0.56)
Diluted net loss per Class A and Class B common shares (in dollars per share)	$ (0.50)	$ (0.56)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Potential Shares Excluded From Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive shares excluded from computation of net loss per share (in shares)	30,614	32,073
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive shares excluded from computation of net loss per share (in shares)	20,464	22,398
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive shares excluded from computation of net loss per share (in shares)	649	1,405

Related Party Transactions (Det

Related Party Transactions (Details)			3 Months Ended
		Feb. 21, 2023 USD ($) ft²	Jul. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)	Aug. 25, 2021 ft² office_tower
Related Party Transaction [Line Items]
Total revenue			$ 87,213,000	$ 72,362,000
Sales and marketing expenses	[1]		52,125,000	43,885,000
Subleased space area (in square feet) | ft²		3,130			283,013
Number of office towers | office_tower					2
Automatic renewal term (in years)		1 year
Monthly base rent		$ 8,608
Subscription
Related Party Transaction [Line Items]
Total revenue	[2]		73,456,000	61,352,000
Professional services
Related Party Transaction [Line Items]
Total revenue	[3]		$ 13,757,000	11,010,000
Related Party
Related Party Transaction [Line Items]
Sales and marketing expenses				810,000
Related Party | Subscription
Related Party Transaction [Line Items]
Total revenue				10,581,000
Related Party | Professional services
Related Party Transaction [Line Items]
Total revenue				5,804,000
Related Party | Software Subscription Agreement | Baker Hughes Company
Related Party Transaction [Line Items]
Sales and marketing expenses				800,000
Deferred costs, sales commissions, amortization				800,000
Related Party | Software Subscription Agreement | Baker Hughes Company | Subscription
Related Party Transaction [Line Items]
Total revenue				10,600,000
Related Party | Software Subscription Agreement | Baker Hughes Company | Professional services
Related Party Transaction [Line Items]
Total revenue				$ 5,800,000
[1]Including related party sales and marketing expense of $810 for the three months ended July 31, 2023.[2]Including related party revenue of $10,581 for the three months ended July 31, 2023.[3]Including related party revenue of $5,804 for the three months ended July 31, 2023.