AICoin AI Faces Sharp Revenue Drop Amid CEO Transition

C3.ai (AI -7.22%), an enterprise artificial intelligence application provider, reported a 19.4% year-over-year revenue decline in Q1 fiscal 2026, with sales dropping to $70.3 million. The company projects Q2 revenue between $72 million and $80 million, still reflecting approximately 20% decline at the midpoint.

Founder Thomas Siebel stepped down as CEO due to health concerns, transitioning to Executive Chairman while passing leadership to AI industry veteran Stephen Ehikian. Siebel acknowledged his significant role in sales, stating, "With the benefit of hindsight, it is apparent that my active participation in the sales process may have had a greater impact than I previously thought."

The company secured 40 agreements during the quarter, including 12 featuring its flagship products, but sales team restructuring added challenges during the leadership transition period.