ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
(Address of principal executive offices) | (Zip code) | ||||||||||||||||
Registrant's telephone number, including area code: ( | |||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
Fiscal Year Ended April 30, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
(in thousands) | |||||||||||||||||
Revenue | |||||||||||||||||
Subscription | $ | 327,630 | $ | 278,104 | $ | 230,443 | |||||||||||
Professional services | 61,426 | 32,478 | 36,352 | ||||||||||||||
Total revenue | 389,056 | 310,582 | 266,795 | ||||||||||||||
Cost of revenue | |||||||||||||||||
Subscription(1) | 143,841 | 128,469 | 78,423 | ||||||||||||||
Professional services(1) | 9,352 | 3,553 | 7,914 | ||||||||||||||
Total cost of revenue | 153,193 | 132,022 | 86,337 | ||||||||||||||
Gross profit | 235,863 | 178,560 | 180,458 | ||||||||||||||
Operating expenses | |||||||||||||||||
Sales and marketing(1) | 239,659 | 214,167 | 183,121 | ||||||||||||||
Research and development(1) | 226,391 | 201,365 | 210,660 | ||||||||||||||
General and administrative(1) | 94,237 | 81,370 | 77,170 | ||||||||||||||
Total operating expenses | 560,287 | 496,902 | 470,951 | ||||||||||||||
Loss from operations | (324,424) | (318,342) | (290,493) | ||||||||||||||
Interest income | 36,189 | 40,079 | 21,979 | ||||||||||||||
Other income (expense), net | 509 | (641) | 350 | ||||||||||||||
Loss before provision for income taxes | (287,726) | (278,904) | (268,164) | ||||||||||||||
Provision for income taxes | 976 | 792 | 675 | ||||||||||||||
Net loss | $ | (288,702) | $ | (279,696) | $ | (268,839) |
Fiscal Year Ended April 30, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
(in thousands) | |||||||||||||||||
Cost of subscription | $ | 30,480 | $ | 34,032 | $ | 21,417 | |||||||||||
Cost of professional services | 3,180 | 1,288 | 2,220 | ||||||||||||||
Sales and marketing | 83,960 | 71,751 | 71,389 | ||||||||||||||
Research and development | 71,629 | 72,036 | 90,217 | ||||||||||||||
General and administrative | 41,739 | 36,654 | 31,299 | ||||||||||||||
Total stock-based compensation expense | $ | 230,988 | $ | 215,761 | $ | 216,542 |
Fiscal Year Ended April 30, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Revenue | |||||||||||||||||
Subscription | 84 | % | 90 | % | 86 | % | |||||||||||
Professional services | 16 | 10 | 14 | ||||||||||||||
Total revenue | 100 | 100 | 100 | ||||||||||||||
Cost of revenue | |||||||||||||||||
Subscription | 37 | 41 | 29 | ||||||||||||||
Professional services | 2 | 1 | 3 | ||||||||||||||
Total cost of revenue | 39 | 43 | 32 | ||||||||||||||
Gross profit | 61 | 57 | 68 | ||||||||||||||
Operating expenses | |||||||||||||||||
Sales and marketing | 62 | 69 | 69 | ||||||||||||||
Research and development | 58 | 65 | 79 | ||||||||||||||
General and administrative | 24 | 26 | 29 | ||||||||||||||
Total operating expenses | 144 | 160 | 177 | ||||||||||||||
Loss from operations | (83) | (102) | (109) | ||||||||||||||
Interest income | 9 | 13 | 8 | ||||||||||||||
Other income (expense), net | — | — | — | ||||||||||||||
Loss before provision for income taxes | (74) | (90) | (101) | ||||||||||||||
Provision for income taxes | — | — | — | ||||||||||||||
Net loss | (74) | % | (90) | % | (101) | % |
Fiscal Year Ended April 30, | $ Change | % Change | |||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Subscription | $ | 327,630 | $ | 278,104 | $ | 49,526 | 18 | % | |||||||||||||||
Professional services | 61,426 | 32,478 | 28,948 | 89 | % | ||||||||||||||||||
Total revenue | $ | 389,056 | $ | 310,582 | $ | 78,474 | 25 | % |
Fiscal Year Ended April 30, | $ Change | % Change | |||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cost of revenue | |||||||||||||||||||||||
Subscription | $ | 143,841 | $ | 128,469 | $ | 15,372 | 12 | % | |||||||||||||||
Professional services | 9,352 | 3,553 | 5,799 | 163 | % | ||||||||||||||||||
Total cost of revenue | $ | 153,193 | $ | 132,022 | $ | 21,171 | 16 | % |
Fiscal Year Ended April 30, | $ Change | % Change | |||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Gross profit | $ | 235,863 | $ | 178,560 | $ | 57,303 | 32 | % | |||||||||||||||
Gross margin | |||||||||||||||||||||||
Subscription | 56 | % | 54 | % | |||||||||||||||||||
Professional services | 85 | % | 89 | % | |||||||||||||||||||
Total gross margin | 61 | % | 57 | % |
Fiscal Year Ended April 30, | $ Change | % Change | |||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Sales and marketing | $ | 239,659 | $ | 214,167 | $ | 25,492 | 12 | % | |||||||||||||||
Research and development | 226,391 | 201,365 | 25,026 | 12 | % | ||||||||||||||||||
General and administrative | 94,237 | 81,370 | 12,867 | 16 | % | ||||||||||||||||||
Total operating expenses | $ | 560,287 | $ | 496,902 | $ | 63,385 | 13 | % |
Fiscal Year Ended April 30, | $ Change | % Change | |||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Interest income | $ | 36,189 | $ | 40,079 | $ | (3,890) | (10) | % |
Fiscal Year Ended April 30, | $ Change | % Change | |||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Other income (expense), net | $ | 509 | $ | (641) | $ | 1,150 | 179 | % |
Fiscal Year Ended April 30, | $ Change | % Change | |||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Provision for income taxes | $ | 976 | $ | 792 | $ | 184 | 23 | % |
Fiscal Year Ended April 30, | |||||||||||
2025 | 2024 | ||||||||||
(in thousands) | |||||||||||
Net cash used in operating activities | $ | (41,407) | $ | (62,362) | |||||||
Less: | |||||||||||
Purchases of property and equipment | (3,039) | (25,256) | |||||||||
Capitalized software development costs | — | (2,750) | |||||||||
Free cash flow | $ | (44,446) | $ | (90,368) | |||||||
Net cash provided by (used in) investing activities | $ | 16,396 | $ | (66,615) | |||||||
Net cash provided by financing activities | $ | 22,223 | $ | 11,294 | |||||||
Fiscal Year Ended April 30, | |||||||||||
2025 | 2024 | ||||||||||
(in thousands) | |||||||||||
Net Cash used in operating activities | $ | (41,407) | $ | (62,362) | |||||||
Net Cash provided by (used in) investing activities | $ | 16,396 | $ | (66,615) | |||||||
Net Cash provided by financing activities | $ | 22,223 | $ | 11,294 | |||||||
Net decrease in cash, cash equivalents, and restricted cash | $ | (2,788) | $ | (117,683) |
Report of Independent Registered Public Accounting Firm (PCAOB ID: | |||||
As of April 30, | |||||||||||
2025 | 2024 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Marketable securities | |||||||||||
Accounts receivable, net of allowance of $ | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Goodwill | |||||||||||
Other assets, non-current | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued compensation and employee benefits | |||||||||||
Deferred revenue, current | |||||||||||
Accrued and other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Deferred revenue, non-current | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | $ | $ | |||||||||
Commitments and contingencies (note 7) | |||||||||||
Stockholders’ equity | |||||||||||
Class A common stock, $ | |||||||||||
Class B common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive income (loss) | ( | ||||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Fiscal Year Ended April 30, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Revenue | |||||||||||||||||
Subscription(1) | $ | $ | $ | ||||||||||||||
Professional services(2) | |||||||||||||||||
Total revenue | |||||||||||||||||
Cost of revenue | |||||||||||||||||
Subscription | |||||||||||||||||
Professional services | |||||||||||||||||
Total cost of revenue | |||||||||||||||||
Gross profit | |||||||||||||||||
Operating expenses | |||||||||||||||||
Sales and marketing(3) | |||||||||||||||||
Research and development | |||||||||||||||||
General and administrative | |||||||||||||||||
Total operating expenses | |||||||||||||||||
Loss from operations | ( | ( | ( | ||||||||||||||
Interest income | |||||||||||||||||
Other income (expense), net | ( | ||||||||||||||||
Loss before provision for income taxes | ( | ( | ( | ||||||||||||||
Provision for income taxes | |||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | |||||||||||
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted | $ | ( | $ | ( | $ | ( | |||||||||||
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted |
Fiscal Year Ended April 30, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income (loss) | |||||||||||||||||
Unrealized gain (loss) on available-for-sale marketable securities, net of tax | ( | ||||||||||||||||
Total Comprehensive loss | $ | ( | $ | ( | $ | ( |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance as of April 30, 2022 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Issuance of Class A common stock upon exercise of stock options | — | — | ||||||||||||||||||||||||||||||||||||
Vesting of early exercised Class A common stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||
Shares withheld related to net share settlement of equity awards | ( | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | ||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock under employee stock purchase plan | — | — | — | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance as of April 30, 2023 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Issuance of Class A common stock upon exercise of stock options | — | — | ||||||||||||||||||||||||||||||||||||
Vesting of early exercised Class A common stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||
Shares withheld related to net share settlement of equity awards | ( | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | ||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock under employee stock purchase plan | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance as of April 30, 2024 | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance as of April 30, 2024 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Issuance of Class A common stock upon exercise of stock options | — | — | ||||||||||||||||||||||||||||||||||||
Vesting of early exercised Class A common stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||
Shares withheld related to net share settlement of equity awards | ( | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | ||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock under employee stock purchase plan | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance as of April 30, 2025 | $ | $ | $ | $ | ( | $ |
Fiscal Year Ended April 30, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | |||||||||||
Adjustments to reconcile net loss to net cash used in operating activities | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Non-cash operating lease cost | |||||||||||||||||
Stock-based compensation expense | |||||||||||||||||
Accretion of discounts on marketable securities | ( | ( | ( | ||||||||||||||
Other | |||||||||||||||||
Changes in operating assets and liabilities | |||||||||||||||||
Accounts receivable(1) | ( | ( | |||||||||||||||
Prepaid expenses, other current assets and other assets(2) | ( | ||||||||||||||||
Accounts payable(3) | ( | ( | |||||||||||||||
Accrued compensation and employee benefits | ( | ||||||||||||||||
Operating lease liabilities | |||||||||||||||||
Other liabilities(4) | ( | ||||||||||||||||
Deferred revenue(5) | ( | ( | ( | ||||||||||||||
Net cash used in operating activities | ( | ( | ( | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Purchases of property and equipment | ( | ( | ( | ||||||||||||||
Capitalized software development costs | ( | ( | |||||||||||||||
Purchases of investments | ( | ( | ( | ||||||||||||||
Maturities and sales of investments | |||||||||||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Taxes paid related to net share settlement of equity awards | ( | ( | ( | ||||||||||||||
Proceeds from issuance of Class A common stock under employee stock purchase plan | |||||||||||||||||
Proceeds from exercise of Class A common stock options | |||||||||||||||||
Net cash provided by financing activities | |||||||||||||||||
Net decrease in cash, cash equivalents and restricted cash | ( | ( | ( | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | $ | ||||||||||||||
Cash and cash equivalents | |||||||||||||||||
Restricted cash included in other assets, non-current | |||||||||||||||||
Total cash, cash equivalents and restricted cash | $ | $ | $ |
Fiscal Year Ended April 30, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Supplemental disclosure of cash flow information - cash paid for income taxes | $ | $ | $ | ||||||||||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||||||||||
Purchases of property and equipment included in accounts payable and accrued liabilities | $ | $ | $ | ||||||||||||||
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) | $ | $ | $ | ( | |||||||||||||
Right-of-use assets obtained in exchange for lease obligations arising from lease modifications | $ | $ | $ | ||||||||||||||
Unpaid liabilities related to intangible purchases | $ | $ | $ | ||||||||||||||
Receivable from exercise of stock options included in prepaid expenses, other current assets and other assets | $ | $ | $ | ||||||||||||||
Vesting of early exercised stock options | $ | $ | $ |
Fiscal Year Ended April 30, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
North America(1) | $ | $ | $ | ||||||||||||||
Europe, the Middle East and Africa(1) | |||||||||||||||||
Asia Pacific(1) | |||||||||||||||||
Rest of World(1) | |||||||||||||||||
Total revenue | $ | $ | $ |
Fiscal Year Ended April 30, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Prioritized engineering services | $ | $ | $ | ||||||||||||||
Service fees | |||||||||||||||||
Total professional services revenue | $ | $ | $ |
As of April 30, 2025 | As of April 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury securities | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale marketable securities: | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury securities | |||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies securities | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||||||||||||||||||||
Total cash equivalents and available-for-sale marketable securities | $ | $ | $ | $ | $ | $ | $ | $ |
As of April 30, 2025 | 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 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury securities | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale marketable securities: | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury securities | |||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies securities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total cash equivalents and available-for-sale marketable securities | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ |
As of April 30, 2025 | As of April 30, 2024 | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Within one year | $ | $ | $ | $ | |||||||||||||||||||
After one year through five years | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
As of April 30, 2025 | |||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||||||||||||
Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||
U.S. treasury securities | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
U.S. government agencies securities | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Commercial paper | $ | $ | |||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ | $ | ( | $ |
As of April 30, 2024 | |||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||||||||||||
Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||
U.S. treasury securities | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
U.S. government agencies securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ | $ | ( | $ |
Useful Life | As of April 30, | ||||||||||||||||
(in months) | 2025 | 2024 | |||||||||||||||
Leasehold improvements | * | $ | $ | ||||||||||||||
Computer equipment | |||||||||||||||||
Office furniture and equipment | |||||||||||||||||
Capital work-in progress | NA | ||||||||||||||||
Property and equipment-gross | |||||||||||||||||
Less accumulated depreciation | ( | ( | |||||||||||||||
Property and equipment—net | $ | $ |
As of April 30, | |||||||||||
2025 | 2024 | ||||||||||
Accrued bonus | $ | $ | |||||||||
Accrued vacation | |||||||||||
Accrued payroll taxes and benefits | |||||||||||
Accrued commission | |||||||||||
ESPP contributions | |||||||||||
Other | |||||||||||
Accrued compensation and employee benefits | $ | $ |
As of April 30, | |||||||||||
2025 | 2024 | ||||||||||
Accrued general expenses | $ | $ | |||||||||
Operating lease liabilities, current | |||||||||||
Accrued professional services | |||||||||||
Accrued cloud hosting services | |||||||||||
Accrued taxes payable | |||||||||||
Other | |||||||||||
Accrued and other current liabilities | $ | $ |
Fiscal Year Ended April 30, | ||||||||||||||||||||
Lease Costs | 2025 | 2024 | 2022 | |||||||||||||||||
Operating lease costs | $ | $ | $ | |||||||||||||||||
Short term lease costs | ||||||||||||||||||||
Variable lease costs | ||||||||||||||||||||
Sublease income | ( | ( | ( | |||||||||||||||||
Total lease costs, net | $ | $ | $ |
Fiscal Year Ended April 30, | ||||||||||||||||||||
2025 | 2024 | 2023 | ||||||||||||||||||
Cash payments included in the measurement of operating lease liabilities – operating cash flows | $ | $ | $ | |||||||||||||||||
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) | $ | $ | $ | ( | ||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations arising from lease modifications | $ | $ | $ |
As of April 30, | ||||||||||||||||||||
Operating leases | 2025 | 2024 | ||||||||||||||||||
Right-of-use assets | $ | $ | ||||||||||||||||||
Lease liabilities, current | ||||||||||||||||||||
Lease liabilities, non-current | ||||||||||||||||||||
Total operating lease liabilities | $ | $ |
As of April 30, | ||||||||||||||
Operating leases | 2025 | 2024 | ||||||||||||
Weighted average remaining lease term (in years) | ||||||||||||||
Weighted average discount rate | % | % |
As of April 30, 2025 | ||||||||
Fiscal 2026 | $ | |||||||
Fiscal 2027 | ||||||||
Fiscal 2028 | ||||||||
Fiscal 2029 | ||||||||
Fiscal 2030 and thereafter | ||||||||
Total future minimum lease payments | ||||||||
Less: Tenant improvement allowance | ( | |||||||
Less: Imputed interest | ( | |||||||
Total operating lease liabilities | $ |
Options Outstanding | |||||||||||||||||||||||
Number of Stock Options Outstanding | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (years) | Aggregate Intrinsic Value | ||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
Balance as of April 30, 2023 | $ | $ | |||||||||||||||||||||
Options granted | |||||||||||||||||||||||
Options exercised | ( | ||||||||||||||||||||||
Options cancelled | ( | ||||||||||||||||||||||
Balance as of April 30, 2024 | $ | $ | |||||||||||||||||||||
Options granted | |||||||||||||||||||||||
Options exercised | ( | ||||||||||||||||||||||
Options cancelled | ( | ||||||||||||||||||||||
Balance as of April 30, 2025 | $ | $ | |||||||||||||||||||||
Vested and exercisable as of April 30, 2025 | $ | $ | |||||||||||||||||||||
Vested and expected to vest as of April 30, 2025 | $ | $ |
Fiscal Year Ended April 30, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Valuation assumptions: | |||||||||||||||||
Expected dividend yield | % | % | % | ||||||||||||||
Expected volatility | % | % | % | ||||||||||||||
Expected term (years) | |||||||||||||||||
Risk-free interest rate | % | % | % |
RSUs Outstanding | |||||||||||
Number of RSUs | Weighted Average Grant Date Fair Value Per Share | ||||||||||
(in thousands) | |||||||||||
Unvested Balance as of April 30, 2023 | $ | ||||||||||
RSUs granted | |||||||||||
RSUs vested | ( | ||||||||||
RSUs forfeited | ( | ||||||||||
Unvested Balance as of April 30, 2024 | $ | ||||||||||
RSUs granted | |||||||||||
RSUs vested | ( | ||||||||||
RSUs forfeited | ( | ||||||||||
Unvested Balance as of April 30, 2025 | $ |
Fiscal Year Ended April 30, | ||||||||||||||
2025 | 2024 | 2023 | ||||||||||||
Valuation assumptions: | ||||||||||||||
Expected dividend yield | % | % | % | |||||||||||
Expected volatility | ||||||||||||||
Expected term (years) | ||||||||||||||
Risk-free interest rate |
Fiscal Year Ended April 30, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Cost of subscription | $ | $ | $ | ||||||||||||||
Cost of professional services | |||||||||||||||||
Sales and marketing | |||||||||||||||||
Research and development | |||||||||||||||||
General and administrative | |||||||||||||||||
Total stock-based compensation expense | $ | $ | $ |
Fiscal Year Ended April 30, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Domestic | $ | ( | $ | ( | $ | ( | |||||||||||
Foreign | |||||||||||||||||
Net loss before provision for income taxes | $ | ( | $ | ( | $ | ( |
Fiscal Year Ended April 30, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Current expense | |||||||||||||||||
Federal | $ | $ | $ | ||||||||||||||
State | |||||||||||||||||
Foreign | |||||||||||||||||
Total | |||||||||||||||||
Deferred expense | |||||||||||||||||
Federal | |||||||||||||||||
State | |||||||||||||||||
Foreign | |||||||||||||||||
Total | |||||||||||||||||
Total provision for income taxes | $ | $ | $ |
Fiscal Year Ended April 30, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Expected benefit at federal statutory rate | $ | ( | $ | ( | $ | ( | |||||||||||
State tax expense—net of federal benefit | |||||||||||||||||
Impact of foreign operations | ( | ( | ( | ||||||||||||||
Federal research and development credit | ( | ( | ( | ||||||||||||||
Change in valuation allowance | |||||||||||||||||
Stock-based compensation | ( | ( | |||||||||||||||
Meals and entertainment | |||||||||||||||||
Other permanent items | |||||||||||||||||
Total provision for income taxes | $ | $ | $ |
As of April 30, | |||||||||||
2025 | 2024 | ||||||||||
Deferred tax assets | |||||||||||
Accrued payroll | $ | $ | |||||||||
Other accruals & reserves | |||||||||||
Operating lease liability | |||||||||||
Deferred revenue | |||||||||||
Net operating losses | |||||||||||
R&D tax credit | |||||||||||
Stock based compensation | |||||||||||
Capitalized R&D expenditure | |||||||||||
Other | |||||||||||
Gross deferred tax assets | |||||||||||
Valuation allowance | ( | ( | |||||||||
Total deferred tax assets | |||||||||||
Deferred tax liabilities | |||||||||||
Prepaid expenses | ( | ( | |||||||||
Depreciation | ( | ( | |||||||||
Operating lease right-of-use assets | ( | ( | |||||||||
Total deferred tax liabilities | ( | ( | |||||||||
Net deferred tax assets (liabilities) | $ | $ |
As of April 30, | |||||||||||
2025 | 2024 | ||||||||||
Balance as of May 1 | $ | $ | |||||||||
Increases for tax positions related to the prior year | |||||||||||
Increases for tax positions related to the current year | |||||||||||
Balance as of April 30 | $ | $ |
Fiscal Year Ended April 30, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Numerator | |||||||||||||||||
Net loss attributable to common stockholders | $ | ( | $ | ( | $ | ( | |||||||||||
Denominator | |||||||||||||||||
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted | |||||||||||||||||
Basic and diluted net loss per share attributable to common stockholders | |||||||||||||||||
Basic and diluted net loss per Class A and Class B common shares | $ | ( | $ | ( | $ | ( |
Fiscal Year Ended April 30, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Stock options | |||||||||||||||||
RSUs | |||||||||||||||||
ESPP |
Name and Position | Action | Date | Rule 10b5-1* | Non-Rule 10b5-1** | Total Shares of Common Stock to be Sold | Total Shares of Common Stock to be Purchased | Expiration Date | ||||||||||||||||||||||||||||||||||
Adoption | — | ||||||||||||||||||||||||||||||||||||||||
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Description | Form | SEC File No. | Exhibit | Filing Date | |||||||||||||||||||||||||||
8-K | 001-39744 | 3.1 | December 11, 2020 | |||||||||||||||||||||||||||||
S-1/A | 333-250082 | 3.4 | November 30, 2020 | |||||||||||||||||||||||||||||
S-1/A | 333-250082 | 4.1 | November 30, 2020 | |||||||||||||||||||||||||||||
S-1/A | 333-250082 | 4.2 | November 23, 2020 | |||||||||||||||||||||||||||||
10-K | 001-39744 | 4.2.1 | June 25, 2021 | |||||||||||||||||||||||||||||
S-1 | 333-250082 | 4.3 | November 13, 2020 | |||||||||||||||||||||||||||||
10-K | 001-39744 | 4.4 | June 25, 2021 | |||||||||||||||||||||||||||||
10-Q | 001-39744 | 10.1 | December 7, 2023 | |||||||||||||||||||||||||||||
S-1/A | 333-250082 | 10.3 | November 30, 2020 | |||||||||||||||||||||||||||||
S-1 | 333-250082 | 10.6 | November 13, 2020 | |||||||||||||||||||||||||||||
S-8 | 333-253944 | 10.1 | March 5, 2021 |
S-1 | 333-250082 | 10.7 | November 13, 2020 | |||||||||||||||||||||||||||||
S-1 | 333-250082 | 10.8 | November 13, 2020 | |||||||||||||||||||||||||||||
S-1 | 333-250082 | 10.9 | November 13, 2020 | |||||||||||||||||||||||||||||
10-Q | 001-39744 | 10.1 | December 2, 2021 | |||||||||||||||||||||||||||||
10-K | 001-39744 | 10.9.4 | June 23, 2022 | |||||||||||||||||||||||||||||
10-Q | 001-39744 | 10.1 | March 3, 2023 | |||||||||||||||||||||||||||||
S-1 | 333-250082 | 10.10 | November 13, 2020 | |||||||||||||||||||||||||||||
S-1 | 333-250082 | 10.11 | November 13, 2020 | |||||||||||||||||||||||||||||
S-1 | 333-250082 | 10.12 | November 13, 2020 | |||||||||||||||||||||||||||||
10-Q | 001-39744 | 10.4 | December 2, 2021 | |||||||||||||||||||||||||||||
10-Q | 001-39744 | 10.2 | December 2, 2021 | |||||||||||||||||||||||||||||
10-Q | 001-39744 | 10.1 | February 29, 2024 | |||||||||||||||||||||||||||||
10-Q | 001-39744 | 10.1 | September 5, 2024 | |||||||||||||||||||||||||||||
10-K | 001-39744 | 97.1 | June 18, 2024 |
101.INS* | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||||||||||||||||||||
101.SCH* | XBRL Taxonomy Extension Schema Document. | |||||||||||||||||||||||||||||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||||||||||||||||||||||||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||||||||||||||||||||||||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document. | |||||||||||||||||||||||||||||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||||||||||||||||||||||||||
104** | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibits 101). |
C3.ai, Inc. | ||||||||
Date: June 23, 2025 | By: | /s/ Thomas M. Siebel | ||||||
Thomas M. Siebel | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Signature | Title | Date | ||||||||||||
/s/ Thomas M. Siebel | ||||||||||||||
Thomas M. Siebel | Chief Executive Officer and Chairman of the Board | June 23, 2025 | ||||||||||||
(Principal Executive Officer) | ||||||||||||||
/s/ Hitesh Lath | ||||||||||||||
Hitesh Lath | Senior Vice President and Chief Financial Officer | June 23, 2025 | ||||||||||||
(Principal Financial and Accounting Officer) | ||||||||||||||
/s/ Lisa A. Davis | ||||||||||||||
Lisa A. Davis | Director | June 23, 2025 | ||||||||||||
/s/ Richard C. Levin | ||||||||||||||
Richard C. Levin | Director | June 23, 2025 | ||||||||||||
/s/ Michael G. McCaffery | ||||||||||||||
Michael G. McCaffery | Director | June 23, 2025 | ||||||||||||
/s/ Alan Murray | ||||||||||||||
Alan Murray | Director | June 23, 2025 | ||||||||||||
/s/ Condoleezza Rice | ||||||||||||||
Condoleezza Rice | Director | June 23, 2025 | ||||||||||||
/s/ Bruce Sewell | ||||||||||||||
Bruce Sewell | Director | June 23, 2025 | ||||||||||||
/s/ Jim H. Snabe | ||||||||||||||
Jim H. Snabe | Director | June 23, 2025 | ||||||||||||
/s/ KR Sridhar | ||||||||||||||
KR Sridhar | Director | June 23, 2025 | ||||||||||||
/s/ Stephen M. Ward, Jr. | ||||||||||||||
Stephen M. Ward, Jr. | Director | June 23, 2025 | ||||||||||||
/s/ General John Hyten, Ret. | ||||||||||||||
General John Hyten, Ret. | Director | June 23, 2025 | ||||||||||||
/s/ Kenneth A. Goldman | ||||||||||||||
Kenneth A. Goldman | Director | June 23, 2025 | ||||||||||||
/s/ Jim H. Snabe | /s/ Thomas M. Siebel | ||||||||||
Jim H. Snabe | Thomas M. Siebel | ||||||||||
Director | Chairman and CEO | ||||||||||
Name of Subsidiary | Jurisdiction of Organization | ||||
C3, Inc. | Delaware | ||||
C3.ai Gov, Inc. | Delaware | ||||
C3.ai International, Inc. | Delaware | ||||
AI Press, Inc. | Delaware | ||||
C3 IoT France S.A.S. | France | ||||
C3.ai UK Ltd. | United Kingdom | ||||
C3 Energy Italy S.R.L. | Italy | ||||
C3.ai Belgium S.R.L. | Belgium | ||||
C3.ai Japan K.K. | Japan | ||||
C3.ai Netherlands B.V. | The Netherlands | ||||
C3.ai Australia Pty Ltd. | Australia | ||||
C3.ai Singapore Pte Ltd. | Singapore | ||||
C3.ai México S. de R.L. de C.V. | Mexico |
Date: June 23, 2025 | By: | /s/ Thomas M. Siebel | ||||||
Thomas M. Siebel | ||||||||
Chief Executive Officer and Chairman of the Board of Directors | ||||||||
(Principal Executive Officer) |
Date: June 23, 2025 | By: | /s/ Hitesh Lath | ||||||
Hitesh Lath | ||||||||
Senior Vice President and Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
Date: June 23, 2025 | By: | /s/ Thomas M. Siebel | ||||||
Thomas M. Siebel | ||||||||
Chief Executive Officer and Chairman of the Board of Directors | ||||||||
(Principal Executive Officer) |
Date: June 23, 2025 | By: | /s/ Hitesh Lath | ||||||
Hitesh Lath | ||||||||
Senior Vice President and Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
Audit Information |
12 Months Ended |
---|---|
Apr. 30, 2025 | |
Audit Information [Abstract] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | San Jose, California |
Auditor Firm ID | 34 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Apr. 30, 2025 |
Apr. 30, 2024 |
---|---|---|
Accounts receivable, allowance | $ 877 | $ 359 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 130,438,499 | 120,205,931 |
Common stock, shares outstanding (in shares) | 130,438,499 | 120,205,931 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 3,500,000 | 3,500,000 |
Common stock, shares issued (in shares) | 3,499,992 | 3,499,992 |
Common stock, shares outstanding (in shares) | 3,499,992 | 3,499,992 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|||||||
Revenue | |||||||||
Total revenue | $ 389,056 | $ 310,582 | $ 266,795 | ||||||
Cost of revenue | |||||||||
Total cost of revenue | 153,193 | 132,022 | 86,337 | ||||||
Gross profit | 235,863 | 178,560 | 180,458 | ||||||
Operating expenses | |||||||||
Sales and marketing | [1] | 239,659 | 214,167 | 183,121 | |||||
Research and development | 226,391 | 201,365 | 210,660 | ||||||
General and administrative | 94,237 | 81,370 | 77,170 | ||||||
Total operating expenses | 560,287 | 496,902 | 470,951 | ||||||
Loss from operations | (324,424) | (318,342) | (290,493) | ||||||
Interest income | 36,189 | 40,079 | 21,979 | ||||||
Other income (expense), net | 509 | (641) | 350 | ||||||
Loss before provision for income taxes | (287,726) | (278,904) | (268,164) | ||||||
Provision for income taxes | 976 | 792 | 675 | ||||||
Net loss | $ (288,702) | $ (279,696) | $ (268,839) | ||||||
Net loss per share attributable to Class A and B common stockholders, basic (in dollars per share) | $ (2.24) | $ (2.34) | $ (2.45) | ||||||
Net loss per share attributable to Class A and B common stockholders, diluted (in dollars per share) | $ (2.24) | $ (2.34) | $ (2.45) | ||||||
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares) | 129,089 | 119,362 | 109,851 | ||||||
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares) | 129,089 | 119,362 | 109,851 | ||||||
Cost of subscription | |||||||||
Revenue | |||||||||
Total revenue | [2] | $ 327,630 | $ 278,104 | $ 230,443 | |||||
Cost of revenue | |||||||||
Total cost of revenue | 143,841 | 128,469 | 78,423 | ||||||
Professional services | |||||||||
Revenue | |||||||||
Total revenue | [3] | 61,426 | 32,478 | 36,352 | |||||
Cost of revenue | |||||||||
Total cost of revenue | $ 9,352 | $ 3,553 | $ 7,914 | ||||||
|
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|||||||
Related party revenue | $ 389,056 | $ 310,582 | $ 266,795 | ||||||
Related party sales and marketing | [1] | 239,659 | 214,167 | 183,121 | |||||
Related Party | |||||||||
Related party sales and marketing | 810 | 13,962 | |||||||
Cost of subscription | |||||||||
Related party revenue | [2] | 327,630 | 278,104 | 230,443 | |||||
Cost of subscription | Related Party | |||||||||
Related party revenue | 10,581 | 75,452 | |||||||
Professional services | |||||||||
Related party revenue | [3] | $ 61,426 | 32,478 | 36,352 | |||||
Professional services | Related Party | |||||||||
Related party revenue | $ 5,804 | $ 16,774 | |||||||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (288,702) | $ (279,696) | $ (268,839) |
Other comprehensive income (loss) | |||
Unrealized gain (loss) on available-for-sale marketable securities, net of tax | 1,084 | (178) | 1,763 |
Total Comprehensive loss | $ (287,618) | $ (279,874) | $ (267,076) |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
|||||
Related party balanced included in prepaid expenses, other current assets and other assets | [1] | $ (3,208) | $ 576 | |||
Related party balances included in other liabilities | [2] | 8,155 | (10,573) | |||
Related Party | ||||||
Related party balances included in accounts receivable | 12,444 | 38,772 | ||||
Related party balanced included in prepaid expenses, other current assets and other assets | (810) | (4,741) | ||||
Related party balances included in accounts payable | 248 | (16,349) | ||||
Related party balances included in other liabilities | (2,448) | (2,510) | ||||
Related party balance included in deferred revenue | $ (46) | $ 117 | ||||
|
Summary of Business and Significant Accounting Policies |
12 Months Ended |
---|---|
Apr. 30, 2025 | |
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 delivers a family of fully integrated products including the C3 Agentic AI Platform, an end-to-end platform for developing, deploying, and operating enterprise AI applications, C3 AI Applications, a portfolio of industry-specific SaaS enterprise AI applications that enable the digital transformation of organizations globally, and C3 Generative AI, a suite of domain-specific generative AI offerings for the enterprise. 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 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”). The 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 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, 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. References to fiscal 2025, 2024 and 2023 relate to the fiscal years ended April 30, 2025, 2024 and 2023, respectively. Concentration of Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents, marketable securities and accounts receivable. The majority of the Company’s cash and cash equivalents are held by one financial institution. The Company is exposed to that financial institution to the extent that its cash balance with that financial institution is in excess of Federal Deposit Insurance Company (“FDIC”) insurance limits. The Company’s investment policy is to invest in securities with a minimum rating of P-2 by Moody’s, A-2 by Standard & Poor, F2 by Fitch or higher for short-term investments, minimum rating of BBB by Moody’s, Standard & Poor, Fitch or higher for long-term investments with maturity dates between 12 to 18 months, and minimum rating of A or higher by Standard & Poor and Fitch for long-term investments with maturity dates of 18 months or longer from the date of purchase. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers up to the amounts recorded on the consolidated balance sheets. The Company manages its accounts receivable credit risk through ongoing credit evaluation of its customers financial conditions. The Company generally does not require collateral from its customers. See Note 2. Revenue for information regarding the Company’s significant customers. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. The Company’s cash equivalents consisted of investments in money market funds, commercial paper, U.S. treasury securities and corporate debt securities as of April 30, 2025 and 2024. Restricted Cash The Company had restricted cash pledged as security deposits at April 30, 2025 and 2024 of $12.6 million and $12.6 million, respectively, representing a security deposit required by certain leases. The balance of restricted cash as of April 30, 2025 and 2024 was recorded in other assets, non-current on the consolidated balance sheets. Marketable Securities The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale and are recorded at estimated fair value. The Company’s available-for-sale marketable securities comprised of U.S. treasury securities, certificates of deposit, U.S. government agency securities, commercial paper, and corporate debt securities, are classified as available-for-sale marketable securities. The Company considers all of its marketable securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities within current assets on the consolidated balance sheets. Purchase premiums and discounts are amortized or accreted using the effective interest method over the life of the related security and such amortization and accretion are included in interest income in the consolidated statements of operations. For available-for-sale marketable securities in an unrealized loss position, the Company first assesses whether it intends to sell or it is more likely than not that the Company will be required to sell the security before the recovery of its entire amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through other income (expense), net in the consolidated statements of operations. If neither of these criteria is met, the Company further assesses whether the decline in fair value below amortized cost is due to credit or non-credit related factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. Credit related unrealized losses are recognized as an allowance on the consolidated balance sheets with a corresponding charge in the other income (expense), net in the consolidated statements of operations. Non-credit related unrealized losses and unrealized gains on available-for-sale marketable securities are reported in other comprehensive income (loss) as a separate component on the consolidated statements of comprehensive loss. Realized gains and losses are determined based on the specific-identification method and are reported in interest income on the consolidated statements of operations. Accounts Receivable 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 expectation of collectability is based on a review of credit profiles of customers, contractual terms and conditions, current economic trends, and historical payment experience. The Company regularly reviews the adequacy of the allowance for doubtful accounts by considering the age of each outstanding invoice and the collection history of each customer to determine the appropriate amount of allowance for doubtful accounts. An allowance for doubtful accounts balance of $0.9 million and $0.4 million was recorded as of April 30, 2025 and 2024, respectively. Accounts receivable included unbilled receivables of as of April 30, 2025 and April 30, 2024 of $40.2 million and $62.3 million, respectively. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1—Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3—Inputs that are unobservable for the asset or liability. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets are comprised primarily of prepaid cloud subscriptions, other receivables, costs to obtain and fulfill a contract, prepaid software subscriptions, prepaid rent, and prepaid insurance premiums. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Assets are depreciated using the straight-line method over useful lives of to five years. Leasehold improvements and certain furniture and fixtures are amortized using the straight-line method over the lesser of the remaining respective lease term or useful lives. Impairment of Long-Lived Assets The Company evaluates long-lived assets or asset groups for impairment whenever events indicate that the carrying value of an asset or asset group may not be recoverable based on expected future cash flows attributable to that asset or asset group. Recoverability of assets held and used is measured by comparing the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds estimated undiscounted future cash flows, then an impairment charge would be recognized based on the excess of the carrying amount of the asset or asset group over its fair value. Assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell. There were no impairment charges recognized related to long-lived assets during the fiscal years ended April 30, 2025, 2024 and 2023. Goodwill Goodwill is the amount by which the cost of acquired net assets in a business combination exceeds the fair value of the net identifiable assets on the date of purchase and is carried at its historical cost. The Company tests goodwill for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company performs its annual impairment test of goodwill as of February 1, and whenever events or circumstances indicate that the asset might be impaired. The tests did not result in an impairment to goodwill during the fiscal years ended April 30, 2025, 2024 and 2023. Leases The Company determines if an arrangement is or contains a lease at inception by evaluating various factors, including if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and other facts and circumstances. Lease classification is determined at the lease commencement date. The Company has lease arrangements that include lease and non-lease components. The Company has elected to not account for the lease and non-lease components separately. For short-term leases, defined as leases with a lease term of 12 months or less, the Company elected to not recognize an associated lease liability and right-of-use (“ROU”), asset. Lease payments for short-term leases are expensed on a straight-line basis over the lease term. In addition, the Company subleases certain of its unoccupied facilities to third parties. Any impairment to the associated right-of-use assets, leasehold improvements, or other assets as a result of a sublease is recognized in the period the sublease is executed and recorded in the consolidated statements of operations. The Company recognizes sublease income on a straight-line basis over the sublease term. Sublease income is recorded as a reduction to the Company’s operating lease costs. The Company does not have financing leases. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term. The Company uses the rate implicit in the lease when readily determinable at lease inception. If the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the adoption date for leases that commenced prior to the adoption date and the commencement date for leases that commenced after the adoption date. The incremental borrowing rate assumptions include the lease term and the Company’s credit risk. The operating lease ROU asset also includes any advance lease payments made and excludes lease incentives. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis as operating expense in the consolidated statements of operations over the lease term. Software Development Costs The Company capitalizes certain software development costs subsequent to the establishment of technological feasibility. Based on the Company’s product development process and substantial development risks, the Company’s products are made available for general release as soon as technological feasibility is reached. The Company expenses the cost of purchased software that is to be sold, leased, or otherwise marketed as part of a product until the technological feasibility of the product has been established or where the software has an alternative future use. Once the technological feasibility of the product, to be externally marketed, has been established or where the software has an alternative future use, the Company capitalizes the cost of purchased software until the associated product is available for general release to customers, at which point the capitalized cost is amortized on a product-by-product basis at the greater of the ratio of current gross revenues to the total of current and anticipated future gross revenues or over the remaining estimated economic life of the product. As of April 30, 2025 and 2024, capitalized software costs of $4.3 million and $4.3 million, respectively, were included in other assets, non-current on the consolidated balance sheets. The Company amortized capitalized software costs of $0.4 million, $1.3 million and $1.1 million during the fiscal years ended April 30, 2025, 2024 and 2023, respectively, and included in cost of subscription revenue in the consolidated statements of operations. Deferred Revenue Deferred revenue consists of billings or cash received for services in advance of revenue recognition and is recognized as revenue when all of the Company’s revenue recognition criteria are met. The portion of deferred revenue that is anticipated to be recognized as revenue during the succeeding twelve-month period is recorded as deferred revenue, current and the remaining portion is recorded as deferred revenue, non-current on the consolidated balance sheets. The Company’s contract liabilities are classified as deferred revenue upon the right to invoice or when payments have been received for undelivered products or services. Revenue Recognition The Company accounts for revenue in accordance with Accounting Standards Codifications (“ASC”) Topic 606, Revenue From Contracts With Customers (“ASC 606”) for all periods presented. The core principle of ASC 606 is to recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. This principle is achieved by applying the following five-step approach: Identification of the Contract, or Contracts, with a Customer. A contract with a customer exists when (1) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms related to these goods or services, (2) the contract has commercial substance and (3) the Company determines that collection of substantially all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. Identification of the Performance Obligations in the Contract. Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the goods or services either on their own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises in the contract. To the extent a contract includes multiple promised goods or services, the Company applies judgment to determine whether promised goods or services are capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised goods or services are accounted for as a combined performance obligation. Determination of the Transaction Price. The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods or services to the customer, net of sales taxes or value-added taxes. If the transaction price includes variable consideration, the Company includes an estimate of the amount it expects to receive if it is probable that a significant reversal of cumulative revenue recognized will not occur. Usage-based fees earned in exchange for the use of the Company’s software licenses and subscription services in excess of committed usage are recognized in the period when usage occurs. Allocation of the Transaction Price to the Performance Obligations in the Contract. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price (“SSP”). When appropriate, the Company determines SSP based on data points that include the price at which the performance obligation has previously been sold through past transactions on a stand-alone basis, internally approved pricing guidelines and other relevant data points. If there is no observable SSP, it is estimated using judgement and considering all reasonably available information including but not limited to pricing practices, competitor pricing strategies and other observable inputs. When the SSP of a license or subscription and bundled maintenance and support services is highly variable and the contract also includes additional performance obligations with observable SSP, the Company first allocates the transaction price to the performance obligations with established SSPs and then applies the residual approach to allocate the remaining transaction price to the license or subscription and bundled maintenance and support services. If applying the residual approach results in zero or very little consideration being allocated to the performance obligation, the Company considers all reasonably available data to determine an appropriate allocation of the transaction price. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Recognition of Revenue when, or as, Performance Obligations are Satisfied. The Company satisfies substantially all of its performance obligations over time, as discussed in further detail below. 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. 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. Subscription Revenue Subscription revenue is primarily comprised of software licenses, software-as-a-service offerings, stand-ready COE support services, initial production deployments of our C3 AI Applications or Generative AI, and hosting charges. Software licenses grant customers the right to use C3 AI Software, either on their own cloud instances or their internal hardware infrastructures, during the contractual term. The Company also offers a premium stand ready service through our COE. Sales of our software-as-a-service offerings include a right to use C3 AI Software during the contract term. In addition, customers pay a usage-based runtime fee for C3 AI Software for specified levels of guaranteed minimum consumption. Subscriptions also include maintenance and support services, which include critical and continuous updates to the software that are integral to maintaining the intended utility of the software over the contractual term. For a significant majority of the Company’s offerings, software subscriptions and maintenance and support services are highly interdependent and interrelated and represent a single distinct performance obligation within the context of the contract. The Company also sells software licenses that do not require maintenance and support services. The Company currently has a small number of customers that license software offerings under a perpetual license model, and the Company expects that may continue for the foreseeable future for certain customers due to their specific contracting requirements. The Company’s subscriptions are generally offered under renewable, multi-period, fixed fee contracts where payments are typically due in advance. A time-elapsed output method is used to measure progress because the nature of the promise is a stand-ready service. The Company also offers premium stand-ready C3 AI COE support services, hosting services and trial services, which are distinct performance obligations. A description of the Company’s offerings are as follows: •The C3 Agentic AI Platform. C3 Agentic AI Platform is a software platform that uses flexible, model-driven architecture to accelerate and reduce the complexities of developing enterprise-grade AI applications. With C3 Agentic AI Platform, organizations can integrate advanced AI capabilities seamlessly and deliver AI-enabled applications faster than alternative methods to capture value quickly. The C3 Agentic AI Platform offers advanced agentic AI services and capabilities, including omni-modal data fusion, secure deployment, advanced orchestration, and a robust agent and tools framework. These features enable seamless integration and management of multiple AI models within a unified workflow, supporting a wide range of high-value, cross-industry applications and enhancing operational efficiency, security, and decision-making across sectors. Customers primarily pay for the C3 Agentic AI Platform via fixed annual fees based on the number of development users allowed to access the C3 Agentic AI Platform. The C3 Agentic AI Platform offering is primarily a term subscription and may generate additional runtime subscription fees, a form of consumption or usage-based revenue based on compute and storage resources required to run the C3 Agentic AI Platform. •C3 AI Applications. C3 AI Applications are production applications that address a wide range of predictive analytics, reporting, visualization and Generative AI use cases. C3 AI Applications are industry-tested and proven enterprise-grade applications built on a cohesive suite architecture that is designed to integrate and process highly dynamic data sets from sensor networks and enterprise and extraprise information systems, and enable advanced ML capabilities. C3 AI Applications sold without the C3 Agentic AI Platform can be in the form of term or perpetual licenses or subscriptions and earn revenue through a fixed fee or through runtime subscription fees. This includes software licenses that are demonstration versions of C3 AI Applications configured for a customer and do not require maintenance and support services. •C3 Generative AI. C3 Generative AI combines the utility of LLMs, generative AI, reinforcement learning, natural language processing, and the C3 Agentic AI Platform to rapidly locate, retrieve, and present information, disparate data stores, applications, and enterprise information systems. •C3 AI Maintenance and Support Services. C3 AI Maintenance and Support Services are provided for the C3 Agentic AI Platform and the C3 AI Applications that are selected by the customer. This support includes standard monitoring, performance monitoring, database maintenance, security monitoring, upgrading, backup and restore, patching, etc. provided by the Company. The Company continuously provides updates that are critical to the continued and enhanced utility of the software. •C3 AI COE Support Services. COE Support Services provide premium development services and support by an available pool of resources to allow the customer to utilize, extend or modify C3 AI Applications and/or to develop its own applications on the C3 Agentic AI Platform COE Support Services represent a stand-ready performance obligation comprised of a series of distinct days of service that is satisfied and recognized in revenue ratably over the term of the COE agreement. Revenue for COE Support Services is included within subscription revenue in the consolidated statements of operations. •Initial Production Deployments. Initial production deployments are subscriptions for developers access to C3 AI Application(s) and/or C3 Agentic AI Platform or C3 Generative AI and COE support services of up to six-months. Following the initial production deployment period, customers either pay a monthly fee and consumption charges using vCPU and vGPU hours as the metric to calculate payment or enter into a time-certain multi-period commitment that may include consumption charge. •Hosting Services. For certain customers, the Company provides access to the C3 Agentic AI Platform and/or C3 AI Applications in the Company’s cloud environment. The customer consumes and receives benefit throughout the hosting period from the entity’s performance of hosting and providing access to the hosted software, which the customer would otherwise have to undertake itself or obtain another party to do. The Company recognizes hosting services over time based on the consumption patterns of the customers. Customers who choose to install the C3 Agentic AI Platform and/or C3 AI Applications in their own cloud environments do not subscribe to the Company’s hosting services. Hosting services are generally offered as part of the subscription for C3 Agentic AI Platform and/or C3 AI Application arrangements, including initial production deployments and the amount of revenue recognized on a monthly basis varies based on actual consumption by the customer. Professional Services The Company’s professional revenue primarily include service fees and prioritized engineering services. Service fees include revenue from services such as consulting, training, and paid implementation services. For service fees, revenue is typically recognized over time as the services are performed. Prioritized engineering services are undertaken when a customer requests that the Company accelerate the design, development, and delivery of software features and functions that are planned in future product roadmap. When the Company agrees to this, an agreed upon fee is negotiated to accelerate the development of the software as well as other terms, such as relevant specifications. When the software feature is delivered, it becomes integrated to the Company’s core product offering, is available to all subscribers of the underlying software product and enhances the operation of that product going forward. Such prioritized engineering services result in production-level computer software – compiled code that enhances the functionality of our production products – which is available for customers to use over the life of their software licenses. Prioritized engineering services revenue is recognized as professional services over the period in which the software development is completed. Contract balances The Company typically invoices customers for subscription fees in annual increments upon execution of the initial contract or subsequent renewal, payable within 30 to 60 days, and providing customers access to the C3 Agentic AI Platform and/or C3 AI Applications. For initial production deployments, the Company typically invoices customers upon execution of the contract. Monthly usage-based runtime and hosting charges are billed as they are delivered or in arrears. Certain government contracts are cancellable during the subscription term depending on the future fiscal funding available to the contract. The Company has not experienced any cancellation due to the funding constraint related to such contracts. The timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable are recorded at the invoiced amount, net of an allowance for doubtful accounts. A receivable is recognized in the period the Company delivers goods or provides services, or when the Company’s right to consideration is unconditional, whichever is earlier. In situations where revenue recognition occurs before invoicing, an unbilled receivable is recorded. While the timing of revenue recognition usually differs from the timing of payment, the Company has determined the contracts generally do not include a significant financing component, because the period between when the Company transfers its software and services to a customer and when the customer pays for the software and service is typically one year or less. The primary purpose of the invoicing terms is to provide customers with simplified and predictable ways of purchasing the Company’s software and services, not to receive or provide financing. Costs to Obtain a Contract The Company’s customer acquisition costs are primarily related to sales commissions if such costs are incremental costs to obtain a contract without a service condition. Sales commissions are deferred and then amortized taking into consideration the pattern of transfer to which assets relate. If the commissions paid on the initial and renewal contracts are not commensurate to each other, the Company amortizes the commissions paid on the initial contract over an expected period of benefit, including expected renewals, which is determined to be approximately five years. In arriving at the average period of benefit the Company considered the duration of the Company’s relationships with customers and the Company’s technology. Sales commissions for renewal contracts are generally deferred and amortized over the contract period. Sales commissions for renewal contracts are expensed as incurred when the expected amortization period is one year or less. Costs to obtain a contract that will be amortized within the succeeding 12-month period are classified as current and included in prepaid expenses and other current assets on the consolidated balance sheets. The remaining balance is classified as non-current and are included in other assets on the consolidated balance sheets. Amortization expense is included in sales and marketing expenses in the consolidated statements of operations. Deferred commissions are periodically analyzed for impairment. Cost of Revenue Cost of subscription revenue consists primarily of fulfillment costs related to compensation, including salaries, bonuses, benefits, stock-based compensation and other related expenses for the production environment, support and COE staff, third-party system integration partners, hosting of the Company’s AI Platform, including payments to outside cloud service providers, and allocated overhead and depreciation for facilities. Cost of professional services revenue consists primarily of compensation, including salaries, bonuses, benefits, stock-based compensation and other related costs associated with the Company’s professional service personnel, prioritized engineering personnel, third-party system integration partners, and allocated overhead and depreciation for facilities. Warranties The Company’s offerings are warranted to perform in a manner consistent with industry standards. The Company’s arrangements generally include provisions for indemnifying customers against liabilities if its services infringe on a third party’s intellectual property rights. They also generally include service-level agreements warranting defined levels of uptime reliability and performance. The Company does not consider such assurance-type warranties as performance obligations under ASC 606. To date, the Company has not incurred material costs as a result of its warranties and indemnifications. There are no accrued liabilities related to these obligations on the consolidated financial statements. Stock-Based Compensation Stock-based compensation expense related to stock option awards, restricted stock units (“RSUs”) and employee stock awards related to the Employee Stock Purchase Plan (“ESPP”) is recognized based on the fair value of the awards granted. The fair value of each option and ESPP awards are estimated on the grant date using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the input of assumptions, including the fair value of the underlying common stock, the expected term of the option, the expected volatility of the price of the Company’s common stock, risk-free interest rates, and the expected dividend yield of the Company’s common stock, which are estimated as follows: Expected term—For stock options considered to be “plain vanilla” options, the Company estimates the expected term based on the simplified method, which is essentially the weighted average of the vesting period and contractual term, as the Company’s historical option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The expected term for ESPP awards approximates the offering period. Expected volatility—The Company uses the average volatility of its Class A common stock and the stocks of a peer group of representative public companies to develop an expected volatility assumption. Risk-free interest rate—Risk-free rate is estimated based upon quoted market yields for the United States Treasury debt securities for a term consistent with the expected life of the awards in effect at the time of grant. Expected dividend yield—The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plans to do so. Fair value of underlying common stock—Since the completion of the IPO, the fair value of the Company’s common stock is determined by the closing price, on the date of grant, of its common stock, which is traded on the New York Stock Exchange. Stock-based compensation expense is recognized following the straight-line attribution method over the requisite service period for options, and over the offering period for ESPP awards. The Company’s RSUs include time-based RSUs and performance-based RSUs with market conditions (“PRSUs”). The fair value of each time-based RSU is based on the fair value of the Company’s common stock on the date of grant. The fair value of each PRSU is measured using a Monte Carlo simulation valuation model which requires the use of various assumptions, including the stock price volatility and risk-free interest rate as of the valuation date corresponding to the length of time remaining in the performance period. Stock-based compensation expense for awards with market conditions is recognized over the requisite service period using the accelerated attribution method and is not reversed if the market condition is not met. The related stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the awards. The Company accounts for forfeitures as they occur. Research and Development Expenses Research and development expenses consist primarily of employee-related costs, including salaries, bonuses, benefits, and stock-based compensation for personnel involved in developing and refining platforms and applications, including adding new features and modules, increasing their functionality, and enhancing the usability of platforms and applications. Research and development expenses also include cloud infrastructure costs, third-party system integration partners, other IT-related costs, and allocated overhead and depreciation for facilities. This includes certain costs related to development of features and modules created through prioritized engineering services purchased by customers where the Company retains the related intellectual property. Research and development costs are expensed as incurred. Advertising Expenses Advertising expenses of $18.3 million, $15.8 million and $6.9 million incurred during the fiscal years ended April 30, 2025, 2024 and 2023, respectively, were expensed as incurred as a component of sales and marketing expenses on the consolidated statements of operations. 401(k) Plan The Company has a 401(k) tax deferred savings plan under which eligible employees may elect to have a portion of their salary deferred and contributed to the plan. Employer matching contributions are determined by the Company and are discretionary. During the fiscal years ended April 30, 2025, 2024 and 2023, the Company did not match any employee contributions. Foreign Currency The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. Accordingly, monetary assets and liabilities of the Company’s foreign subsidiaries are remeasured into U.S. dollars at the exchange rates in effect at the reporting date, non-monetary assets and liabilities are re-measured at historical rates, and revenue and expenses are re-measured at average exchange rates in effect during each reporting period. Foreign currency transaction gains and losses are recognized in other income (expense), net within the consolidated statements of operations. Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Deferred tax assets are recognized to the extent that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it is able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company records an adjustment to the deferred tax asset valuation allowance, which reduces the provision for income taxes. Tax benefits from uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the Company’s consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized. Interest and penalties are recognized associated with tax matters as part of the income tax provision and include accrued interest and penalties with the related income tax liability on the Company’s consolidated balance sheets. Net Loss Per Share Attributable to Common Stockholders Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. The net loss is allocated on a proportionate basis to participating securities and the resulting net loss per share attributable to common stockholders was the same for Class A and Class B common shares. Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the potentially dilutive impact of stock options, RSUs and ESPP. As the Company has reported losses for all periods presented, all potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share. Other Comprehensive Income (Loss) Other comprehensive income (loss) during the fiscal years ended April 30, 2025, 2024 and 2023, was related to unrealized gain or losses from available-for-sale marketable securities, net of tax. Segment Information The Company has identified its Chief Executive Officer (“CEO”) as the chief operating decision maker (“CODM”), who manages the Company’s business activities as a single operating and reportable segment at the consolidated level. The CODM utilizes consolidated GAAP and non-GAAP measures of profit and loss to evaluate the Company’s financial performance, allocate resources and make key operating decisions. Further, the CODM reviews and utilizes functional expenses (GAAP and non-GAAP cost of revenue, sales and marketing, research and development, and general and administrative) at the consolidated level to manage the Company’s operations. Other items included in GAAP and non-GAAP consolidated net income (loss) are interest income, other (expense) income, net and the provision for income taxes, which are reflected in the consolidated statements of operations. Accounting Standards Recently 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 adopted this standard in fiscal 2025 using a retrospective method. The adoption of this standard did not have a material financial impact on the Company’s consolidated financial statements. For further information, refer to “Segment Information” section in this Note 1. Summary of Business and Significant Accounting Policies. Recently Issued Accounting Standards Not Yet Adopted 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. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income (Topic 220) Disaggregation of Income Statement Expenses (“ASU 2024-03”), to enhance the transparency and decision usefulness of financial information presented in the income statement by requiring disaggregated information about certain income statement expense line items. The Company is required to adopt the guidance in the fourth quarter of fiscal 2028, though early adoption permitted. The Company is currently evaluating the impact of this amendment on its consolidated financial statements.
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Disaggregation of Revenue The following table presents revenue by geographical region (in thousands):
__________________ (1)The United States comprised 86%, 86% and 79% of the Company’s revenue in the fiscal years ended April 30, 2025, 2024 and 2023, respectively. No other country comprised 10% or greater of the Company’s revenue for each of the fiscal years ended April 30, 2025, 2024 and 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 $94.2 million, $29.6 million, and $18.0 million for the fiscal years ended April 30, 2025, 2024 and 2023, respectively. Total professional services revenue comprised of (in thousands):
Deferred Revenue As of April 30, 2025 and 2024, the Company’s deferred revenue balances were $36.6 million and $39.0 million, respectively. Revenue of $38.5 million and $47.8 million was recognized during the fiscal years ended April 30, 2025 and 2024, 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 $235.1 million as of April 30, 2025, which includes $66.5 million of non-cancellable commitments where actual product selection and quantities of specific products or services will be determined at a later date. Approximately $129.2 million is expected to be recognized over the next 12 months and a majority of the remaining amount is expected to be recognized over the next 13 to 48 months. Costs to Obtain a Contract As of April 30, 2025 and 2024, the amount of costs to obtain a contract included in prepaid expenses and other current assets was $7.1 million and $7.0 million, respectively. The amount of costs to obtain a contract included in other assets, non-current as of April 30, 2025 and 2024 were $7.9 million and $11.0 million, respectively. Expenses recognized for costs to obtain a contract for the years ended April 30, 2025, 2024 and 2023 were $13.5 million, $7.2 million and $5.9 million, respectively, and are included in sales and marketing expenses on the consolidated statements of operations. The Company recognized immaterial impairment costs related to costs to obtain or fulfill a contract for the fiscal years ended April 30, 2025, 2024 and 2023, respectively. 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. Two separate Customer-Entities accounted for 19% and 12% of revenue for the fiscal year ended April 30, 2025. Two separate Customer-Entities accounted for 27% and 14% of revenue for the fiscal year ended April 30, 2024. One Customer-Entity accounted for 35% of revenue for the year ended April 30, 2023. Three separate Customer-Entities accounted for 15%, 14%, and 12% of accounts receivable at April 30, 2025. Two separate Customer-Entities accounted for 25% and 16% of accounts receivable at April 30, 2024.
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Fair Value Measurements |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 consolidated balance sheets. The remaining financial instruments are reported on the 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):
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.
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Cash Equivalents and Marketable Securities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
The following table summarizes the Company’s available-for-sale marketable securities by contractual maturity (in thousands):
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 April 30, 2025 and 2024 (in thousands):
As of April 30, 2025, the Company had 88 marketable securities in an unrealized loss positions. As of April 30, 2024, the Company had 219 investment positions in an unrealized loss position. The Company considers factors such as the duration, the magnitude and the reason for the decline in value, the potential recovery period, creditworthiness of the issuers of the securities and its intent to sell. For marketable securities, it also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. No significant facts or circumstances have arisen to indicate that there has been any significant deterioration in the creditworthiness of the issuers of the securities held by the Company. The decline in fair value below amortized cost basis was not considered other-than-temporary as it is more likely than not that the Company will hold the securities until maturity or a recovery of the cost basis, and no significant credit-related impairment losses were recorded as of April 30, 2025 and 2024.
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Balance Sheet Details |
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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 (in thousands):
__________________ *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 $12.2 million, $11.5 million, and $5.0 million for the fiscal years ended April 30, 2025, 2024 and 2023, respectively. Accrued Compensation and Employee Benefits Accrued compensation and employee benefits consisted of the following (in thousands):
Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands):
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company leases its facilities for office space under non-cancellable operating leases with various expiration dates through the fiscal year ending April 30, 2033. Certain lease agreements include options to renew or terminate the applicable lease, which are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments. 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 was determined as the date when the landlord delivered the leased space to the Company. Accordingly, the first two phases of the lease commenced in the quarter ended January 31, 2022, the third phase of the lease commenced in the quarter ended October 31, 2022, the fourth phase of the lease commenced in the quarter ended April 30, 2023, the fifth phase of the lease commenced in the quarter ended July 31, 2023, the sixth phase of the lease commenced in the quarter ended January 31, 2024, and the seventh and final phase of the lease commenced in the quarter ended July 31, 2024. 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 consolidated balance sheets related to the seventh phase of the lease. The components of total lease costs, including variable lease costs, for the fiscal years ended April 30, 2025, 2024 and 2023 were as follows (in thousands):
On February 21, 2023, the Company entered into a sublease agreement 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. Refer to Note 12. Related Party Transactions for more information. Variable lease costs are primarily related to payments made to the Company’s landlords for common area maintenance, property taxes, insurance, and other operating expenses. Short-term lease costs primarily represent payments related to marketing arrangements that contain embedded short-term leases of billboards. Supplemental cash flow information and non-cash activity related to leases was as follows (in thousands):
The following table presents the lease balances within the consolidated balance sheets, weighted-average remaining lease term, and weighted-average discount rates related to the Company’s operating leases (in thousands):
Future minimum payments under lease obligations as of April 30, 2025 were as follows (in thousands):
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Commitment and Contingencies |
12 Months Ended |
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Apr. 30, 2025 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Non-cancellable Commitments In the normal course of business, the Company enters into non-cancellable purchase commitments with various parties. As of April 30, 2025, the Company had remaining purchase commitments of $427.5 million related to cloud hosting and associated services and $111.5 million related to professional services due over the next to five years. The Company incurred costs totaling $117.1 million, $43.1 million, and $8.3 million during the fiscal years ended April 30, 2025, 2024, and 2023 respectively, under these arrangements. C3.ai DTI 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. As of April 30, 2024, the total potential remaining contributions were $31.6 million. The Company did not make any contributions in fiscal year ended April 30, 2025. The agreement expired in February 2025, and no further contributions are owed. 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. While the motions were pending, Plaintiffs filed a motion to amend their second amended complaint on September 27, 2024 to add new factual allegations. On February 13, 2025, the Court granted Plaintiffs’ motion to amend, and the Plaintiffs filed their third amended complaint on February 14, 2025. Briefing for the revised motion to dismiss is expected to be complete in June 2025. 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; (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; (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). On August 30, 2023, the Vo action was stayed on the same terms as the Suri action. On December 21, 2023, Rabasca was stayed on the same terms as Suri, and both Rabasca and Vo were consolidated with Suri. On July 1, 2024, Lanfair was consolidated with Suri and stayed on the same terms. The Pankow and Rosenfeld actions have not been consolidated with the Suri action but were stayed on November 13, 2024 and January 15, 2025 respectively. The Company has not yet been required to answer the complaints in any of the derivative actions. 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. Due to the early stages of these legal proceedings, neither the likelihood that a loss, if any, will be realized, nor an estimate of the possible loss or range of loss, if any, can be determined. 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. On December 23, 2024, Enel initiated two lawsuits against the Company in Rome, claiming ownership of two of C3’s patent applications filed in the European Patent Office. The motions to stay were granted. 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.
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Stockholders' Equity |
12 Months Ended |
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Apr. 30, 2025 | |
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 April 30, 2025, 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 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.
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Stock-Based Compensation |
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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. As of April 30, 2025, the number of shares of Class A common stock available for issuance was 6,225,512 under the 2020 Incentive Plan. 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 periods indicated was as follows:
The weighted average grant date fair value of options granted during the fiscal years ended April 30, 2025, 2024 and 2023 was $13.49, $16.70 and $7.88, respectively. Aggregate intrinsic value represents the difference between the estimated fair value of the underlying common stock and the exercise price of outstanding in-the-money options. The total intrinsic value of options exercised during the fiscal years ended April 30, 2025, 2024 and 2023 was $94.1 million, $89.7 million and $24.4 million, respectively. The total grant date fair value of options vested during the fiscal years ended April 30, 2025, 2024 and 2023 was $34.7 million, $34.7 million and $49.9 million, respectively. As of April 30, 2025 and 2024, there was $56.1 million and $79.6 million, respectively, of unrecognized compensation cost related to stock options which are expected to be recognized over an estimated weighted-average period of 2.0 years and 2.2 years, respectively. The grant-date fair value of the options issued for the fiscal years ended April 30, 2025, 2024 and 2023 are 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:
Restricted Stock Units The Company’s RSUs include time-based RSUs and 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. For the fiscal year ended April 30, 2025, 2024 and 2023, the Company recognized stock-based compensation expense of $142.2 million, $130.6 million and $134.8 million, respectively, associated with such time-based RSUs. 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 fiscal years ended April 30, 2025, 2024 and 2023, the Company recorded stock-based compensation expense of $3.8 million, $5.4 million and $2.1 million, respectively, 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 activities and related information is as follows:
As of April 30, 2025 and 2024, there was $562.9 million and $422.6 million, respectively, 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 and 3.7 years, respectively. In fiscal year 2025 and 2024, 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 751,927 and 532,842 shares of Class A common stock pursuant to this program during the fiscal years ended April 30, 2025 and 2024, 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, 2023. 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 ended 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. The following assumptions were used to calculate the fair value of shares to be granted under the 2020 ESPP during the period:
During the fiscal years ended April 30, 2025, 2024 and 2023, the Company recognized $6.9 million, $5.4 million and $3.7 million, respectively, of stock-based compensation expense related to the 2020 ESPP. During the fiscal years ended April 30, 2025, 2024 and 2023, the Company’s employees purchased 697,498, 863,412 and 310,784, respectively, shares of its Class A common stock under the 2020 ESPP. As of April 30, 2025 and 2024, there was $11.2 million and $2.7 million, respectively, of unrecognized stock-based compensation expense that is expected to be recognized over the remaining term of the respective offering periods. As of April 30, 2025 and 2024, 5,588,711 and 5,049,150, respectively, shares of Class A common stock were available for future issuance under the 2020 ESPP. Stock-based Compensation Expense The following table summarizes the effects of stock-based compensation on the Company’s consolidated statements of operations (in thousands): 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 fiscal years ended April 30, 2025 and 2024, the Company recognized $41.9 million and $38.8 million respectively, of stock-based compensation expense associated with these programs, of which $37.5 million and $31.2 million was reflected under accrued compensation and employee benefits in the consolidated balance sheets as of April 30, 2025 and 2024, respectively. Upon settlement, this amount will be reflected under common stock and additional paid-in capital in the consolidated statements of stockholders’ equity.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The components of the Company’s net loss before provision for income taxes for the fiscal years ended April 30, 2025, 2024 and 2023 were as follows (in thousands):
The components of the Company’s provision for income taxes for the fiscal years ended April 30, 2025, 2024 and 2023 were as follows (in thousands):
The reconciliation of U.S. federal statutory rate to the Company’s effective tax rate was follows (in thousands):
The difference in the Company’s effective tax rate and the U.S. federal statutory tax rate is primarily due to recording a full valuation allowance on the Company’s U.S. deferred tax assets. The components of deferred tax assets and liabilities as of April 30, 2025 and 2024 were as follows (in thousands):
In determining the need for a valuation allowance, the Company weighs both positive and negative evidence in the various jurisdictions in which it operates to determine whether it is more likely than not that its deferred tax assets are recoverable. In assessing the ultimate realizability of its net deferred tax assets, the Company considers all available evidence, including cumulative losses since inception and expected future losses and as such, management does not believe it is more likely than not that the deferred tax assets will be realized. Accordingly, a full valuation allowance has been established in the U.S. and no deferred tax assets and related tax benefit have been recognized in the accompanying financial statements. The valuation allowance as of April 30, 2025 and 2024 was $320.9 million and $252.7 million, respectively. The increase of $68.2 million in the Company’s valuation allowance compared to the prior fiscal year was primarily due to an increase in deferred tax assets arising from net operating loss and capitalized R&D expenses. As of April 30, 2025 and 2024, the Company had net operating loss carryforwards for federal income tax purposes of approximately $764.7 million and $599.3 million, respectively. The federal net operating loss carryforwards will expire, if not utilized, beginning in year 2029. Federal research and development tax credit carryforwards of approximately $25.9 million, will expire beginning in 2026 if not utilized. Federal charitable contribution carryforwards of approximately $14.2 million will expire beginning in 2032 if not utilized. Federal capital loss carryforwards of approximately $1.0 million will begin to expire in 2026 if not utilized. In addition, as of April 30, 2025 and 2024, the Company had net operating loss carryforwards for state income tax purposes of approximately $310.7 million and $249.3 million, respectively. The state net operating loss carryforwards will expire, if not utilized, beginning in the year 2029. The Company had state research and development tax credit carryforwards of approximately $18.9 million. The state research and development tax credits do not expire. State capital loss carryforwards of approximately $0.4 million will begin to expire in 2026 if not utilized. The Tax Reform Act of 1986 and similar California legislation impose substantial restrictions on the utilization of net operating losses and tax credit carryforwards if there is a change in ownership as provided by Section 382 of the Internal Revenue Code and similar state provisions. Such a limitation could result in the expiration of the net operating loss carryforwards and tax credits before utilization. A reconciliation of the beginning and ending amount of the Company’s total gross unrecognized tax benefits was as follows (in thousands):
As of April 30, 2025, $0.2 million of unrecognized tax benefits, if recognized, would impact the Company’s effective income tax rate. The Company does not expect any unrecognized tax benefits to be recognized within the next 12 months. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of April 30, 2025, the Company had immaterial cumulative interest and penalties related to unrecognized tax benefits. As of April 30, 2024, the Company had no cumulative interest and penalties related to unrecognized tax benefits. The Company does not anticipate a significant change in the unrecognized tax benefits over the next 12 months.
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Net Loss Per Share Attributable to Common Stockholders |
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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 fiscal years ended April 30, 2025, 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):
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):
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Related Party Transactions |
12 Months Ended |
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Apr. 30, 2025 | |
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 under which Baker Hughes received a three-year subscription to use the Company’s software. This arrangement was revised in June 2020 to extend the term to five years and modify the subscription fees due. Under the agreements as revised in June 2020, Baker Hughes made minimum, non-cancellable revenue commitments, inclusive of their direct subscription fees and third party revenue generated through a joint marketing arrangement with Baker Hughes in the amount of $46.7 million in fiscal year 2020, $53.3 million in fiscal year ending April 30, 2021, $75.0 million in the fiscal year ending April 30, 2022, $125.0 million in fiscal year ending April 30, 2023, and $150.0 million in fiscal year ending April 30, 2024. The Company also agreed to pay Baker Hughes a sales commission on subscriptions and services offerings it resold in excess of the minimum revenue commitments. The Company and Baker Hughes again revised this arrangement in October 2021 to extend the term by an additional year, for a total of six years, with an expiration date in the fiscal year ending April 30, 2025, to modify the amount of Baker Hughes’ annual commitments to $85.0 million in fiscal year 2023, $110.0 million in fiscal year 2024, and $125.0 million in fiscal year 2025, and to revise the structure of the arrangement to simplify the sales process for Baker Hughes. Beginning in the fiscal year ended April 30, 2023, Baker Hughes’ annual commitments were reduced by any revenue the Company generates from certain customers. Known and estimable revenue from certain customers related to the arrangement is a form of variable consideration, which was determined at contract inception and reduced the revenue recognized from the arrangement. The Company acknowledged that Baker Hughes had met its minimum annual revenue commitment for the fiscal year 2022 and recognized $16.0 million of sales commission as deferred costs during the fiscal quarter ended October 31, 2021 related to this arrangement, which will be amortized over an expected period of five years. The Company and Baker Hughes again revised and expanded the agreements in January 2023. Pursuant to this revised arrangement, the frequency of payments due from Baker Hughes to the Company was accelerated, Baker Hughes obtained expanded reseller rights, and the Company agreed to provide additional products and services. This results in an increase of the overall transaction price of the arrangement by eliminating potential variable consideration attributable to any revenue the Company generated from certain customers. The amount of consideration to the Company may increase if Baker Hughes exceeds certain thresholds. The Company also provided Baker Hughes the option to extend the subscription term upon payment of a renewal fee. Pursuant to the January 2023 revised agreement, the transaction price of the Baker Hughes arrangement is not impacted by revenue the Company recognizes from certain customers in the oil and gas field. 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, and $75.5 million during the fiscal years ended April 30, 2024 and 2023, respectively. The Company recognized professional services revenue from Baker Hughes of $5.8 million and $16.8 million during the during the fiscal years ended April 30, 2024 and 2023, respectively. The Company recognized sales and marketing expenses related to Baker Hughes of $0.8 million and $14.0 million (inclusive of amortization of $0.8 million and $4.9 million, respectively, of deferred commissions) for the fiscal years ended April 30, 2024 and 2023, respectively. The Company paid sales commission of nil and $16.0 million during the fiscal years ended April 30, 2024 and 2023 respectively, related to this arrangement. 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 $8,608 through September 30, 2023, increasing annually thereafter. In addition to base rent, the Subtenant is responsible for its allocated share of costs incurred and expenditures made by the Company in the operation and management of the Subleased Space.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
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Apr. 30, 2025 |
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Apr. 30, 2023 |
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Pay vs Performance Disclosure | |||
Net loss | $ (288,702) | $ (279,696) | $ (268,839) |
Insider Trading Arrangements |
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Apr. 30, 2025
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Material Terms of Trading Arrangement | During the three months ended April 30, 2025, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated the contracts, instructions or written plans for the purchase or sale of our securities set forth in the table below.
* Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. ** “Non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K under the Exchange Act.
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Non-Rule 10b5-1 Arrangement Adopted | false | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rule 10b5-1 Arrangement Terminated | false | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Rule 10b5-1 Arrangement Terminated | false | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merel Witteveen [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Merel Witteveen | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Title | Senior Vice President, Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rule 10b5-1 Arrangement Adopted | true | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption Date | March 28, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expiration Date | December 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arrangement Duration | 278 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Available | 97,890 |
Insider Trading Policies and Procedures |
12 Months Ended |
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Apr. 30, 2025 | |
Insider Trading Policies and Procedures [Line Items] | |
Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
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Apr. 30, 2025 | |
Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | As part of our commitment to safeguarding our assets and maintaining the integrity of our operations, C3 AI has established a comprehensive cybersecurity risk management program. This program is designed to identify, assess, and mitigate cybersecurity risks that could potentially impact our business operations, customers, and stakeholders. C3 AI employs a multi-layered approach to identify and assess cybersecurity threats. This includes: •Regular vulnerability scanning: We conduct internal and external vulnerability scans of our systems and applications to identify potential weaknesses that attackers could exploit. •Penetration testing: We engage independent security professionals to conduct simulated cyberattacks on our systems to assess the effectiveness of our security controls. •Threat intelligence monitoring: We subscribe to threat intelligence feeds that provide us with real-time information about the latest cyber threats and vulnerabilities. •Risk assessment framework: We utilize a risk assessment framework to categorize identified threats based on likelihood and potential impact on our business operations, financial stability, and reputation. This framework includes third-party vendor risk assessment to manage cybersecurity risks associated with our use of these providers. The third-party vendor risk assessment framework includes the following: ◦Perform due diligence of the vendors’ standards, including reviewing security policies, certifications, and third-party attestation and past security incidents. ◦Request vendors to complete security questionnaires and provide any security and vulnerability scans. ◦Define security expectations within the vendor contract including data security obligations, access controls, incident reporting procedures, security assessment calls if necessary and review of incident response plan, business continuity and disaster recovery plan. •Network security: Firewalls, intrusion detection/prevention systems (IDS/IPS), and data loss prevention (DLP) solutions are deployed to monitor and filter network traffic. •Endpoint security: Antivirus, anti-malware, and Mobile Device Management solutions are implemented on all company devices. •Access controls: User access controls are implemented to restrict access to sensitive data and systems based on the principle of least privilege. •Data security: Encryption solutions are used to protect sensitive data both at rest and in transit. •Security awareness and training: We provide regular security awareness training to all employees to educate them on cybersecurity best practices and phishing attempts. For a description of the risks from cybersecurity threats that may materially affect us, see the section titled “Risk Factors” contained in Part I, Item 1A of this Annual Report on Form 10-K. Cybersecurity risk management is integrated with our overall enterprise risk management framework. Identified cybersecurity risks are reported through established channels to relevant stakeholders, including senior management and the Board of Directors. Mitigation strategies are prioritized and incorporated into the overall risk management plan. We continuously identify and evaluate potential cybersecurity threats. While the nature of cyber threats makes it impossible to predict all future incidents, some currently identified material cybersecurity risks include: •Ransomware attacks that could disrupt business operations and lead to data breaches. •Phishing attacks that could compromise employee credentials and provide unauthorized access to sensitive data. •Supply chain attacks targeting third-party vendors with access to our systems or data.
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Cybersecurity Risk Management Processes Integrated [Flag] | true |
Cybersecurity Risk Management Processes Integrated [Text Block] | As part of our commitment to safeguarding our assets and maintaining the integrity of our operations, C3 AI has established a comprehensive cybersecurity risk management program. This program is designed to identify, assess, and mitigate cybersecurity risks that could potentially impact our business operations, customers, and stakeholders. C3 AI employs a multi-layered approach to identify and assess cybersecurity threats. This includes: •Regular vulnerability scanning: We conduct internal and external vulnerability scans of our systems and applications to identify potential weaknesses that attackers could exploit. •Penetration testing: We engage independent security professionals to conduct simulated cyberattacks on our systems to assess the effectiveness of our security controls. •Threat intelligence monitoring: We subscribe to threat intelligence feeds that provide us with real-time information about the latest cyber threats and vulnerabilities. •Risk assessment framework: We utilize a risk assessment framework to categorize identified threats based on likelihood and potential impact on our business operations, financial stability, and reputation. This framework includes third-party vendor risk assessment to manage cybersecurity risks associated with our use of these providers. The third-party vendor risk assessment framework includes the following: ◦Perform due diligence of the vendors’ standards, including reviewing security policies, certifications, and third-party attestation and past security incidents. ◦Request vendors to complete security questionnaires and provide any security and vulnerability scans. ◦Define security expectations within the vendor contract including data security obligations, access controls, incident reporting procedures, security assessment calls if necessary and review of incident response plan, business continuity and disaster recovery plan. •Network security: Firewalls, intrusion detection/prevention systems (IDS/IPS), and data loss prevention (DLP) solutions are deployed to monitor and filter network traffic. •Endpoint security: Antivirus, anti-malware, and Mobile Device Management solutions are implemented on all company devices. •Access controls: User access controls are implemented to restrict access to sensitive data and systems based on the principle of least privilege. •Data security: Encryption solutions are used to protect sensitive data both at rest and in transit. •Security awareness and training: We provide regular security awareness training to all employees to educate them on cybersecurity best practices and phishing attempts.
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Cybersecurity Risk Management Third Party Engaged [Flag] | true |
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
Cybersecurity Risk Board of Directors Oversight [Text Block] | Management is responsible for the overall implementation and effectiveness of the cybersecurity program. This includes allocating resources, establishing policies, and ensuring employee adherence to security practices. The VP of Information Security leads the cybersecurity team and reports directly to the VP of Cloud Infrastructure. The Audit Committee of the Board of Directors has specific oversight responsibilities related to cybersecurity, including review of security controls and incident response plans. Management provides updates to the Audit Committee on cybersecurity risks and the effectiveness of our cybersecurity program.
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Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit Committee of the Board of Directors has specific oversight responsibilities related to cybersecurity, including review of security controls and incident response plans. |
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | Management provides updates to the Audit Committee on cybersecurity risks and the effectiveness of our cybersecurity program. |
Cybersecurity Risk Role of Management [Text Block] | Management provides updates to the Audit Committee on cybersecurity risks and the effectiveness of our cybersecurity program. |
Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The VP of Information Security leads the cybersecurity team and reports directly to the VP of Cloud Infrastructure. |
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Summary of Business and Significant Accounting Policies (Policies) |
12 Months Ended |
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Apr. 30, 2025 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation and Principles of Consolidation The Company prepares its 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”).
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Principles of Consolidation | The 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 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, 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.
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Fiscal Year | Fiscal Year The Company’s fiscal year ends on April 30.
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Concentration of Risk | Concentration of Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents, marketable securities and accounts receivable. The majority of the Company’s cash and cash equivalents are held by one financial institution. The Company is exposed to that financial institution to the extent that its cash balance with that financial institution is in excess of Federal Deposit Insurance Company (“FDIC”) insurance limits. The Company’s investment policy is to invest in securities with a minimum rating of P-2 by Moody’s, A-2 by Standard & Poor, F2 by Fitch or higher for short-term investments, minimum rating of BBB by Moody’s, Standard & Poor, Fitch or higher for long-term investments with maturity dates between 12 to 18 months, and minimum rating of A or higher by Standard & Poor and Fitch for long-term investments with maturity dates of 18 months or longer from the date of purchase. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers up to the amounts recorded on the consolidated balance sheets. The Company manages its accounts receivable credit risk through ongoing credit evaluation of its customers financial conditions. The Company generally does not require collateral from its customers. See Note 2. Revenue for information regarding the Company’s significant customers.
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Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents.
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Marketable Securities | Marketable Securities The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale and are recorded at estimated fair value. The Company’s available-for-sale marketable securities comprised of U.S. treasury securities, certificates of deposit, U.S. government agency securities, commercial paper, and corporate debt securities, are classified as available-for-sale marketable securities. The Company considers all of its marketable securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities within current assets on the consolidated balance sheets. Purchase premiums and discounts are amortized or accreted using the effective interest method over the life of the related security and such amortization and accretion are included in interest income in the consolidated statements of operations. For available-for-sale marketable securities in an unrealized loss position, the Company first assesses whether it intends to sell or it is more likely than not that the Company will be required to sell the security before the recovery of its entire amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through other income (expense), net in the consolidated statements of operations. If neither of these criteria is met, the Company further assesses whether the decline in fair value below amortized cost is due to credit or non-credit related factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. Credit related unrealized losses are recognized as an allowance on the consolidated balance sheets with a corresponding charge in the other income (expense), net in the consolidated statements of operations. Non-credit related unrealized losses and unrealized gains on available-for-sale marketable securities are reported in other comprehensive income (loss) as a separate component on the consolidated statements of comprehensive loss. Realized gains and losses are determined based on the specific-identification method and are reported in interest income on the consolidated statements of operations.
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Accounts Receivable | Accounts Receivable 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 expectation of collectability is based on a review of credit profiles of customers, contractual terms and conditions, current economic trends, and historical payment experience. The Company regularly reviews the adequacy of the allowance for doubtful accounts by considering the age of each outstanding invoice and the collection history of each customer to determine the appropriate amount of allowance for doubtful accounts.
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Fair Value Measurements | Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1—Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3—Inputs that are unobservable for the asset or liability. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
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Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Assets are depreciated using the straight-line method over useful lives of to five years. Leasehold improvements and certain furniture and fixtures are amortized using the straight-line method over the lesser of the remaining respective lease term or useful lives.
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Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates long-lived assets or asset groups for impairment whenever events indicate that the carrying value of an asset or asset group may not be recoverable based on expected future cash flows attributable to that asset or asset group. Recoverability of assets held and used is measured by comparing the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds estimated undiscounted future cash flows, then an impairment charge would be recognized based on the excess of the carrying amount of the asset or asset group over its fair value. Assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell.
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Goodwill | Goodwill Goodwill is the amount by which the cost of acquired net assets in a business combination exceeds the fair value of the net identifiable assets on the date of purchase and is carried at its historical cost. The Company tests goodwill for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company performs its annual impairment test of goodwill as of February 1, and whenever events or circumstances indicate that the asset might be impaired.
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Leases | Leases The Company determines if an arrangement is or contains a lease at inception by evaluating various factors, including if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and other facts and circumstances. Lease classification is determined at the lease commencement date. The Company has lease arrangements that include lease and non-lease components. The Company has elected to not account for the lease and non-lease components separately. For short-term leases, defined as leases with a lease term of 12 months or less, the Company elected to not recognize an associated lease liability and right-of-use (“ROU”), asset. Lease payments for short-term leases are expensed on a straight-line basis over the lease term. In addition, the Company subleases certain of its unoccupied facilities to third parties. Any impairment to the associated right-of-use assets, leasehold improvements, or other assets as a result of a sublease is recognized in the period the sublease is executed and recorded in the consolidated statements of operations. The Company recognizes sublease income on a straight-line basis over the sublease term. Sublease income is recorded as a reduction to the Company’s operating lease costs. The Company does not have financing leases. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term. The Company uses the rate implicit in the lease when readily determinable at lease inception. If the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the adoption date for leases that commenced prior to the adoption date and the commencement date for leases that commenced after the adoption date. The incremental borrowing rate assumptions include the lease term and the Company’s credit risk. The operating lease ROU asset also includes any advance lease payments made and excludes lease incentives. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis as operating expense in the consolidated statements of operations over the lease term.
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Software Development Costs | Software Development Costs The Company capitalizes certain software development costs subsequent to the establishment of technological feasibility. Based on the Company’s product development process and substantial development risks, the Company’s products are made available for general release as soon as technological feasibility is reached. The Company expenses the cost of purchased software that is to be sold, leased, or otherwise marketed as part of a product until the technological feasibility of the product has been established or where the software has an alternative future use. Once the technological feasibility of the product, to be externally marketed, has been established or where the software has an alternative future use, the Company capitalizes the cost of purchased software until the associated product is available for general release to customers, at which point the capitalized cost is amortized on a product-by-product basis at the greater of the ratio of current gross revenues to the total of current and anticipated future gross revenues or over the remaining estimated economic life of the product.
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Deferred Revenue, Revenue Recognition, and Costs to Obtain and Fulfill a Contract | Deferred Revenue Deferred revenue consists of billings or cash received for services in advance of revenue recognition and is recognized as revenue when all of the Company’s revenue recognition criteria are met. The portion of deferred revenue that is anticipated to be recognized as revenue during the succeeding twelve-month period is recorded as deferred revenue, current and the remaining portion is recorded as deferred revenue, non-current on the consolidated balance sheets. The Company’s contract liabilities are classified as deferred revenue upon the right to invoice or when payments have been received for undelivered products or services. Revenue Recognition The Company accounts for revenue in accordance with Accounting Standards Codifications (“ASC”) Topic 606, Revenue From Contracts With Customers (“ASC 606”) for all periods presented. The core principle of ASC 606 is to recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. This principle is achieved by applying the following five-step approach: Identification of the Contract, or Contracts, with a Customer. A contract with a customer exists when (1) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms related to these goods or services, (2) the contract has commercial substance and (3) the Company determines that collection of substantially all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. Identification of the Performance Obligations in the Contract. Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the goods or services either on their own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises in the contract. To the extent a contract includes multiple promised goods or services, the Company applies judgment to determine whether promised goods or services are capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised goods or services are accounted for as a combined performance obligation. Determination of the Transaction Price. The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods or services to the customer, net of sales taxes or value-added taxes. If the transaction price includes variable consideration, the Company includes an estimate of the amount it expects to receive if it is probable that a significant reversal of cumulative revenue recognized will not occur. Usage-based fees earned in exchange for the use of the Company’s software licenses and subscription services in excess of committed usage are recognized in the period when usage occurs. Allocation of the Transaction Price to the Performance Obligations in the Contract. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price (“SSP”). When appropriate, the Company determines SSP based on data points that include the price at which the performance obligation has previously been sold through past transactions on a stand-alone basis, internally approved pricing guidelines and other relevant data points. If there is no observable SSP, it is estimated using judgement and considering all reasonably available information including but not limited to pricing practices, competitor pricing strategies and other observable inputs. When the SSP of a license or subscription and bundled maintenance and support services is highly variable and the contract also includes additional performance obligations with observable SSP, the Company first allocates the transaction price to the performance obligations with established SSPs and then applies the residual approach to allocate the remaining transaction price to the license or subscription and bundled maintenance and support services. If applying the residual approach results in zero or very little consideration being allocated to the performance obligation, the Company considers all reasonably available data to determine an appropriate allocation of the transaction price. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Recognition of Revenue when, or as, Performance Obligations are Satisfied. The Company satisfies substantially all of its performance obligations over time, as discussed in further detail below. 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. 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. Subscription Revenue Subscription revenue is primarily comprised of software licenses, software-as-a-service offerings, stand-ready COE support services, initial production deployments of our C3 AI Applications or Generative AI, and hosting charges. Software licenses grant customers the right to use C3 AI Software, either on their own cloud instances or their internal hardware infrastructures, during the contractual term. The Company also offers a premium stand ready service through our COE. Sales of our software-as-a-service offerings include a right to use C3 AI Software during the contract term. In addition, customers pay a usage-based runtime fee for C3 AI Software for specified levels of guaranteed minimum consumption. Subscriptions also include maintenance and support services, which include critical and continuous updates to the software that are integral to maintaining the intended utility of the software over the contractual term. For a significant majority of the Company’s offerings, software subscriptions and maintenance and support services are highly interdependent and interrelated and represent a single distinct performance obligation within the context of the contract. The Company also sells software licenses that do not require maintenance and support services. The Company currently has a small number of customers that license software offerings under a perpetual license model, and the Company expects that may continue for the foreseeable future for certain customers due to their specific contracting requirements. The Company’s subscriptions are generally offered under renewable, multi-period, fixed fee contracts where payments are typically due in advance. A time-elapsed output method is used to measure progress because the nature of the promise is a stand-ready service. The Company also offers premium stand-ready C3 AI COE support services, hosting services and trial services, which are distinct performance obligations. A description of the Company’s offerings are as follows: •The C3 Agentic AI Platform. C3 Agentic AI Platform is a software platform that uses flexible, model-driven architecture to accelerate and reduce the complexities of developing enterprise-grade AI applications. With C3 Agentic AI Platform, organizations can integrate advanced AI capabilities seamlessly and deliver AI-enabled applications faster than alternative methods to capture value quickly. The C3 Agentic AI Platform offers advanced agentic AI services and capabilities, including omni-modal data fusion, secure deployment, advanced orchestration, and a robust agent and tools framework. These features enable seamless integration and management of multiple AI models within a unified workflow, supporting a wide range of high-value, cross-industry applications and enhancing operational efficiency, security, and decision-making across sectors. Customers primarily pay for the C3 Agentic AI Platform via fixed annual fees based on the number of development users allowed to access the C3 Agentic AI Platform. The C3 Agentic AI Platform offering is primarily a term subscription and may generate additional runtime subscription fees, a form of consumption or usage-based revenue based on compute and storage resources required to run the C3 Agentic AI Platform. •C3 AI Applications. C3 AI Applications are production applications that address a wide range of predictive analytics, reporting, visualization and Generative AI use cases. C3 AI Applications are industry-tested and proven enterprise-grade applications built on a cohesive suite architecture that is designed to integrate and process highly dynamic data sets from sensor networks and enterprise and extraprise information systems, and enable advanced ML capabilities. C3 AI Applications sold without the C3 Agentic AI Platform can be in the form of term or perpetual licenses or subscriptions and earn revenue through a fixed fee or through runtime subscription fees. This includes software licenses that are demonstration versions of C3 AI Applications configured for a customer and do not require maintenance and support services. •C3 Generative AI. C3 Generative AI combines the utility of LLMs, generative AI, reinforcement learning, natural language processing, and the C3 Agentic AI Platform to rapidly locate, retrieve, and present information, disparate data stores, applications, and enterprise information systems. •C3 AI Maintenance and Support Services. C3 AI Maintenance and Support Services are provided for the C3 Agentic AI Platform and the C3 AI Applications that are selected by the customer. This support includes standard monitoring, performance monitoring, database maintenance, security monitoring, upgrading, backup and restore, patching, etc. provided by the Company. The Company continuously provides updates that are critical to the continued and enhanced utility of the software. •C3 AI COE Support Services. COE Support Services provide premium development services and support by an available pool of resources to allow the customer to utilize, extend or modify C3 AI Applications and/or to develop its own applications on the C3 Agentic AI Platform COE Support Services represent a stand-ready performance obligation comprised of a series of distinct days of service that is satisfied and recognized in revenue ratably over the term of the COE agreement. Revenue for COE Support Services is included within subscription revenue in the consolidated statements of operations. •Initial Production Deployments. Initial production deployments are subscriptions for developers access to C3 AI Application(s) and/or C3 Agentic AI Platform or C3 Generative AI and COE support services of up to six-months. Following the initial production deployment period, customers either pay a monthly fee and consumption charges using vCPU and vGPU hours as the metric to calculate payment or enter into a time-certain multi-period commitment that may include consumption charge. •Hosting Services. For certain customers, the Company provides access to the C3 Agentic AI Platform and/or C3 AI Applications in the Company’s cloud environment. The customer consumes and receives benefit throughout the hosting period from the entity’s performance of hosting and providing access to the hosted software, which the customer would otherwise have to undertake itself or obtain another party to do. The Company recognizes hosting services over time based on the consumption patterns of the customers. Customers who choose to install the C3 Agentic AI Platform and/or C3 AI Applications in their own cloud environments do not subscribe to the Company’s hosting services. Hosting services are generally offered as part of the subscription for C3 Agentic AI Platform and/or C3 AI Application arrangements, including initial production deployments and the amount of revenue recognized on a monthly basis varies based on actual consumption by the customer. Professional Services The Company’s professional revenue primarily include service fees and prioritized engineering services. Service fees include revenue from services such as consulting, training, and paid implementation services. For service fees, revenue is typically recognized over time as the services are performed. Prioritized engineering services are undertaken when a customer requests that the Company accelerate the design, development, and delivery of software features and functions that are planned in future product roadmap. When the Company agrees to this, an agreed upon fee is negotiated to accelerate the development of the software as well as other terms, such as relevant specifications. When the software feature is delivered, it becomes integrated to the Company’s core product offering, is available to all subscribers of the underlying software product and enhances the operation of that product going forward. Such prioritized engineering services result in production-level computer software – compiled code that enhances the functionality of our production products – which is available for customers to use over the life of their software licenses. Prioritized engineering services revenue is recognized as professional services over the period in which the software development is completed. Contract balances The Company typically invoices customers for subscription fees in annual increments upon execution of the initial contract or subsequent renewal, payable within 30 to 60 days, and providing customers access to the C3 Agentic AI Platform and/or C3 AI Applications. For initial production deployments, the Company typically invoices customers upon execution of the contract. Monthly usage-based runtime and hosting charges are billed as they are delivered or in arrears. Certain government contracts are cancellable during the subscription term depending on the future fiscal funding available to the contract. The Company has not experienced any cancellation due to the funding constraint related to such contracts. The timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable are recorded at the invoiced amount, net of an allowance for doubtful accounts. A receivable is recognized in the period the Company delivers goods or provides services, or when the Company’s right to consideration is unconditional, whichever is earlier. In situations where revenue recognition occurs before invoicing, an unbilled receivable is recorded. While the timing of revenue recognition usually differs from the timing of payment, the Company has determined the contracts generally do not include a significant financing component, because the period between when the Company transfers its software and services to a customer and when the customer pays for the software and service is typically one year or less. The primary purpose of the invoicing terms is to provide customers with simplified and predictable ways of purchasing the Company’s software and services, not to receive or provide financing. Costs to Obtain a Contract The Company’s customer acquisition costs are primarily related to sales commissions if such costs are incremental costs to obtain a contract without a service condition. Sales commissions are deferred and then amortized taking into consideration the pattern of transfer to which assets relate. If the commissions paid on the initial and renewal contracts are not commensurate to each other, the Company amortizes the commissions paid on the initial contract over an expected period of benefit, including expected renewals, which is determined to be approximately five years. In arriving at the average period of benefit the Company considered the duration of the Company’s relationships with customers and the Company’s technology. Sales commissions for renewal contracts are generally deferred and amortized over the contract period. Sales commissions for renewal contracts are expensed as incurred when the expected amortization period is one year or less. Costs to obtain a contract that will be amortized within the succeeding 12-month period are classified as current and included in prepaid expenses and other current assets on the consolidated balance sheets. The remaining balance is classified as non-current and are included in other assets on the consolidated balance sheets. Amortization expense is included in sales and marketing expenses in the consolidated statements of operations. Deferred commissions are periodically analyzed for impairment.
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Cost of Revenue | Cost of Revenue Cost of subscription revenue consists primarily of fulfillment costs related to compensation, including salaries, bonuses, benefits, stock-based compensation and other related expenses for the production environment, support and COE staff, third-party system integration partners, hosting of the Company’s AI Platform, including payments to outside cloud service providers, and allocated overhead and depreciation for facilities. Cost of professional services revenue consists primarily of compensation, including salaries, bonuses, benefits, stock-based compensation and other related costs associated with the Company’s professional service personnel, prioritized engineering personnel, third-party system integration partners, and allocated overhead and depreciation for facilities.
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Warranties | Warranties The Company’s offerings are warranted to perform in a manner consistent with industry standards. The Company’s arrangements generally include provisions for indemnifying customers against liabilities if its services infringe on a third party’s intellectual property rights. They also generally include service-level agreements warranting defined levels of uptime reliability and performance. The Company does not consider such assurance-type warranties as performance obligations under ASC 606. To date, the Company has not incurred material costs as a result of its warranties and indemnifications.
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Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense related to stock option awards, restricted stock units (“RSUs”) and employee stock awards related to the Employee Stock Purchase Plan (“ESPP”) is recognized based on the fair value of the awards granted. The fair value of each option and ESPP awards are estimated on the grant date using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the input of assumptions, including the fair value of the underlying common stock, the expected term of the option, the expected volatility of the price of the Company’s common stock, risk-free interest rates, and the expected dividend yield of the Company’s common stock, which are estimated as follows: Expected term—For stock options considered to be “plain vanilla” options, the Company estimates the expected term based on the simplified method, which is essentially the weighted average of the vesting period and contractual term, as the Company’s historical option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The expected term for ESPP awards approximates the offering period. Expected volatility—The Company uses the average volatility of its Class A common stock and the stocks of a peer group of representative public companies to develop an expected volatility assumption. Risk-free interest rate—Risk-free rate is estimated based upon quoted market yields for the United States Treasury debt securities for a term consistent with the expected life of the awards in effect at the time of grant. Expected dividend yield—The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plans to do so. Fair value of underlying common stock—Since the completion of the IPO, the fair value of the Company’s common stock is determined by the closing price, on the date of grant, of its common stock, which is traded on the New York Stock Exchange. Stock-based compensation expense is recognized following the straight-line attribution method over the requisite service period for options, and over the offering period for ESPP awards. The Company’s RSUs include time-based RSUs and performance-based RSUs with market conditions (“PRSUs”). The fair value of each time-based RSU is based on the fair value of the Company’s common stock on the date of grant. The fair value of each PRSU is measured using a Monte Carlo simulation valuation model which requires the use of various assumptions, including the stock price volatility and risk-free interest rate as of the valuation date corresponding to the length of time remaining in the performance period. Stock-based compensation expense for awards with market conditions is recognized over the requisite service period using the accelerated attribution method and is not reversed if the market condition is not met. The related stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the awards. The Company accounts for forfeitures as they occur.
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Research and Development Expenses | Research and Development Expenses Research and development expenses consist primarily of employee-related costs, including salaries, bonuses, benefits, and stock-based compensation for personnel involved in developing and refining platforms and applications, including adding new features and modules, increasing their functionality, and enhancing the usability of platforms and applications. Research and development expenses also include cloud infrastructure costs, third-party system integration partners, other IT-related costs, and allocated overhead and depreciation for facilities. This includes certain costs related to development of features and modules created through prioritized engineering services purchased by customers where the Company retains the related intellectual property. Research and development costs are expensed as incurred.
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Advertising Expenses | Advertising Expenses Advertising expenses of $18.3 million, $15.8 million and $6.9 million incurred during the fiscal years ended April 30, 2025, 2024 and 2023, respectively, were expensed as incurred as a component of sales and marketing expenses on the consolidated statements of operations.
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401(k) Plan | 401(k) Plan The Company has a 401(k) tax deferred savings plan under which eligible employees may elect to have a portion of their salary deferred and contributed to the plan. Employer matching contributions are determined by the Company and are discretionary.
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Foreign Currency | Foreign Currency The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. Accordingly, monetary assets and liabilities of the Company’s foreign subsidiaries are remeasured into U.S. dollars at the exchange rates in effect at the reporting date, non-monetary assets and liabilities are re-measured at historical rates, and revenue and expenses are re-measured at average exchange rates in effect during each reporting period. Foreign currency transaction gains and losses are recognized in other income (expense), net within the consolidated statements of operations.
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Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Deferred tax assets are recognized to the extent that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it is able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company records an adjustment to the deferred tax asset valuation allowance, which reduces the provision for income taxes. Tax benefits from uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the Company’s consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized. Interest and penalties are recognized associated with tax matters as part of the income tax provision and include accrued interest and penalties with the related income tax liability on the Company’s consolidated balance sheets.
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Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. The net loss is allocated on a proportionate basis to participating securities and the resulting net loss per share attributable to common stockholders was the same for Class A and Class B common shares. Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the potentially dilutive impact of stock options, RSUs and ESPP. As the Company has reported losses for all periods presented, all potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share.
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Segment Information | Segment Information The Company has identified its Chief Executive Officer (“CEO”) as the chief operating decision maker (“CODM”), who manages the Company’s business activities as a single operating and reportable segment at the consolidated level. The CODM utilizes consolidated GAAP and non-GAAP measures of profit and loss to evaluate the Company’s financial performance, allocate resources and make key operating decisions. Further, the CODM reviews and utilizes functional expenses (GAAP and non-GAAP cost of revenue, sales and marketing, research and development, and general and administrative) at the consolidated level to manage the Company’s operations. Other items included in GAAP and non-GAAP consolidated net income (loss) are interest income, other (expense) income, net and the provision for income taxes, which are reflected in the consolidated statements of operations.
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Recently Issued Accounting Standards Not Yet Adopted | Accounting Standards Recently 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 adopted this standard in fiscal 2025 using a retrospective method. The adoption of this standard did not have a material financial impact on the Company’s consolidated financial statements. For further information, refer to “Segment Information” section in this Note 1. Summary of Business and Significant Accounting Policies. Recently Issued Accounting Standards Not Yet Adopted 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. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income (Topic 220) Disaggregation of Income Statement Expenses (“ASU 2024-03”), to enhance the transparency and decision usefulness of financial information presented in the income statement by requiring disaggregated information about certain income statement expense line items. The Company is required to adopt the guidance in the fourth quarter of fiscal 2028, though early adoption permitted. The Company is currently evaluating the impact of this amendment on its consolidated financial statements.
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Revenue (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue by Geographical Region | The following table presents revenue by geographical region (in thousands):
__________________ (1)The United States comprised 86%, 86% and 79% of the Company’s revenue in the fiscal years ended April 30, 2025, 2024 and 2023, respectively. No other country comprised 10% or greater of the Company’s revenue for each of the fiscal years ended April 30, 2025, 2024 and 2023.
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Disaggregation of Revenue | Total professional services revenue comprised of (in thousands):
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Fair Value Measurements (Tables) |
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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):
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Cash Equivalents and Marketable Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Equivalents and Available-For-Sale Marketable Securities and Balance Sheet Classification | The following table summarizes the Company’s cash equivalents and available-for-sale marketable securities (in thousands):
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Summary of Available-For-Sale Marketable Securities by Contractual Maturity | The following table summarizes the Company’s available-for-sale marketable securities by contractual maturity (in thousands):
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Summary of Fair Values and Unrealized Losses of Available-For-Sale Marketable Securities In Continuous Unrealized Loss Position | 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 April 30, 2025 and 2024 (in thousands):
|
Balance Sheet Details (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands):
__________________ *Leasehold improvements are amortized over the shorter of the estimated useful lives of the improvements or the remaining lease term. NA = Not Applicable
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Schedule of Accrued Compensation and Employee Benefits | Accrued compensation and employee benefits consisted of the following (in thousands):
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Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following (in thousands):
|
Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Lease Costs and Supplemental Cash Flow, Balance Sheet, and Lease Terms Information | The components of total lease costs, including variable lease costs, for the fiscal years ended April 30, 2025, 2024 and 2023 were as follows (in thousands):
The following table presents the lease balances within the consolidated balance sheets, weighted-average remaining lease term, and weighted-average discount rates related to the Company’s operating leases (in thousands):
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Schedule of Maturities of Operating Lease Liabilities | Future minimum payments under lease obligations as of April 30, 2025 were as follows (in thousands):
|
Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Activity | A summary of the Company’s option activity during the periods indicated was as follows:
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Schedule of Valuation Assumptions | The weighted average assumptions underlying the fair value estimation are provided in the following table:
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Schedule of Restricted Stock Unit Activity | A summary of the Company’s RSU activities and related information is as follows:
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Schedule of Valuation Assumptions Under ESPP | The following assumptions were used to calculate the fair value of shares to be granted under the 2020 ESPP during the period:
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Summary of Effects of Stock-Based Compensation | The following table summarizes the effects of stock-based compensation on the Company’s consolidated statements of operations (in thousands):
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Net Loss Before Income Taxes | The components of the Company’s net loss before provision for income taxes for the fiscal years ended April 30, 2025, 2024 and 2023 were as follows (in thousands):
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Schedule of Provision for Income Tax Expenses | The components of the Company’s provision for income taxes for the fiscal years ended April 30, 2025, 2024 and 2023 were as follows (in thousands):
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Schedule of Federal Statutory Rate to Effective Tax Rate Reconciliation | The reconciliation of U.S. federal statutory rate to the Company’s effective tax rate was follows (in thousands):
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Schedule of Components of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities as of April 30, 2025 and 2024 were as follows (in thousands):
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Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of the Company’s total gross unrecognized tax benefits was as follows (in thousands):
|
Net Loss Per Share Attributable to Common Stockholders (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
|
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Schedule of Potential Shares of Common Stock Excluded from Computation of 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):
|
Summary of Business and Significant Accounting Policies (Details) |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025
USD ($)
operating_segment
|
Apr. 30, 2024
USD ($)
|
Apr. 30, 2023
USD ($)
|
|
Subsidiary, Sale of Stock [Line Items] | |||
Restricted cash | $ 12,600,000 | $ 12,600,000 | |
Allowance for doubtful accounts | 900,000 | 400,000 | |
Unbilled receivables | 40,200,000 | 62,300,000 | |
Long-lived assets, impairment | 0 | 0 | $ 0 |
Goodwill, impairment | 0 | 0 | 0 |
Capitalized software costs | 4,300,000 | 4,300,000 | |
Amortized capitalized software costs | $ 400,000 | 1,300,000 | 1,100,000 |
Term of pilot phase, up to (in months) | 6 months | ||
Deferred costs, sales commissions, amortization period (in years) | 5 years | ||
Accrued liabilities, warranties | $ 0 | 0 | |
Advertising expenses | 18,300,000 | 15,800,000 | 6,900,000 |
401(k) matching contributions | $ 0 | $ 0 | $ 0 |
Number of operating segments | operating_segment | 1 | ||
Minimum | |||
Subsidiary, Sale of Stock [Line Items] | |||
Property and equipment, useful life (in years) | 3 years | ||
Maximum | |||
Subsidiary, Sale of Stock [Line Items] | |||
Property and equipment, useful life (in years) | 5 years |
Revenue - Disaggregated Revenue by Geographic Region (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 389,056 | $ 310,582 | $ 266,795 |
Software Licenses | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 94,200 | 29,600 | 18,000 |
North America | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 346,217 | 269,895 | 210,501 |
Europe, the Middle East and Africa | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 40,748 | 35,809 | 47,758 |
Asia Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 286 | 3,622 | 7,913 |
Rest of World | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 1,805 | $ 1,256 | $ 623 |
United States | Revenue | Geographic Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Geographic concentration risk, percentage | 86.00% | 86.00% | 79.00% |
Revenue - Professional Services Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|||
Disaggregation of Revenue [Line Items] | |||||
Total revenue | $ 389,056 | $ 310,582 | $ 266,795 | ||
Professional services | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenue | [1] | 61,426 | 32,478 | 36,352 | |
Prioritized engineering services | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenue | 43,032 | 25,972 | 29,087 | ||
Service fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenue | $ 18,394 | $ 6,506 | $ 7,265 | ||
|
Revenue - Deferred Revenue Balance (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
|
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 36.6 | $ 39.0 |
Revenue recognized | $ 38.5 | $ 47.8 |
Revenue - Remaining Performance Obligation (Details) $ in Millions |
12 Months Ended |
---|---|
Apr. 30, 2025
USD ($)
| |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized from remaining performance obligations, amount | $ 235.1 |
Revenue, remaining performance obligation, non cancellable commitments | 66.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-05-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized from remaining performance obligations, amount | $ 129.2 |
Revenue expected to be recognized from remaining performance obligations, period (in months) | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-05-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized from remaining performance obligations, period (in months) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-05-01 | Minimum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized from remaining performance obligations, period (in months) | 13 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-05-01 | Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized from remaining performance obligations, period (in months) | 48 months |
Revenue - Costs to Obtain a Contract (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Disaggregation of Revenue [Line Items] | |||
Costs to obtain and fulfill a contract, expense | $ 13.5 | $ 7.2 | $ 5.9 |
Capitalized contract cost, impairment loss | 0.0 | 0.0 | $ 0.0 |
Prepaid Expenses and Other Current Assets | |||
Disaggregation of Revenue [Line Items] | |||
Costs to obtain and fulfill a contract | 7.1 | 7.0 | |
Other Assets | |||
Disaggregation of Revenue [Line Items] | |||
Costs to obtain and fulfill a contract | $ 7.9 | $ 11.0 |
Revenue - Customer Concentration and Accounts Receivable (Details) - Customer Concentration Risk |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Revenue | Customer One | |||
Disaggregation of Revenue [Line Items] | |||
Customer concentration risk, percentage | 19.00% | 27.00% | 35.00% |
Revenue | Customer Two | |||
Disaggregation of Revenue [Line Items] | |||
Customer concentration risk, percentage | 12.00% | 14.00% | |
Accounts Receivable | Customer One | |||
Disaggregation of Revenue [Line Items] | |||
Customer concentration risk, percentage | 15.00% | 25.00% | |
Accounts Receivable | Customer Two | |||
Disaggregation of Revenue [Line Items] | |||
Customer concentration risk, percentage | 14.00% | 16.00% | |
Accounts Receivable | Customer Three | |||
Disaggregation of Revenue [Line Items] | |||
Customer concentration risk, percentage | 12.00% |
Fair Value Measurements (Details) - USD ($) $ in Thousands |
Apr. 30, 2025 |
Apr. 30, 2024 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and available-for-sale marketable securities | $ 696,339 | $ 690,441 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 87,872 | 82,564 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 29,122 | 18,769 |
Available-for-sale marketable securities: | 113,787 | 162,183 |
U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 5,888 |
Available-for-sale marketable securities: | 15,482 | 2,497 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 1,015 | 0 |
Available-for-sale marketable securities: | 315,405 | 310,095 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities: | 76,518 | 62,017 |
U.S. government agencies securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities: | 57,138 | 46,428 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and available-for-sale marketable securities | 696,339 | 690,441 |
Fair Value, Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 87,872 | 82,564 |
Fair Value, Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 29,122 | 18,769 |
Available-for-sale marketable securities: | 113,787 | 162,183 |
Fair Value, Recurring | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 5,888 |
Available-for-sale marketable securities: | 15,482 | 2,497 |
Fair Value, Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 1,015 | 0 |
Available-for-sale marketable securities: | 315,405 | 310,095 |
Fair Value, Recurring | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities: | 76,518 | 62,017 |
Fair Value, Recurring | U.S. government agencies securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities: | 57,138 | 46,428 |
Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and available-for-sale marketable securities | 87,872 | 82,564 |
Fair Value, Recurring | Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 87,872 | 82,564 |
Fair Value, Recurring | Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Available-for-sale marketable securities: | 0 | 0 |
Fair Value, Recurring | Level 1 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Available-for-sale marketable securities: | 0 | 0 |
Fair Value, Recurring | Level 1 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Available-for-sale marketable securities: | 0 | 0 |
Fair Value, Recurring | Level 1 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities: | 0 | 0 |
Fair Value, Recurring | Level 1 | U.S. government agencies securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities: | 0 | 0 |
Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and available-for-sale marketable securities | 608,467 | 607,877 |
Fair Value, Recurring | Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Fair Value, Recurring | Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 29,122 | 18,769 |
Available-for-sale marketable securities: | 113,787 | 162,183 |
Fair Value, Recurring | Level 2 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 5,888 |
Available-for-sale marketable securities: | 15,482 | 2,497 |
Fair Value, Recurring | Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 1,015 | 0 |
Available-for-sale marketable securities: | 315,405 | 310,095 |
Fair Value, Recurring | Level 2 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities: | 76,518 | 62,017 |
Fair Value, Recurring | Level 2 | U.S. government agencies securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities: | 57,138 | 46,428 |
Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and available-for-sale marketable securities | 0 | 0 |
Fair Value, Recurring | Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Fair Value, Recurring | Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Available-for-sale marketable securities: | 0 | 0 |
Fair Value, Recurring | Level 3 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Available-for-sale marketable securities: | 0 | 0 |
Fair Value, Recurring | Level 3 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Available-for-sale marketable securities: | 0 | 0 |
Fair Value, Recurring | Level 3 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities: | 0 | 0 |
Fair Value, Recurring | Level 3 | U.S. government agencies securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities: | $ 0 | $ 0 |
Cash Equivalents and Marketable Securities - Cash Equivalents and Available-for-Sale Marketable Securities (Details) - USD ($) $ in Thousands |
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
---|---|---|---|
Cash equivalents: | |||
Amortized Cost | $ 164,358 | $ 167,146 | $ 284,829 |
Available-for-sale marketable securities: | |||
Total cash equivalents and available-for-sale marketable securities, Amortized Cost | 695,816 | 691,002 | |
Total cash equivalents and available-for-sale marketable securities, Gross Unrealized Gain | 663 | 69 | |
Total cash equivalents and available-for-sale marketable securities, Gross Unrealized Loss | (140) | (630) | |
Total cash equivalents and available-for-sale marketable securities | 696,339 | 690,441 | |
Money market funds | |||
Cash equivalents: | |||
Amortized Cost | 87,872 | 82,564 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | 87,872 | 82,564 | |
Commercial paper | |||
Cash equivalents: | |||
Amortized Cost | 29,122 | 18,769 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | 29,122 | 18,769 | |
Available-for-sale marketable securities: | |||
Amortized Cost | 113,787 | 162,183 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | 113,787 | 162,183 | |
U.S. treasury securities | |||
Cash equivalents: | |||
Amortized Cost | 0 | 5,888 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | 0 | 5,888 | |
Available-for-sale marketable securities: | |||
Amortized Cost | 15,478 | 2,497 | |
Gross Unrealized Gains | 4 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | 15,482 | 2,497 | |
Corporate debt securities | |||
Cash equivalents: | |||
Amortized Cost | 1,015 | 0 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | 1,015 | 0 | |
Available-for-sale marketable securities: | |||
Amortized Cost | 315,034 | 310,557 | |
Gross Unrealized Gains | 502 | 64 | |
Gross Unrealized Losses | (131) | (526) | |
Estimated Fair Value | 315,405 | 310,095 | |
Certificates of deposit | |||
Available-for-sale marketable securities: | |||
Amortized Cost | 76,518 | 62,017 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | 76,518 | 62,017 | |
U.S. government agencies securities | |||
Available-for-sale marketable securities: | |||
Amortized Cost | 56,990 | 46,527 | |
Gross Unrealized Gains | 157 | 5 | |
Gross Unrealized Losses | (9) | (104) | |
Estimated Fair Value | $ 57,138 | $ 46,428 |
Cash Equivalents and Marketable Securities - Available-for Sale Marketable Securities by Contractual Maturity (Details) - Debt Securities, Available-For-Sale, Excluding Money Market Accounts - USD ($) $ in Thousands |
Apr. 30, 2025 |
Apr. 30, 2024 |
---|---|---|
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
AFS Marketable Securities Maturities, Within one year, Amortized Cost | $ 455,613 | $ 514,747 |
AFS Marketable Securities Maturities, After one year through five years, Amortized Cost | 122,194 | 69,034 |
Amortized Cost | 577,807 | 583,781 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
AFS Marketable Securities Maturities, Within one year, Fair Value | 455,956 | 514,485 |
AFS Marketable Securities Maturities, After one year through five years, Fair Value | 122,374 | 68,736 |
AFS Marketable Securities Maturities, Total Fair Value | $ 578,330 | $ 583,221 |
Cash Equivalents and Marketable Securities - Summary of Fair Values and Unrealized Losses of Available-For-Sale Marketable Securities In Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands |
Apr. 30, 2025 |
Apr. 30, 2024 |
---|---|---|
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
AFS, Less Than 12 Months, Unrealized Losses | $ (138) | $ (590) |
AFS, Less Than 12 Months, Fair Value | 75,163 | 237,352 |
AFS, 12 Months or Greater, Unrealized Losses | (2) | (40) |
AFS, 12 Months or Greater, Fair Value | 9,847 | 35,407 |
AFS, Total Unrealized Losses | (140) | (630) |
AFS, Total Fair Value | 85,010 | 272,759 |
U.S. treasury securities | ||
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 | 2,468 | 2,497 |
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 | 2,468 | 2,497 |
U.S. government agencies securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
AFS, Less Than 12 Months, Unrealized Losses | (9) | (99) |
AFS, Less Than 12 Months, Fair Value | 7,973 | 33,890 |
AFS, 12 Months or Greater, Unrealized Losses | 0 | (6) |
AFS, 12 Months or Greater, Fair Value | 0 | 7,749 |
AFS, Total Unrealized Losses | (9) | (105) |
AFS, Total Fair Value | 7,973 | 41,639 |
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 | 1,823 | 4,058 |
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 | 1,823 | 4,058 |
Corporate debt securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
AFS, Less Than 12 Months, Unrealized Losses | (129) | (491) |
AFS, Less Than 12 Months, Fair Value | 62,899 | 196,907 |
AFS, 12 Months or Greater, Unrealized Losses | (2) | (34) |
AFS, 12 Months or Greater, Fair Value | 9,847 | 27,658 |
AFS, Total Unrealized Losses | (131) | (525) |
AFS, Total Fair Value | $ 72,746 | $ 224,565 |
Cash Equivalents and Marketable Securities - Narrative (Details) - investment |
Apr. 30, 2025 |
Apr. 30, 2024 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Number of investment positions in unrealized loss position | 88 | 219 |
Balance Sheet Details - Property and Equipment (Details) - USD ($) $ in Thousands |
Apr. 30, 2025 |
Apr. 30, 2024 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment-gross | $ 105,055 | $ 103,404 |
Less accumulated depreciation | (25,757) | (14,773) |
Property and equipment—net | 79,298 | 88,631 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment-gross | $ 82,510 | 71,867 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in months) | 36 months | |
Property and equipment-gross | $ 6,065 | 4,936 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in months) | 60 months | |
Property and equipment-gross | $ 15,520 | 14,479 |
Capital work-in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment-gross | $ 960 | $ 12,122 |
Balance Sheet Details - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Depreciation and amortization expense, related to property and equipment | $ 12.2 | $ 11.5 | $ 5.0 |
Balance Sheet Details - Accrued Compensation and Employee Benefits (Details) - USD ($) $ in Thousands |
Apr. 30, 2025 |
Apr. 30, 2024 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued bonus | $ 37,468 | $ 31,530 |
Accrued vacation | 4,950 | 4,317 |
Accrued payroll taxes and benefits | 2,033 | 3,636 |
Accrued commission | 7,244 | 2,826 |
ESPP contributions | 1,593 | 1,409 |
Other | 580 | 545 |
Accrued compensation and employee benefits | $ 53,868 | $ 44,263 |
Balance Sheet Details - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Apr. 30, 2025 |
Apr. 30, 2024 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued general expenses | $ 3,785 | $ 2,140 |
Operating lease liabilities, current | 4,795 | 3,226 |
Accrued professional services | 7,323 | 2,082 |
Accrued cloud hosting services | 4,718 | 643 |
Accrued taxes payable | 3,258 | 621 |
Other | 2,416 | 814 |
Accrued and other current liabilities | $ 26,295 | $ 9,526 |
Leases - Narrative (Details) $ in Thousands |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2025
USD ($)
|
Jul. 31, 2024
phase
|
Jan. 31, 2024
phase
|
Jul. 31, 2023
phase
|
Apr. 30, 2023
phase
|
Feb. 21, 2023
ft²
|
Oct. 31, 2022
phase
|
Jan. 31, 2022
phase
|
Aug. 25, 2021
ft²
|
|
Leases [Abstract] | |||||||||
Area under lease (in square feet) | ft² | 283,015 | ||||||||
Number of phases | phase | 7 | 6 | 5 | 4 | 3 | 2 | |||
Increase (decrease) in right-of-use asset | $ | $ 1,300 | ||||||||
Increase (decrease) in operating lease, liability, noncurrent | $ | $ 1,300 | ||||||||
Sub-leased space area (in square feet) | ft² | 3,130 | 283,013 |
Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Leases [Abstract] | |||
Operating lease costs | $ 5,555 | $ 4,995 | $ 8,359 |
Short term lease costs | 1,691 | 1,537 | 1,624 |
Variable lease costs | 4,623 | 3,959 | 3,494 |
Sublease income | (108) | (105) | (26) |
Total lease costs, net | $ 11,761 | $ 10,387 | $ 13,451 |
Leases -Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Cash paid for amounts included in the measurement of operating lease liabilities: | |||
Cash payments included in the measurement of operating lease liabilities – operating cash flows | $ 8,174 | $ 6,136 | $ 5,250 |
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) | 1,016 | 1,833 | (5,589) |
Right-of-use assets obtained in exchange for lease obligations arising from lease modifications | $ 0 | $ 0 | $ 3,093 |
Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands |
Apr. 30, 2025 |
Apr. 30, 2024 |
---|---|---|
Operating leases | ||
Right-of-use assets | $ 19,321 | $ 18,664 |
Lease liabilities, current | 4,795 | 3,226 |
Lease liabilities, non-current | 55,495 | 55,599 |
Total operating lease liabilities | $ 60,290 | $ 58,825 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets, non-current | Other assets, non-current |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued and other current liabilities | Accrued and other current liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities |
Leases - Term and Discount Rate Information (Details) |
Apr. 30, 2025 |
Apr. 30, 2024 |
---|---|---|
Operating leases | ||
Weighted average remaining lease term (in years) | 7 years 10 months 24 days | 8 years 10 months 24 days |
Weighted average discount rate | 8.60% | 8.00% |
Leases - Future Minimum Payments and Lease Obligations (Details) - USD ($) $ in Thousands |
Apr. 30, 2025 |
Apr. 30, 2024 |
---|---|---|
Leases [Abstract] | ||
Fiscal 2026 | $ 9,833 | |
Fiscal 2027 | 10,387 | |
Fiscal 2028 | 10,706 | |
Fiscal 2029 | 11,012 | |
Fiscal 2030 and thereafter | 46,415 | |
Total future minimum lease payments | 88,353 | |
Less: Tenant improvement allowance | (3,176) | |
Less: Imputed interest | (24,887) | |
Total operating lease liabilities | $ 60,290 | $ 58,825 |
Commitment and Contingencies (Details) $ in Millions, € in Billions |
12 Months Ended | 22 Months Ended | |||||
---|---|---|---|---|---|---|---|
Dec. 23, 2024
lawsuit
|
Feb. 15, 2023
plaintiff
officer_and_director
|
Apr. 30, 2025
USD ($)
|
Apr. 30, 2024
USD ($)
|
Apr. 30, 2023
USD ($)
|
Mar. 26, 2024
claim
|
Feb. 27, 2024
EUR (€)
|
|
Long-term Purchase Commitment [Line Items] | |||||||
Purchase commitment, incurred cost | $ 117.1 | $ 43.1 | $ 8.3 | ||||
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 | ||||||
Suri V. Siebel Et Al., Rabasca V. Siebel Et Al., Vo V. Siebel Et Al, Lanfair V. Siebel Et Al. And Pankow V. Siebel Et Al. | Pending Litigation | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Number of actions filed | claim | 6 | ||||||
Enel | Pending Litigation | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Number of actions filed | lawsuit | 2 | ||||||
Gain contingency, compensatory damages sought | € | € 2.1 | ||||||
Number of patents allegedly infringed | lawsuit | 2 | ||||||
C3.ai DTI Grants Program | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Grants, potential remaining contributions | $ 31.6 | ||||||
Cloud Hosting Services | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Remaining amount committed | 427.5 | ||||||
Professional services | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Remaining amount committed | $ 111.5 | ||||||
Professional services | Minimum | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Purchase commitment, term (in years) | 1 year | ||||||
Professional services | Maximum | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Purchase commitment, term (in years) | 5 years |
Stockholders' Equity (Details) |
12 Months Ended | |
---|---|---|
Apr. 30, 2025
vote
$ / shares
shares
|
Apr. 30, 2024
$ / 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 (in months) | 6 months | |
Automatic conversion period, following the date Mr. Siebel no longer providing services (in months) | 6 months | |
Automatic conversion, anniversary period, if circumstances met (in years) | 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 | 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 | $ 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 | 3,500,000 |
Voting rights, number of votes for each share | vote | 50 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 |
Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Nov. 27, 2020
USD ($)
period
shares
|
Apr. 30, 2025
USD ($)
$ / shares
shares
|
Apr. 30, 2024
USD ($)
$ / shares
shares
|
Apr. 30, 2023
USD ($)
$ / shares
shares
|
May 01, 2023 |
Jul. 31, 2022
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted-average grant date fair value for options granted (in dollars per share) | $ / shares | $ 13.49 | $ 16.70 | $ 7.88 | |||
Stock options exercised, total intrinsic value | $ 94,100 | $ 89,700 | $ 24,400 | |||
Stock options vested, total grant date fair value | 34,700 | 34,700 | 49,900 | |||
Stock-based compensation expense | $ 230,988 | $ 215,761 | $ 216,542 | |||
Risk-free interest rate | 3.60% | 4.10% | 3.90% | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% | |||
Expected volatility | 66.20% | 63.20% | 46.30% | |||
Accrued bonus | $ 37,500 | $ 31,200 | ||||
Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ 56,100 | $ 79,600 | ||||
Unrecognized compensation cost, weighted-average recognition period (in years) | 2 years | 2 years 2 months 12 days | ||||
RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost, weighted-average recognition period (in years) | 3 years 8 months 12 days | 3 years 8 months 12 days | ||||
Vesting period (in years) | 5 years | |||||
Stock-based compensation expense | $ 142,200 | $ 130,600 | $ 134,800 | |||
Unrecognized stock-based compensation expense, non-options | $ 562,900 | $ 422,600 | ||||
Granted, non-option (in shares) | shares | 14,731,000 | 8,422,000 | ||||
RSUs | Share-based Payment Arrangement, Tranche One | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period (in years) | 1 year | |||||
Vesting percentages | 20.00% | |||||
RSUs | Share-based Payment Arrangement, Tranche Two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentages | 5.00% | |||||
Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 3,800 | $ 5,400 | 2,100 | |||
Maximum shares authorized (in shares) | shares | 1,700,000 | |||||
Share price (in dollars per share) | $ / shares | $ 12.90 | |||||
Risk-free interest rate | 3.70% | |||||
Expected dividend yield | 0.00% | |||||
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 period (in years) | 1 year | |||||
Vesting percentages | 20.00% | |||||
2020 Incentive Plan | Stock options | Share-based Payment Arrangement, Tranche Two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period (in years) | 4 years | |||||
Vesting percentages | 2.00% | |||||
2020 Employee Stock Purchase Plan | ESPP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 6,900 | $ 5,400 | $ 3,700 | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% | |||
Unrecognized stock-based compensation expense, non-options | $ 11,200 | $ 2,700 | ||||
Percentage of employee earnings participation (not exceeding) | 15.00% | |||||
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] | ||||||
Stock-based compensation expense | $ 41,900 | $ 38,800 | ||||
Common Class A And Common Class B | 2020 Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares available for issuance (in shares) | shares | 6,225,512 | |||||
Automatic increase to shares reserve for future issuance, percent of total shares outstanding | 7.00% | |||||
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 reserve for future issuance, percent of total shares outstanding | 1.00% | |||||
Class A Common Stock | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, non-option (in shares) | shares | 751,927 | 532,842 | ||||
Class A Common Stock | 2020 Employee Stock Purchase Plan | ESPP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares available for issuance (in shares) | shares | 5,588,711 | 5,049,150 | ||||
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) | 85.00% | |||||
Number of shares purchased (in shares) | shares | 697,498 | 863,412 | 310,784 |
Share-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Number of Stock Options Outstanding | |||
Balance at beginning of period (in shares) | 31,328 | 34,696 | |
Options granted (in shares) | 1,187 | 829 | |
Options exercised (in shares) | (3,425) | (3,033) | |
Options cancelled (in shares) | (613) | (1,164) | |
Balance at end of period (in shares) | 28,477 | 31,328 | 34,696 |
Vested and exercisable at end of period (in shares) | 24,235 | ||
Vested and expected to vest at end of period (in shares) | 28,477 | ||
Weighted Average Exercise Price | |||
Balance at beginning of period (in dollars per share) | $ 13.97 | $ 12.75 | |
Options granted (in dollars per share) | 23.43 | 30.11 | |
Options exercised (in dollars per share) | 5.97 | 33.84 | |
Options cancelled (in dollars per share) | 23.13 | 13.58 | |
Balance at end of period (in dollars per share) | 15.13 | $ 13.97 | $ 12.75 |
Vested and exercisable at end of period (in dollars per share) | 12.60 | ||
Vested and expected to vest at end of period (in dollars per share) | $ 15.13 | ||
Weighted Average Remaining Contractual Life (years) | |||
Balance at beginning of period (in years) | 5 years 3 days | 5 years 8 months 4 days | 6 years 5 months 12 days |
Balance at end of period (in years) | 5 years 3 days | 5 years 8 months 4 days | 6 years 5 months 12 days |
Vested and exercisable at end of period (in years) | 4 years 7 months 6 days | ||
Vested and expected to vest at end of period (in years) | 5 years 3 days | ||
Aggregate Intrinsic Value | |||
Balance at beginning of period | $ 195,923 | $ 268,167 | $ 175,907 |
Balance at end of period | 195,923 | $ 268,167 | $ 175,907 |
Vested and exercisable at end of period | 228,053 | ||
Vested and expected to vest at end of period | $ 195,923 |
Stock-Based Compensation - Valuation Assumptions (Details) |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Valuation assumptions: | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 66.20% | 63.20% | 46.30% |
Expected term (years) | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 6 months |
Risk-free interest rate | 3.60% | 4.10% | 3.90% |
Stock-Based Compensation - Restricted Stock Unit Activity (Details) - RSUs - $ / shares shares in Thousands |
12 Months Ended | |
---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
|
Number of RSUs | ||
Unvested Balance at beginning of period (in shares) | 19,283 | 21,146 |
RSUs granted (in shares) | 14,731 | 8,422 |
RSUs vested (in shares) | (6,478) | (6,248) |
RSUs forfeited (in shares) | (3,762) | (4,037) |
Unvested Balance at end of period (in shares) | 23,774 | 19,283 |
Weighted Average Grant Date Fair Value Per Share | ||
Unvested Balance at beginning of period (in dollars per share) | $ 24.26 | $ 21.32 |
RSUs granted (in dollars per share) | 28.43 | 33.40 |
RSUs vested (in dollars per share) | 27.39 | 24.94 |
RSUs forfeited (in dollars per share) | 27.33 | 26.85 |
Unvested Balance at end of period (in dollars per share) | $ 25.99 | $ 24.26 |
Stock-Based Compensation - Schedule of Valuation Assumptions Under ESPP (Details) |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Valuation assumptions: | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected term (years) | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 6 months |
ESPP | 2020 Employee Stock Purchase Plan | |||
Valuation assumptions: | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility, minimum | 56.20% | 54.50% | 47.80% |
Expected volatility, maximum | 79.80% | 73.30% | 61.40% |
Risk-free interest rate, minimum | 3.56% | 4.70% | 4.10% |
Risk-free interest rate, maximum | 4.60% | 5.50% | 4.90% |
ESPP | 2020 Employee Stock Purchase Plan | Minimum | |||
Valuation assumptions: | |||
Expected term (years) | 6 months | 6 months | 4 months 24 days |
ESPP | 2020 Employee Stock Purchase Plan | Maximum | |||
Valuation assumptions: | |||
Expected term (years) | 2 years | 2 years | 2 years |
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 230,988 | $ 215,761 | $ 216,542 |
Cost of revenue | Cost of subscription | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 30,480 | 34,032 | 21,417 |
Cost of revenue | Cost of professional services | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 3,180 | 1,288 | 2,220 |
Sales and marketing | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 83,960 | 71,751 | 71,389 |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 71,629 | 72,036 | 90,217 |
General and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 41,739 | $ 36,654 | $ 31,299 |
Income Taxes - Components of Net Loss, Before Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Income Tax Disclosure [Abstract] | |||
Domestic | $ (291,153) | $ (282,036) | $ (270,280) |
Foreign | 3,427 | 3,132 | 2,116 |
Loss before provision for income taxes | $ (287,726) | $ (278,904) | $ (268,164) |
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Current expense | |||
Federal | $ 0 | $ 0 | $ 0 |
State | 273 | 293 | 306 |
Foreign | 670 | 499 | 369 |
Total | 943 | 792 | 675 |
Deferred expense | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Foreign | 33 | 0 | 0 |
Total | 33 | 0 | 0 |
Provision for income taxes | $ 976 | $ 792 | $ 675 |
Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Income Tax Disclosure [Abstract] | |||
Expected benefit at federal statutory rate | $ (60,422) | $ (58,570) | $ (56,314) |
State tax expense—net of federal benefit | 272 | 292 | 306 |
Impact of foreign operations | (156) | (158) | (75) |
Federal research and development credit | (3,562) | (3,087) | (2,489) |
Change in valuation allowance | 64,770 | 66,556 | 32,481 |
Stock-based compensation | (1,072) | (5,001) | 25,806 |
Meals and entertainment | 228 | 207 | 95 |
Other permanent items | 918 | 553 | 865 |
Provision for income taxes | $ 976 | $ 792 | $ 675 |
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Apr. 30, 2025 |
Apr. 30, 2024 |
---|---|---|
Deferred tax assets | ||
Accrued payroll | $ 7,483 | $ 5,542 |
Other accruals & reserves | 3,423 | 5,933 |
Operating lease liability | 13,696 | 13,433 |
Deferred revenue | 1,354 | 1,643 |
Net operating losses | 179,554 | 141,157 |
R&D tax credit | 20,396 | 15,001 |
Stock based compensation | 15,710 | 13,263 |
Capitalized R&D expenditure | 93,759 | 72,140 |
Other | 362 | 626 |
Gross deferred tax assets | 335,737 | 268,738 |
Valuation allowance | (320,939) | (252,682) |
Total deferred tax assets | 14,798 | 16,056 |
Deferred tax liabilities | ||
Prepaid expenses | (1,774) | (1,986) |
Depreciation | (8,635) | (9,808) |
Operating lease right-of-use assets | (4,389) | (4,262) |
Total deferred tax liabilities | (14,798) | (16,056) |
Net deferred tax assets (liabilities) | $ 0 | $ 0 |
Income Taxes - Narrative (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2026 |
Apr. 30, 2024 |
|
Tax Credit Carryforward [Line Items] | |||
Deferred tax assets, valuation allowance | $ 320,939,000 | $ 252,682,000 | |
Deferred tax assets, increase in valuation allowance | 68,200,000 | ||
Unrecognized tax benefits, if recognized, would impact effective income tax rate | 200,000 | ||
Unrecognized tax benefits, cumulative interest and penalties | 0 | 0 | |
Unrecognized tax benefits, anticipated significant change over the next 12 months | 0 | ||
Forecast | |||
Tax Credit Carryforward [Line Items] | |||
Unrecognized tax benefits, if recognized, would impact effective income tax rate | $ 0 | ||
Federal | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards | 764,700,000 | 599,300,000 | |
Tax credit carryforwards, subject to expiration | 1,000,000.0 | ||
Federal | Research Tax Credit Carryforward | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforwards | 25,900,000 | ||
Federal | Charitable Contribution Carryforward | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforwards | 14,200,000 | ||
State | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards | 310,700,000 | $ 249,300,000 | |
Tax credit carryforwards, subject to expiration | 400,000 | ||
State | Research Tax Credit Carryforward | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforwards | $ 18,900,000 |
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance as of May 1 | $ 16,548 | $ 11,369 |
Increases for tax positions related to the prior year | 70 | 0 |
Increases for tax positions related to the current year | 5,943 | 5,179 |
Balance as of April 30 | $ 22,561 | $ 16,548 |
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 |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Numerator | |||
Net loss attributable to common stockholders | $ (288,702) | $ (279,696) | $ (268,839) |
Denominator | |||
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares) | 129,089 | 119,362 | 109,851 |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares) | 129,089 | 119,362 | 109,851 |
Basic and diluted net loss per share attributable to common stockholders | |||
Basic net loss per Class A and B common shares (in dollars per share) | $ (2.24) | $ (2.34) | $ (2.45) |
Diluted net loss per Class A and B common shares (in dollars per share) | $ (2.24) | $ (2.34) | $ (2.45) |
Net Loss Per Share Attributable to Common Stockholders - Potential Shares Excluded From Computation of Diluted Net Loss Per Share (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2025 |
Apr. 30, 2024 |
Apr. 30, 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) | 28,477,000 | 31,371,000 | 34,844,000 |
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) | 23,774,000 | 19,283,000 | 21,146,000 |
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) | 1,349,000 | 731,000 | 1,525,000 |
Related Party Transactions (Details) |
1 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 21, 2023
USD ($)
ft²
|
Oct. 31, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019 |
Apr. 30, 2025
USD ($)
|
Apr. 30, 2024
USD ($)
|
Apr. 30, 2023
USD ($)
|
Aug. 25, 2021
ft²
office_tower
|
|||||||
Related Party Transaction [Line Items] | ||||||||||||||
Deferred costs, sales commissions, amortization period (in years) | 5 years | |||||||||||||
Related party revenue | $ 389,056,000 | $ 310,582,000 | $ 266,795,000 | |||||||||||
Total cost of revenue | 153,193,000 | 132,022,000 | 86,337,000 | |||||||||||
Sales and marketing | [1] | 239,659,000 | 214,167,000 | 183,121,000 | ||||||||||
Costs to obtain and fulfill a contract, expense | 13,500,000 | 7,200,000 | 5,900,000 | |||||||||||
Sub-leased 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 | |||||||||||||
Cost of subscription | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related party revenue | [2] | 327,630,000 | 278,104,000 | 230,443,000 | ||||||||||
Total cost of revenue | 143,841,000 | 128,469,000 | 78,423,000 | |||||||||||
Professional services | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related party revenue | [3] | 61,426,000 | 32,478,000 | 36,352,000 | ||||||||||
Total cost of revenue | $ 9,352,000 | 3,553,000 | 7,914,000 | |||||||||||
Software Subscription Agreement | Baker Hughes Company | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Revenue commitment, fiscal year 2020 | $ 46,700,000 | |||||||||||||
Revenue commitment, fiscal year 2021 | 53,300,000 | |||||||||||||
Revenue commitment, fiscal year 2022 | 75,000,000 | |||||||||||||
Revenue commitment, fiscal year 2023 | $ 85,000,000.0 | 125,000,000 | ||||||||||||
Revenue commitment, fiscal year 2024 | 110,000,000.0 | $ 150,000,000 | ||||||||||||
Revenue commitment, fiscal year 2025 | $ 125,000,000.0 | |||||||||||||
Related Party | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Sales and marketing | 810,000 | 13,962,000 | ||||||||||||
Related Party | Cost of subscription | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related party revenue | 10,581,000 | 75,452,000 | ||||||||||||
Related Party | Professional services | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related party revenue | 5,804,000 | 16,774,000 | ||||||||||||
Related Party | Software Subscription Agreement | Baker Hughes Company | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Revenue commitment, term (in years) | 6 years | 5 years | 3 years | |||||||||||
Sales commissions, recognized as deferred costs | $ 16,000,000.0 | |||||||||||||
Deferred costs, sales commissions, amortization period (in years) | 5 years | |||||||||||||
Sales and marketing | 800,000 | 14,000,000.0 | ||||||||||||
Costs to obtain and fulfill a contract, expense | 800,000 | 4,900,000 | ||||||||||||
Sales commissions paid | 0 | 16,000,000.0 | ||||||||||||
Related Party | Software Subscription Agreement | Cost of subscription | Baker Hughes Company | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related party revenue | 10,600,000 | 75,500,000 | ||||||||||||
Related Party | Software Subscription Agreement | Professional services | Baker Hughes Company | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related party revenue | $ 5,800,000 | $ 16,800,000 | ||||||||||||
|
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