Investment Research report

C3 AI, Inc.

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C3 AI, Inc.
Real Intelligence: Sell C3.AI
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C3 AI, Inc.
Update: Real Intelligence: Sell C3.AI
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Research Overview

S&P 500
Feb 17, 2023

After conducting a forensic financial and accounting review, Spruce Point believes, Inc. (NYSE: AI), which positions itself as a leader in the enterprise AI platform market, has failed to gain broad market acceptance and is inflating its revenues by an aggressively managed and struggling strategic partnership with Baker Hughes. Based on our latest investigation, we estimate a 40% to 50% downside risk.

The reports highlight several key concerns with the company, including:

  • Evidence of a severely challenged partnership with Baker Hughes, a related-party and’s largest customer
  • Signs of problematic financial reporting and accounting regarding the Baker Hughes JV and a revolving door at CFO 
  • Challenges in product adoption and significant salesforce turnover makes it unlikely that will meet aggressive analyst estimates
  • Evidence of exaggerated or irreconcilable claims made by
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