Kerrisdale Capital published on C3.ai Inc (NYSE: AI — $2.39 billion), an enterprise AI software company. Kerrisdale called the company “a no-growth, cash-burning industry flop with poor economics, a tenuous competitive position and dismal value proposition.” Kerrisdale alleged the company’s partnership with Baker Hughes “is falling apart” as evidenced by contract modifications and the resignation of Baker Hughes’s CEO from C3’s board. In addition, Kerrisdale highlighted that the company’s top three customers represent over half the company’s sales and noted that unbilled receivables have gone up ~400% in the last five quarters.
In February 2022, Spruce Point also published on C3 and noted the company “has a pattern of exaggerated business claims and is using multiple strategic partnerships… to project an aura as a successful enterprise.”2026-01-30 USD 11.01 2026-01-30 USD 11.01