C3.ai Inc. ( AI ) released preliminary fiscal first-quarter results on Friday that point to a steep miss versus Wall Street expectations, with revenue projected at about $70 million and deep operating losses.

The enterprise AI software maker’s figures reflect the short-term disruption of the companywide sales and services reorganization completed during the quarter. The stock was down 30% in premarket trading on Monday. Full results and updated fiscal 2026 guidance are due Sept. 3.

The company expects first-quarter revenue of $70.2 million to $70.4 million, well below the consensus estimate of $104.1 million, with a GAAP operating loss of $124.7 million to $124.9 million.

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The projected non-GAAP operating loss is between $57.7 million and $57.9 million, and cash, equivalents, and securities totaled $711.9 million as of quarter-end.

CEO Thomas M. Siebel said the leadership transition and his health challenges earlier this year disrupted sales. While acknowledging the quarter’s performance was “unacceptable,” he expressed confidence in a rebound, citing strong products, market opportunity, and customer satisfaction.

Leadership Changes Across Regions

New executives include Rob Schilling as executive vice president and chief commercial officer, John Kitchingman as general manager for EMEA, Jeff Cosseboom as group vice president for North America East Sales, and Lars Farnstrom as group vice president for the Nordics. Longtime executive Alex Amato now leads professional and customer services.

C3.ai’s stock has faced volatility in recent weeks. On July 24, shares dropped following a leadership change announcement that confirmed a CEO transition amid Thomas Siebel’s health challenges.

Related ETFs: Global X Artificial Intelligence & Technology ETF ( AIQ ) , First Trust Nasdaq Artificial Intelligence and Robotics ETF .

Price Action: At last check Monday, AI shares were trading lower by 30.1% to $15.44 premarket.

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