EU and US could reach trade deal this weekend - Reuters
REDWOOD CITY, Calif. – C3 AI (NYSE: AI), a prominent enterprise AI application software company with a market capitalization of $3.18 billion, has announced the extension and expansion of its joint venture with Baker Hughes, an energy technology firm, until June 2028. According to InvestingPro data, the company has demonstrated strong revenue growth of 23.79% over the last twelve months, despite operating in a highly volatile market environment. This collaboration aims to further develop and market AI-driven solutions for the oil, gas, and chemical industries.
Since the inception of their partnership in 2019, C3 AI and Baker Hughes have implemented AI solutions for industry giants such as Shell, Eni, and ExxonMobil, among others. These solutions have enhanced efficiency and sustainability by optimizing operations, reducing unplanned downtime, and improving operational transparency. With a robust current ratio of 6.74, InvestingPro analysis shows C3 AI maintains strong financial flexibility to support its growth initiatives.
The extended agreement will also see Baker Hughes increasing the use of C3 AI’s applications, including C3 AI Sourcing Optimization and the C3 AI Sustainability Suite, to support its internal digital transformation efforts.
Thomas M. Siebel, Chairman and CEO of C3 AI, emphasized the significance of the partnership with Baker Hughes, noting its contribution to C3 AI’s credibility and access to the global oil and gas market. The collaboration has already yielded over half a billion dollars in revenue from the oil, gas, and chemical markets.
Lorenzo Simonelli, Chairman and CEO of Baker Hughes, reiterated the value of C3 AI’s partnership in supporting their digital transformation and delivering AI solutions that enhance safety, sustainability, and productivity across the energy and industrial sectors.
The renewal of this strategic agreement marks the fourth amendment since 2019, with plans to intensify market activities and broaden the scope of work across the energy and industrial fields.
C3 AI continues to offer a comprehensive suite of AI software applications, including the C3 Agentic AI Platform for enterprise AI application development and operation, and C3 Generative AI for domain-specific enterprise solutions.
This announcement is based on a press release statement from C3 AI. The company’s stock has shown significant momentum recently, with a 9.37% return over the past week, though it remains volatile. Investors seeking deeper insights into C3 AI’s financial health, growth prospects, and additional ProTips can access comprehensive analysis through InvestingPro’s detailed research reports, available as part of their coverage of over 1,400 US equities.
In other recent news, C3 AI has announced the addition of Kenneth A. Goldman to its board of directors, bringing over 40 years of financial leadership to the company. His appointment is expected to enhance C3 AI’s financial operations and governance. Meanwhile, DA Davidson has maintained a Neutral rating on C3 AI shares with a price target of $18.00, ahead of the company’s upcoming earnings report. The firm cited potential risks due to increased nonrecurring revenue and macroeconomic uncertainties, particularly given C3 AI’s reliance on government contracts and its relationship with Baker Hughes.
In partnership developments, C3 AI has teamed up with Arcfield to advance AI applications in defense and intelligence sectors, utilizing its platform to enhance Arcfield’s services. Additionally, a strategic alliance with PwC aims to foster AI adoption across various industries, focusing on sectors like banking and utilities. This collaboration seeks to combine C3 AI’s software solutions with PwC’s advisory expertise to enhance business operations and decision-making. Lastly, C3 AI is set to host its sixth annual international user conference, C3 Transform 2025, in Florida, which will feature discussions on the impact of AI on enterprise software and provide insights into the company’s technological advancements.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.