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Side-by-side financial comparison of C3.ai, Inc. (AI) and Fat Brands, Inc (FAT). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $75.1M, roughly 1.9× C3.ai, Inc.). Fat Brands, Inc runs the higher net margin — -41.6% vs -139.3%, a 97.7% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -20.3%). Fat Brands, Inc produced more free cash flow last quarter ($-16.9M vs $-46.9M). Over the past eight quarters, C3.ai, Inc.'s revenue compounded faster (-2.1% CAGR vs -6.1%).
C3.ai, Inc. is a leading enterprise artificial intelligence software provider that develops and delivers scalable AI applications, platform tools, and industry-specific solutions for clients across sectors including manufacturing, energy, financial services, healthcare and public sector. Its offerings help organizations optimize operations, reduce costs, mitigate risks, and realize data-driven decision making.
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
AI vs FAT — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $140.0M |
| Net Profit | $-104.7M | $-58.2M |
| Gross Margin | 40.4% | — |
| Operating Margin | -149.2% | -12.4% |
| Net Margin | -139.3% | -41.6% |
| Revenue YoY | -20.3% | -2.3% |
| Net Profit YoY | -58.7% | -30.1% |
| EPS (diluted) | $-0.75 | $-3.39 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.1M | — | ||
| Q3 25 | $70.3M | $140.0M | ||
| Q2 25 | $108.7M | $146.8M | ||
| Q1 25 | $98.8M | $142.0M | ||
| Q4 24 | $94.3M | $145.3M | ||
| Q3 24 | $87.2M | $143.4M | ||
| Q2 24 | $86.6M | $152.0M | ||
| Q1 24 | $78.4M | $152.0M |
| Q4 25 | $-104.7M | — | ||
| Q3 25 | $-116.8M | $-58.2M | ||
| Q2 25 | $-79.7M | $-54.2M | ||
| Q1 25 | $-80.2M | $-46.0M | ||
| Q4 24 | $-66.0M | $-67.4M | ||
| Q3 24 | $-62.8M | $-44.8M | ||
| Q2 24 | $-72.9M | $-39.4M | ||
| Q1 24 | $-72.6M | $-38.3M |
| Q4 25 | 40.4% | — | ||
| Q3 25 | 37.6% | — | ||
| Q2 25 | 62.1% | — | ||
| Q1 25 | 59.1% | — | ||
| Q4 24 | 61.3% | — | ||
| Q3 24 | 59.8% | — | ||
| Q2 24 | 59.6% | — | ||
| Q1 24 | 57.8% | — |
| Q4 25 | -149.2% | — | ||
| Q3 25 | -177.7% | -12.4% | ||
| Q2 25 | -81.8% | -10.6% | ||
| Q1 25 | -88.7% | -6.0% | ||
| Q4 24 | -79.8% | -27.1% | ||
| Q3 24 | -83.2% | -6.2% | ||
| Q2 24 | -95.1% | -1.8% | ||
| Q1 24 | -105.3% | -0.9% |
| Q4 25 | -139.3% | — | ||
| Q3 25 | -166.2% | -41.6% | ||
| Q2 25 | -73.3% | -36.9% | ||
| Q1 25 | -81.2% | -32.4% | ||
| Q4 24 | -69.9% | -46.4% | ||
| Q3 24 | -72.0% | -31.2% | ||
| Q2 24 | -84.2% | -25.9% | ||
| Q1 24 | -92.6% | -25.2% |
| Q4 25 | $-0.75 | — | ||
| Q3 25 | $-0.86 | $-3.39 | ||
| Q2 25 | $-0.60 | $-3.17 | ||
| Q1 25 | $-0.62 | $-2.73 | ||
| Q4 24 | $-0.52 | $-4.06 | ||
| Q3 24 | $-0.50 | $-2.74 | ||
| Q2 24 | $-0.59 | $-2.43 | ||
| Q1 24 | $-0.60 | $-2.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $675.0M | — |
| Total DebtLower is stronger | — | $1.3B |
| Stockholders' EquityBook value | $771.9M | $-585.8M |
| Total Assets | $961.3M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | — | ||
| Q3 25 | $711.9M | — | ||
| Q2 25 | $742.7M | — | ||
| Q1 25 | $724.3M | — | ||
| Q4 24 | $730.4M | — | ||
| Q3 24 | $762.5M | — | ||
| Q2 24 | $750.4M | — | ||
| Q1 24 | $723.3M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | $771.9M | — | ||
| Q3 25 | $798.8M | $-585.8M | ||
| Q2 25 | $838.3M | $-536.5M | ||
| Q1 25 | $860.2M | $-493.9M | ||
| Q4 24 | $859.0M | $-455.7M | ||
| Q3 24 | $874.9M | $-386.1M | ||
| Q2 24 | $873.4M | $-338.6M | ||
| Q1 24 | $898.0M | $-296.8M |
| Q4 25 | $961.3M | — | ||
| Q3 25 | $968.7M | $1.2B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | $1.0B | $1.4B | ||
| Q1 24 | $1.1B | $1.4B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-46.5M | $-14.5M |
| Free Cash FlowOCF − Capex | $-46.9M | $-16.9M |
| FCF MarginFCF / Revenue | -62.4% | -12.1% |
| Capex IntensityCapex / Revenue | 0.5% | 1.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | $-75.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | — | ||
| Q3 25 | $-33.5M | $-14.5M | ||
| Q2 25 | $11.3M | $-26.9M | ||
| Q1 25 | $-22.0M | $-13.2M | ||
| Q4 24 | $-38.7M | $-10.4M | ||
| Q3 24 | $8.0M | $-3.2M | ||
| Q2 24 | $21.3M | $-14.2M | ||
| Q1 24 | $-39.1M | $-28.4M |
| Q4 25 | $-46.9M | — | ||
| Q3 25 | $-34.3M | $-16.9M | ||
| Q2 25 | $10.3M | $-29.3M | ||
| Q1 25 | $-22.4M | $-17.8M | ||
| Q4 24 | $-39.5M | $-11.0M | ||
| Q3 24 | $7.1M | $-11.1M | ||
| Q2 24 | $18.8M | $-24.4M | ||
| Q1 24 | $-45.1M | $-32.5M |
| Q4 25 | -62.4% | — | ||
| Q3 25 | -48.8% | -12.1% | ||
| Q2 25 | 9.5% | -20.0% | ||
| Q1 25 | -22.7% | -12.5% | ||
| Q4 24 | -41.9% | -7.6% | ||
| Q3 24 | 8.2% | -7.7% | ||
| Q2 24 | 21.7% | -16.1% | ||
| Q1 24 | -57.6% | -21.4% |
| Q4 25 | 0.5% | — | ||
| Q3 25 | 1.1% | 1.7% | ||
| Q2 25 | 0.9% | 1.6% | ||
| Q1 25 | 0.4% | 3.2% | ||
| Q4 24 | 0.9% | 0.4% | ||
| Q3 24 | 1.1% | 5.5% | ||
| Q2 24 | 2.9% | 6.7% | ||
| Q1 24 | 7.8% | 2.7% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
FAT
| Restaurant Sales | $96.6M | 69% |
| Royalty | $21.6M | 15% |
| Factory | $9.6M | 7% |
| Advertising | $9.1M | 7% |
| Franchisor | $1.5M | 1% |
| Other | $1.5M | 1% |
