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Side-by-side financial comparison of C3.ai, Inc. (AI) and System1, Inc. (SST). Click either name above to swap in a different company.
C3.ai, Inc. is the larger business by last-quarter revenue ($75.1M vs $51.9M, roughly 1.4× System1, Inc.). System1, Inc. runs the higher net margin — -26.0% vs -139.3%, a 113.3% gap on every dollar of revenue. On growth, C3.ai, Inc. posted the faster year-over-year revenue change (-20.3% vs -31.3%). Over the past eight quarters, C3.ai, Inc.'s revenue compounded faster (-2.1% CAGR vs -21.8%).
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.
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
AI vs SST — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $51.9M |
| Net Profit | $-104.7M | $-13.5M |
| Gross Margin | 40.4% | 41.0% |
| Operating Margin | -149.2% | -33.6% |
| Net Margin | -139.3% | -26.0% |
| Revenue YoY | -20.3% | -31.3% |
| Net Profit YoY | -58.7% | 4.8% |
| EPS (diluted) | $-0.75 | $-3.58 |
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 | $51.9M | ||
| Q3 25 | $70.3M | $61.6M | ||
| Q2 25 | $108.7M | $78.1M | ||
| Q1 25 | $98.8M | $74.5M | ||
| Q4 24 | $94.3M | $75.6M | ||
| Q3 24 | $87.2M | $88.8M | ||
| Q2 24 | $86.6M | $94.6M | ||
| Q1 24 | $78.4M | $84.9M |
| Q4 25 | $-104.7M | $-13.5M | ||
| Q3 25 | $-116.8M | $-18.5M | ||
| Q2 25 | $-79.7M | $-17.5M | ||
| Q1 25 | $-80.2M | $-15.9M | ||
| Q4 24 | $-66.0M | $-14.2M | ||
| Q3 24 | $-62.8M | $-23.6M | ||
| Q2 24 | $-72.9M | $-26.4M | ||
| Q1 24 | $-72.6M | $-10.5M |
| Q4 25 | 40.4% | 41.0% | ||
| Q3 25 | 37.6% | 36.9% | ||
| Q2 25 | 62.1% | 35.7% | ||
| Q1 25 | 59.1% | 38.2% | ||
| Q4 24 | 61.3% | 42.1% | ||
| Q3 24 | 59.8% | 28.0% | ||
| Q2 24 | 59.6% | 27.6% | ||
| Q1 24 | 57.8% | 21.9% |
| Q4 25 | -149.2% | -33.6% | ||
| Q3 25 | -177.7% | -25.3% | ||
| Q2 25 | -81.8% | -20.4% | ||
| Q1 25 | -88.7% | -17.6% | ||
| Q4 24 | -79.8% | -15.7% | ||
| Q3 24 | -83.2% | -24.6% | ||
| Q2 24 | -95.1% | -30.8% | ||
| Q1 24 | -105.3% | -30.4% |
| Q4 25 | -139.3% | -26.0% | ||
| Q3 25 | -166.2% | -30.1% | ||
| Q2 25 | -73.3% | -22.4% | ||
| Q1 25 | -81.2% | -21.3% | ||
| Q4 24 | -69.9% | -18.7% | ||
| Q3 24 | -72.0% | -26.6% | ||
| Q2 24 | -84.2% | -27.9% | ||
| Q1 24 | -92.6% | -12.4% |
| Q4 25 | $-0.75 | $-3.58 | ||
| Q3 25 | $-0.86 | $-2.30 | ||
| Q2 25 | $-0.60 | $-2.23 | ||
| Q1 25 | $-0.62 | $-0.21 | ||
| Q4 24 | $-0.52 | $-3.41 | ||
| Q3 24 | $-0.50 | $-3.37 | ||
| Q2 24 | $-0.59 | $-3.80 | ||
| Q1 24 | $-0.60 | $-0.16 |
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 | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $771.9M | $30.5M |
| Total Assets | $961.3M | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | $86.9M | ||
| Q3 25 | $711.9M | $54.6M | ||
| Q2 25 | $742.7M | $63.6M | ||
| Q1 25 | $724.3M | $43.9M | ||
| Q4 24 | $730.4M | $63.6M | ||
| Q3 24 | $762.5M | $69.1M | ||
| Q2 24 | $750.4M | $75.7M | ||
| Q1 24 | $723.3M | $69.9M |
| Q4 25 | — | $305.1M | ||
| Q3 25 | — | $259.2M | ||
| Q2 25 | — | $263.3M | ||
| Q1 25 | — | $267.4M | ||
| Q4 24 | — | $255.1M | ||
| Q3 24 | — | $259.2M | ||
| Q2 24 | — | $263.3M | ||
| Q1 24 | — | $268.6M |
| Q4 25 | $771.9M | $30.5M | ||
| Q3 25 | $798.8M | $42.7M | ||
| Q2 25 | $838.3M | $58.2M | ||
| Q1 25 | $860.2M | $67.2M | ||
| Q4 24 | $859.0M | $80.3M | ||
| Q3 24 | $874.9M | $90.3M | ||
| Q2 24 | $873.4M | $109.4M | ||
| Q1 24 | $898.0M | $131.7M |
| Q4 25 | $961.3M | $405.0M | ||
| Q3 25 | $968.7M | $385.2M | ||
| Q2 25 | $1.0B | $429.2M | ||
| Q1 25 | $1.1B | $419.2M | ||
| Q4 24 | $1.0B | $459.1M | ||
| Q3 24 | $1.1B | $479.3M | ||
| Q2 24 | $1.0B | $511.3M | ||
| Q1 24 | $1.1B | $521.1M |
| Q4 25 | — | 10.01× | ||
| Q3 25 | — | 6.07× | ||
| Q2 25 | — | 4.53× | ||
| Q1 25 | — | 3.98× | ||
| Q4 24 | — | 3.18× | ||
| Q3 24 | — | 2.87× | ||
| Q2 24 | — | 2.41× | ||
| Q1 24 | — | 2.04× |
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 | $-10.6M |
| Free Cash FlowOCF − Capex | $-46.9M | — |
| FCF MarginFCF / Revenue | -62.4% | — |
| Capex IntensityCapex / Revenue | 0.5% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $-10.6M | ||
| Q3 25 | $-33.5M | $-2.1M | ||
| Q2 25 | $11.3M | $24.5M | ||
| Q1 25 | $-22.0M | $-15.9M | ||
| Q4 24 | $-38.7M | $772.0K | ||
| Q3 24 | $8.0M | $-5.0K | ||
| Q2 24 | $21.3M | $10.0M | ||
| Q1 24 | $-39.1M | $-16.0M |
| Q4 25 | $-46.9M | — | ||
| Q3 25 | $-34.3M | — | ||
| Q2 25 | $10.3M | — | ||
| Q1 25 | $-22.4M | $-16.0M | ||
| Q4 24 | $-39.5M | — | ||
| Q3 24 | $7.1M | $-36.0K | ||
| Q2 24 | $18.8M | — | ||
| Q1 24 | $-45.1M | — |
| Q4 25 | -62.4% | — | ||
| Q3 25 | -48.8% | — | ||
| Q2 25 | 9.5% | — | ||
| Q1 25 | -22.7% | -21.5% | ||
| Q4 24 | -41.9% | — | ||
| Q3 24 | 8.2% | -0.0% | ||
| Q2 24 | 21.7% | — | ||
| Q1 24 | -57.6% | — |
| Q4 25 | 0.5% | 0.0% | ||
| Q3 25 | 1.1% | 0.0% | ||
| Q2 25 | 0.9% | 0.0% | ||
| Q1 25 | 0.4% | 0.1% | ||
| Q4 24 | 0.9% | 0.0% | ||
| Q3 24 | 1.1% | 0.0% | ||
| Q2 24 | 2.9% | 0.0% | ||
| Q1 24 | 7.8% | 0.0% |
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% |
SST
Segment breakdown not available.
