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Side-by-side financial comparison of C3.ai, Inc. (AI) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
C3.ai, Inc. is the larger business by last-quarter revenue ($75.1M vs $73.5M, roughly 1.0× Target Hospitality Corp.). Target Hospitality Corp. runs the higher net margin — -20.3% vs -139.3%, a 118.9% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs -20.3%). Over the past eight quarters, Target Hospitality Corp.'s revenue compounded faster (0.7% CAGR vs -2.1%).
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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
AI vs TH — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $73.5M |
| Net Profit | $-104.7M | $-14.9M |
| Gross Margin | 40.4% | 9.6% |
| Operating Margin | -149.2% | -22.9% |
| Net Margin | -139.3% | -20.3% |
| Revenue YoY | -20.3% | 22.0% |
| Net Profit YoY | -58.7% | -219.1% |
| EPS (diluted) | $-0.75 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $70.3M | $91.6M | ||
| Q2 25 | $108.7M | $54.9M | ||
| Q1 25 | $98.8M | $54.9M | ||
| Q4 24 | $94.3M | $60.2M | ||
| Q3 24 | $87.2M | $65.8M | ||
| Q2 24 | $86.6M | $67.5M | ||
| Q1 24 | $78.4M | $72.4M |
| Q4 25 | $-104.7M | $-14.9M | ||
| Q3 25 | $-116.8M | $-795.0K | ||
| Q2 25 | $-79.7M | $-14.9M | ||
| Q1 25 | $-80.2M | $-6.5M | ||
| Q4 24 | $-66.0M | $12.5M | ||
| Q3 24 | $-62.8M | $20.0M | ||
| Q2 24 | $-72.9M | $18.4M | ||
| Q1 24 | $-72.6M | $20.4M |
| Q4 25 | 40.4% | 9.6% | ||
| Q3 25 | 37.6% | 19.6% | ||
| Q2 25 | 62.1% | -0.6% | ||
| Q1 25 | 59.1% | 32.7% | ||
| Q4 24 | 61.3% | 61.5% | ||
| Q3 24 | 59.8% | 68.7% | ||
| Q2 24 | 59.6% | 69.4% | ||
| Q1 24 | 57.8% | 67.8% |
| Q4 25 | -149.2% | -22.9% | ||
| Q3 25 | -177.7% | 0.1% | ||
| Q2 25 | -81.8% | -30.8% | ||
| Q1 25 | -88.7% | -2.0% | ||
| Q4 24 | -79.8% | 34.5% | ||
| Q3 24 | -83.2% | 42.5% | ||
| Q2 24 | -95.1% | 43.8% | ||
| Q1 24 | -105.3% | 42.0% |
| Q4 25 | -139.3% | -20.3% | ||
| Q3 25 | -166.2% | -0.9% | ||
| Q2 25 | -73.3% | -27.2% | ||
| Q1 25 | -81.2% | -11.8% | ||
| Q4 24 | -69.9% | 20.8% | ||
| Q3 24 | -72.0% | 30.4% | ||
| Q2 24 | -84.2% | 27.2% | ||
| Q1 24 | -92.6% | 28.2% |
| Q4 25 | $-0.75 | $-0.14 | ||
| Q3 25 | $-0.86 | $-0.01 | ||
| Q2 25 | $-0.60 | $-0.15 | ||
| Q1 25 | $-0.62 | $-0.07 | ||
| Q4 24 | $-0.52 | $0.12 | ||
| Q3 24 | $-0.50 | $0.20 | ||
| Q2 24 | $-0.59 | $0.18 | ||
| Q1 24 | $-0.60 | $0.20 |
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 | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $771.9M | $389.3M |
| Total Assets | $961.3M | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | $8.3M | ||
| Q3 25 | $711.9M | $30.4M | ||
| Q2 25 | $742.7M | $19.2M | ||
| Q1 25 | $724.3M | $34.5M | ||
| Q4 24 | $730.4M | $190.7M | ||
| Q3 24 | $762.5M | $177.7M | ||
| Q2 24 | $750.4M | $154.3M | ||
| Q1 24 | $723.3M | $124.3M |
| Q4 25 | — | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | — | $42.9M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | — | $179.9M |
| Q4 25 | $771.9M | $389.3M | ||
| Q3 25 | $798.8M | $402.4M | ||
| Q2 25 | $838.3M | $401.3M | ||
| Q1 25 | $860.2M | $415.3M | ||
| Q4 24 | $859.0M | $421.1M | ||
| Q3 24 | $874.9M | $417.6M | ||
| Q2 24 | $873.4M | $397.2M | ||
| Q1 24 | $898.0M | $375.5M |
| Q4 25 | $961.3M | $530.2M | ||
| Q3 25 | $968.7M | $541.2M | ||
| Q2 25 | $1.0B | $533.7M | ||
| Q1 25 | $1.1B | $562.5M | ||
| Q4 24 | $1.0B | $725.8M | ||
| Q3 24 | $1.1B | $709.8M | ||
| Q2 24 | $1.0B | $697.0M | ||
| Q1 24 | $1.1B | $687.2M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.48× |
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 | $5.7M |
| Free Cash FlowOCF − Capex | $-46.9M | — |
| FCF MarginFCF / Revenue | -62.4% | — |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $5.7M | ||
| Q3 25 | $-33.5M | $53.4M | ||
| Q2 25 | $11.3M | $11.1M | ||
| Q1 25 | $-22.0M | $3.9M | ||
| Q4 24 | $-38.7M | $30.6M | ||
| Q3 24 | $8.0M | $31.4M | ||
| Q2 24 | $21.3M | $39.1M | ||
| Q1 24 | $-39.1M | $50.6M |
| Q4 25 | $-46.9M | — | ||
| Q3 25 | $-34.3M | — | ||
| Q2 25 | $10.3M | — | ||
| Q1 25 | $-22.4M | $-11.6M | ||
| Q4 24 | $-39.5M | — | ||
| Q3 24 | $7.1M | — | ||
| Q2 24 | $18.8M | — | ||
| Q1 24 | $-45.1M | — |
| Q4 25 | -62.4% | — | ||
| Q3 25 | -48.8% | — | ||
| Q2 25 | 9.5% | — | ||
| Q1 25 | -22.7% | -21.1% | ||
| Q4 24 | -41.9% | — | ||
| Q3 24 | 8.2% | — | ||
| Q2 24 | 21.7% | — | ||
| Q1 24 | -57.6% | — |
| Q4 25 | 0.5% | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 0.4% | 28.2% | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | 2.9% | — | ||
| Q1 24 | 7.8% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
