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Side-by-side financial comparison of C3.ai, Inc. (AI) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $75.1M, roughly 1.2× C3.ai, Inc.). Vericel Corp runs the higher net margin — 25.0% vs -139.3%, a 164.3% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -20.3%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-46.9M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
AI vs VCEL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $92.9M |
| Net Profit | $-104.7M | $23.2M |
| Gross Margin | 40.4% | 78.7% |
| Operating Margin | -149.2% | 24.1% |
| Net Margin | -139.3% | 25.0% |
| Revenue YoY | -20.3% | 23.3% |
| Net Profit YoY | -58.7% | 17.3% |
| EPS (diluted) | $-0.75 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $70.3M | $67.5M | ||
| Q2 25 | $108.7M | $63.2M | ||
| Q1 25 | $98.8M | $52.6M | ||
| Q4 24 | $94.3M | $75.4M | ||
| Q3 24 | $87.2M | $57.9M | ||
| Q2 24 | $86.6M | $52.7M | ||
| Q1 24 | $78.4M | $51.3M |
| Q4 25 | $-104.7M | $23.2M | ||
| Q3 25 | $-116.8M | $5.1M | ||
| Q2 25 | $-79.7M | $-553.0K | ||
| Q1 25 | $-80.2M | $-11.2M | ||
| Q4 24 | $-66.0M | $19.8M | ||
| Q3 24 | $-62.8M | $-901.0K | ||
| Q2 24 | $-72.9M | $-4.7M | ||
| Q1 24 | $-72.6M | $-3.9M |
| Q4 25 | 40.4% | 78.7% | ||
| Q3 25 | 37.6% | 73.5% | ||
| Q2 25 | 62.1% | 73.7% | ||
| Q1 25 | 59.1% | 69.0% | ||
| Q4 24 | 61.3% | 77.6% | ||
| Q3 24 | 59.8% | 71.9% | ||
| Q2 24 | 59.6% | 69.5% | ||
| Q1 24 | 57.8% | 68.9% |
| Q4 25 | -149.2% | 24.1% | ||
| Q3 25 | -177.7% | 5.1% | ||
| Q2 25 | -81.8% | -3.2% | ||
| Q1 25 | -88.7% | -24.3% | ||
| Q4 24 | -79.8% | 24.5% | ||
| Q3 24 | -83.2% | -4.3% | ||
| Q2 24 | -95.1% | -11.5% | ||
| Q1 24 | -105.3% | -10.7% |
| Q4 25 | -139.3% | 25.0% | ||
| Q3 25 | -166.2% | 7.5% | ||
| Q2 25 | -73.3% | -0.9% | ||
| Q1 25 | -81.2% | -21.4% | ||
| Q4 24 | -69.9% | 26.3% | ||
| Q3 24 | -72.0% | -1.6% | ||
| Q2 24 | -84.2% | -8.9% | ||
| Q1 24 | -92.6% | -7.5% |
| Q4 25 | $-0.75 | $0.46 | ||
| Q3 25 | $-0.86 | $0.10 | ||
| Q2 25 | $-0.60 | $-0.01 | ||
| Q1 25 | $-0.62 | $-0.23 | ||
| Q4 24 | $-0.52 | $0.40 | ||
| Q3 24 | $-0.50 | $-0.02 | ||
| Q2 24 | $-0.59 | $-0.10 | ||
| Q1 24 | $-0.60 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $771.9M | $354.6M |
| Total Assets | $961.3M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | $137.5M | ||
| Q3 25 | $711.9M | $135.4M | ||
| Q2 25 | $742.7M | $116.9M | ||
| Q1 25 | $724.3M | $112.9M | ||
| Q4 24 | $730.4M | $116.2M | ||
| Q3 24 | $762.5M | $101.7M | ||
| Q2 24 | $750.4M | $102.5M | ||
| Q1 24 | $723.3M | $110.6M |
| Q4 25 | $771.9M | $354.6M | ||
| Q3 25 | $798.8M | $321.9M | ||
| Q2 25 | $838.3M | $306.8M | ||
| Q1 25 | $860.2M | $295.5M | ||
| Q4 24 | $859.0M | $292.0M | ||
| Q3 24 | $874.9M | $257.5M | ||
| Q2 24 | $873.4M | $243.0M | ||
| Q1 24 | $898.0M | $233.9M |
| Q4 25 | $961.3M | $488.0M | ||
| Q3 25 | $968.7M | $453.3M | ||
| Q2 25 | $1.0B | $435.6M | ||
| Q1 25 | $1.1B | $424.6M | ||
| Q4 24 | $1.0B | $432.7M | ||
| Q3 24 | $1.1B | $390.4M | ||
| Q2 24 | $1.0B | $376.8M | ||
| Q1 24 | $1.1B | $356.7M |
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 | $15.0M |
| Free Cash FlowOCF − Capex | $-46.9M | $12.8M |
| FCF MarginFCF / Revenue | -62.4% | 13.8% |
| Capex IntensityCapex / Revenue | 0.5% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $15.0M | ||
| Q3 25 | $-33.5M | $22.1M | ||
| Q2 25 | $11.3M | $8.2M | ||
| Q1 25 | $-22.0M | $6.6M | ||
| Q4 24 | $-38.7M | $22.2M | ||
| Q3 24 | $8.0M | $10.2M | ||
| Q2 24 | $21.3M | $18.5M | ||
| Q1 24 | $-39.1M | $7.2M |
| Q4 25 | $-46.9M | $12.8M | ||
| Q3 25 | $-34.3M | $19.5M | ||
| Q2 25 | $10.3M | $81.0K | ||
| Q1 25 | $-22.4M | $-7.6M | ||
| Q4 24 | $-39.5M | $8.5M | ||
| Q3 24 | $7.1M | $-9.2M | ||
| Q2 24 | $18.8M | $1.8M | ||
| Q1 24 | $-45.1M | $-6.8M |
| Q4 25 | -62.4% | 13.8% | ||
| Q3 25 | -48.8% | 28.8% | ||
| Q2 25 | 9.5% | 0.1% | ||
| Q1 25 | -22.7% | -14.5% | ||
| Q4 24 | -41.9% | 11.2% | ||
| Q3 24 | 8.2% | -15.9% | ||
| Q2 24 | 21.7% | 3.4% | ||
| Q1 24 | -57.6% | -13.3% |
| Q4 25 | 0.5% | 2.4% | ||
| Q3 25 | 1.1% | 3.9% | ||
| Q2 25 | 0.9% | 12.9% | ||
| Q1 25 | 0.4% | 27.0% | ||
| Q4 24 | 0.9% | 18.3% | ||
| Q3 24 | 1.1% | 33.5% | ||
| Q2 24 | 2.9% | 31.8% | ||
| Q1 24 | 7.8% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
