C3.ai vs. BigBear.ai: What Quarterly Revenue Trends Tell Investors About These AI Companies

C3.ai: Facing Declining Revenue

C3.ai (AI 0.78%) primarily generates revenue by providing enterprise software that helps organizations develop and operate large-scale data applications using artificial intelligence. It recently expanded a collaboration with Shell and recorded a net income margin of negative 224% for the quarter ended April 30, 2026.

BigBear.ai: Stabilizing Its Revenue Base

BigBear.ai (BBAI 1.51%) earns revenue by providing technology consulting and data analysis services using AI for predictive modeling and decision support. While facing a securities fraud investigation from a law firm, it gained national security approval in the Netherlands to use its platform for airport security screening. It reported an EBIT margin of negative 67% for the quarter ended March 31, 2026.

Why Revenue Matters for Retail Investors

Tracking revenue helps investors measure a company's ability to generate baseline sales before accounting for expenses. This metric reveals whether an organization is successfully attracting customers and growing its overall business volume over time.

Quarterly Revenue for C3.ai and BigBear.ai

| Quarter (Period End) | C3.ai Revenue | BigBear.ai Revenue | | --- | --- | --- | | Q3 2024 | $87.2 million (period ended July 2024) | $41.5 million (period ended Sept. 2024) | | Q4 2024 | $94.3 million (period ended Oct. 2024) | $43.8 million (period ended Dec. 2024) | | Q1 2025 | $98.8 million (period ended Jan. 2025) | $34.8 million (period ended March 2025) | | Q2 2025 | $108.7 million (period ended April 2025) | $32.5 million (period ended June 2025) | | Q3 2025 | $70.3 million (period ended July 2025) | $33.1 million (period ended Sept. 2025) | | Q4 2025 | $75.1 million (period ended Oct. 2025) | $27.3 million (period ended Dec. 2025) | | Q1 2026 | $53.3 million (period ended Jan. 2026) | $34.4 million (period ended March 2026) | | Q2 2026 | $51.6 million (period ended April 2026) | Not yet reported |

Data source: Company filings. Data as of July 10, 2026.

Foolish Take

For investors interested in exposure to the hot artificial intelligence sector, C3.ai and BigBear.ai are two stocks to consider. Both produce significant sales from the U.S. government. Examining their revenue trends is a fundamental starting point to seeing how well their respective AI solutions are gaining customer traction.

As these trends reveal, both businesses are experiencing year-over-year sales declines in recent quarters. The reason behind this is different for each. BigBear.ai saw 2025 revenue drop to $127.7 million compared to $158.2 million in 2024 as a result of the Trump Administration’s budget cuts last year.

The company may be turning a corner in 2026. BigBear.ai’s first-quarter revenue of $34.4 million was only a 1% year-over-year drop. It forecasted full-year 2026 revenue between $135 million and $165 million, indicating it expects to improve from last year’s dismal sales.

C3.ai saw revenue fall after its CEO, Tom Siebel, had to step down due to health reasons. The company announced his return to the position when it reported results for its fiscal fourth quarter ended April 30.

C3.ai did well under Siebel, as illustrated by its quarterly revenue growth trend between Q3 of 2024 to Q2 of 2025. Now that he is back running the company, the question remains whether sales will return to this previous performance. Investors may have to wait a few quarters to see if Siebel can turn the business around.