AIRTIFICIAL INTELLIGENCE STRUCTURES, S.A.

Red flags

• Net losses reached $470.4 million in fiscal 2026, versus $288.7 million in fiscal 2025 and $279.7 million in fiscal 2024; accumulated deficit was $1.8 billion as of April 30, 2026.
• Total revenue declined 35.7% to $250.3 million, while professional-services revenue fell 62% to $23.2 million. Subscription revenue, the core revenue stream, still fell 31%.
• The company has incurred losses every year since founding and states that it expects to continue incurring net losses for the foreseeable future.
• Remaining non-cancellable commitments include $379.8 million for cloud hosting and associated services and $61.6 million for professional services over the next one to four years, against sharply lower revenue.
• Weighted-average shares increased to 140.5 million from 129.1 million in fiscal 2025, while 32.4 million stock options and 19.4 million RSUs were excluded from diluted EPS as antidilutive.
• Class B shares carry 50 votes per share, preserving substantial control for the holders of the high-vote stock; conversion is generally tied to Thomas Siebel’s continued service and other specified events.
• Management disclosed that fiscal 2026 results were affected by the CEO and Chairman’s unanticipated health limitations, alongside restructuring disruption and unsatisfactory execution by the global sales and services organizations.