C3.ai (AI) delivered a solid fiscal Q1 as revenue beat estimates and the operating loss narrowed, while the return of Thomas Siebel as CEO "appears to be driving operational efficiency," Oppenheimer said Wednesday in a report.

Still, a "path to meaningful revenue acceleration remains opaque with execution a major risk," the report said.

Q2 guidance points to only modest sequential revenue growth, while unchanged full-year guidance still implies revenue will fall from a year earlier, Oppenheimer said.

Management cited its new C3 Code product, an agentic coding tool and software development platform similar to Cursor, as the "vanguard of growth," the report said.

Oppenheimer maintained its perform rating on C3.ai stock.

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