Cash Equivalents and Marketable Securities

3 Months Ended

Jul. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Marketable Securities

The following table summarizes the Company’s cash equivalents and available-for-sale marketable securities (in thousands):


	As of July 31, 2025								As of April 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	50,155	$	—	$	—	$	50,155	$	87,872	$	—	$	—	$	87,872
Commercial paper	7,854		—		—		7,854		29,122		—		—		29,122


Corporate debt securities	—		—		—		—		1,015		—		—		1,015
Available-for-sale marketable securities:
U.S. treasury securities	29,789		—		(13)		29,776		15,478		4		—		15,482
Certificates of deposit	85,981		—		—		85,981		76,518		—		—		76,518
U.S. government agencies securities	62,117		24		(103)		62,038		56,990		157		(9)		57,138
Commercial paper	135,971		—		—		135,971		113,787		—		—		113,787
Corporate debt securities	317,171		234		(214)		317,191		315,034		502		(131)		315,405
Total cash equivalents and available-for-sale marketable securities	$	689,038	$	258	$	(330)	$	688,966	$	695,816	$	663	$	(140)	$	696,339

The following table summarizes the Company’s available-for-sale marketable securities by contractual maturity (in thousands):


	As of July 31, 2025				As of April 30, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	481,267	$	481,387	$	455,613	$	455,956
After one year through five years	149,762		149,570		122,194		122,374
Total	$	631,029	$	630,957	$	577,807	$	578,330

The following table summarizes the fair values and unrealized losses of the Company’s available-for-sale marketable securities classified by length of time that the securities have been in a continuous unrealized loss position but were not deemed to be other-than-temporarily impaired (in thousands):


	As of July 31, 2025
	Less Than 12 Months				12 Months or Greater				Total
	Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value
U.S. treasury securities	$	(13)	$	25,780	$	—	$	—	$	(13)	$	25,780

U.S. government agencies securities	$	(103)	$	42,983	$	—	$	—	$	(103)	$	42,983
Commercial paper	—		930		—		—		—		930
Corporate debt securities	(214)		114,410		—		—		(214)		114,410
Total	$	(330)	$	184,103	$	—	$	—	$	(330)	$	184,103


	As of April 30, 2025
	Less Than 12 Months				12 Months or Greater				Total
	Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value
U.S. treasury securities	$	—	$	2,468	$	—	$	—	$	—	$	2,468

U.S. government agencies securities	(9)		7,973		—		—		(9)		7,973
Commercial paper	—		1,823		—		—		—		1,823
Corporate debt securities	(129)		62,899		(2)		9,847		(131)		72,746
Total	$	(138)	$	75,163	$	(2)	$	9,847	$	(140)	$	85,010

As of July 31, 2025, the Company had 146 marketable securities in an unrealized loss position. As of April 30, 2025, the Company had 88 marketable securities that were in an unrealized loss position. The Company considers factors such as the duration, the magnitude and the reason for the decline in value, the potential recovery period, creditworthiness of the issuers of the securities and its intent to sell. For marketable securities, it also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. No significant facts or circumstances have arisen to indicate that there has been any significant deterioration in the creditworthiness of the issuers of the securities held by the Company. The decline in fair value below amortized cost basis was not considered other-than-temporary as it is more likely than not that the Company will hold the securities until maturity or a recovery of the cost basis, and no significant credit-related impairment losses were recorded as of July 31, 2025.

C3.ai, Inc. 10-Q