C3 AI Inc. ($AI) shares fell approximately 30% following the release of its preliminary first-quarter 2026 financial results, which showed revenue significantly below analyst expectations. The company reported estimated quarterly revenue between $70.2 million and $70.4 million, compared to the consensus estimate of $104.1 million to $104.1 million, representing a 33% reduction in the revenue forecast. Additionally, C3 AI disclosed a GAAP operating loss ranging from $124.7 million to $124.9 million, doubling previous losses. DA Davidson downgraded the stock to Underperform, citing concerns about growth prospects and recent leadership changes. Oppenheimer also downgraded C3 AI to Perform and removed its $45 price target due to the weak preliminary results. Separately, BigBear AI ($BBAI) reported second-quarter 2025 revenue of $32.47 million, missing estimates of $40.74 million and marking an 18% year-over-year decline. The company posted a GAAP EPS loss of $0.71, significantly below the estimated loss of $0.06. BigBear AI revised its full-year 2025 revenue guidance downward to a range of $125 million to $140 million, withdrawing adjusted EBITDA guidance due to uncertainties around U.S. Army program contracts. The company attributed the revenue decline and guidance cuts to disruptions in federal contracting and fewer contract wins than anticipated. In contrast, Pony AI ($PONY) reported second-quarter 2025 revenue of $21.45 million, exceeding estimates of $16 million and reflecting a 75.9% year-over-year increase. Despite a net loss widening 72% year-over-year to $53.1 million, Pony AI's gross margin improved to 16.1% from negative 0.3% the previous year. The company accelerated production of its Gen-7 robotaxis, having produced over 200 units since mass production began two months ago, and is on track to scale its fleet to 1,000 vehicles by the end of 2025. CEO statements highlighted the robotaxi expansion as a driver of multi-year growth. These earnings reports underscore contrasting trajectories among AI-focused companies amid evolving market and federal contracting conditions.