In the first half of fiscal 2022, two customers -- the oil field services giant Baker Hughes (NYSE: BKR) and the French utility company Engie (OTC: ENGQ.F) -- accounted for 37% of its top line. Its adjusted gross margins are improving Like many other high-growth tech companies, C3.ai remains unprofitable on a generally accepted accounting principles (GAAP) basis. That price-to-sales ratio isn't extremely high, but it leaves C3.ai exposed to any inflation and interest rate-related sell-offs for pricier tech stocks.