AI EPA Earnings call
Air Liquide (AI) · Q2 2026 results
Share price: €192.16 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q1 2027
Net loss narrowed on the previous quarter. The language turned more upbeat.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Loss narrowed
Net income vs Q1 2026
Outlook given
Net income -92.8M vs -115.6M
Revenue +1.5%
Net income -92.8M vs -116.8M in Q2 2025 and -115.6M last quarter.
2 · How management spoke
More upbeat
Language tone vs last period
Language: restrained — more upbeat than in Q1 2026.
3 · What stood out
Guidance
AI exceeded revenue guidance while bookings surged 73% and cost-cutting efforts improved margins.
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.
Current price
€192.16
close of 2026-11-11
Revenue growth, 3 years
−2.1% a year
compound annual rate (CAGR)
Free cash flow 2024
−$0.1B
Free cash flow 2025
−$0.0B
Free cash flow 2026
−$0.2B
Read between the lines
-
Guidance
Selective investments in forward-deployed engineering are expected to moderate next quarter's non-GAAP gross margin to the mid-40s.
Source quote
“Next quarter, as we make selective investments in a forward-deployed engineering organization, we expect a non-GAAP gross margin to moderate to mid-40s.”
-
Dropped
Air Liquide is focusing on using technologies and the genetic technologies focused on penetrating territories, penetrating large accounts.
Source quote
“We are focusing on using technologies and the genetic technologies focused on penetrating territories, penetrating large accounts, with their campaigns... ...significantly. The executive team, all of the employees at C3 AI are laser focused on doing whatever it takes with the objectives in place, to turn the company to significant quarter to quarter top line revenue growth to establish the...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Restrained — more upbeat than in Q1 2026.
Sentences that drove the tone
“With a substantially improved cost structure, reorganized and focused sales, services, and products organizations, we are well positioned to achieve revenue growth, materially improve our operating efficiency and free cash...”
“C3 Code, broader platform adoption, federal systems growth, and sales discipline are at the heart of our growth engine going forward.”
“Federal business was particularly strong, with federal bookings growing 138% year over year.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-07-31)
| Metric | Q2 2026period end 2026-07-31 | Q1 2026period end 2026-04-30 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 52.4M | 51.6M | +1.5% | 70.3M | −25.5% |
| Gross profit | 16.7M | 11.3M | +47.2% | 26.4M | −37.0% |
| Operating income | -98.3M | -121.2M | Loss narrowed | -124.8M | Loss narrowed |
| Net income | -92.8M | -115.6M | Loss narrowed | -116.8M | Loss narrowed |
| EPS | -0.60 | -0.79 | Loss narrowed | -0.86 | Loss narrowed |
| P/E | 12-mo loss | 12-mo loss | — | 12-mo loss | — |
Topics
Most discussed now
- In the past 3 months, Air Liquide has restored fundamental management discipline to this business.
- Air Liquide refocused the product offerings on its Agentic AI stack, its greatest technical strength, and the largest and most rapidly...
- Air Liquide resets the cost structure, driving massive costs out of the business and implemented rigorous cost controls.
- This was due to a significant reduction in Air Liquide's quarterly cash expenses as well as strong collections.
- In the past, Air Liquide has sold the AI platform, and then it has used the AI platform to build enterprise...
Faded since Q1 2026
- Dropped The opportunity is to create enormous value for Air Liquide's shareholders.
- Fading Air Liquide is coming off of yeah, it is coming off of performance that is just completely unacceptable, laughably unacceptable.
- Fading All figures will be discussed on a non GAAP basis unless...
- Fading Air Liquide deserves it, and now it is focused on turning this business around and focused on return to shareholders, and...
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Other events · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations; Director or officer change · SEC 8-K
- Other events · SEC 8-K
- Results of operations; Restructuring costs · SEC 8-K