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Participant (AI 19.87, +0.45, +2.3%): raises Q4 revenue guidance

Artificial intelligence software maker (NYSE:AI) unveiled preliminary fourth-quarter results on Monday, stating that sales for the period topped expectations. (AI) generated revenue between $72.1M and $72.4M for the period ending April 30, exceeding the $71.1M estimate from Wall Street and the company’s own guidance.

In addition, the company said it generated between $28.1M and $29.5M in net cash from operating activities, while free cash flow for the period was between $18M and $19.4M.

On an adjusted basis, it lost between $23.7M and $23.9M from operations, exceeding its guidance.

In a statement, the company said enterprise AI activity is more than the company has seen since its inception and “seems to be accelerating,” as it closed 43 deals during the quarter, including 19 pilots.

Complete financial results will be reported on May 31.