BigBear.ai Dips on Results as CEO Says Governments Are Cautious on AI

seekingalpha

06 Nov 2024

BigBear.ai (NYSE:BBAI) dipped 9% in pre-market trading after it produced mixed third quarter 2024 financial results.

It had closed the trading day up 9.3%.

For the third quarter, BigBear.ai reported a loss per share of $0.05 versus the consensus estimate of a $0.07 loss per share. The Maryland-based company reported revenue of $41.5M, which represented a year-over-year increase of 22%, but still less than the estimate of $45.04M.

BigBear.ai, which provides artificial intelligence and analytics solutions for enterprises and the national defense, expects full-year 2024 revenue to range from $165M to $180M. The projection includes the acquisition of Pangiam, a government contractor that uses AI to provide security.

"The headwinds we face as a business are unchanged: the cautious approach of governments and regulators towards artificial intelligence means our business will remain lumpy, and we understand these challenges and are navigating them thoughtfully," said CEO Mandy Long.

BigBear.ai also reported an ending backlog of $437M as of September 30.

For the quarter progress, BigBear.ai begins a five-year contract for the U.S. Army valued at $165M. It also entered into a shared contract with the Federal Aviation Administration. The company installed a biometric boarding solution at Denver International Airport as well.

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