BIGBEAR AI HLDGS INC Stock Price, News & Analysis

BigBear.ai (NYSE: BBAI) has collaborated with the U.S. Navy during a three-week unmanned and AI integration event called Digital Horizon in Bahrain. The event focused on integrating new technologies to establish the first unmanned surface vessel fleet by summer 2023. BigBear.ai demonstrated its Ursa Minor solution, which uses machine learning for threat detection. The company, in partnership with Accenture Federal Services, showcased advanced AI capabilities alongside 17 industry partners. BigBear.ai anticipates further participation in an upcoming exercise in Jordan in March 2023.

Redwire Corporation (NYSE: RDW) announced a partnership with BigBear.ai (NYSE: BBAI) to provide cybersecurity tools for Mynaric (NASDAQ: MYNA). These tools, part of the SpaceCREST platform, will ensure the security of Mynaric's optical communications terminal design for DARPA’s Space Based Adaptive Communications Node program. This collaboration aims to address vulnerabilities in national security programs, emphasizing the importance of cybersecurity in the growing space economy.

BigBear.ai Holdings reported 8% quarter-over-quarter revenue growth, achieving $40.7 million in Q3 2022, driven by a key $14.8 million contract from the U.S. Army for the Global Force Information Management system. The gross margin improved to 29%, up from 27% in Q3 2021. However, net loss widened to $(16.1) million compared to $(3.1) million a year ago due to higher public company expenses. The firm is on track to save $20 million annually through cost-saving initiatives and reaffirmed its 2022 financial outlook.

BigBear.ai (NYSE: BBAI) will report its third-quarter financial results after market close on November 9, 2022. A conference call to discuss these results will start at 5:00 p.m. ET that same day. Investors can participate by calling 877-485-3107 (toll-free) or 201-689-8427 (toll).

The live webcast will be accessible on the BigBear.ai Investor Relations website. A replay will be available for two weeks via phone and on the website for those unable to attend the live event.

BigBear.ai (NYSE: BBAI) has appointed Amanda Long as the new Chief Executive Officer, replacing Dr. Reggie Brothers, who transitions to an advisory role. Long brings over 15 years of industry experience from IBM, where she led significant product launches and contributed to the growth of the IBM Watson AI franchise. The leadership change aims to enhance BigBear.ai's strategy to become a technology leader in AI products for various markets, including commercial and federal sectors.

BigBear.ai (NYSE: BBAI) has been awarded a $14.8 million contract by the U.S. Army as the sole source prime contractor for the Global Force Information Management (GFIM) system. This project aims to integrate 14 legacy systems into a single automation platform, enhancing decision-making for up to 160,000 Army users. Palantir Technologies (NYSE: PLTR) is a key partner, helping to drive the Army's data-centric initiatives.

BigBear.ai (NYSE: BBAI) announced key leadership promotions aimed at enhancing its scalability and profitability. Dan Jones becomes Chief Products Officer, overseeing product management and technology strategy. Sean Ricker is promoted to Chief Accounting Officer to improve financial strategies, while André Hentz assumes the role of Chief Transformation Officer to drive operational efficiency. Tony Barrett is named President and General Manager of Federal Markets, focusing on AI-driven analytics and cyber solutions for federal clients. These changes are expected to facilitate sustainable growth and improve customer value.

BigBear.ai Holdings (BBAI) reported Q2 2022 revenue of $37.6 million, an increase from $36.3 million year-over-year. The company faced challenges with a net loss of $(56.8) million due to a non-cash impairment charge of $35.3 million. Their gross margin remained at 25%, while the Analytics segment gross margin was 39%. Ending backlog reached $325 million, but revised guidance indicates more cautious expectations for the remainder of the year. The CEO emphasized a commitment to operational efficiency and strategic investments moving forward.

BigBear.ai (NYSE: BBAI) announced participation in the 25th Annual Oppenheimer Technology, Internet & Communications Conference on August 10, 2022. CEO Dr. Reggie Brothers, CFO Julie Peffer, and Chief Corporate Development Officer Josh Kinley will present at 1:15 p.m. ET and hold virtual 1-on-1 sessions with investors. A live webcast of the fireside chat will be available on their Investor Relations website. BigBear.ai specializes in AI-powered analytics and cyber engineering solutions, serving customers including the US Intelligence Community and Department of Defense.