BIGBEAR AI HLDGS INC Stock Price, News & Analysis

BigBear.ai Holdings, Inc. (NYSE: BBAI) closed a private placement of 13,888,889 shares of common stock at $1.80 per share, raising approximately $25 million before fees. The placement includes warrants to purchase an equal number of shares at an exercise price of $2.39. The company aims to use the proceeds for general corporate purposes. The placement was made without public offering registration, and the company plans to file a registration statement with the SEC within 20 days for the resale of shares. BigBear.ai specializes in AI-powered analytics and cyber engineering solutions for diverse sectors, including government and commercial enterprises.

BigBear.ai Holdings, Inc. (NYSE: BBAI) has announced definitive agreements for the sale of 13,888,889 shares of common stock at $1.80 per share, along with warrants for an additional 13,888,889 shares. The private placement is expected to raise approximately $25 million, slated to close around January 19, 2023. The company plans to utilize the net proceeds for general corporate purposes including working capital. H.C. Wainwright & Co. is the exclusive placement agent. The securities will not be registered under the Securities Act and may not be resold without an effective registration statement. BigBear.ai will file a registration statement covering resale shares within 20 days of the agreement.

BigBear.ai (NYSE: BBAI) has secured a $900 million Indefinite Delivery/Indefinite Quantity (IDIQ) contract from the U.S. Air Force. This contract enables BigBear.ai to compete for task orders aimed at delivering advanced capabilities and systems until 2032.

The agreement allows for research and development of new technologies, rapid prototyping, and implementation of solutions, reinforcing BigBear.ai's long-standing partnership with the Air Force.

BigBear.ai (NYSE: BBAI) received a compliance notice from the NYSE on December 20, 2022, indicating it did not meet the requirement of maintaining an average closing share price of at least $1.00 over 30 consecutive trading days. The company has six months to cure this deficiency, potentially through a reverse stock split, which will require stockholder approval. During this period, the stock will continue to trade under the ticker with a suffix indicating its non-compliance status as 'BBAI.BC'. This notice does not affect its business operations or debt agreements.

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.