BigBear.ai Reports Worse-Than-Expected Q4 Results

BigBear.ai Holdings Inc BBAI shares are falling after the company reported its fourth-quarter financial results. Here's a look at the details. 

The Details: BigBear.ai reported quarterly losses of 14 cents per share, which missed the analyst consensus estimate of losses of 5 cents per share.

Quarterly sales clocked in at $40.563 million, missing the analyst consensus estimate of $42.755 million and representing a 0.51% increase year-over-year.

BigBear.ai announced its acquisition of Pangiam Intermediate Holdings was finalized on Feb. 29.

The company also reported an ending cash balance of $32.6 million as of Dec. 31, 2023, compared to $12.6 million from the prior year.

“As we close out FY 2023, I am proud of the work that we have done as a company to solidify ‘BigBear.ai’sndation.’ We entered the year in a different position than many other companies that are playing a role in the transformative potential of artificial intelligence,” said BigBear.ai CEO Mandy Long.

“After joining in October 2022, I spoke openly about needing a foundational year to overhaul our operating structure, wind down contracts that did not meet our business objectives, reset the strategic priorities of BigBear.ai, and manage uncertainty in a volatile macroeconomic and geopolitical environment. In short, we had to do the hard work to get our house in order.​ We stand here in early 2024 knowing that we did what we said we would do,” added Long.

Outlook: BigBear.ai expects fiscal year 2024 revenue of between $195 million and $215 million, including the results of Pangiam after the acquisition date.

BBAI Price Action: According to Benzinga Pro, BigBear.ai shares are trading down 18.09% after-hours at $3.08 at the time of publication Thursday.

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