Big Bear.ai Reports Mixed Q2 Results

BigBear.ai Holdings Inc. BBAI reported its second-quarter financial results Thursday. Here's a look at the details from the report. 

The Details: BigBear.ai reported quarterly losses of 5 cents per share, which beat the analyst consensus estimate of losses of 7 cents by 28.57% and is a 58.33% increase from the same period last year.

Quarterly sales came in at $39.783 million, missing the analyst consensus estimate of $46.548 million by 14.53% and representing a 3.44% increase year-over-year.

Big Bear.ai said the year-over-year increase was impacted by the planned wind-down of the Air Force EPASS program in mid-2023, offset by a full quarter of Pangiam revenue in the second quarter of 2024.

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Gross margin increased to 27.8% in the second quarter of 2024 as compared to 23.3% in the second quarter of 2023, partially driven by higher margin solutions in the second quarter of 2024 compared to the second quarter of 2023. The company reported ending backlog was $266 million as of June 30, 2024.

“BigBear.ai continues to focus on our mission of creating clarity for the world’s most complex decisions by delivering enabling technology and expertise so our customers can take action faster. We are excited to share progress on the trajectory of our business, as well as our ConductorOS distributed platform investment,” said Mandy Long, CEO of BigBear.ai.

BBAI Price Action: According to Benzinga Pro, Big Bear.ai shares are down 0.71% after-hours at $1.41 at the time of publication Thursday.

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