BigBear.ai Reports Worse-Than-Expected Q4 Results
BigBear.ai Holdings Inc (NYSE: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.
