BigBear.ai Holdings, a leading provider of Edge AI-powered decision intelligence solutions, has reported its financial results for the year ended December 31, 2023. The company's revenue saw a marginal increase to $155.164 million from $155.011 million in the previous year, representing a 0.1% year-over-year growth. Cost of revenues increased by 2.3% to $114.563 million, resulting in a gross margin of $40.601 million, down from $42.993 million in 2022. The operating loss was $39.034 million, an improvement from the $110.527 million loss in 2022. Net loss for the year was $60.366 million, compared to a net loss of $121.674 million in the previous year. In terms of business development, BigBear.ai completed the acquisition of Pangiam Intermediate Holdings, LLC, enhancing its vision AI capabilities. The company also entered into a warrant...Show More

BigBear.ai Holdings, a leading provider of Edge AI-powered decision intelligence solutions, has reported its financial results for the year ended December 31, 2023. The company's revenue saw a marginal increase to $155.164 million from $155.011 million in the previous year, representing a 0.1% year-over-year growth. Cost of revenues increased by 2.3% to $114.563 million, resulting in a gross margin of $40.601 million, down from $42.993 million in 2022. The operating loss was $39.034 million, an improvement from the $110.527 million loss in 2022. Net loss for the year was $60.366 million, compared to a net loss of $121.674 million in the previous year. In terms of business development, BigBear.ai completed the acquisition of Pangiam Intermediate Holdings, LLC, enhancing its vision AI capabilities. The company also entered into a warrant exercise agreement for gross proceeds of approximately $33.2 million and another for $20.6 million. BigBear.ai's future plans include leveraging the Pangiam acquisition to become a leader in AI at the edge and utilizing the proceeds from the warrant exercises for general corporate purposes. The company's liquidity and capital resources are primarily derived from operations and access to credit facilities. As of December 31, 2023, BigBear.ai had available cash and cash equivalents of $32.557 million. The company's total backlog stood at $167.810 million, indicating potential future revenue streams. BigBear.ai operates primarily through federal government contracts, with the U.S. budget environment and geopolitical issues influencing financial performance. The company expects its key contracts to continue receiving support despite potential delays in new contract awards due to continuing resolutions in government funding.