Summary by Moomoo AI
BigBear.ai reported Q3 2024 revenue of $41.5 million, up 22.1% YoY, with improved gross margin of 25.9% compared to 24.7% in Q3 2023. The company posted a net loss of $12.2 million and positive Adjusted EBITDA of $0.9 million. Cash balance stood at $65.6 million as of September 30, 2024.The company secured a significant 5-year production contract valued at $165 million from the U.S. Army for the Global Force Information Management - Objective Environment (GFIM-OE) project. Additionally, BigBear.ai demonstrated its ConductorOS AI orchestration platform at the DoD's RDER T-REX24-2 event and is participating in the U.S. Navy's Mission Autonomy Proving Ground exercises.Management affirmed full-year 2024 revenue guidance between $165 million and $180 million. The company continues to focus on building long-term sustainable business while navigating challenges from cautious government and regulatory approaches toward artificial intelligence.
