BigBear.ai, Inc. (NYSE:BBAI) reported its third-quarter results after Tuesday's closing bell. Here's a look at the details from the report.
The Details: BigBear.ai reported quarterly losses of five cents per share, which beat the analyst consensus estimate for losses of seven cents per share. Quarterly revenue of $41.505 million missed the analyst consensus estimate of $46.03 million and is an increase over sales of $33.98 million from the same period last year.
- Gross margin increased to 25.9% in the third quarter of 2024 as compared to 24.7% in the third quarter of 2023, partially driven by higher margin commercial solutions in the third quarter of 2024 compared to the third quarter of 2023.
- Ending backlog was $437 million as of Sept. 30, 2024.
"Our third quarter financials show that we are continuing to build a long-term sustainable business, with good cash reserves and steady progress. The headwinds we face as a business are unchanged: the cautious approach of governments and regulators towards artificial intelligence means our business will remain lumpy, and we understand these challenges and are navigating them thoughtfully," said Mandy Long, CEO of BigBear.ai.
Outlook: BigBear.ai affirmed its 2024 revenue guidance of between $165 million and $180 million.
BBAI Price Action: According to Benzinga Pro, BigBear.ai shares are down 7.39% after-hours at $1.63 at the time of publication Tuesday.
Read Also:
- Alibaba Layoffs Hit Metaverse Division: Will The Chinese E-Commerce Giant Double-Down On AI?
Photo: Brian Penny from Pixabay
