BigBear.ai Holdings, Inc. (NYSE: BBAI) (“BigBear.ai” or the “Company”), a leader in AI-powered decision intelligence solutions, today announced financial results for the second quarter of 2024...
COLUMBIA, Md.: BigBear.ai Holdings, Inc. (NYSE: BBAI) (“BigBear.ai” or the “Company”), a leader in AI-powered decision intelligence solutions, today announced financial results for the second quarter of 2024 and issued an investor letter that has been posted to the Investor Relations section of the Company’s website.
“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.”
“ConductorOS is built to be lightweight, and works within any existing infrastructure to rapidly and seamlessly orchestrate sensor data and artificial intelligence models across highly diverse and distributed environments. We believe that ConductorOS will play a critical role in unlocking the last mile for artificial intelligence for our customers, and that BigBear.ai is uniquely positioned to deliver this capability,” said Mandy Long, CEO of BigBear.ai.
“I am also proud today as we announce signing a Master Service Agreement with Heathrow Airport - this is exactly the sort of win that demonstrates that the path we are on is the right one.”
“We also faced several challenges this quarter, particularly around the timing of certain customer awards and regulatory approvals. While we’re confident in our ability to achieve these milestones and execute on these opportunities, as a result of the current timing uncertainty we’ve experienced, we are adjusting our full year guidance down to $165 - $180 million,” she continued.
Financial Highlights
*Refer to the “Non-GAAP Financial Measures” section in this press release.
Momentum
Financial Outlook
The following information and other sections of this release contain forward-looking statements, which are based on the Company’s current expectations. Actual results may differ materially from those projected. It is the Company’s practice not to incorporate adjustments into its financial outlook for proposed acquisitions, divestitures, changes in law, or new accounting standards until such items have been consummated, enacted, or adopted, as the case may be. For additional factors that may impact the Company’s actual results, refer to the “Forward-Looking Statements” section in this release.
For the year-ended December 31, 2024, the Company projects:
Summary of Results for the Second Quarter and Six Months Ended June 30, 2024 and June 30, 2023 (Unaudited) | |||||||||||||||
| Three Months Ended |
| Six Months Ended | ||||||||||||
$ thousands (expect per share amounts) |
| 2024 |
|
|
| 2023 |
|
|
| 2024 |
|
|
| 2023 |
|
Revenues | $ | 39,783 |
|
| $ | 38,459 |
|
| $ | 72,904 |
|
| $ | 80,613 |
|
Cost of revenues |
| 28,720 |
|
|
| 29,496 |
|
|
| 54,855 |
|
|
| 61,437 |
|
Gross margin |
| 11,063 |
|
|
| 8,963 |
|
|
| 18,049 |
|
|
| 19,176 |
|
Operating expenses: |
|
|
|
|
|
|
| ||||||||
Selling, general and administrative |
| 23,364 |
|
|
| 16,930 |
|
|
| 40,312 |
|
|
| 37,292 |
|
Research and development |
| 3,565 |
|
|
| 2,225 |
|
|
| 4,709 |
|
|
| 3,353 |
|
Restructuring charges |
| 457 |
|
|
| 25 |
|
|
| 1,317 |
|
|
| 780 |
|
Transaction expenses |
| 347 |
|
|
| — |
|
|
| 1,450 |
|
|
| — |
|
Goodwill impairment |
| — |
|
|
| — |
|
|
| 85,000 |
|
|
| — |
|
Operating loss |
| (16,670 | ) |
|
| (10,217 | ) |
|
| (114,739 | ) |
|
| (22,249 | ) |
Interest expense |
| 3,551 |
|
|
| 3,560 |
|
|
| 7,106 |
|
|
| 7,116 |
|
Net (decrease) increase in fair value of derivatives |
| (7,882 | ) |
|
| 3,121 |
|
|
| 16,110 |
|
|
| 13,688 |
|
Other income |
| (617 | ) |
|
| — |
|
|
| (1,072 | ) |
|
| — |
|
Loss before taxes |
| (11,722 | ) |
|
| (16,898 | ) |
|
| (136,883 | ) |
|
| (43,053 | ) |
Income tax expense (benefit) |
| 15 |
|
|
| (3 | ) |
|
| 1 |
|
|
| 56 |
|
Net loss | $ | (11,737 | ) |
| $ | (16,895 | ) |
| $ | (136,884 | ) |
| $ | (43,109 | ) |
|
|
|
|
|
|
|
| ||||||||
Basic and diluted net loss per share | $ | (0.05 | ) |
| $ | (0.12 | ) |
| $ | (0.63 | ) |
| $ | (0.30 | ) |
|
|
|
|
|
|
|
| ||||||||
Weighted-average shares outstanding: |
|
|
|
|
|
|
| ||||||||
Basic |
| 246,303,139 |
|
|
| 145,469,043 |
|
|
| 216,754,082 |
|
|
| 142,027,938 |
|
Diluted |
| 246,303,139 |
|
|
| 145,469,043 |
|
|
| 216,754,082 |
|
|
| 142,027,938 |
|
Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (Unaudited) | |||||||
$ in thousands | June 30, |
| December 31, | ||||
Assets |
|
|
| ||||
Current assets: |
|
|
| ||||
Cash and cash equivalents | $ | 72,266 |
|
| $ | 32,557 |
|
Accounts receivable, less allowance for credit losses |
| 33,944 |
|
|
| 21,949 |
|
Contract assets |
| 1,041 |
|
|
| 4,822 |
|
Prepaid expenses and other current assets |
| 4,519 |
|
|
| 4,449 |
|
Total current assets |
| 111,770 |
|
|
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